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Naira Gains as CBN Limits Tenure of Banks Chiefs
Naira Gains as CBN Limits Tenure of Banks Chiefs The Nigerian Naira appreciates moderately at investors’ and exporters’ foreign exchange window on Friday following the Central Bank of Nigeria (CBN) review of local bank… Read more Price Per Kg of Cooking Gas Spikes –Report The National Bureau of Statistics (NBS), says the average price of 5kg of cooking gas increased from N4,565.56 recorded in December 2022 to N4,588.75 in January 2023. Read more Bitcoin Pullback to $23,730 over Market Worries Following its recent upbeat, Bitcoin’s (BTC-USD) price declined by about $200 to $23,730 on Friday – within a few dollars of its lowest level this week. Nasdaq 100 … Read more Stock Market Cap Nears N30trn as Investors Gain N165bn Investors in the equities segment of the Nigerian Exchange (NGX) on Friday remained bullish ahead of 2023 presidential election on Saturday. The positive sentiment… Read more PayPal Rejects Mini-tender Offer By TRC Capital PayPal Holdings said the company’s stockholders have rejected an unsolicited offer to acquire its share, by TRC Capital Corporation, the company said in a statement. Read more Dollar Index Ticks Higher After Months of Decline The Dollar Index (DXY) jumped 0.7% and will end the week up 1.3% at current levels, according to Dow Jones Market Data, its best week since September and its fourth straight week … Read more Lagos Acquires NITEL/MTEL Assets from Federal Govt The National Council on Privatisation (NCP), has approved the sale of a NITEL/MTEL Property located at number 3-5, Moloney street, Tafawa Balewa Square… Read more FG Directs Implementation of Visa Reciprocity Policy with US The Federal Government has directed the full implementation of a new visa reciprocity policy for citizens of the U.S. with effect from March 1, 2023 … Read more Money Market Rates Slump as Liquidity Pressures Ease Short-term benchmark rates slumped on Thursday in the money market as liquidity pressures eased following inflows from the Federal Government of Nigeria … Read more 2023 Elections: 87.2 Million PVCs Collected –INEC The Independent National Electoral Commission (INEC) says a total of 87,209,007 Permanent Voter Cards (PVCs) have been collected across the 36 States of the federation … Read more CBN Enhances eNaira Features amid New Notes Scarcity The Central Bank of Nigeria (CBN) in collaboration with ChamsMobile Ltd. and Super Agents have developed eNaira enhanced services to address challenges faced … Read more Nigerian Banks Give Fresh Update on Naira Swap UPDATE: Following February 10, 2023 deadline granted by the Central Bank of Nigeria (CBN) for Naira swap, local banks have released updates about terms and conditions upon which the old notes will be exchanged.
MarketForces FinancialNews
Feb 25, 2023 · 3 min read
CBN Enhances eNaira Features amid New Notes Scarcity
CBN Enhances eNaira Features amid New Notes Scarcity The Central Bank of Nigeria (CBN) in collaboration with ChamsMobile Ltd. and Super Agents have developed eNaira enhanced services to address challenges faced … Read more Netflix Reduces Prices to Boost Subscriptions Netflix Inc. said on Thursday it had reduced the prices of its subscription plans in some countries, as the streaming giant looks to retain subscribers growth amid stiff … Read more T-Bills Market Rallies after CBN Sold 364-day at 9.90% Trading activities in the Nigerian Treasury bills (NTB) secondary market experienced an increase in demand from local investors after the spot rates on … Read more US Dollar Overvalued, Says Bank of America The United States dollar is overvalued and likely to weaken as inflation declines, although it will take time, Bank of America economists said in a report. Read more NGX Gains N180bn as Banking Stocks Rally Consolidating on the upbeat and positive sentiment, the equity market on the Nigerian Exchange (NGX) gained further on Thursday as it recorded N180 billion … Read more 2023 Elections: 87.2 Million PVCs Collected –INEC The Independent National Electoral Commission (INEC) says a total of 87,209,007 Permanent Voter Cards (PVCs) have been collected across the 36 States of the federation… Read more FG Orders Banks to Disburse Cabotage Vessel Financing Fund The Federal Government has called on bankers and stakeholders to make a concerted effort towards the quick