Author: Marketforces Africa

GCR Revises First Bank of Nigeria Outlook to Rating Watch Evolving GCR Ratings has affirmed First Bank of Nigeria Limited’s national scale long and short-term issuer ratings of A+ (NG) and A1 (NG) respectively, with a Rating Watch Evolving outlook, according to a new rating note. According to the rating note, First Bank of Nigeria Limited’s ratings continue to reflect the strengths and weaknesses of the consolidated First Holdings Plc group because the bank is the core operating entity within the group. Consequently, while the ratings have been assigned to the bank, the analytical considerations relate primarily to the group,…

Tinubu Pledges Tech-Driven Economic Development, Food Security President Bola Ahmed Tinubu has pledged to fast-track Nigeria’s development through technology and food security, aligning with the success models of emerging economies like Brazil. Speaking on Tuesday when he met with a cross section of Nigerians resident in Brazil, President Tinubu emphasized his administration’s commitment to transformation through innovation, reform, and inclusive growth. “We must bring Nigeria to the forefront of Africa’s progress, driven by technology, food sovereignty, and the courage to change our destiny,” Tinubu declared. The President described his visit to Brazil as a strategic move to deepen bilateral ties…

Naira Rebounds as Foreign Reserves Reach $41.22bn The naira strengthened marginally to N1537 per dollar at the foreign exchange market amidst sustained accretion into Nigeria’s foreign reserves. FX spot data from the Central Bank of Nigeria (CBN) showed that the naira recovered from previous day pressures from increased demand for dollars. The FX rate closed at N1537.07 at the official window, from N1537.61 per dollar the previous day. Some analysts attributed the exchange rate recovery to the latest round of dollar inflows from foreign portfolio investors that participated in the CBN open market operations. Reflecting negative development in the forex…

NGX Shrinks by N324bn as Equity Investors Book Profit The Nigerian Exchange (NGX) market capitalisation shrank by N324 billion on Wednesday as equity investors booked profit on some stocks, dragging key performance indicators downward. Details from the trading session revealed that the NGX All-Share Index (ASI) declined by 0.36% to close at 141,248.76 points, reducing the year-to-date return to 37.23%. Stockbrokers said total market capitalization contracted by ₦324.34 billion to ₦89.37 trillion due to fluctuation in stock prices across sectoral indexes. Investors’ sentiment remained subdued, evidenced by a negative breadth with 16 stocks advancing compared to 40 declining. The shadow…

FG Seeks Removal of War Risk Insurance on Ships The Federal Government (FG) has called for the immediate removal of war risk insurance premiums on ships coming to Nigeria. Minister of Marine and Blue Economy Adegboyega Oyetola made the appeal on Wednesday in Lagos at the 3rd Annual Maritime Lecture of the Maritime Reporters Association of Nigeria (MARAN). Oyetola, represented by his Special Adviser on Media and Communications, Dr Bolaji Akinola, said that the charges, imposed when the country’s waters were unsafe, were no longer justified and were hurting trade. The minster said that Nigeria had earned the right to…

Stakeholders Advocate AI Governance Framework Stakeholders on Wednesday called for the development of Artificial Intelligence (AI) governance framework to ensure that it was responsibly deployed. The stakeholders made the call at the 17th annual conference of the Information System Audit and Control Association (ISACA) in Abuja. The three-day conference has its theme as: “AI and Digital Trust: A Global Perspective on Opportunities, Threats and Future Strategies.” Mr Emmanuel Omoke, President, ISACA, Abuja Chapter, said AI had should be utilised responsibly for the good everyone. “ AI has come to stay, you cannot run away from it. The question is, how…

NGX Posts Intraday Loss as Guinness, Unilever Nigeria Fall The Nigerian Exchange (NGX) all-share index (NGX) traded negative during early hours in the local bourse due to profit-taking activity. The market is bleeding, but trading direction has the potential to change course. The trading trend reflects fluctuation in stock investors’ sentiment amidst expected market correction. Investors are currently taking profit in Guinness Nigeria, Unilever Plc, Transcorp, and banking names.  “The downtrend is light at the moment; anything can still happen before the final call for the day,” a stockbroker told MarketForces Africa in a phone call today. Banking stocks are…

CBN Sets Deadline for Banks to Migrate to ISO 20022 The Central Bank of Nigeria (CBN) has issued a fresh directive mandating all banks, mobile money operators, super agents, and other licensed players in the payments ecosystem to complete migration to the ISO 20022 payment messaging standard and geo-tag all point-of-sale (POS) terminals by October 31, 2025. The measure, while aligning the domestic financial system with international standards, is also aimed at curbing rising fraud cases across Nigeria’s electronic payments landscape. The apex bank noted that fraudulent practices by rogue POS operators and the abuse of payment devices have created…

Oil Prices Edge Lower Amidst U.S.–India Tariff Tensions In the global commodity market, prices of crude oil were under pressure early Wednesday due to diplomatic efforts toward peace in the Russia-Ukraine war and the US decision to impose additional tariffs on India. Brent crude was trading at $66.45 per barrel, down 0.4% from the previous close of $66.76. The US benchmark West Texas Intermediate (WTI) fell 0.4% to $63.01 from $63.16 in the prior session. US President Donald Trump’s Special Envoy for the Middle East, Steve Witkoff, said this week that talks will be held on Ukraine, Iran and Gaza,…

Overnight, Repo Rates Mixed as System Liquidity Fluctuates The short-term benchmark interest rates moved in different directions as the liquidity level in the financial system fluctuated following an open market operation by the Central Bank of Nigeria (CBN). The open repo rate closed steady, indicating a floor rate for the money market indicators on Tuesday, with banks’ borrowing activities at the standing lending facility slowing down sharply. The overnight lending rate, however, increased, reflecting a mild pressure on funding resulting from a mix of inflows from expired OMO bills and settlement for a fresh auction floated by the authority. The…