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Nigerian T-Bills Sales Surge on Dwindling Naira Value
Nigerian T-Bills Sales Surge on Dwindling Naira Value As the naira continues to lose value, demand for Nigerian Treasury bills has increased strongly lately as local investors look for a window to lock in their free cash… Read more NCDC Confirms 42 New Cases of COVID -19 The Nigeria Centre for Disease Control and Prevention (NCDC) has confirmed 42 additional COVID-19 infections in the country in two weeks, with Lagos State recording 27 cases. Read more FBNH Gain Pushes Banking Index, Outperforms NGX FBN Holdings (Ticker: FBNH) share gained 4%, outperforming the Nigerian Exchange (NGX) equities index which popped by 3.3% as the Tier-1 lender become… Read more Dangote Debunks Rumour over Plan to Commission Oil Refinery Dangote Industries Limited has debunked the news that its multi-billion dollar refinery is ready for commissioning … Read more NASD Index Slumps over Negative Price Movements NASD over-the-counter (OTC) securities exchange market slipped by about N11.5 billion as of Friday’s close over negative price movement, driven by weak buying interest. Read more Nigeria’s Bonds Yield Jumps ahead of Q1 Borrowing Plan Ahead of inflation data release, the average yield inches higher as investors dump Federal Government of Nigeria (FGN) bonds in their books ahead of the 2023 borrowing plan. Read more Naira Slides to N461.90, CBN Adjusted FX Rate 1.2% The Nigerian local currency, the naira traded at N461.90 on Friday in the Investors’ and Exporters’ foreign exchange window amidst rising demand for the United States dollar for imports. Read more NG-CARES: BOI Partners States on Disbursement of MSMEs Grants The Bank of Industry (BOI) says it has so far received over one million applications for the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme (NG-CARES) MSME grants. Read more Equities Investors Gain N253bn ahead of Earnings Release Equities investors in the Nigerian Exchange gained strongly on Friday amidst sustained buying interest in the local bourse ahead of the fourth quarter of the financial year… Read more FG Earns $4.820bn from Non-Oil Export, NEPC Says The Nigerian Export Promotion Council (NEPC), said that Federal Government recorded non-oil export earnings of 4.820 dollars in 2022. The Executive Director/CEO of NEPC … Read more Nigeria’s Inflation Rate to Slowdown 30Bps– Afrinvest Despite higher prices paid on petrol pump prices across the nation in the latter part of 2022, analysts estimate a lower inflation rate for December. Read more
MarketForces FinancialNews
Jan 15, 2023 · 2 min read
Analysts Estimate N500 as FX Rate for Investors, Exporters in 2023
Nigeria Economic Growth to Slow Down in 2023 –GlobalData Forecasts A sustained decline in oil production, insecurity ahead of 2023 general elections and high inflationary pressure remain the major areas of concern for Nigeria. Read more Analysts Estimate N500 as FX Rate for Investors, Exporters in 2023 The Nigerian naira is seen facing strong pressures in the foreign exchange (FX) market in 2023 as analysts projected that the local currency will fall to N500 per United States dollar … Read more Ghana Increases Civil Servant Salaries by 30% as Inflation Bites Ghana’s government and trade unions on Thursday agreed to increase all public servants’ salaries by 30% for 2023, they said in a joint statement, as the country struggles to reduce debt … Read more Yield Rises as Fund Managers Unpack Nigeria’s Bonds The average yield on Federal Government of Nigeria (FGN) bonds spike on Thursday as fund managers slow down on ramping up fixed interest income instruments... Read more Global Sukuk Issuance to Rise at Slow Pace in 2023 Global Sukuk issuance is likely to rise at a slow pace in the financial year 2023 amid market volatilities and remains a key funding source in core Islamic finance markets… Read more Bitcoin Hits $19,000 in Fresh Cryptocurrencies Rally Bitcoin price spiked near $19,000 in the latest cryptocurrency assets rally after a long time of staying at the back of the curve following weak investors’ sentiments. Read more Nigerian Investors Offload T-Bills Holdings after Spot Rates Plunge The average yield on Treasury bills spiked following sell pressures in the secondary market after the Central Bank of Nigeria (CBN) sold 64-day bills at 7.30%, down by … Read more NGX Rises by N174bn as MTNN, Zenith Bank Rally The equities segment of the Nigerian Exchange (NGX) limited appreciates by about N174 billion on Thursday as telecom, and banking stock became more popular among value hunters … Read more Apapa Customs Records N1. 02 Trillion Revenue in 2022 Amidst declining trade occasioned by fluctuation in the exchange rate and a sharp drop in the purchasing power of the consumers, Apapa Command of Nigeria Customs Service raked in N1.02trn …. Read more
MarketForces FinancialNews
Jan 13, 2023 · 2 min read
Nigeria’s 10-Year Bond Yield Falls 280bps to 12.24%
N igerian Breweries Seeks to Raise N20bn from Debt Market Nigerian Breweries Plc has announced a plan to raise N20 billion from commercial paper issuance to support the company’s short-term capital: working capital… Read more Ukraine to Establish Grain Hubs in Nigeria The Government of Ukraine has expressed its readiness to establish grain hubs in Nigeria and other African countries as it donated about 25,000 tonnes of grains to Nigeria … Read more Naira Tumbles as Analysts Project FX Devaluation The Nigerian Naira tumbled after a slew of investment banking analysts predicted that the foreign exchange (FX) rate at investors’ and exporters’ foreign exchange window is more likely to hit… Read more T-Bills Steadies as Markets Shift Focus on CBN Auction The rally in the secondary market for Nigerian Treasury bills was halted for a moment midweek as market participants shifted focus to the apex bank primary market