Browsing: Nigeria

A Federal High Court sitting in Lagos has authorised Guaranty Trust Bank (GTB) to temporarily take over the funds and assets of Afex Commodities Exchange following its N17.808 billion indebtedness to the bank under the Central Bank of Nigeria, CBN, driven Anchor Borrowers’ Loan.

In the bond market, there was slight trading activity for FGN Bonds in the secondary space. However, the average yield stayed muted at 18.69%, sustaining negative interest yield on naira asset.

The Ministry of Marine and Blue Economy says it is implementing a 3-pronged strategy that will increase its revenue generation to N2 trillion per annum by 2027. Marine and Blue Economy Minister, Mr Adegboyega Oyetola, disclosed this at the ministerial press briefing on the administration of President Bola Tinubu sectorial update.

Fixed interest securities investors trimmed interest in Nigerian government bonds in their portfolios to align with their investment appetite amidst fast changing market dynamics and a widening real return on naira assets.

Equities investors gained about N142 billion on Monday in the local exchange as stocks rally. Data from the Nigerian Exchange showed that key performance indicators improved following fresh bargain hunting on fat or high valuation stocks.

Nigerian US dollar bonds, or sovereign Eurobonds, came under selling pressure on the global market amidst expectations that the US Fed could cut fund rates in the third quarter of 2024

The Nigerian naira exchange rate improved marginally in the forex market, gaining 0.98% week on week amidst expectation that the Central Bank, CBN, will support liquidity in the currency markets in the new week.

The Nigeria Employers’ Consultative Association (NECA), says the private sector remains committed to the N57,000 earlier proposed at the Tripartite Committee meeting on National Minimum Wage.

Segun Ajayi-Kadir, Director General of Manufacturers Association of Nigeria …

Foreign investors trimmed their interest in Nigeria Eurobond in the market midweek amidst uncertainties in the global economy. Nigeria is facing turbulent time as key macroeconomic indicators continue to cast doubts on effectiveness of government policy in about a year.