Author: Marketforces Africa

The Nigerian Exchange (NGX) recorded a large daily loss of more than N111 billion Thursday as alpha seekers continued to offloaD

On account of a solid liquidity level in the money market, the short-term benchmark rates slumped sharply

The Murtala Muhammed Area (MMA) Command of the Nigeria Customs Service (NCS) says it generated total revenue of N38.7 billion in the first half of 2023.

Russian President, Vladimir Putin, says Russia will supply 50,000 tons of grains to some African countries in the next three months in its bid to ensure food security.

The African Export–Import Bank (Afrixembank) on Thursday in St. Petersburg, Russia, announced a credit limit of 30 billion dollars to support African investors willing to exploit the opportunities in Russia.

Pan African lender, Ecobank group Plc. has raised the bar on its earnings performance with 16% year-on-year growth in profit after tax.

Nigeria and South Africa have reiterated their commitment to tackle the menace of cybercrimes, money laundering

Fed Raises Rates 25bp, Maintains Tightening Bias The United States (US) Fed unanimously hiked its policy interest rate range 25 basis points as widely expected with a statement retaining the phrasing that further policy firming “may be appropriate”. With two months’ worth of data to come before the next FOMC meeting, ING economists suspect evidence of slowing inflation and softer activity won’t make that necessary. After categorizing the June pause as a slowing in the pace of rate hikes the Federal Reserve has unanimously voted to raise the Fed funds target range 25bp to 5.25-5.5%, the highest level for 22…

The average yield on Nigerian Treasury bills closed flattish as the naira appreciated amidst the Central Bank

Egyptian Pound Remains Overvalue After 49% Devaluation The Egyptian economy has continued to face pressures as key indicators and exchange rate positions weakened. A flood of externalities that hit the country’s performance has been fast, and furious. Egypt’s pound has lost about 50% since it was devalued last year and its debt position has not improved despite the backup from the International Monetary Fund (IMF). In its latest macroeconomic update, Score Ratings noted that a curtailed currency devaluation and slower-than-expected privatisation of state enterprises cloud the outlook for stabilising Egypt’s external finances as meeting IMF conditions is critical for shoring…