Author: Marketforces Africa

Fitch Affirms Mozambique at ‘CCC’, Debt to GDP Falls to 91% Fitch Ratings has affirmed Mozambique’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC’ amidst tight financing strains, wider fiscal deficit and high government debt among other challenges. In its rating note, Fitch noted prolonged protests following the October 2024 presidential election translated into weaker economic activity, a widening fiscal deficit, and suspension of the country’s IMF programme, impairing the government’s ability to meet its high local-currency maturities in 2025 and 2026. Switch auctions on local-currency bonds, central bank borrowing, and short-term financing are being used to service debt, but…

GCR Affirms Nova Commercial Bank Ratings of BBB(NG)/A3(NG) GCR Ratings has affirmed Nova Commercial Bank Limited’s national scale long and short-term ratings of BBB (NG) and A3 (NG) respectively, with the outlook revised to evolving from Stable. The African focused ratings agency said its affirmation reflects Nova Commercial Bank Limited’s stable funding structure, adequate liquidity, sound capitalisation and asset quality metrics. The bank’s BBB (NG) rating represents a good level of creditworthiness for the long term, while A3(NG) signifies a strong capacity for meeting financial commitments in the short term. However, ratings analysts highlighted that these positives are partly offset…

Nigeria’s External Reserves Grow by $2.15bn in 30-Day Nigeria’s gross external reserves balance climbed strongly, up by about $2.15 billion in 30 days on persistent inflows across sources. Updated foreign currency movement data from the Central Bank of Nigeria (CBN) showed the gross external reserves balance inched to $39.359 billion as of July 30 from $37.210 billion at the end of June. The nation’s reserves surged sharply amidst a slowdownin CBN forex market interventions in the month. The increased oil production output and foreign portfolio investors interest in the Nigerian market have supported the growing external reserves. Analysts are anticipating…

Naira, FX Reserves Rise as Bonny Light Crude Oil Jumps by 3% The naira rose against the dollar in the official window amidst rising external reserves and a spike in Bonny Light crude oil price in the global commodity market during the trading week, according to data obtained by MarketForces Africa. In comparing trading activities in the parallel market, the naira exchange rate experienced divergent movements—driven by modest supply ease at the official Nigerian Foreign Exchange Market (NFEM) window. The Central Bank of Nigeria (CBN) spot FX rate strengthened week on week in the absence of significant pressures, but holiday-bound…

NHIA, Roche Partner FMC to Cut Cancer Treatment Costs The National Health Insurance Authority (NHIA), Roche Pharmaceuticals and Federal Medical Centre (FMC), Abuja, have inaugurated a cost-sharing initiative to help cancer patients. The initiative aims to help the patients reduce financial barriers to accessing oncology care. The development stems from a Memorandum of Understanding (MoU) initially signed in 2021 between NHIA and Roche, which was reviewed and expanded in 2025 to provide broader access and increased benefits to cancer patients in Nigeria. Speaking on Friday in Abuja, Ms Linda Makwe of NHIA Department of Standards and Quality Assurance explained that…

Nigeria Needs Proactive Steps for 2030 Oil Target –SPE Society of Petroleum Engineers (SPE) says Nigeria must implement proactive measures to achieve a crude oil production target of 2.7 million barrels per day (mbpd) by 2030. SPE also said that the country needs to focus on enhanced oil recovery methods, pipeline security, gas resource monetisation, and improved infrastructure reliability. Dr Amina Danmiani, Chairman of the SPE Nigeria Council, said this on Friday while addressing newsmen in Lagos ahead of the orgaisation’s 2025 International Conference and Exhibition (SPENAICE). The event is scheduled to be beld from for Aug. 4 to Aug.…

CBN FX Rate Dips Amidst Rising Foreign Reserves The Central Bank of Nigeria (CBN) spot fx rate depreciated slightly against the dollar amidst rising external reserves. FX data update released by the Apex Bank showed that the exchange rate dipped slightly to N1533.74 at the official window on Friday, from N1533.55 the previous day. The exchange rate touched an intraday high of N1535.55 in the forex market, which happened to be the closing rate for the day, reflecting the absence of significant pressure from the demand side. In the parallel market, the local currency appreciated 32 bps to print at…

NGX Crossed N89trn as Equity Portfolio Rises by N948bn The Nigerian Exchange (NGX) market capitalisation crossed N89 trillion mark on the back of more than a N948 billion increase in equity portfolio value on Friday, supported by a sustained rally and new shares listed by Seplat Energy. The local bourse wrapped up another stellar five-star trading week on a bullish note, extending its impressive winning streak despite mixed outcomes in key performance indicators. The market index advanced by 1.00%, adding 1,399.53 basis points to close at a new all-time high of 141,263.05, according to trading data. Market capitalisation surged by…

Nigeria Plans to Boost Oil Production by 810k from Deepwater Field The Federal Government (FG) says it has mapped out plans to ensure an increase of about 810,000 barrels per day (bpd) of crude oil from the country’s deepwater oil fields through a new cluster and nodal development initiative. Mr Gbenga Komolafe, Commission Chief Executive (CCE), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), made this known in Abuja at its stakeholders’ workshop on deep/shallow water cluster/nodal development. The initiative which is being championed by the NUPRC is part of a broader effort to revive Nigeria’s offshore oil production, which has suffered…

GTCO Cancels London Stock Exchange GDR Listing, Changes Ticker Guaranty Trust Holding Company Plc (GTCO) has completed the cancellation of its Global Depositary Receipts (GDRs) listing on the London Stock Exchange (LSE). The financial services company said in its regulatory filing submitted to the Nigerian Exchange Group. GTCO noted that the shift from GDRs to direct equity listings is seen as a move to simplify its capital structure, reduce administrative overhead, and improve investor engagement across both markets. The change took effect at 8:00 a.m. on July 31, 2025, according to an official statement. GTCO had earlier announced its intention…