CBN’s interest rate hike deflates stock market performance
The Nigerian Exchange Limited (NGX) closed last week on a negative note, reflecting the impact of the Central Bank of Nigeria’s (CBN) recent decision to raise the Monetary Policy Rate…
Bitcoin Faces Volatility as Traders Hedge Against Decline
Bitcoin’s recent failure to surpass the $100,000 milestone has prompted a wave of caution among investors, evidenced by a shift in options trading strategies. The cryptocurrency hit an all-time high…
Euro’s bruising leaves global investors on edge
The euro has dropped by over 3% against the U.S. dollar in November, heading toward its worst month since early 2022. Analysts warn that this decline could introduce significant volatility…
Equities market dips as investor sentiment wanes
The Nigerian equities market closed on November cautiously, with the NGX All-Share Index (ASI) dipping by 0.33% to 97,506.87 points despite a year-to-date gain of 30.40%. Subdued investor sentiment overshadowed…
Naira appreciates to N1,755 per dollar in the parallel market
The naira appreciated in the parallel market on Tuesday, strengthening to N1,755 per dollar from Monday’s rate of N1,770 per dollar. Similarly, the currency gained value in the Nigerian Autonomous…
CBN Implements $100,000 Minimum Trade for Banks in FX Market
The Central Bank of Nigeria (CBN) has introduced new guidelines for interbank foreign exchange trading through the Electronic Foreign Exchange Matching System (EFEMS), requiring a minimum trade value of $100,000.…
Nigerian Capital Market Raises N2.7tn to Boost Economy in 2024
The Securities and Exchange Commission (SEC) announced that banks and other companies raised ₦2.7 trillion from the Nigerian capital market in the first 11 months of 2024. This amount, primarily…
Stock Market Declines 0.21% on Profit-Taking in GTCO and 29 Other Stocks
The Nigerian Exchange Limited (NGX) All-Share Index fell by 0.21% at the start of the trading week, closing at 97,626.27 points. This decline was primarily driven by profit-taking activities in…
TD Bank prepares to hire compliance monitors as US CEO reassures staff
Toronto-Dominion (TD) Bank is taking significant steps to address its compliance shortcomings after becoming the largest U.S. bank in history to plead guilty to violations of federal anti-money laundering (AML)…
Dollar dips with Treasury yields after Bessent pick
The U.S. dollar fell from a recent high after President-elect Donald Trump nominated Scott Bessent, a fiscal conservative and Wall Street veteran, as Treasury Secretary. Investors welcomed the appointment, viewing…
Stock Market Up 0.11% WoW as Analysts Predict Mixed Trading
The Nigerian stock market ended last week on a positive note, with the NGX All-Share Index (ASI) gaining 0.11% to close at 97,829.02 basis points. The market capitalization added ₦77…
Stock Market Inches Up Amid Speculation of Interest Rate Hike
The Nigerian stock market recorded a marginal gain of 0.1% last week as investors added N77 billion to their portfolio. The market’s capitalization closed at N59.292 trillion, up from N59.215…
Equity Market Gains N77bn as Capitalisation Approaches N60tn
Last week, the Nigerian equity market added N77 billion in value, edging closer to a total market capitalization of N60 trillion at N59.29 trillion. The All-Share Index grew marginally by…
Dollar recovers after three-day slide as investors await cues on Trump policies
The U.S. dollar gained back some ground after a three-day slide, reaching a one-week high. The recovery followed a period of uncertainty driven by Russia-Ukraine tensions and speculation surrounding President-elect…
London Stocks Edge Up as Inflation Data Dents Rate Cut Hopes Sage Shares Surge
London’s stock markets showed modest movements on Wednesday, with the FTSE 100 edging up by 0.07% and the FTSE 250 dipping 0.2%. Investors were reacting to higher-than-expected inflation data, which…
Naira Faces Further Depreciation Amid Festive Season Demand
Analysts at Meristem Securities have projected a worsening depreciation of the naira due to heightened demand for foreign exchange during the festive season. Their Inflation Report, reviewing October’s inflation rate…
Lafarge WAPCO and Others Propel Equity Market with N136bn Gain
The Nigerian equity market recorded a significant boost on Tuesday, gaining N136 billion in market capitalization. The All-Share Index rose by 0.23% to close at 97,972.33 points, with year-to-date growth…
Investors’ Interest in Zenith Bank Boosts Nigerian Stock Market
The Nigerian stock market opened the week with a slight gain of 0.03%, fueled by renewed investor interest in Zenith Bank and 28 other stocks. The Nigerian Exchange Limited All-Share…
Decline in Commercial Paper and Corporate Bond Issuances Amid Rising Borrowing Costs
In the first half of 2024, the Nigerian capital market saw a significant drop in commercial paper and corporate bond issuances, with rising interest rates and macroeconomic instability contributing to…
UK Urges Nigeria to Tackle Market Distortions by Government Agencies
The United Kingdom has called on Nigeria to accelerate its economic reforms, particularly by addressing market-distorting practices linked to state-owned enterprises. This request was made by Simon Manley, the UK’s…
Naira drops to 1690.37/$ as dollar supply falls
The naira fell 2.31% on Monday at the National Autonomous Foreign Exchange Market (NAFEM), closing at ₦1,690.37/$, down from ₦1,652.25/$ the previous week. Turnover dropped by 42% to $173.14 million,…
Renewed Interest in UBA, Zenith Bank, 28 Others Lift Stock Market
The Nigerian Exchange Limited (NGX) closed positively on the previous trading day, recording a 0.16% gain, driven by renewed investor interest in stocks like United Bank for Africa Plc (3.5%…
Nigerian Stock Market Rebounds with N96bn Gain, Driven by Key Sector Advances
The Nigerian Exchange Limited experienced a positive shift on Wednesday as investors gained N96 billion, offsetting a previous loss of N68 billion. The market’s growth was largely propelled by increases…
Exchange rate to hit N1.993/$ by 2028 — Fitch
Fitch Solutions projects a significant depreciation of Nigeria’s naira, forecasting it could fall to N1,993 per US dollar by 2028. The company’s subsidiary, BMI Research, reports that although Nigeria’s economy…
FIRS Chief Highlights Taxpayer-Friendly Reforms at Lagos Trade Fair
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, emphasized the agency’s commitment to becoming more taxpayer-friendly through ongoing reforms and innovations. He made these remarks…
Verve Hits 70 Million Payment Cards in Nigeria and Consolidates Market Leadership
Verve International, Africa’s largest domestic payment scheme, has reached a significant milestone with over 70 million payment cards issued in Nigeria. This achievement marks a rapid 40% growth in card…
FBN Holdings Launches N150 Billion Rights Issue to Strengthen Lending and Digital Expansion
FBN Holdings is set to raise N150 billion from its shareholders through a rights issue, offering nearly six billion shares at N25 each. This capital injection will primarily support the…
Nigeria’s Foreign Exchange Market Faces Ongoing Challenges Despite Recent Measures
Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange (FX) market, Fitch Ratings reports that the naira remains volatile. While the International Monetary Fund (IMF)…
Robinhood shares drop as growth push takes a toll on Q3 results
Robinhood Markets, Inc. saw its shares plummet nearly 11% before the market opened on October 31, following a strong performance earlier in the year that had seen the stock more…
Nigeria stops Cooking Gas Exports to Address Rising Domestic Prices
The Nigerian government has announced a suspension of the export of Liquefied Petroleum Gas (LPG) to prioritize domestic supply and curb skyrocketing prices. The Minister of State for Petroleum Resources…