Most read articles
Nigeria’s Inflation Rate Spikes to 21.82% as Economy Hibernates
Exchange Rate Reform: Incoming President to Change CBN Governor The Naira debacle is expected to top incoming Nigeria’s president agenda in what appears as, head or tail, a pro-market leader would assume the top seat in Abuja in June 2023. Read more Nigeria’s Inflation Rate Spikes to 21.82% as Economy Hibernates Nigeria’s headline inflation rate accelerated by 47 basis points in January to 21.82 per cent year on year, according to consumer price index data released by … Read more Naira Falls as New Notes Scarcity Exposes eNaira Weakness The Naira traded at N461. 67 to the United States (US) dollar at the Investors’ and Exporters’ foreign exchange window amidst the ongoing scarcity of new notes which has revealed … Read more FEC Approves $53.1m to Boost Power Supply The Federal Executive Council (FEC) has approved $53.1 million and N2.1 billion as a local component for the procurement and installation of electricity conductors to boost power supply … 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 on Wednesday. Read more JAMB Extends 2023 UTME Registration The Joint Admissions and Matriculation Board (JAMB) has extended its 2023 Unified Tertiary Matriculation Examinations (UTME) registration exercise by one week starting from Wednesday, Read more Nigeria’s 30-Year Bond Price Slumps over Selloff Due to selling pressures, the yield on Nigeria’s 30-year bonds rose to 15.26% with buckets of debt papers traded quietly after a relatively stronger demand for instruments achieved…. Read more Yield Rises as Investors Cash Out Nigerian T-Bills The average yield on Nigerian Treasury bills inched higher following sell pressures on short-dated instruments amidst loads of uncertainties in the economy. Read more NPA Expects Ships with Gas, Petrol to Berth at Lagos Port The Nigerian Ports Authority (NPA) on Tuesday said that out of the 25 ships expected at the Lagos Port Complex, seven ships were carrying petroleum products. Read more
MarketForces FinancialNews
Feb 15, 2023 · 2 min read
Nigeria’s Cashless Transactions Spike 45% to N39trn
Nigeria’s Cashless Transactions Spike 45% to N39trn Total cashless transactions conducted in Nigeria increased significantly amidst an effort to drive a cashless economy in Africa’s largest economy by gross domestic product … Read more External Reserves Decline amidst FX Scarcity Reflecting a strong drawdown than an accretion rate, Nigeria’s gross external reserves declined below $37 billion, according to data from the Central Bank … Read more NMDPRA to Launch Database for Crude Oil, Gas Stocks The Federal Government has announced plans to establish a reliable database to determine an appropriate tariff methodology for transportation and bulk storage of crude oil and natural gas… Read more Yields Slump ahead of DMO Bonds Auction In the secondary market, the average yield on Federal Government of Nigeria (FGN) bonds slumped ahead of the Debt Management Office (DMO) primary market auction … Read more Sterling Bank Appoints Manish Singhal Non-Executive Director Sterling Bank Plc has appointed Manish Singhal as a non-executive director, Nigeria’s tier-II lender told the Nigerian Exchange Limited, shareholders, and … Read more Nigerian T-Bills Yield, Spot Rates Tumble over Excess Demand The average yield on Nigerian Treasury bills continues to decline in the secondary market due to sustained demand while spot rates on the new issuance also fell rapidly… Read more Naira Trades N293.50 above Open Market Rate Traded at N461.50 against the United States (US) dollar at the Investors’ and Exporters’ foreign exchange (FX) window on Friday, analysts estimate that the Nigerian naira is now N293.50 above … Read more Market Return Spikes to 6% as Nigerian Exchange Extends Rally According to trading data from last week, the stock market’s year-to-date return spiked to 6% as the Nigerian Exchange (NGX) extends its rally. The Nigerian bourse has … Read more Moody’s Ratings: Is Egypt in Better Position Than Nigeria? For foreign currency attraction, Ballon d’Or will apparently go to Egypt (with a GDP size of $404.15 billion in 2021) rather than Nigeria (with a GDP size of $441 billion), based on Moody’s latest assessment of the two countries. Read more NASD Sheds N15bn over Frail Sentiment in OTC Market NASD over-the-counter (OTC) securities exchange index (NSI) slumps by more than N15 billion amidst uncertainties in the economy ahead of Nigeria’s presidential election in 2023. Read more Nigeria Generates $4.8bn from Non-Oil Exports– NEPC The Nigerian Export Promotion Council (NEPC) says the country generated a total of $4.8b dollars as revenue from non-oil exports in 2022. The Chief Executive Officer of NEPC … Read more Microsoft to Integrate New AI Technology in Word, Other Apps Microsoft (MSFT) is preparing to demonstrate its new artificial intelligence technology, which is similar to ChatGPT, in its productivity apps like Word, PowerPoint, and Outlook… Read more
