Author: Marketforces Africa

Naira Steady at N1,532 after FX Injections, External Reserves Rise The naira cleared at N1,532 per dollar at the official window, supported by sufficient US dollar liquidity at the Nigerian foreign exchange market after Apex Bank’s interventions. In the parallel market, the exchange rate appreciated to ₦1,535 per greenback in the absence of foreign currency demand pressures. The Central Bank of Nigeria (CBN) injected $80 million to boost FX market supply last week, and there was another sale to local deposit money banks on Friday. The interventions kept US dollar liquidity strong on Monday, reducing the weight of FX demand…

Nigeria Records Rebased Economic Growth of 3.1% in Q1 Nigeria recorded rebased economic growth of 3.1% year-on-year in the first quarter of 2025, according to data released by the National Bureau of Statistics (NBS), having adopted 2019 as the new base year. The rebasing exercise covers the period from 2019 to 2023 and reflects changes in the economy’s structure, sectoral contributions, and data sources. The NBS report showed that Nigeria’s gross domestic product grew far less than anticipated under the rebased statistical data adjustment, which now reflects recent developments across key sectors. The nation’s economic growth remains an undercurrent versus…

Euro Steady at $1.16, ECB to Pause Rate Cuts The euro held steady just above the $1.16 mark as investors awaited the European Central Bank’s policy decision and kept a close eye on EU-US trade developments. The EURUSD pair has edged up 0.2% early Monday to hover near $1.1650. The euro has appreciated against the U.S. dollar by around 15% since the start of the year despite the tariff threat against the EU. A stronger euro damps inflation in the Eurozone directly by lowering the prices of imported goods and services. But a stronger currency also compounds the impact of…

Africa Finance Corp. Secures $255m Syndicated Loan from UAE Banks Africa Finance Corporation (AFC) has secured an inaugural Sustainability-Linked Term Loan Facility, marking a significant milestone in the corporation’s innovative funding strategy and deepening its financial ties with the UAE. In a statement, the corporation announced that it secured AED 937.50 million, or US$255 million, facility, reflecting its commitment to using financial innovation tools to optimise funding for transformative infrastructure. Along with further expanding AFC’s geographical funding base, the transaction aligns future borrowing costs with measurable environmental outcomes through predefined Sustainability Performance Targets (SPTs). The structure allows AFC to benefit…

Money Market Rates Rise as Banks Compete for Limited Funds Money market rates rose as forex interventions, settlement, and Asset Management Corporation (AMCON) levy settlement widened the liquidity deficit in the financial system. As a result of a tight funding profile in the money market, local deposit money banks competed for limited funds in the absence of additional inflows.  The short-term benchmark interest rates surged to 32% mark, while the banking system deficit surged to N659.92 billion last week. Banks’ borrowing activities increased as operators sought funding with the tight liquidity, which was primarily due to the absence of OMO…

SIFAX Shipping Launches Direct LCL Export to UK In a groundbreaking move set to redefine outbound shipping from Nigeria, SIFAX Shipping Company Ltd. has launched direct Less-than-Container Load (LCL) export services to the United Kingdom through a strategic partnership with Netcargo UK Limited, a subsidiary of Net Cargo Group. In a statement, the company said this development offers a major breakthrough for businesses that have long grappled with the complexities of cross-border logistics, delays, and costly transshipment processes in their bid to export goods to the United Kingdom. According to Mr. Adekunle Owobamirin, General Manager, Groupage and Export Services, SIFAX…

Equity Investors Gain N3.44T, Cement Names Drive Industrial Index Equity investors gained N3.44 trillion on the Nigerian Exchange (NGX) in an all-week rally that pushed key performance indicators to fresh highs. The industrial index surged by 19.17% as cement names Dangote, BUA, and Lafarge Africa gained momentum in the local bourse. The bargain hunting that lifted market capitalisation and all share indexes to new highs was buoyed by improved investor sentiment and enhanced funds inflow. The Nigerian Exchange All-Share Index (ASI) surged past the 131,000 psychological barrier to close at 131,585.66 points, representing a 4.31% week-on-week upswing. Several stockbrokers reported…

AGF Denies FG’s Involvement in FirstHoldco Block Shares Deal The Attorney General of the Federation (AGF), Lateef Fagbemi, has denied the Federal Government’s involvement in the recent acquisition of approximately 25 percent of FirstHoldCo’s shares, valued at over ₦323 billion. The statement followed media reports alleging that the transaction was facilitated through a federal government-backed special purpose vehicle (SPV). Several social media and online platforms had reported that a trustee acting on behalf of the Federal Government under the supervision of the Attorney General’s office and the Central Bank of Nigeria (CBN) had facilitated the share acquisition. However, a rebuttal…

AI Portal Handles 11,000 Transactions Daily, CAC Says The Corporate Affairs Commission (CAC) says its artificial intelligence (AI) business registration portal now processes over 11,000 transactions daily, despite some ongoing challenges. In a statement on Sunday, CAC management said it was working to address identity verification and payment difficulties affecting smooth portal operations. Launched on June 30, the AI system issues registration certificates within 30 minutes, once a director’s National Identification Number (NIN) is confirmed. The new workflow allows users to test multiple business names without paying upfront, reducing start-up costs and eliminating repeated name search fees. According to the…

Stanbic IBTC Hits 52-Week High Ahead of August Earnings Stanbic IBTC Holdings Plc surged to a new all-time high of N99.50 per share in the equity market, buoyed by investor optimism ahead of its anticipated earnings release. According to trading details obtained from the Nigerian bourse, Stanbic IBTC was the top performer among banking stocks, in relative and absolute terms. It also raced ahead of some Tier-1 banks in terms of market valuation, reflecting solid earnings growth expectations, and some stockbrokers hinted about interim dividends. Last week, the financial services company’s share price increased by 18.40% week on week on…