Author: Marketforces Africa

Debt Office to Open N80bn Bonds for Subscription Nigeria’s Debt Management Office (DMO) is scheduled to open N80 billion worth of local bonds for investors subscriptions at the primary market auction on Monday, according to details from its offer circular. The auction is expected to be oversubscribed, reflecting sustained demand for government borrowing instruments. Analysts said strong appetite for naira assets will afford another spot rate reduction on FGN bonds at the auction, supported by disinflation. The authority has continued to reduce the amount raised from the local debt capital market since the beginning of the year. The shift reflects…

Oil Prices Close Bearish over Global Trade Uncertainties Oil prices fell slightly this week, weighed down by renewed trade tensions, fresh sanctions on Russian energy exports, and volatile signals from US economic policy, despite uncertainties over US and other countries trade agreements. The international benchmark Brent crude was trading at $68.53 per barrel, marking a fall of around 0.9% from last week’s closing price of $68.60 on Friday. Similarly, the American benchmark West Texas Intermediate (WTI) traded at $65.92 per barrel, a decrease of approximately 1.1% from last Friday’s close of $66. Brent crude began the week under pressure, as…

Nigerian Bond Yield Falls to 16.28% after Coupon Payment The average yield on Nigerian government bonds dropped to 16.28% in the secondary market as asset managers and other risk-averse investor groups continue to increase bets on the fixed interest securities. Disinflation and lower supply have tightened yields on the Federal Government of Nigeria (FGN) in the secondary market. Real return remains hefty at 5.28% as Nigeria’s inflation rate dropped to 22.22% while the interest rate benchmark stayed elevated at 27.50%. Inflation is projected to decline throughout the second half, supported by the consumer price index rebased figure. Meanwhile, there is…

Short-Term Rates Ease as Banks Deposit Excess Fund with CBN The short-term benchmark interest rates in the absence of funding pressures in the financial system following an influx of inflows across sources. The local banks switched gear from active borrowing to deposit their excess funds with the Central Bank of Nigeria (CBN) after federal account allocation committee inflow, net inflows from Nigerian Treasury Bills and FGN coupon payment boost system liquidity. The latest inflows ended the deficit liquidity conditions that pushed money market rates above 32%. In the week, rates declined sharply as local banks with surplus fund re-priced funds.…

Naira Depreciates Against Dollar Despite CBN FX Injections The naira depreciated against the US dollar at the Nigerian foreign exchange market (NFEM) due to increased demand from eligible companies for external payment. The exchange rate weakened by an average of N2.38 per dollar week on week to N1,534.72 as total foreign currency demand outpaced available supply. This forced the Central Bank of Nigeria (CBN) to react with direct foreign exchange market intervention to stabilise exchange rate at target range to stem the negative tide. The CBN intervened by selling approximately $81 million to support the market, AIICO Capital Limited said…

Fitch Affirms Kenya at ‘B-‘ with Stable Outlook Fitch Ratings has affirmed Kenya’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at ‘B-‘ with a stable outlook. This higher level of credit risk indicates that the ratings agency believes there is a material default risk for Kenya when it comes to repaying its foreign currency debts, though a limited margin of safety remains According to the rating note, Kenya’s ‘B-‘ rating reflects strong medium-term growth prospects, a diversified economy, and a strengthening of the monetary policy framework. These strengths are balanced against weak governance indicators relative to peers, high and rising…

Refineries: PETROAN Advises FG Against Lopsided Assets Sale The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has advised the Federal Government against hasty lopsided sale of any national assets. Dr Billy Gillis-Harry, the National President of PETROAN, gave the advice in an interview with the News Agency of Nigeria (NAN), Abuja on Sunday. Gillis-Harry made this known, following pressures on the Nigerian National Petroleum Company Limited (NNPC Ltd.) to sell the country’s refineries. He underscored the need for deep thinking and critical analysis of the refineries with major stakeholders before privatisation or sale. Mr Bayo Ojulari, the Group…

Nigerians in Diaspora Remit $20.92bn Home in 2024 – Tinubu President Bola Tinubu says diaspora home remittances through official channels stood at $20.93 billion, which is four times the value of Nigeria’s Foreign Direct Investment (FDI), in 2024. Tinubu said this at the National Diaspora Day (NDD) celebrations and National Merit Award 2025, organised by Nigerians in the Diaspora Commission (NiDCOM) in Abuja. The theme of the celebration was “Optimising Formidable Diaspora Potentials for National Development and Growth”. The President was represented by Sen. George Akume, Secretary to the Government of the Federation. He lauded the creation of NiDCOM flagship…

Shettima to Represent Nigeria at UN Food Summit in Ethiopia Vice-President Kashim Shettima has departed Abuja for Addis Ababa, the Ethiopian capital, to represent Nigeria at the second United Nations (UN) Food Systems Summit, holding from July 27 to 29. Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice-President, made this known in a statement on Sunday in Abuja. Nkwocha said Shettima would join other global leaders at the high-level event on advancing the transformation of the coffee value chain, roundtables and meetings aimed at bolstering Nigeria’s food security drive. He also…

NDIC Still Paying Heritage Bank Depositors Outstanding –Official The Nigeria Deposit Insurance Corporation (NDIC) says it is committed to the reimbursement of outstanding insured amounts to all eligible depositors of the failed Heritage Bank. The Corporation, on its official X, said that payment of the insured sum had been ongoing and the Corporation had continued to pay the depositors their insured sum. NDIC was responding to appeals by customers of the failed bank who were yet to receive their insured deposits. ”We apologise for the delay in your payment and any challenges you may have experienced. ”Kindly note that NDIC…