Author: Marketforces Africa

Oil Prices Surge as Trump Threatens India over Russian Crude Oil prices increased in the global commodity market on Wednesday after US President Donald Trump threatened to impose tariffs on India for buying oil from Russia. International benchmark Brent crude was trading at $67.97 per barrel, up 0.74% from the previous session’s close of $67.47. The American benchmark West Texas Intermediate (WTI) crude rose 0.72% to $65.04 per barrel, from $64.57 in the previous session. Trump’s special envoy Steve Witkoff arrived in Moscow to discuss the ongoing Russia-Ukraine war, according to the Russian RT channel. Earlier, Kremlin spokesman Dmitry Peskov…

Open Market Operation Drives Rates Surge in Money Market The money market rates edged higher after the Central Bank of Nigeria (CBN) conducted an open market operation to counter rising liquidity levels in the financial system. The CBN floated N600 billion in OMO bill sales offers to investors but raised N2.12 trillion. The OMO auction was targeted at excess liquidity conditions in the money market. The CBN will also sell N220 billion to investors at its midweek primary market auction for Nigerian Treasury bills. Still, the market maintains solid liquidity, reflecting the absence of significant pressures. Banks have been sterilizing…

Trump threatens India With New Tariffs ‘in Next 24 Hours’ U.S. President Donald Trump has threatened to impose higher tariffs on India very soon because the country does business with Russia. “We settled on 25 per cent, but I think I’m going to raise that very substantially over the next 24 hours, because they’re buying Russian oil,” Trump told U.S. broadcaster CNBC on Tuesday. “They’re fueling the war machine. And if they’re going to do that, then I’m not going to be happy,” Trump explained. Trump had previously threatened higher tariffs in the context of Russia’s war of aggression against…

Bureau of Public Procurement Begins Implementation of e-Govt. Plan The Bureau of Public Procurement (BPP) has commenced the implementation of its E-Government Plan in line with the Federal Government’s drive towards digitalisation and enhanced efficiency in public service delivery. This is according to a circular by the Director-General of BPP, Dr Adebowale Adedokun titled: “Transition to Electronic Submission Procedure at the BPP”, and dated Aug. 4, 2025, Adedokun hinged the implementation of the circular on the provisions of the National Digital Economy Policy and Strategy (NDEPS) 2020-2030, and the National E-Government Master Plan (NEGM) 2021. He said that in view…

NCAA Suspends ValueJet Pilots’ Licences over Safety Breach The Nigeria Civil Aviation Authority (NCAA) has suspended the licenses of two Value Jet pilots over safety breach. This is contained in a statement signed by Mr Michael Achimugu, the NCAA Director, Public Affairs and Consumer Protection, on Tuesday in Abuja. ‎‎”The NCAA has received reports concerning a serious breach of aviation safety protocols by a ValueJet pilot at the Nnamdi Azikiwe International Airport, Abuja (Domestic Terminal) on Tuesday, Aug. 5, 2025. ‎”Consequently, the Authority has taken immediate enforcement action by suspending the licences of the Pilot, Captain Oluranti Ogoyi, and the…

Renaissance Energy Seeks More Growth of Nigeria’s Oil, Gas industry Africa’s energy giant, Renaissance Africa Energy Company Limited, has said that collaboration among oil and gas players will grow the sector and make the country’s to utilise its vast resources. Mr Tony Attah, Manging Director of the company, made the call in a statement issued by the company’s spokesperson, Mr Michael Adande, in Port Harcourt on Tuesday. According to the statement, Attah made the remarks during the opening ceremony of the Society of Petroleum Engineers’ 2025 Nigeria Annual International Conference and Exhibition (NAICE) held in Lagos. The managing director stated…

CIBN Projects Cautious Optimism for Nigeria’s Economy The Chartered Institute of Bankers of Nigeria (CIBN), along with economists and financial experts, has projected a cautiously optimistic outlook for Nigeria’s economy in the year’s second half. This view was shared at the fifth Mid-Year Review of the 2025 Economic Outlook, held in Lagos by CIBN Centre for Financial Studies and B. Adedipe Associates Ltd. During the roundtable, CIBN President and Council Chairman, Prof. Pius Olanrewaju, said Nigeria’s economic fundamentals showed resilience despite ongoing macroeconomic challenges. He said this resilience justified optimism for improved economic performance in the months ahead. Citing National…

Yield Falls to 17.77% Ahead of N220bn Treasury Bills Auction The average yield on Nigerian Treasury bills fell slightly to 17.77% in the secondary market ahead of midweek auction scheduled by the authority. Trading activity was relatively quiet as investors focus attentions on midweek auction where the Central Bank of Nigeria (CBN) planned to issue N220 billion worth of Treasury bills across standard tenors. Spot rates are also expected to shift as the authority continue to send signals about potential monetary easing taking place in the latter part of the year. Disinflation, exchange rate stability and anticipated economic growth trajectory…

Naira Falls at Official, Parallel Markets on Higher FX Demand The naira fell from the rally tarmac at the Central Bank of Nigeria (CBN) official exchange rate platform on increased demand for US dollars amidst tight supply. The local currency also lost weight against the greenback at the parallel market, widening the FX spread. According to FX update from the authority, the spot rate at the Nigeria Foreign Exchange Market (NFEM) depreciated to N1533.10 from N1531.95 at the previous close in the absence of fresh dollar injection. The forex market has remained sufficiently liquid with inflows across sources, including foreign…

Nedbank to Sell Stake in Ecobank, Classifies Shares as Held for Sale Nedbank Group said it has concluded a plan to sell interest in Ecobank Transnational Incorporation, according to its official release. The Group said its first-half of 2025 financial performance was slightly ahead of guidance, with ongoing strategic progress in a difficult environment. Details on its website revealed that Nedbank Group’s results for the six months to 30 June 2025, amid a challenging operating environment, reflect 6% growth in headline earnings to R8.4 billion and a return on equity (ROE) that improved slightly to 15.2% from 15.0% in…