auction… Read more Oil Prices Steady as China Reopens Economy Oil prices steady on Thursday over a positive outlook as China ends covid-19 restrictions following a higher-than-expected increase in oil stockpiles in the US, the world’s largest oil consumer. Read more Nigeria’s 10-Year Bond Yield Falls 280bps to 12.24% Ahead of a massive local debt ramp-up by Nigeria’s debt agency, the price of bonds has been on an uptrend, causing a drag on the yield curve. Read more NGX Pops as BUA Cement, Banking Stocks Rally Trading activities on the floor of the Nigerian Exchange (NGX) gained momentum midweek as bargain hunting on BUA Cement Plc and tier-1 banking stocks … Read more NSC, UASC Set for 9th Edition of African Shipper’s Day The Nigerian Shipper’s Council (NSC) in collaboration with the Union of African Shippers’ Council (UASC) have concluded a plan to organize the forthcoming 9th edition of African Shippers Day … Read more Ghana Inflation Hits 54.1% amidst Debt Talks Amidst pressure on the price level, and discussion on debt exchange talk, Ghana’s headline inflation rate accelerates to 54.1% year on year in December, up from 50.3% … Read more Emerging Markets, Others Will Be Hit Hard, World Bank Says Growth in emerging markets and developing economies will be hit hard over the next two years, according to the World Bank’s latest Global Economic Prospects report. Read more
MarketForces FinancialNews
Jan 12, 2023 · 2 min read
Naira Reclaims Value amidst Gloomy FX Predictions
Naira Reclaims Value amidst Gloomy FX Predictions The naira was sold at N461.50 per United States (US) dollar to market participants at the Investors and Exporters window, gaining 0.04 per cent compared with the N461.67 … Read more UK Fines GTBank £7.6m over Money Laundering Controls United Kingdom (UK) watchdog, Financial Conduct Authority (FCA), has fined Guaranty Trust Bank (UK) Limited £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and controls … Read more NGX Lost N134bn as Investors Dump Airtel Shares The equity segment of the Nigerian Exchange on Tuesday pulled back from making further trajectory again, losing N134 billion following Airtel Africa Plc’s negative share price movement. Read more Nigeria’s 30-Year Bond Yield Rises to 14.37% In contrast to the current development in the Treasury bills market, the Federal Government of Nigeria (FGN) bonds of different classes faced sell pressures in the secondary market … Read more PIA: FG Opens 2022 Mini Bid Round -NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has begun the 2022 mini bid round process in accordance with the Petroleum Industry Act (PIA), 2021. Read more Money Market Rates Sink as Liquidity Improves Money market benchmark rates, open repo and overnight lending rates sink further on Tuesday as additional inflow from matured open market operations instruments (OMO Bills) hit … Read more Nigerian Treasury Bills Yield Falls Below 3% In the secondary market for trading Nigerian Treasury bills, the yield curve has continued to pull back following a relatively healthy buying interest by the market participants… Read more US Dollar Rises Ahead of Powell’s Appearance The United States (US) dollar improved modestly against its major trading partners as markets prepare for an appearance by Federal Reserve Chairman Jerome Powell. Read more Coinbase Announces Plan to Dismiss 950 Workers A cryptocurrency exchange, Coinbase Global said in a regulatory filing Tuesday that it plans to cut about 950 jobs as part of efforts to manage its operating expenses. Read more Debt Restructuring Threatens Ghanaian Banks’ Capital UPDATE: Banks operating in Ghana are expected to face pressures on their respective capital position in 2023 as the authority restructures the nation’s debt. Read more
MarketForces FinancialNews
Jan 11, 2023 · 2 min read
Naira Steadies as FX Transactions Fall by 21%
Naira Steadies as FX Transactions Fall by 21% Following a moderate demand pressures, the Nigerian naira steadies on at N461.67 per United States (US) dollar at Investors and Exporters foreign exchange… Read more Royal Exchange Names Nwachukwu Chief Executive Royal Exchange General Insurance Company Ltd. has announced the appointment of Mrs Ebelechukwu Nwachukwu, as the new Managing Director/Chief Executive Officer… Read more Nigeria Reveals Plan to End Fuel Importation The Federal Government on Monday projected that by the first Quarter of 2024 Nigeria will put an end to the importation of petroleum products into the country. Read more OPEC Output Spikes as Nigeria Boosts Production The Organization of the Petroleum Exporting Countries (OPEC) slightly increased its oil production in December to 29 million barrels per day due to higher output from Nigeria… Read more Airtel Africa Acquires Additional Spectrum in Nigeria Airtel Africa Plc on Monday said that its Nigerian subsidiary, Airtel Networks Limited, has purchased additional spectrum for network expansion for gross consideration of … Read more Bitcoin, Ethereum Rally Ahead of US Inflation Data Cryptocurrency traders will be looking carefully at inflation data this week after the soft jobs report for December sparked a rally even as investors in digital assets … Read more Nigerian Bourse Gains N256bn as Airtel Africa Recovers Trading activities on the floor of Nigerian Exchange (NGX) closed bullish on Monday with key performance indicators up 0.92 per cent, data from the local bourse shows. Read more FGN Bonds Yield Inches Higher to 12.71% Federal Government of Nigeria (FGN) bonds switched to selloffs in the secondary market, pushing the average yield to 12.71% ahead of borrowing plan for fiscal year 2023. Read more Nigerian Treasury Bills Yield Sinks to 3% The average yield on Nigerian Treasury bills (NTB) sinks further ahead of central bank auction for the week on Wednesday, according to traders’ notes. Read more
MarketForces FinancialNews
Jan 9, 2023 · 2 min read