The Nigerian naira gained N26.62 against the US dollar in the official foreign exchange market as the Central Bank of Nigeria (CBN) strengthened the supply side. The local currency has seen an increase in demand in a market with low inflows across to satisfy an eligible requisitions.

The interbank rates sank deeply as the liquidity level in the financial system increased significantly week on week after inflows from Remita and Federal Government of Nigeria (FGN) bond coupon payments hit the system.

MTN Nigeria Communications PLC has successfully raised more than N75 billion from the debt capital market, the telecommunications company told the Nigerian Exchange Limited and the investing public.

Nigerian conglomerate John Holt has been attracting equities investors’ attention in the recent past weeks on the Nigerian Exchange. Demand for the stock has remained in an uptrend since the conglomerate returned to profitability.

As the government continues to borrow, Nigeria’s debt clock is predicted to accelerate even more. Total debt to gross domestic product (GDP) is estimated to settle at 54.6% at the end of 2024, analysts at Cordros Securities said in a commentary note.

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