Author: Marketforces Africa

Naira Reclaims Value as External Reserves Climb to $38.5bn The naira reclaimed value against the US dollar at the Nigerian Foreign Exchange Market (NFEM) as external reserves increased further, settling at about $38.5 billion on successive inflows from across sources. While the supply side strengthened, fx traders reported that demand for greenback increased at the official window. The Central Bank of Nigeria (CBN) fx data update revealed that the naira appreciated to N1534.78 per dollar on Thursday from N1535.61 following a two day bearish outing. Foreign exchange supply in the interbank NFEM received some boost amid CBN intervention and improved…

Nigeria Records 127,000 Cancer Cases Annually – Minister The Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, has revealed that Nigeria records approximately 127,000 cancer cases annually, resulting in about 80,000 deaths. Pate said this on Thursday during the commissioning of a newly constructed Oncology Centre at the Federal Teaching Hospital (FTH), Katsina. “Nigeria accounts for 127,000 cancer cases annually, with about 80,000 deaths. That is the burden,” he stated. The minister described non-communicable diseases such as cancer as one of the fastest-growing contributors to the country’s disease burden. He noted that beyond the suffering, the illnesses imposed…

West African Countries Set Timeline to Realise Refinery Hub Goals The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says West African countries will sign harmonised refinery regulatory agreements in the fourth quarter of 2025, to realise its refinery hub goals. Prof. Zainab Gobir, Executive Director in charge of Economic Regulations and Strategic Planning, NMDPRA, said this on Wednesday in Abuja, while presenting the outcome of a two-day Global Commodity Insights Conference on West African Refined Fuel Market. The conference was convened by the NMDPRA and the S&P Global. Gobir said the essence of the timeline and agreements was to…

Nokia’s Q2 Profit Takes Hit from Currency Fluctuations Nokia, a multinational telecommunications company, has reported a mixed financial result for its second quarter, with currency fluctuations, particularly a weaker US dollar, significantly impacting its performance. The telecom company made this known in its 2025 Second Quarter Report on Thursday. The president and chief executive officer of Nokia, Justin Hotard, attributed some of the decline to currency fluctuations, stating that the company’s net sales and operating profit were affected by these fluctuations. Hotard also noted that the mobile networks segment’s net sales decline of 13 per cent was primarily due to…

Canal+ Secures Approval to Acquire Multichoice with DSTV, GOTV Canal+ has secured approval from South Africa’s competition tribunal for its proposed acquisition of MultiChoice Group. The development clears the final regulatory hurdle in the deal, paving the way for the French media giant to acquire Africa’s largest pay-TV group, which includes DSTV and GOTV. Under the terms of the deal, Reuters reported that Canal+ has made a mandatory cash offer of ZAR 125 ($7.11) per share to acquire all outstanding ordinary shares of MultiChoice not already owned by the French media group. The approved conditions include public interest commitments aimed…

CBN Cuts Spot Rates on Nigerian Treasury Bills, Rejects Bids The Central Bank of Nigeria (CBN) has marked down its spot rates on Nigerian Treasury bills across standard tenors, its primary market auction revealed, reflecting a shift from previous trends despite keeping its monetary tightening stance. The auction was conducted by the Debt Management Office (DMO) on behalf of the Apex Bank amidst efforts to keep local borrowing rates in check as key macro indicators improve. The auction results obtained by MarketForces Africa showed that the authority offered N290 billion for a combination of Nigerian Treasury bills maturing in 91…

US Dollar Falls after Trump Calls Fed Chair ‘Numbskull’ The US dollar fell against its major trading partners early Wednesday after President Donald Trump called Federal Reserve Chair Jerome Powell a numbskull. Traders are reacting against the global trade threats engineered by Trump’s administration with dollar selloffs. Market data revealed that the US Dollar Index (DXY) is down around 1.10% so far this week as traders turn cautious and await more clarity on trade talks. The greenback has been having rough days in the markets since the beginning of the week, with investors exiting dollar positions amidst trade uncertainties. Trump’s…

Lagos Launches N500bn Guarantee Fund to Boost Food Security Lagos State Governor, Gov. Babajide Sanwo-Olu on Wednesday launched a ₦500 billion Uptake Guarantee Fund aimed at transforming the state’s food system, reducing hunger, and boosting inclusive economic opportunities. Speaking at the event, Sanwo-Olu said the initiative was borne out of the state’s urgent need to reimagine its food security structure following the vulnerabilities exposed by COVID-19, climate change, and global supply disruptions. “Our vision is to build a resilient and self-sustaining food system that feeds Lagos now and in the future. “This fund is a safety net that connects producers…

Delta Adopts Mini-Grid Model to Drive Electricity Generation Delta Government says it will adopt a decentralised mini-grid model for electricity generation, distribution, and regulation to transform its electricity sector. The State Commissioner for Economic Planning, Mr Sonny Ekedayen, disclosed this during a post-Executive Council meeting press briefing in Asaba. Ekedayen described the decision as a bold step toward transforming its electricity sector and the establishment of new regulatory bodies to drive a sustainable power market. He said the initiative aligned with Gov. Sheriff Oborevwori’s M.O.R.E Agenda, which prioritises infrastructure and improved service delivery across the state. He recalled that the…

Nigerian Treasury Bill Yield Falls Before N290bn CBN Auction The average yield on Nigerian Treasury bill eased despite cautious trading activity in the secondary market ahead of the primary market auction on Wednesday. Trading activities reflected investors’ cautious mood as the Central Bank of Nigeria (CBN) maintained its position on its monetary policy, keeping all rates unchanged amidst various analysts rate expectations. The authority’s action keeps real return on naira assets at above 5%, and analysts say the condition provides leeway and catalysts for rates repricing at the midweek. Already, discount rates on naira assets have been reduced, reflecting improvement…