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- Tinubu Seeks NASS Consent to Access $20.5bn, €1.4bn Loans
- Nvidia’s $3bn Meta Bet Exposes Major AI Unknown
- Big Bang: Over £1trn of Equity Capital Raised Since 1986 – LSE
- XRP Rises as Ripple Gets Approval to Launch National Trust Bank
- Wall Street, FTSE 100 Surge as AI Shares Gain Momentum
- Nigeria’s US Dollar Bonds Dumped as 10-Year Yield Surges to 8%
- Nigerian Banking System Excess Liquidity Climbs to N7.31trn
Author: Marketforces Africa
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.
Brent price declined by 0.5% to US$80.78 per barrel as US crude inventories rose. Also, West Texas Intermediate crude fell 0.5% to US$76.25 at last look early Thursday.
The International Monetary Fund (IMF) and Kenya have reached a staff-level agreement on economic policies following the sixth review of extended credit fund facilities’ arrangement to unlock more funds for the government.
The Nigerian bonds benchmark yield hit about 15.8% as local investors offloaded their portfolio in reaction to accelerating consumer inflation in the country.
Money market rates spiked as liquidity in the financial system dropped significantly amidst accelerating inflation conditions in Nigeria.
The naira rallied midweek as invisible hands put a touch on exchange rates across the markets. Both official and parallel market rates appreciated against the dominant US dollar in the Nigerian economy.
The Murtala Muhammed Airport Command, the Nigeria Customs Service (NCS), has generated N74.29 billion through customs duty and other charges from January to October 2023.
The Central Bank of Nigeria (CBN), has expressed optimism that its monetary policy initiatives are yielding the desired results.
The equities segment of the Nigerian Exchange (NGX) gained more than N93 billion on Wednesday amidst increased bargain hunting on stocks with strong fundamentals and liquidity.
Prices of crude oil increased on Wednesday following a positive demand forecast by the International Energy Agency (IEA).
The average yield on Nigerian government fixed interest securities instruments slid over renewed interest by local investors. Buying interest in the secondary market dragged the average yield lower by 1bp to 15.8% in the OMO segment.