Author: Marketforces Africa

Money Market Rates Fluctuate as Banks Settle Tax Payments Money market rates experienced variation due to outflows linked to corporate tax payments by Nigerian deposit money banks, which affected liquidity levels in the financial system. Despite this, the market sustained adequate liquidity, with anticipation of significant inflows from matured instruments in July. In an update, Erad Partners Limited revealed that there will be N949.727 billion in fixed income cash flow in July across bills and local bonds. Rates have been relatively steady in the absence of significant funding pressures in the banking system. The interbank market remained well-liquid on Wednesday…

Naira Rises Against US Dollar as IMF Lauds FX Rate Stability The naira rose to N1526 per US dollar in the foreign exchange (FX) market on Wednesday in the absence of significant demand pressures. The local currency has continued to gain strength against the greenback in the currency market, supported by sufficient FX liquidity levels amidst growing foreign investors’ confidence. Analysts also highlighted increasing forex market governance following the introduction of BMatch system in December last year, with FX intervention supported at the Nigeria foreign exchange market. “Hoarding is becoming increasingly difficult and dangerous for speculators”, Broadstreet analysts said, citing…

De-dollarisation: Foreign Ownership in US Treasury Market on Decline Foreign interest in the US bond market has continued to decline amidst uncertainties and the latest tariff threats to globalisation. The move reflects decisions of some countries to detach from US dollar dominance, and de-dollarised economies for various reasons. This move was supported by positive developments outside the U.S. that boost the credibility of alternative currencies. The U.S. dollar is the world’s primary reserve currency, and it is also the most widely used currency for trade and other international transactions, J.P Morgan said, adding that the greenback hegemony has come into…

IMF Praises Nigeria’s Economic Reforms Achievements The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience, the Executive Board of the International Monetary Fund (IMF) said after the conclusion of the Article IV Consultation. According to IMF, The Nigerian authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit and improved the functioning of the foreign exchange market. The fund said investor confidence has strengthened, helping Nigeria successfully tap the Eurobond market and leading to a resumption of portfolio inflows. It however noted that poverty and…

Equities Investors Gain N379bn as Zenith Bank, Cadbury Rally Equities investors gained about N379 billion as Nigerian Exchange rebounded with buying interest in Zenith Bank, Cadbury Nigeria among others. The local bourse closed today’s trading session on a positive note, as key market performance indicators advanced by 0.50%. The bullish performance halted four days losing streaks in the equities market. The market witnessed renewed buying interest across major market sectors, particularly in medium and some large-cap stocks. Zenith Bank gained more than N39 billion in addition to other price movement. Stockbrokers reported that market index or All-Share Index increased by…

Kenya Moves to Privatise Several State-Owned Assets via IPO President of Kenya William Ruto announced on Wednesday that Kenya plans to privatise several state-owned assets through initial public offerings (IPOs) to boost private sector investment and reduce reliance on external debt. Speaking at the London Stock Exchange, Ruto said the government would begin by listing the Kenya Pipeline Company on the Nairobi Securities Exchange. “We are committed to a structured, time-sensitive programme that identified and prepared a robust pipeline of key government assets to be privatised through the stock exchange or improved through private sector participation,” he stated. Ruto emphasised…

IntBrew, PZ Drive Intraday Rally in Nigerian Stock Market Investor interest in International Breweries and PZ Cussons, alongside other early gainers, is driving an upward trend in the Nigerian stock market during Wednesday’s intraday trading session. The market closed negative for the fourth consecutive trading session yesterday as profit-taking activities persisted after a series of head fakes from some listed companies. Banking stocks were climbing at the last look, boosting the Nigerian Exchange All-Share Index with support from positive price movement in oil and industry stocks. Some stocks that recently shed weight appear to be picking up, but stockbrokers said…

US Dollar Index Posts Worst First Half Performance Since 1973 The US dollar index (DXY) has hit its worst first half of the year performance since 1973 after losing about 11% due to forex traders selloff spree. The U.S. dollar index, which tracks the dollar against a basket of six global currencies, was 0.4% lower on the session at 96.38. The plunge reflects negative sentiment on the US dollar, which has continued to lose its allure as a safe haven asset for most global market speculators. Forex traders’ sentiment on the dollar has fallen sharply since President Donald Trump administration…

CBN Sells N7.12trn OMO Bills to Investors in Q2 The Central Bank of Nigeria (CBN) sold OMO bills worth N7.12 trillion in the second quarter of 2025 to eligible investors, banks, and foreign portfolio investors to manage excess liquidity in the financial system. The Apex Bank floated eight OMO auctions in the last three months to combat excess liquidity and keep money market rate in check. The monetary authority aggregate offer was N4.5 trillion across the standard tenors. The total of OMO bills allotted to investors in the first quarter settled at N7.12 trillion despite one no-sale auction being recorded,…

Private Sector Business Confidence Highest Since 2022 –PMI The Nigerian private sector remained in growth territory as the first half of 2025 drew to a close, and business confidence improved markedly in June, according to Stanbic IBTC purchasing manager index report released by Standard & Poor global rating. The report highlighted that rates of expansion in output, new orders, and purchasing eased from May. Although rates of inflation remained relatively sharp, there were further signs of cost pressures softening, and companies raised their output prices at the slowest pace in just over two years The headline PMI remained above the…