Economy
Companies Raise N753bn Commercial Paper in Six Months
By Aduragbemi Omiyale
Over N753 billion was raised in Commercial Paper (CP) from the Nigerian capital market in between April and October 2025.
The debt instrument was issued by corporates in the period to support short-term funding needs across diverse sectors.
Speaking in an interview, the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, said the issuance of CPs by organisations underscores strong investor confidence and the resilience of the market.
“Commercial paper issuance remained vibrant, with over N753 billion raised to support short-term funding needs across diverse sectors, from manufacturing to energy and agriculture,” the SEC chief stated.
He added that the debt market also recorded landmark transactions, including the N500 billion Climate Funding Special Purpose Vehicle and the N200 billion Elektron Finance bond issuance, reflecting increasing appetite for infrastructure and sustainable finance investments.
“These figures are not just numbers; they represent confidence in our regulatory framework and the resilience of our market architecture,” he declared.
According to him, the strong performance of the commercial paper segment formed part of broader capital-raising activities approved by the agency across debt, equity and short-term instruments during the review period.
“Since our last meeting, the Nigerian capital market has demonstrated remarkable depth and adaptability. Between April and October 2025, the commission approved significant transactions across debt, equity, and commercial paper segments, underscoring the market’s capacity to mobilize capital for growth.
“These achievements are essential as we work to position the Nigerian capital market as a catalyst for sustainable economic growth,” Mr Agama said.
He also pointed to recent macroeconomic improvements, including Nigeria’s sovereign credit rating upgrade and removal from the Financial Action Task Force (FATF) grey list, describing them as signals of renewed investor confidence.
“These achievements are not mere milestones; they signal renewed confidence in our economy. They will attract greater investment and enhance capital inflows, reinforcing the stability and growth prospects of our financial markets,” he said.
On inflation, the DG said easing price pressures created opportunities for market innovation, urging operators to move from policy to execution.
“This is a call to action for market operators. Innovation cannot remain on paper. We must translate these frameworks into real products and accessible platforms that meet the needs of today’s investors,” he stressed.
“The time for passive observation is over. Our collective responsibility is to activate these opportunities and position the Nigerian capital market as a true engine of inclusive growth,” he added.
He acknowledged the sharp market downturn recorded in November, when the Nigerian Exchange lost about N6.54 trillion in market capitalisation, attributing it to profit-taking ahead of the proposed 30 per cent Capital Gains Tax, weak banking stock sentiment and global uncertainties.
However, the capital market expert said the market rebounded following policy reassurances.
“Importantly, despite November’s volatility, the Exchange remains significantly positive year-to-date, with strong gains that reflect the underlying robustness of our market,” he noted.
He further highlighted the recent migration of the equities settlement cycle from T+3 to T+2, describing it as a major reform aligned with global best practices.
“By shortening the settlement period, we have enhanced liquidity, reduced counterparty risk, and accelerated the reinvestment of capital,” Mr Agama said, adding that the SEC plans to move to T+1 and ultimately T+0.
“These changes, combined with ongoing efforts to deepen commodity trading and expand bond market participation, will position Nigeria as a leading investment destination in Africa,” he added.
By Adedapo Adesanya
Strong appetite for unlisted stocks further raised the NASD Over-the-Counter (OTC) Securities Exchange by 1.22 per cent on Friday, February 27.
Data revealed that the NASD Unlisted Security Index (NSI) was up by 49.41 points to 4,083.87 points from 4,034.46 points, and lifted the market capitalisation by N19.56 billion to N2.433 trillion from N2.413 trillion.
The volume of securities bought and sold by investors increased by 243.0 per cent to 4.5 million units from 1.3 million units, and the number of deals grew by 15.8 per cent to 44 deals from 38 deals, while the value of securities went down by 19.7 per cent to N82.5 million from N102.8 million.
Central Securities Clearing System (CSCS) Plc ended the session as the most active stock by value on a year-to-date basis with 35.0 million units valued at N2.1 billion, followed by Okitipupa Plc with 6.3 million units worth N1.1 billion, and Geo-Fluids Plc with 122.8 million units transacted for N480.4 million.
Resourcery Plc ended the day as the most traded stock by volume on a year-to-date basis with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 122.8 million units valued at N480.4 million, and CSCS Plc with 35.0 million units traded for N2.1 billion.
