Author: Marketforces Africa

Naira Climbs as CBN, FPIs Boosts US Dollar Liquidity The Nigerian local currency, the naira, climbed at the foreign exchange market as foreign portfolio investors (FPIs) boosted US dollar liquidity amidst rising external reserves. The volume of US dollars increased, and the Central Bank of Nigeria (CBN) supported the flow with FX intervention sales, helping the local currency close stronger than the previous day. The market also witnessed inflows from offshore investors who participated in the open market operations. According to an FX data update from the CBN, the naira appreciated slightly to N1535.78 on Thursday, from N1536.73 the previous…

Ecobank to Host Art Exhibition in Honour of Nigeria’s Revered Artists Ecobank Nigeria says it is hosting an art exhibition to celebrate the timeless creativity and cultural impact of Nigeria’s most revered visual artists. The bank said in a statement on Thursday in Lagos that the exhibition would also help in inspiring future generations who are interested in the industry. The exhibition, slated to be held from Saturday, Aug. 30, to Sept. 21, has the theme “Enduring Legacies: A Collector’s Tribute to Masters.” Austen Osokpor, Head of Corporate Communications at Ecobank Nigeria, said the show would display an exceptional private…

Euro Gains as EU, US Move to Next Step on Trade Pact Euro gains 0.02% to $1.1651 in the forex market as the EU and US move to the next step in implementing the trade deal. The euro rally was also boosted by solid flash PMI data released by S&P Global on Thursday, showing improved business activity in the Eurozone. Investors opened positions in euro currency following news that the US and the European Union took the next steps to formalize their trade pact, detailing plans that could reduce tariffs on European automobiles. The joint statement issued Thursday advances the…

GTCO, Zenith Bank Drive Intraday Rally in Stock Market GTCO, Zenith Bank, and other early gainers are driving the Nigerian Exchange (NGX) key performance indicators north during early trading session on Thursday as investors begin to re-enter positions. Most Tier-1 banks’ combined market value had dropped due to two days of sell-offs that plunged the banking index, and yearr-to-dat return downward. The All Share Index has gained 17 basis points, and stockbrokers said buying momentum could persist, though it is relatively soft compared with the previous monster rally in the local bourse. MarketForces Africa reported that the stock market lost…

Crude Oil Prices Surge on Positive Demand Outlook Crude oil prices surged in the global commodity market on Thursday after data signaled stronger US demand, while uncertainty over the Federal Reserve’s (Fed) easing trajectory and international efforts to end the Russia-Ukraine war kept traders on edge. Brent crude was trading at $66.97 per barrel, up 0.7% from the previous close of $66.48. The US benchmark West Texas Intermediate (WTI) rose 0.9% to $63.31, from $62.77 in the prior session. US commercial crude oil inventories decreased by 1.4% during the week ending Aug. 15, according to the Energy Information Administration (EIA).…

GCR Assigns Final Rating to Elektron Finance SPV N4.64bn Infrastructure Bonds GCR Ratings has assigned a final national scale long-term issue rating of AAA (NG) to Elektron Finance SPV Plc’s N4.64 billion Series 1 Senior Guaranteed Fixed Rate Infrastructure Bonds, with the outlook accorded as stable. Recall that Elektron Energy successfully closed its debut capital markets transaction – a 15-year,InfraCredit-guaranteed infrastructure bond issued via Elektron Finance SPV Plc. The bond, which has been approved by the Securities and Exchange Commission, is designed to fund the flagship Victoria Island Power Project (VIPP) and presents a significant step towards Elektron’s broader N200…

Google, Microsoft, TikTok Close 13m Accounts in Nigeria–NITDA The National Information Technology Development Agency (NITDA), says leading global platforms Google, Microsoft and TikTok have closed and deactivated more than 13 million accounts in line with Nigeria’s Code of Practice for online platforms. Mrs Hadiza Umar, Director, Corporate Communications and Media Relations of NITDA said this on Wednesday in a statement in Abuja. Umar said that the Code of Practice for Interactive Computer Service Platforms, Internet Intermediaries is for the submission of the 2024 compliance report. The code was issued jointly by the Nigerian Communications Commission, National Broadcasting Commission and NITDA,…

MAN pushes for ‘Nigeria First’ Policy in Manufacturing The Manufacturers Association of Nigeria (MAN) has urged renewed efforts to boost economic growth by strengthening local production, competitiveness, and sustainable development under the Nigeria First Policy. MAN President, Otunba Francis Meshioye, made the call on Wednesday in Lagos at the 58th Annual General Meeting of the association’s Ikeja branch. The event was themed: ‘Driving Economic Growth: The Role of the Manufacturers Association of Nigeria in Advancing the Nigeria First Policy for Sustainable Development.’ Meshioye stressed that the manufacturing sector remained central to Nigeria’s economic growth and must be prioritised in policy…

Conoil, Guinness Nigeria Drag Stock Market Cap Down by N663bn The stock market continued on a negative note on Wednesday, as investors lost N663 billion. Sell-offs in Conoil, Guinness Nigeria, Consolidated Hallmark Holdings, Royal Exchange, and 48 other stocks pulled the market performance down. Specifically, the market capitalisation, which opened at 90.227 trillion, closed at 89.564 trillion, representing 0.73 per cent. The All-Share Index also declined by 0.73 per cent or 1,047.16 points to close at 141,566.31, as against 142,613.47 posted on Tuesday. The market breadth also closed negative with 52 losers and 18 gainers. On the losing side, Conoil…

TICAD9: Tinubu Sets $1 billion Trade Target for Nigeria President Bola Tinubu says Nigeria’s participation in the Tokyo International Conference on African Development (TICAD9) is anchored on a bold $1 billion trade and investment goal. Leading Nigeria’s high-powered delegation to the conference in Yokohama, Japan, Tinubu said the visit seeks to drive green innovation, foster industrial growth, and reinforce Nigeria as West Africa’s gateway. In a post on his verified X handle, @officialABAT, Tinubu stressed that Nigeria’s engagement at TICAD9 is strategic and deliberate, rather than ceremonial. The President stated: “At #TICAD9, themed ‘Co-create innovative solutions with Africa,’ Nigeria comes…