disbursement of the Cabotage Vessel Financing Fund … Read more Naira Redesign: Buhari not in Breach of Supreme Court Order – Malami The Attorney-General and Minister of Justice, Abubakar Malami says President Muhammadu Buhari has not acted in breach of any law on the Supreme Court order in respect of the naira redesign policy. Read more Naira Depreciates over Rising FX Demand, Election Jittery The Nigerian naira depreciates further midweek as demand for foreign currencies, especially the United States dollar, spooked exchange rates (FX) across the market… Read more Fed to Steam Up Markets with Rate Hike – Minutes Some members of the Federal Reserve’s Federal Open Market Committee favoured raising the central bank’s key rate by 50 basis points, according to the minutes… Read more
MarketForces FinancialNews
Feb 23, 2023 · 2 min read
Nigeria’s Economic Growth Decelerates to 3.10%
Nigeria’s Economic Growth Decelerates to 3.10% Nigeria’s economic growth slumps to 3.10% in the year 2022 from 3.40% in 2021, latest gross domestic (GDP) report released by the National Bureau of Statistics … Read more NCC Dedicates Toll-free Number for Presidential Election The Nigerian Communications Commission (NCC) has dedicated its Consumer Toll-Free Number 622, to serve as 2023 Presidential Election Incident Hotline… Read more Nigerian T-Bills Market Rallies as Naira, GDP Slump In an effort to reduce Nigeria’s naira exposure to accelerating inflation rate, fund managers, and local investors flood the secondary market for Treasury bills … Read more Standard Bank Forecasts Improved Earnings Standard Bank Group said Wednesday it expects its earnings per share and headline EPS in its full-year 2022 financial scorecard to be higher than the …. Read more NGX Spikes as Market Ignores Election Risk The equities market of the Nigerian Exchange spiked Wednesday, reversing the previous day’s loss, as local investors attach a low probability … Read more Banks Won’t Shut Down Digital Channels for Elections- ACAMB The Association of Corporate Affairs Managers of Banks (ACAMB) says all bank branches and digital channels will be open for banking services before, during… Read more Oil Prices Drop as Markets Fret Over Rate Hike Global prices of crude oil declined Wednesday as investors fret that the Federal Reserve will keep interest rates higher for longer. Brent crude oil is down 0.9% at $82.05 a barrel while West Texas Instrument .. Read more Shell Pledges to Support FG Preserve Oloibiri Heritage The Shell Petroleum Development Company of Nigeria Limited (SPDC) has restated its commitment to support the federal government’s efforts to preserve … Read more FGN Bond Yield Backtracks as Demand Spikes The average yield on the Federal Government of Nigeria’s (FGN) bonds declined in the secondary market as demand from assets and portfolio managers spiked … Read more Fed to Steam Up Markets with Rate Hike – Minutes Some members of the Federal Reserve’s Federal Open Market Committee favoured raising the central bank’s key rate by 50 basis points, according to the minutes … Read more
MarketForces FinancialNews
Feb 22, 2023 · 2 min read
Nigerian Banks Give Fresh Update on Naira Swap
FGN Bond Yield Backtracks as Demand Spikes The average yield on the Federal Government of Nigeria’s (FGN) bonds declined in the secondary market as demand from assets and portfolio managers spiked … Read more DMO Launches Subscription Portal, Raised N45bn from Savings Bond The Debt Management Office (DMO), says the Federal Government of Nigeria (FGN) Savings Bond has received a total subscription of N45.135 billion between its.. Read more Coupon Payment: Fitch Downgrades Ghana to ‘Restricted Default’ Fitch Ratings on Tuesday downgraded Ghana’s long-term foreign-currency issuer default rating to ‘restricted default’, after the country missed the grace period to make a coupon payment on one of its Eurobonds. Read more AfDB, Japan Sign $350m Deal to Support Private Sector Operations The African Development Bank (AfDB) and Japan have signed an exchange of notes for an eighth private sector assistance loan from Japan to finance the Bank’s … Read more Equity Market Trades Downward over Profit-taking The Nigerian stock market is trading red, according to a midday report by Alpha Morgan Capital Limited as investors kick-start a fresh round of profit-taking … Read more ARDOVA: Analysts Guide ‘Hold’ Ahead of Takeover Update: