Author: Marketforces Africa

Brent Price Eased over Demand, Supply Imbalance in August Brent crude lost more than $4 in August, halting a three-month rally as the US moved to raise tariffs on India and fuel demand showed signs of slowing with the end of the summer driving season. The global demand outlook brightened in May after US President Donald Trump extended the deadline for reciprocal tariffs on the EU, which contributed to Brent finishing the month at $62.60 a barrel, up 2.6% from April. In June, Trump’s announcement of a trade deal with China spurred consumption from the world’s top oil buyer, sending…

Naira Weakens Versus British Pound, Euro, Brazilian Real The Nigerian naira showed mixed performance against major currencies across foreign exchange markets amidst Central Bank sustained interventions. The local currency remained largely stable at the Nigerian foreign exchange market (NFEM), gained three basis points in last week to close at N1,531.57 per dollar at the official window. The year, the local currency has shed 2 basis points against dollar, and pose to make recovery towards the year end on the back of strength on the nation’s external reserves and intervention. Data from the authority showed central rate for Euro on Friday…

Wema Bank Delivers 158% Return to Investors in 8 Months Wema Bank Plc provided the highest return on investment to its shareholders compared to other financial services firms listed on the Nigerian Exchange from January to August 2025, as shown by its share price performance. Now, some equity investment firms have set new price targets on mixed sentiment. The stock market value of Wema Bank has increased significantly as sustained efforts to deepen its footprint in the retail market, using healthy capital spending to boost its digital platforms, attract investors’ attentions. Investors with shares in Wema Bank have gained 158%,…

Ecobank Nigeria Sets Cash Reward to Celebrate Group’s 40th Anniversary Ecobank Nigeria Limited, a subsidiary of the leading pan-African banking group has announced the launch of its Super Rewards campaign in celebration of the Group’s 40th anniversary. As part of the campaign, more than ₦60 million in cash rewards has been earmarked for loyal customers. The campaign will run from September 2025 through January 2026. Over the five-month period, a total of 914 customers will be rewarded with various cash prizes amounting to ₦61.2 million, in addition to enjoying a range of benefits that comes with banking with Ecobank. Announcing…

NGX All-Share Index Sheds 0.50% on Tier-1 Banks Losses The Nigerian Exchange (NGX) All-Share index shed 0.50% due to sell pressures on Tier-1 banks, a reflection of investors’ negative perception from their respective earnings delay. The local bourse has been performing negative over the last three weeks as earnings and interim dividends euphoria begin to fade, causing investors stock rotation across sectoral indexes. The selloffs in ZENITH (-5.70%), WAPCO (-3.38%), GTCO (-2.13%), and ARADEL (-1.73%), outweighed gains in tickers like GEREGU (11.11%), NB (+3.24%) and Stanbic (+6.38%). Trading record revealed that the benchmark NGX All-Share Index (ASI) declined by 0.50%…

CIBN Inducts 923 Chartered Bankers, 319 Microfinance Professionals The Chartered Institute of Bankers of Nigeria (CIBN) on Saturday inducted 1,242 new members into its ranks of Chartered Bankers and Microfinance Certified Professionals at the 2025 Stream II induction ceremony in Lagos. The event, whi h has its theme as “The Smart Banker’s Compass: Innovate, Adapt, and Solve Like a Pro”, was described as a celebration of excellence, perseverance, and professional growth in Nigeria’s banking sector. Prof. Pius Olanrewaju, President and Chairman of Council of CIBN, in his welcome address, said the inductees had demonstrated discipline, commitment, and resilience in meeting…

Tinubu’s FX Reforms Position Naira as Export Engine -Yakubu Mr Tanimu Yakubu, Director-General of the Budget Office of the Federation, says President Bola Tinubu’s foreign exchange reforms have repositioned the Naira as a tool for competitiveness rather than weakness. Yakubu, who said this in satement on Saturday, said that when the administration scrapped the country’s multiple exchange windows in 2024, the Naira initially fell sharply, sparking fears of economic collapse. He recalled that the currency plunged to N1,800 per dollar in March 2024, with critics describing it as a “worthless Naira”. “However, what looked like a collapse was in fact…

Nigeria’s Gas Flaring Falls, Production Rises by 8.58% -NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria gas flaring has fallen to 7.16 per cent in July 2025, while daily gas production rose to 7.59 billion standard cubic feet per day (BSCFD). The NUPRC, in its Gas Production Status Report for July 2025, released on Saturday said this marked an 8.58 per cent increase compared to the 6.99 BSCFD recorded in the full year of 2024. According to the report, the simultaneous growth in output and decline in flaring underscores the Commission’s drive to boost production while advancing its…

Insurance Brokers Council Pledges Support for Fintech Adoption The Nigerian Council of Registered Insurance Brokers (NCRIB) has expressed its commitment to supporting initiatives that promote fintech adoption and financial inclusion in the country. Mr Babatunde Oguntade, President of the council, said this during the 2nd Business Journal Fintech and Financial Inclusion Roundtable on Friday in Lagos. Oguntade was represented by Mrs Bukola Ifemade, former Chairman, Lagos Area Committee, Nigerian Council of Registered Insurance Brokers. He said fintech presented vast opportunities for the growth of Nigeria’s financial sector, especially in expanding access to insurance services. He described the theme of the…

Crude Oil Theft Committee Targets 3mbpd Output- Uzodimma Imo Gov. Hope Uzodimma and Chairman Crude Oil Theft and Management Committee says the committee is collaborating with the Nigerian National Petroleum Company Limited (NNPCL) to boost crude oil production. According to him, the aim is to increase crude oil production to three million barrels per day (mbpd) in line with the target set by President Bola Tinubu. He made this known while speaking to newsmen in Abuja after a closed-door meeting with governors of oil-producing states, top officials of the NNPCL, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Uzodimma noted…