30-Day T-Bills Yield Jumps 0.13% to 11.16%

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya The Naira maintained stability against the US Dollar at both the Investors and Exporters (I&E) and the unregulated segments of the foreign exchange market on Friday, April 23. At the I&E window, the local currency was traded at the same rate it was exchanged at the previous session, N410/$1 on the back of a decline in the demand for FX. During the session, the turnover at the market segment went down by $76.03 million or 237.5 per cent to $32.01 million from the previous day’s turnover of $108.04 million. At the parallel market, the Naira traded flat

By Dipo Olowookere A former executive chairman of the Federal Inland Revenue Service (FIRS), Mr Ballama Manu, has been appointed to the board of PZ Cussons Plc. A statement from the organisation disclosed that the former tax chief would serve as an independent non-executive director on the board. His appointment became effective on November 21, 2022. In 2004, Mr Manu resigned as the chairman of the tax agency and told reporters that he was not forced to leave by the then Minister of Finance as speculated, saying he left to return to his former place of work. Mr Manu, who

By Aduragbemi Omiyale For the seventh straight week, music sensation, Rema, has retained his spot on the Spotify Top Artists Chart, becoming the longest-reigning artist on the log for this week. On the top 5 artists in Nigeria on Spotify Charts this week, Rema claimed the number spot, with BNXN fka Buju, Asake, Burna Boy and WizKid following in that order. On the same chart, Yseult claimed the spot of the highest new entry on the Top Artists at 102, while the biggest winner on the Top Artists charts this week is Koffee, moving up by 177 spots at 14.

By Dipo Olowookere Brokers and dealers in the nation’s capital market have been directed to compute and file their monthly net liquid capital position not later than five days after end of the month. In a directive posted on its platform on Wednesday, the apex regulator in the country’s capital market said for the 2020 returns, the brokers must file their net liquid capital on or before February 5, 2020. The returns are required to be sent to the agency and the Nigerian Stock Exchange (NSE). It was stated that failure to file the returns as required would attract appropriate

By Adedapo Adesanya The Naira came under foreign exchange (FX) pressure on Tuesday and led to a depreciation of the local currency against the United States Dollar at the Investors and Exporters (I&E) segment of the market. According to data from the FMDQ Securities Exchange, the domestic currency lost 34 kobo or 0.1 per cent yesterday to sell at N415.75/$1 compared with N415.33/$1 it was traded on Monday. At the I&E window yesterday, the turnover increased by 73.9 per cent or $70.23 million to $165.30 million from the preceding day’s $95.07 million. This FX demand pressure weighed on the Nigerian

By Dipo Olowookere The Securities and Exchange Commission (SEC) has promised to review some of the rules guiding the capital market with a view to making them more flexible and attractive to investors. The Director-General of the agency, Mr Lamido Yuguda, while speaking recently in Lagos at the CEO Roundtable organised by the Nigerian Exchange (NGX) Limited, admitted that there are some requirements preventing companies from listing their shares for public trading, promising to collaborate with other regulatory organisations in the ecosystem to make them better. He said SEC was happy to have an engagement with other regulators and issuers

By Adedapo Adesanya Crude oil prices climbed more than 1 per cent on Friday after better-than-expected US employment data ended the days of drops. Brent rose $1.19 or 1.5 per cent to $82.78 a barrel, while US West Texas Intermediate crude (WTI) was up 96 cents or 1.3 per cent at $76.68 per barrel. Expectations of further rate hikes in the world’s largest economy, the US and in Europe have troubled the global growth outlook and driven both crude benchmarks down this week. However, US employment data for February beat expectations, with nonfarm payrolls rising by 311,000, compared with expectations

By Dipo Olowookere Transactions on the floor of the Nigerian Stock Exchange (NSE) further maintained a positive trajectory on Tuesday as a result of renewed confidence of investors on the local market. The hunt for stocks with the potentials of yielding good returns in the next days was witnessed during the trading session, leading to the 0.58 percent rise the stock market recorded yesterday to further shrink the year-to-date loss to 4.11 percent. At the close of business, the All-Share Index (ASI) appreciated by 172.74 points to settle at 30,137.53 points, while the market capitalisation increased by N65 billion to