Author: Marketforces Africa

No Hidden Charges for Non-Resident Bank Verification Number –CBN The Central Bank of Nigeria (CBN) has clarified recent speculations regarding charges related to the newly launched Non-Resident Bank Verification Number (NRBVN) platform. In a statement by Acting Director of the Corporate Communications Department, Mrs Hakama Sidi-Ali, the apex bank affirmed that no hidden fees have been introduced. Sidi-Ali said that the BVN enrollment for Nigerians residing within the country remained entirely free of charge. According to her, the fee referenced in the reports applies solely to the recently launched Non-Resident BVN (NRBVN) initiative, a service designed specifically for Nigerians living…

Investors Ramp Up FGN Bonds, Lock in Yields on Rate Cut Fear Trading activities on the Federal Government of Nigeria (FGN) bonds in the secondary market ended on a bullish note, buoyed by strong investor sentiment and a growing consensus that the Central Bank may ease monetary policy later this month. Traders said investor demand continues to increase amidst declining bond supply from Nigeria’s Debt Management Office. Supported by excess liquidity in the financial system, buying activities concentrated on mid- to long-dated maturities last week, pulling down yields on the naira assets. With inflation showing signs of moderation, investors moved…

Money Market Rates Rise as CRR, Banks Tax Debits Hit Liquidity Money market rates inched up as cash reserve ratio activity and banks corporate tax payments hit liquidity levels in the financial system ahead of fresh inflow from expiring Nigerian Treasury bills worth N130 billion in the new week. This week in the money market, conditions remained tight despite a moderate boost in liquidity. The system closed the week with a net surplus balance of just over N400 billion, investment banking firm Cowry Asset Limited said in its market update. Analysts noted that the excess liquidity in the banking system…

CBN Sells N3.32T OMO Bills to Investors in June, Rate Hits 26.64% The Central Bank of Nigeria (CBN) sold OMO bills worth N3.32 trillion to eligible investors, local banks, and foreign portfolio investors in June with the twin objectives of managing excess liquidity and then attracting hard currency into the economy from offshore participants. The Nigerian monetary authority almost doubled the quantity of OMO bills it provided to market participants in three main market auctions held last month. Trading records showed that the CBN auctioned OMO bills worth N600 billion at each of the three auctions. The CBN’ OMO bill…

Banks Activate Cross Border Spending on Naira Debit Card Deposit money banks (DMBs) in Nigerian has activated cross border or foreign currency spending with the naira debit card, series of update from top financial institutions have revealed. The development comes about three years after many banks suspended international transactions on naira debit cards. The restriction followed a sharp drop in dollar liquidity, which forced many local lenders to restrict transactions of local cards abroad. Naira debit card restriction for online payment became easy target to control outflow of FX as the Nigerian economy experienced forex shortage. However, transactions are allowed…

FG Launches Visa Amnesty for Foreigners The Federal Government has introduced an Expired Visa Initiative (Amnesty) to boost compliance with the new visa regime and support a secure migration system. This is contained in a statement on Saturday by Akinsola Akinlabi, Public Relations Officer of the Nigerian Immigration Service (NIS). Akinlabi explained that the initiative offers foreigners with expired immigration status in Nigeria a chance to regularise their stay without incurring penalties. The initiative, which began on 1 May, will end on 30 September. It targets those who overstayed visas or violated visa conditions. It applies to foreigners with expired…

CBN Defends Naira with US$4.7bn in First Half of 2025 The Central Bank of Nigeria (CBN) defended the naira with $4.7 billion across several foreign exchange market interventions to keep the local currency safe from losing value significantly as offshore investors ’exited positions while in search of safe haven. Forex market analysts believe that the authority’s decision to defend the local currency was borne out of necessity, claiming that global disruption witnessed across financial markets could have eroded the value of the naira significantly. In the first quarter of the year, naira stability was threatened due to elevated global risk-off…

Lagos-Calabar Highway: Umahi Confirms Investor Interest, Sets Target A number of financial institutions have shown eagerness to participate in the execution of the Lagos-Calabar Coastal Highway project, the Sokoto-Badagry Superhighway, and similar landmark road projects of the Federal Government. The Minister of Works, Sen. Dave Umahi, made the disclosure while addressing journalists after inspecting the Lagos-Calabar Coastal Highway and some bridges in Lagos. “ I have had meetings with a lot of financial institutions, and they are very eager to participate. “ We are doing everything to complete Section 1 by December and have it approved, and that will open…

How to Earn 18% on Investment in 6 Months That is the stock market year-to-date return as per data obtained from the Nigerian Exchange. That’s the minimum any reasonably risky investment should earn; if not, there is a need to change course. You must have heard that investing in stock is risky. But so is sleeping and waking up. While you are here, your financial freedom depends on the level of risk you are willing to take. The Nigerian Exchange has gained 17.55% from the beginning of the year to date. Based on their beta risks, there are listed companies…

NGX Expands by N377bn as Investors Hunt Undervalued Stocks The Nigerian Exchange (NGX) climbed week on week as equities investors portfolio value increased by more than N377 billion. The local bourse continued its upward trajectory, extending its weekly winning streak with a modest gain of 0.83%. Stockbrokers said the positive momentum comes as investors usher in the third quarter of the year with renewed optimism, positioning themselves strategically ahead of the anticipated release of second quarter and half-year corporate earnings. “A wave of portfolio rebalancing activities and calculated position-taking dominated market sentiment, fueled by expectations of resilient financial performance from…