Ahead of planned shares mop up by Ignite Investments & Commodities Limited, Afrinvest, an investment firm has advised investors to be neutral … Read more Stallion Nigeria: GTB Violates Court Judgement over ‘Dispute’ Debt Following a move to seize Stallion Nigeria’s asset over N13 billion debt in dispute, the federal high court on Monday held that Guaranty Trust Bank (GTB) was in violation … Read more Nigerian Banks Give Fresh Update on Naira Swap After February 10, 2023 deadline granted by the Central Bank of Nigeria (CBN) for Naira swap, local banks have released updates about terms and conditions upon which the old notes … Read more Nigerian Bourse Declines as Investors Book Profit The equities segment of the Nigerian Exchange (NGX) closed trading activities negative today amidst fresh selloffs driven by uncertainties in the local economy ahead of 2023 … Read more Naira Falls amidst Expected Post-Election Devaluation The Nigerian local currency, the naira, fell against the United States (US) dollar amidst rising demand for foreign exchanges in the local economy. The Naira was exchanged at N461.50 … Read more Petrol Price Jerks Up 54.52% in 12-month The National Bureau of Statistics (NBS), says the average retail price paid by consumers for Petrol increased from N166.40 in January 2022 to N257.12 in … Read more
MarketForces FinancialNews
Feb 21, 2023 · 2 min read
Naira Mixed, Foreign Reserves Fall amid Uncertainties
NNPC Has 1.8bn Litres of Petrol in Stock –Official Amidst scarcity, the Nigerian National Petroleum Company Limited says it has 1.805 billion litres of petrol in stock. Its spokesman, Malam Garbadeen Muhammad… Read more Nigeria’s Bonds Yields Jump after DMO Oversold Debt Instruments The average yield on the Federal Government of Nigeria’s bonds spiked amidst rallies in the local debt capital market after Debt Office raised about N771 billion… Read more Malabu Scam: Court Fixes Date for Trial-Within-Trial A Federal High Court in Abuja, on Monday, fixed March 27 for trial-within-trial in the Economic and Financial Crimes Commission suit against Malabu Oil and Gas Limited and … Read more Global M&A Deal Value Plummets 29% in 2022 – GlobalData The total value of global mergers and acquisitions (M&A) deals dropped significantly in 2022 compared to the previous fiscal year, due to challenging economic conditions. Read more ARDOVA: Analysts Guide ‘Hold’ Ahead of Takeover Ahead of planned shares mop up by Ignite Investments & Commodities Limited, Afrinvest, an investment firm has advised investors to be neutral in trading Ardova Plc shares. Read more Stock Market Gains N228bn as Airtel Africa Rallies Nigerian stock market gains N228 billion on Monday as Airtel Africa rallies despite a slowdown in its earnings. There was a spike in demand for the telecom company shares … Read more Nigeria’s Costs Challenge Dampens Performance – Finance Minister Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed said the cost of finance had remained one of the country’s major challenges. Ahmed said this at the ongoing 36th African Union … Read more Equity Analysts See 20% Upside as MTN Nigeria Valuation Hits N5tr n Anchored on the company’s large investment in network infrastructure and solid record growth in payment service banking earnings, analysts have raised MTN Nigeria’s key investors’ metrics for 2023. Read more Naira Mixed, Foreign Reserves Fall amid Uncertainties The Nigerian local currency, the naira, traded divergence line across the foreign exchange (FX) market amidst unpriced economic risks driven by scarcity of new naira notes … Read more Tight Liquidity Drives Yield Upward in T-Bills Market The average yield on Nigerian Treasury bills spikes as financial system liquidity dropped, halting the ongoing rally in the secondary market for trading local debt instruments. Read more Ghana Inflation Dips, Debt Exchange Threatens Banks’ Capital Ghana’s headline inflation rate declined to 53.6% year on year in January 2023 after hitting a more than two-decade high of 54.1% in December, the statistics service said … Read more Moody’s Affirms Ecobank Ratings with Negative Outlook Moody’s has today affirmed Ecobank Transnational Incorporated (ETI) ratings as the outlook shifted to negative from stable after downsides associated with the Pan-African lender’s key markets – Nigeria and Ghana. Read more
MarketForces FinancialNews
Feb 20, 2023 · 3 min read