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CBN Raises Benchmark Interest Rate to 18%
Naira Skids as External Reserves Fall Below $36bn Nigerian Naira loses weight across the foreign exchange (FX) markets as the monetary policy committee (MPC) of the Central bank of Nigeria (CBN) pushed the benchmark interest rate… Read more CBN Raises Benchmark Interest Rate to 18% In a bid to continue to fight the rising headline inflation rate, the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has increased the monetary policy… Read more Petrol Price Increases 54.76% in 12-Month – NBS The National Bureau of Statistics (NBS), says the average retail price of a litre of Petrol increased from N170.42 in February 2022 to N263.76 in February 2023. Read more US Dollar Mixed Ahead Fed Rate Announcement The US dollar was mixed against its major trading partners early Tuesday ahead of the Federal Open Market Committee announcement at the end of its two-day meeting … Read more AfDB Approves $30m Trade, SMEs Finance Facility for Family Bank The Board of Directors of the African Development Bank Group has approved a $30 million Trade & SME Finance Facility for Family bank Limited (FBL) in Kenya… Read more NGX Rebounds as Interest Rate Spikes The equities segment of the Nigerian Exchange, NGX, rebounds moderately on Tuesday as investors weigh the impact of an interest rate hike on the economy … Read more Norrenberger Acquires 60% Stake in Infrastructure Bank Norrenberger, a financial services group, has taken over a controlling equity stake of 60 per cent in The Infrastructure Bank (TIB). The group in a statement on Tuesday… Read more Coronation Insurance Sheds 9.5% of Market Valuation Coronation Insurance Plc. (Ticker: WAPIC) has a large haircut of 9.5% in the stock market on Monday as the company failed to attract buying interest. The insurance… Read more UBS Downgraded over Credit Suisse Deal UBS ratings have been downgraded following the acquisition of its troubled immediate rival in the market. Last week, it announced an offer to save Credit Suisse … Read more Nigeria’s Bonds, Eurobond Yield Mixed as Naira Rebounds Amidst a debt management office auction, the local bond market traded on a quiet note while investors sold off Eurobond in the international debt capital market… Read more Stanbic IBTC Lost 8.5% in Day Trading Stanbic IBTC Holding Plc. lost 8.5% of its market valuation in a sweep on Monday after following the group earnings announcement. For all it is worth, the result was … Read more FIRS Chief Urges Tax Administrators to Be Tech Savvy Tax administrators must keep up with the dynamics occasioned by disruptive new technologies of the 21st century, and arm themselves with the necessary skills, capacity … Read more
MarketForces FinancialNews
Mar 21, 2023 · 3 min read
Naira Devaluation Looms as Banks Cut FX Sales
MTNN Slumps 5% amidst Plan to Merge MoMo PSB, Yhello Digita l Investors in the equities segment of the Nigerian Exchange (NGX) re-priced MTN Nigeria Plc share downward last week as the United States (US) bank crisis spillover … Read more Monetary Policy: Afrinvest Anticipates 50bps Interest Rate Hike Ahead of the monetary policy committee of the Central Bank of Nigeria (CBN) meeting this week; investment banking firm, Afrinvest Limited has projected 50 basis points… Read more Nigeria’s External Reserves Drop amidst Scarce FX Inflow Nigeria’s external reserves decline to $36 billion as the Central Bank of Nigeria reported an outflow of more than $311 million in a week amidst scarcity of foreign currencies… Read more NGX Sheds N479bn as Investors Take Profits The equities segment of the Nigerian Exchange (NGX) recorded about N479 billion loss as investors traded exits amidst the US bank crisis that sent jittery … Read more Ecobank Lost 10% ahead of Dividend Notice Pan African lender, Ecobank Transnational Incorporated, ETI, lost 10% of its market valuation to strong exits trade in the Nigerian Exchange, NGX, and US bank crisis… Read more FIRS, UK’s HMRC Sign Pact on Capacity Building Nigeria’s Federal Inland Revenue Service (FIRS) and the United Kingdom’s His Royal Majesty’s Revenue and Customs (HMRC) have signed a pact to foster an improved collaboration … Read more Stanbic IBTC Gains 19.28% on Better Earnings, Strong Dividend Stanbic IBTC Holdings Plc will be paying more than N45 billion as a total dividend to shareholders from N80.814 billion unencumbered after-tax profit … Read more