MarketForces FinancialNews
Feb 13, 2023 · 3 min read
Naira Appreciates to N461.50 amidst Multiple Threats
Stock Market Hits 2008 High as Investors Hunt for Value Equities market capitalisation spikes to near N29 trillion level as Nigerian Exchange continues to garner momentum following improved market sentiments… Read more Naira Appreciates to N461.50 amidst Multiple Threats The Nigerian naira made a slight recovery against the United States dollar amidst multiple economic threats cited by two major ratings agencies – Moody’s and S&P – … Read more What Moody’s Ratings Downgrade Means for the Market A downgrade from any global ratings agency provides additional information for investing in the affected economy. For the capital market, it ought to affect perception … Read more Geregu Power Gains 37% After Dividend Announcement With get-me-inside shares demand requests to stockbrokers, Geregu Power Plc gained 37% in a week as equities investors position strongly after the company announced… Read more Nigeria Faces Debt Risks 6-Month to Eurobond Repayment S&P affirms Nigeria’s rating while the global rating agency’s outlook shifted from stable to negative amidst internal and external pressures mitigating against a strong economic … Read more Nigerian Treasury Bills Yield, OMO Slump over Rally With solid investable funds, the average yield on Nigerian Treasury bills (NTB) continues to decline amidst a sustained rally in the secondary market, according to… Read more FCMB Value Jumps 19.5% After Earnings Beat Shares of FCMB Group Plc became quite popular amount value hunters in the equities segment of the Nigerian Exchange after the financial services group reported a strong earnings performance … Read more SSA Currencies to Worsen despite Softening Dollar The Sub-Saharan Africa markets currencies outlook for 2023 is projected to worsen, though the United States dollar, the primary currency, has softened after the dollar index’s … Read more NASD Swells to N942 Billion as Market Sentiment Improves The NASD over-the-counter securities exchange market size grew above N942 billion amidst renewed buying interest in shares of unlisted companies, trading data … Read more S&P Affirms Nigeria’s Ratings, Outlook Shifts to Negative S&P Ratings affirmed Nigeria’s credit rating at “B-/B” but turned negative on its outlook, citing increasing risks to the country’s debt servicing capacity over the next two-to-two years. Read more
MarketForces FinancialNews
Feb 6, 2023 · 2 min read
Naira Depreciates to N462 as Market Demand for Forex Rises
Naira Depreciates to N462 as Market Demand for Forex Rises Exchange rates worsened across the foreign exchange (FX) market as Nigerians shift attention to scarcity of the naira across the country. Read more MTN Nigeria Increases Dividend as EPS Spikes 21.3% In 2022, MTN Nigeria Plc.’s increased dividend payment to shareholders as earnings per share (EPS) jumped 21.3% to N17.79… Read more Nigerian T-Bills Yield Rises to 1.6%, OMO Steadies The average yield on Nigerian Treasury bills (NTB) in the secondary market rises marginally, up a basis points to 1.6% on Thursday as … Read more NUPRC Shortlists Firms for Commercialised Gas Flare Programme The Nigerian Upstream Petroleum Regulatory Commission has shortlisted 139 firms that applied for Nigerian Gas Flare Commercialisation… Read more Stock Market Edges Higher as MTNN, SEPLAT Rally The Nigerian equities market saw its fourth consecutive day of growth in today’s session as continuous bargain hunting sprung the NGX … Read more Return on FGN Bond Declines after DMO Auction After the Debt Management Office, DMO, bond auction at the beginning of the week, the average yield declined to about 13% on Thursday as… Read more