Written by Ecobank, Oando Drive Midday Gain in Nigerian Exchange Nigerian Exchange Equities investors are currently taking positions in Ecobank, Oando and AIICO stocks, thus, shifting key metrics into green zone after negative outing yesterday. In its market update, Alpha Morgan Capital Limited told investors via email that at mid-day, the Nigerian Exchange, NGX, All Share Index […]
Nigerian US Dollar Bonds Yield Dips as FPIs Appetite Improve The average yield on Nigerian sovereign Eurobonds or the US dollar bonds dipped slightly in the international debt market as foreign portfolio investors (FPIs) increased their portfolio holdings. The sovereign Eurobonds market was positive, particularly with buying interest in NOV-25, SEP-38, and FEB-30 maturities, with […]
Naira Rises as Nigeria Receives Foreign Currency Loan The Nigerian naira rose against the US dollar slightly in the foreign exchange market as FX liquidity pressure reduced. Eligible FX demand at the Nigerian autonomous foreign exchange market undercuts total volume of US dollar liquidity at the window, According to information from the FMDQ, the Naira […]
Naira Depreciates to N1467.95, Lost 6.4% in May The naira depreciated further on Tuesday over persistent US dollar demand surge by eligible participants at the Nigerian autonomous foreign exchange market. According to data from FMDQ Securities Exchange official daily quotation, the Nigerian local currency depreciated by 0.06% against the US Dollar, closing at a rate […]
Nigerian Exchange Climbs by N995bn over 5-Day Rallies The Nigerian Exchange rose as equity investors gained approximately N995 billion in five trading sessions. Despite the higher yield on fixed interest securities, investor buying appetite increased significantly over the course of five trading sessions. As a result, the benchmark index advanced by 1.73% week-on-week to close […]
Naira Falls to N1,486 as FX Crisis Deepens Nigeria’s foreign exchange crisis has gotten so bad that even the monetary authority’s currency injections have not been able to reverse the value of the naira. It was a fight for survival in the foreign exchange market where sustained demand for imports forced the Nigerian naira to […]
Access Bank Controls 17% of Nigerian Banking Assets –Fitch Access Bank controls 17% of Nigerian banking assets in 2023, details from latest ratings note by Fitch showed. In its latest credit rating update, Fitch Ratings said it has affirmed Access Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a positive outlook. Also, Fitch […]
Food Crisis: Naira Purchasing Power Sinks as Prices Skyrocket Market prices of everything, including pepper, oil and onions have surged due to food supply crisis in Nigeria. People can barely afford to eat two times a day as the value of the Nigerian naira has plunged, chasing scarce food items amidst insecurities and monetary policy […]
Naira Disappoints, Loses 11.7% Despite FX Market Intervention The Nigerian naira ended today downbeat, losing about 12% day on day despite forex market intervention. Despite FX sales to local banks, exchange rate has been walking in dark as critics disagree with the Central Bank of Nigeria’s (CBN) willing buyer, willing seller FX model. The monetary […]
Naira Crashes by 13.3% as FX Reserves Record Second Outflow The naira, Nigerian local currency, crashed by about 13.3% day on day in the foreign exchange (FX) market on the obvious FX liquidity challenge that has persisted since last month. Yesterday, the naira gained sharply to settle at N1,173.88 per US dollar at the Nigerian […]