Author: Marketforces Africa

While inflation has slowed, the journey down to 2% is not over and the Federal Open Market Committee will act as needed, Federal Reserve Chair Jerome Powell said in prepared remarks during a live panel discussion at the 24th Jacques Polak Annual Research Conference.

The African Export-Import Bank (AfreximBank) has announced a $1 billion African film fund to support the creative industry, according to a statement released by the organisation.

Ahead of the inflation rate figure for October 2023, the average yield on the Nigerian Treasury bills slid by 94 basis points to 13.37% amidst pressure on the financial system’s liquidity.

Nigeria’s US dollar bonds continue to face sell pressures in the international capital market amidst risk off sentiment following the US Fed’s decision to maintain the status quo on fund rates.

Naira Depreciates to N996.75, Trailing Black Market Rate Positive sentiment about the expected US dollar inflow announced by the Nigerian government has started to fizzle out. This is coming at the same time when the market has started to discount the impact of the forex backlog the apex bank recently paid banks to offset various obligations. The battle to save the local currency without FX market intervention has been weakened in a country that depends largely on imported goods and services to feed the citizens. Authority is struggling to control exchange rates by permutation and combinations that appear not to…

The Nigerian Exchange (NGX) popped higher on Thursday amidst a prediction that the local bourse would hit N40 trillion before the year runs out. Yesterday, the equities market capitalisation crossed N39 trillion as investors continue to engage in share buying amidst uncertainties in the economy.

FCMB Plc has successfully raised N26 billion Tier-1 subordinated capital from the local bond market, according to a regulatory filing submitted to the Nigerian Exchange.

A Federal High Court, Abuja, on Thursday, struck down some “offending provisions” which take away a tax debtor’s right to appeal.

The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.39 billion to 36,163 depositors of 110 closed Microfinance Banks (MFBs) and three Primary Mortgage Banks (PMBs).

The African Development Bank (AfDB) and its partners, are implementing the 20 billion-dollar Desert-to-Power initiative to develop 10 GW of solar power across Nigeria and 10 other countries in the Sahel zone.