Profit Slumps as Airtel Africa Lost $70m to Naira Devaluation Airtel Africa Plc’s pre-tax profit slumps 7.3% in nine months result for the financial year 2022 despite healthy growth in its customer base … Read more Dangote, Sinoma Sign Agreement On new 6Mta Cement Plant Dangote Industries Limited (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tons per annum… Read more CBN, Agencies to Prosecute Sellers, Abusers of Naira The Central Bank of Nigeria and other agencies will prosecute sellers, and abusers of Naira notes, the apex bank said in a statement on… Read more Digital Economy Saves FG N45.7bn in Projects– Buhari President Muhammadu Buhari says the digital economy sector has been most successful in the diversification of the nation’s economy … Read more FCMB Boosts Profit by 56% to N32.6 Billion It is a good start to the year as FCMB Group Plc bolstered its earnings performance in the financial year 2022 despite a tough economic.. Read more Flour Mills of Nigeria Sales Revenue Crosses N1 Trillion Following its acquisition of Honeywell, Flour Mills of Nigeria (FMN Plc) has joined the trillion naira revenue gang in the local bourse … Read more Reps Approve Additional N1trn Loan for FG from CBN Nigeria’s house of representatives has approved President Muhammadu Buhari’s request to borrow an extra $2.2bn in temporary advances from CBN… Read more CAC, NAICOM Partner Against Money Laundering The Corporate Affairs Commission (CAC) and the National Insurance Commission would partner to further boost the fight against … Read more Jaiz Bank Grows Profit by 42% in 2022 Nigeria’s premier Islamic lender, Jaiz Bank Plc, grew its distributable profit by 41.56% in the financial year 2022 amidst a tough economic … Read more
MarketForces FinancialNews
Feb 3, 2023 · 3 min read
Naira Challenges Raise Possibility of Materials Devaluation – Report
Naira Challenges Raise Possibility of Materials Devaluation – Report The Nigerian naira remains under pressure, raising the possibility of a material devaluation following the presidential election in February 2023, Fitch Ratings said … Read more IMF Reaches $74.6m Staff-level Agreement with Cameroon The International Monetary Fund and Cameroon have reached a staff-level agreement that will give the country access to around $74.6 million once the… Read more FG Inaugurates Additional Passport Office in Lagos The Federal Government on Monday inaugurated another Passport office in Alimosho, Lagos, as part of its strategy to make passport administration seamless for Nigerians… Read more NGX Pops as Investors Take Position in Zenith, Airtel, Geregu The equities segment of the Nigerian Exchange pops on Monday as investors take positions in mid and large-cap companies amidst earnings release. Today… Read more UBA Names Abiola Bawuah First Female Chief Executive The Board of Directors of the United Bank for Africa Plc (UBA) has appointed Mrs Abiola Bawuah as the Chief Executive Officer (CEO) of the bank. Read more No Basis for Current Fuel Scarcity, Says PENGASSAN The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said that there was no basis for the current scarcity and price increase of Premium Motor Spirits … Read more World Bank Commits $200m to Vocational Education in Nigeria World Bank’s Senior Education Specialist in Nigeria, Mr Tunde Adekola, says the bank has committed 200 million dollars to the advancement of technical and vocational education … Read more Ecobank Wins Best Place to Work in Africa 2022 Award Ecobank Group, the leading pan-African bank, has won the highly coveted Best Place to Work in Africa 2022 Award from the Best Place to Work organisation. Read more Ghana Hikes Prime Interest Rate to 28% Bank of Ghana on Monday raised its prime interest rate by 100 basis points to 28% amidst the ongoing economic crisis triggered by a strong, high debt burden on fiscal position … Read more Nigerian Treasury Bills Yield Tumbles as CBN Rates Fall Rapidly The average yield on Nigerian Treasury Bills continues to fall rapidly amidst a sustained rally across the tenor. Yield tumbles to 1.5% across the tenor … Read more Nigeria’s Bond Yield Slumps ahead of DMO Auction Trading activities turned bullish as inflows from the federal government of Nigeria (FGN) bond coupon payments spurred investors to cherry-pick bonds … Read more
MarketForces FinancialNews
Jan 30, 2023 · 2 min read