Author: Marketforces Africa

Iran Conflict Raises New Credit Risks for Emerging Market Sovereigns The Iran conflict could pose additional challenges for some emerging-market sovereigns through channels such as energy imports, remittances, fiscal subsidies, exchange rates, and access to international finance, Fitch Ratings says. Hydrocarbon exporters could see positive effects. “Under our baseline, in which the effective closure of the Strait of Hormuz lasts less than a month, and major damage to the region’s oil production infrastructure is avoided, risks to emerging market ratings should be contained, but a longer closure or more sustained effects could lead to a more substantial impact”. Oil and…

As the March 31 deadline for the bank recapitalisation exercise of the Central Bank of Nigeria (CBN) draws near, the apex bank says 30 banks have met the new capital requirements.

The default rate in Fitch Ratings’ portfolio of U.S. privately monitored ratings (PMR) rose to a new high of 9.2% in 2025, up from 8.1% in 2024.

Industrial, Oil Stocks Drive Momentum in Nigerian Market Industrial and oil and gas stocks propelled momentum in the Nigerian stock market, building on the previous rally as trading activities closed on Friday in the local bourse. The Nigerian Exchange (NGX) continued its upward trend, with the All-Share Index increasing by 0.08% to reach 196,968.15 points, resulting in a year-to-date return of 26.58%. The stock market capitalisation grew by 0.08%, adding ₦119.03 billion to reach ₦126.4 trillion, largely due to the listing of an additional 105 million ordinary shares of FIDSON Healthcare on the NGX. Market sentiment remained favourable at 1.1x,…

The European Union (EU) and the Gulf Cooperation Council (GCC) have strongly condemned what they described as unjustifiable Iranian attacks on GCC countries, saying the action threatens regional stability and global security.

The naira depreciated across the foreign exchange market due to tight liquidity in the official and informal segments of the local currency market.

The Nigerian Export Promotion Council (NEPC) has reiterated its commitment to guiding Nigerian exporters on regulatory standards required for agricultural and food products to enter the European Union market.

FMDQ Securities Exchange Limited has officially approved the listing of DLM SPV PLC’s ₦7.30 billion Series 1 (Tranche A) and ₦1.70 billion Series 3 (Tranche B) Plain Vanilla Returns Sovereign Bond-Backed Composite Notes under its ₦30.00 billion Medium-Term Notes Programme.

Risk-Off Sentiment Triggers Surge in Nigeria’s Bond Yields The Nigerian Federal Government (FGN) bonds market closed on a notably bearish note, with average yields climbing by 6 basis points in the secondary market on Wednesday. Investors sold down holdings despite the financial system’s excess liquidity. This shift signals a clear decline in investor confidence and a diminishing appetite among domestic investors for naira-denominated fixed-income instruments. At the short end of the yield curve, bonds exhibited a mixed-to-positive trading pattern. The yield on the bond maturing on February 23, 2028, edged up by 1 basis point to 16.15%. Conversely, yields on…

President Bola Tinubu has directed the suspension of the newly introduced cashless payment system at airports over traffic gridlock experienced by travellers across the country.