Author: Marketforces Africa

Oil prices slumped to a 10-week low on Tuesday due to stronger US dollar worsening energy costs while a weak macro sentiment outweigh more positive data from China.

The Nigerian naira exchange rates diverged after the local currency was launched into recovery with FX backlog settlement by the apex bank. The exchange rate crossed to N809.02 from behind amidst demand and supply imbalance.

The Nigerian Exchange (NGX) jumped by N155 billion on Monday, racing toward N40 trillion in market capitalisation projected by some stockbrokers.

As Saudi Arabia continues to voluntarily reduce production volume as an important member of the Organisation of Petroleum Exporting Countries and allies, Aramco, its national oil company has reported a steep decline in profitability.

The International Monetary Fund (IMF) on Tuesday upgraded its view of China’s economy, citing a better-than-forecast performance as well as moves to bolster its ailing property market.

An Assistant Secretary for U.S. Economic and Business Affairs, Ramnin Toloui, has forecast a 100 billion dollar revenue from Nigeria’s creative industries by 2030.

The Debt Management Office (DMO), on Monday, released two New Federal Government of Nigeria (FGN) savings bond offers for subscription.

Pension Fund Administrators (PFAs) staked about 65.2% of Nigeria’s total pension assets in the Federal government’s borrowing instruments, a review of a report posted by the pension commission showed.

The United Kingdom-based leadership development organisation TEXEM UK has urged business and political leaders in Nigeria to be strategic to transform their society effectively.

Oil prices increased as Saudi Arabia and Russia tightened supply with voluntary production cuts. ICE Brent price rose 0.86% on Monday to $85.62 per barrel from the closing price of $84.89 a barrel in the previous trading session on Friday.