MPC: CBN to Keep Policy Rates – Cowry Asset Ahead of the monetary policy committee meeting scheduled for the week, analysts at Cowry Asset Management Limited said they see a decision to keep rates … Read more FBNH Declines as Market Awaits Earnings Release Diversified financial service company, FBN Holdings Plc, share price declined by 2.7% over the last seven days’ trading sessions in the stock market ahead of the group’s… Read more Naira Devaluation Looms as Banks Cut FX Sales Indications have emerged that the Nigerian naira could be heading for a devaluation as the nation battles foreign currency (FX) scarcity, forcing the authority… Read more Rapid Monetary Tightening, Weak Risk Management Increase US Banks’ Risk s On 9 March, the California state banking regulator closed Silicon Valley Bank (SVB) and appointed the FDIC as a receiver, after the bank’s attempt to address a very significant asset liability management (ALM) mismatch … Read more
MarketForces FinancialNews
Mar 19, 2023 · 2 min read
Naira Appreciates against US Dollar after BTA/PTA Cut
FCMB Raises N20.686bn from Debt Market to Boost Capital FCMB Group Plc. has successfully completed the issuance of a N20,686,000,000 perpetual 16% fixed rate resettable NC5.25 additional Tier I capital subordinated bonds … Read more Stock Market Bleeds Deep ahead of Election Dropping low from N30 trillion level, the Nigerian equities market was cut deep Thursday as a result of ongoing profit-taking activities in the local bourse. Data from the… Read more Sahara Group Urges Collaboration, Investments to Drive Sustainable Energy in Africa Addressing top energy operators, regulators and government functionaries at the 2023 African Refiners and Distributors Association (ARDA) Week in Cape Town, Wale Ajibade… Read more Infantino Re-elected Unopposed as FIFA President Gianni Infantino has been re-elected as the president of the Federation of International Football Association (FIFA). The election was held on Thursday during the 73rd Congress… Read more Nigeria’s Inflation Accelerates to 21.91% Nigeria’s headline inflation rate accelerated by 10 basis points in February to 21.91%, impacted by the impacts of the central bank’s failed cashless policy and increase in food prices. Read more Rapid Monetary Tightening, Weak Risk Management Increase US Banks’ Risks On 9 March, the California state banking regulator closed Silicon Valley Bank (SVB) and appointed the FDIC as a receiver, after the bank’s attempt to address a very significant asset… Read more Currency Slump Raises Demand for US dollar Assets in West Africa The Russian-Ukraine war and the lingering impact of the COVID-19 pandemic have severely weakened West African economies and currencies – but businesses and investors ... Read more Santam Acquires MTN S.A Device Insurance Book Santam, South Africa’s leading short-term insurer, has entered into an alliance with MTN South Africa, which will see the company purchase the mobile telecommunication … Read more Naira Appreciates against US Dollar after BTA/PTA Cut The Nigerian local currency, the Naira, appreciated against the United States (US) dollar on Wednesday, exchanging at N461.09 at the Investors’ and Exporters’ foreign exchange… Read more Islamic Finance Industry in Morocco Faces Key Challenges The Islamic finance industry in Morocco is nascent and faces structural challenges, which could hinder its full growth potential, Fitch Ratings says…. Read more Shell Resumes Oil Export from Bonny Terminal The Shell Petroleum Development Company of Nigeria Limited (SPDC) on Wednesday announced the resumption of oil exports from the Bonny Crude Oil Export Terminal. Read more Ghana’s inflation Rate Declines to 52.8% Amidst uncertainties, Ghana’s consumer inflation slowed to 52.8% year on year in February from 53.6% in January, the statistics service said on …. Read more FG Shifts 2023 Census to May Minister of Information and Culture, Alhaji Lai Mohammed said the 2023 population and housing census earlier scheduled for March 29 has been shifted to May 2023. Read more
MarketForces FinancialNews
Mar 16, 2023 · 3 min read
Nigerian Banks Cut FX Allowances to Customers by Half
