Browsing: Nigeria

Contrary to expectations that FX market intervention would help the exchange rate level around N1,000 per US dollar at the official window as predicted by Goldman Sachs, the naira disappointed, according to data from the FMDQ Securities Exchange for the official daily quote shows.

Equities investors wealth rose by over N259 billion to about N56.2 trillion on Thursday in the stock market. The gain drove Nigerian Exchange (NGX) equities market capitalization higher, thanks to bargain hunting in banking and oil and gas stocks.

The Special Presidential Envoy on Climate Action (SPEC), Chief Ajuri Ngelale, has begun stakeholders’ engagement on plans by Nigeria to maximise the potential in the climate ecosystem.

The National Agency for Science and Engineering Infrastructure (NASENI) says arrangements have been concluded for the inauguration of its Compressed Natural Gas (CNG) Conversion, Filling, Reverse Engineering and Training Centre in Abuja.

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