Nigeria’s 20-Year Bond Price Slides as Market Rallies Trading activities in the bond market ended mixed on Tuesday amidst Debt Management Office’s (DMO) N360 billion primary market auction plan for next quarter … Read more Nigerian Banks Cut FX Allowances to Customers by Half Acting on the Central Bank of Nigeria (CBN) directive, deposit money banks (DMB) have announced an industry-wide decision to cut business, travelling allowance … Read more Flat6Labs Launches US$95m Seed Fund for Early-Stage Startups in Africa Flat6Labs, a Middle East, North Africa (MENA) leading seed investor, has announced the launch of a new US$95 million Seed Fund to nurture the growth … Read more IATA Appeals to FG on Airlines’ Blocked Funds The International Air Transport Association (IATA) has appealed to the Federal Government of Nigeria on a resolution over airlines’ blocked funds. Dr Samson Fatokun … Read more Nigerian T-Bills Yield Climbs to 4.4% The average yield on Nigerian Treasury bills climbed by 77 basis points on Tuesday amidst selloffs in the secondary market. Recall that spot rates on 91-day treasury … Read more Zimbabwe Implements IMF’s e-GDDS Portal With the successful launch of a new data portal, Zimbabwe has implemented a key recommendation of the IMF’s Enhanced General Data Dissemination System (e-GDDS)… Read more Bitcoin Inches Near $25,000 in Fresh Cryptos Rally Bitcoin price continued to rally early Tuesday as a key US banking sector risk indicator spiked, strengthening the case for a pause in Federal Reserve’s hawkish … Read more DMO Reopens N360 Billion FGN Bonds for Subscription The Debt Management Office (DMO) on Tuesday offered four Federal Government of Nigeria (FGN) Bonds valued at N360 billion for subscription … Read more NGX Loses N36bn as Investors Offload Financial Stocks The equities segment of the Nigerian Exchange (NGX) closed the trading session lower on Tuesday as investors offloaded financial stocks. Stockbrokers said major lenders such as GTCO… Read more Brent Crude Price Slumps to 9-Week Low The crude oil market kick starts a fresh but massive prices decline following instability in the financial services sector in the United States, reducing positive sentiment … Read more Ghana Commences Payments on Outstanding Domestic Bonds The Ghanaian government commenced processes to settle payments on outstanding domestic bonds on March 13, 2023 and holders of those bonds are … Read more
MarketForces FinancialNews
Mar 15, 2023 · 2 min read
CBN Directs Nigerians to Start Spending Old Naira Notes
CBN Directs Nigerians to Start Spending Old Naira Notes In compliance with the Supreme Court order, the Central Bank of Nigeria (CBN) has announced a decision to extend the implementation of the naira redesign … Read more Brent Crude Price Slumps to 9-Week Low The crude oil market kick starts a fresh but massive prices decline following instability in the financial services sector in the United States, reducing positive … Read more China Announces Full Borders Reopening China on Tuesday announced the full reopening of its borders after three years of strict anti-Coronavirus (Covid) measures taken to protect global communities… Read more Rolls-Royce Announces New Leadership for Africa Rolls-Royce Plc has announced the appointment of John Kelly to the position of President – Middle East, Türkiye and Africa, with immediate effect, the company… Read more Naira Falls Amidst CBN Update on Local Currency Nigerian naira lost 0.04% against the United States dollar N461.67 at the Investors’ and Exporters’ foreign exchange (FX) window, according to market data obtained … Read more Bitcoin Inches Near $25,000 in Fresh Cryptos Rally Bitcoin price continued to rally early Tuesday as a key US banking sector risk indicator spiked, strengthening the case for a pause in Federal Reserve’s hawkish …. Read more Pfizer to Acquire Seagen for $43bn Pfizer, the pharmaceutical giant, has entered a merger agreement with Seagan Inc., a global biotechnology company, for 43 billion United States dollars; translating … Read more Nigerian Exchange Slides after Better Weeks The Nigerian equities market started the week’s trading with mixed sentiments as buying interest in BUAFOODS was offset by late selloffs of ZENITHBANK and GTCO. Read more SVB Financial Group, CEO, CFO Sued for Fraud SVB Financial Group’s top executive officers were sued on Monday by shareholders who accused them of concealing how rising interest rates would leave … Read more Dollar Falls as SVB Pressures Dampen Rate Hike While policymakers move to swiftly restore confidence, the dollar falls as U.S. banking crisis fears reduce the prospect of the Federal Reserve stepping up the pace … Read more
MarketForces FinancialNews
Mar 14, 2023 · 2 min read