There were six price gainers yesterday led by FrieslandCampina Wamco Nigeria Plc, which added N9.02 to close at N111.46 per unui compared with the previous day’s N102.44 per unit, Nipco Plc appreciated by N6.00 to N284.00 per share from N278.00 per share, CSCS Plc recouped N1.87 to sell at N70.12 per unit versus Thursday’s value of N68.25 per unit, Geo-Fluids Plc improved by 17 Kobo to close at N3.18 per share versus N3.01 per share, Industrial and General Insurance (IGI) Plc advanced by 5 Kobo to sell at N50 Kobo per unit versus the preceding day’s 45 Kobo per unit, and Acorn Petroleum Plc chalked up 2 Kobo to settle at N1.34 per share, in contrast to the previous day’s N1.32 per share.
By Adedapo Adesanya
The Naira performed poorly against the United States Dollar in the different segments of the foreign exchange (FX) market on February 27, closing the week without a gain.
In the black market, the domestic currency weakened against the Dollar yesterday by N5 to close at N1,370/$1 compared with Thursday’s closing price of N1,365/$1, and at the GT Bank forex desk, it lost N2 to sell N1,369/$1 versus the N1,367/$1 it was sold a day earlier.
Yesterday, the Nigerian Naira lost N3.75 or 0.26 per cent against the greenback at the Nigerian Autonomous Foreign Exchange Market (NAFEX) to trade at N1,363.39/$1 compared with the previous day’s N1,359.82/$1.
Also, the Naira depreciated against the Euro at the official market during the session by N2.33 to quote at N1,609.22/€1 versus N1,606.89/€1, and appreciated against the Pound Sterling by N6.74 to settle at N1,836.49/£1 compared with the preceding session’s N1,843.23/£1.
The Naira’s latest depreciation occurred as FX demand continued to outpace available supply, intensifying pressure in the market.
In response to the negative momentum, the Central Bank of Nigeria (CBN) intervened by selling Dollars to banks and other authorised dealers in an effort to stabilise the local currency. The move came barely a week after the apex bank had purchased about $190 million from the foreign exchange market to temper the Naira’s rally.
Specifically, the CBN injected $200 million into the official market between Tuesday and Wednesday through an intervention call. However, the liquidity support proved insufficient to reverse the currency’s downward trend.
Meanwhile, the cryptocurrency market declined on Friday, with Solana (SOL) down by 10.4 per cent to $78.60, as Dogecoin (DOGE) decreased by 9.5 per cent to $0.0982.
Further, Cardano (ADA) slumped 8.9 per cent to $0.2647, Ethereum (ETH) slipped by 8.6 per cent to $1,859.10, Ripple (XRP) shrank by 8.2 per cent to $1.30, Litecoin (LTC) lost 1.4 per cent to close at $52.39, Bitcoin (BTC) slid 5.9 per cent to $63,686.39, and Binance Coin (BNB) went down by 4.9 per cent to $596.64, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices rose about 2 per cent on Friday, with traders bracing for supply disruptions as nuclear talks between the United States and Iran were without an agreement.
Brent crude futures settled at $72.48 a barrel after chalking up $1.73 or 2.45 per cent, while US West Texas Intermediate crude futures finished at $67.02 a barrel, up $1.81 or 2.78 per cent.
The two sides agreed to extend indirect negotiations into next week, but traders grew sceptical that an agreement between US President Donald Trump’s administration and Iran was possible.
The US and Iran held indirect talks in Geneva on Thursday after Mr Trump ordered a military buildup in the region.
Oil prices gained during the talks, on media reports indicating that discussions had stalled over U.S. insistence on zero enrichment of uranium by Iran. However, prices eased after the mediator from Oman said the two sides had made progress.
They plan to resume negotiations with technical-level discussions scheduled next week in Vienna, Omani Foreign Minister Sayyid Badr Albusaidi said on X.
Market analysts noted that geopolitical risk premiums of $8 to $10 a barrel have been built into oil prices on fears that a conflict will disrupt Middle East supply through the Strait of Hormuz, where about 20 per cent of global oil supply passes.
To cushion the impact from a possible strike, one of the world’s largest oil producers, the United Arab Emirates (UAE), is set to export more of its flagship Murban crude in April, while Saudi Arabia said it would also increase oil production.
Additionally, Saudi Arabia may raise its April crude price to Asia for the first time in five months due to higher demand from India to replace Russian supplies, potentially raising it by about $1 a barrel.
Meanwhile, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) is likely to consider raising oil output by 137,000 barrels per day for April at its March 1 meeting, after suspending production increases in the first quarter.
The resumption of output increases after a three-month pause would allow Saudi Arabia and the UAE to regain market share at a time when other OPEC+ members, such as Russia and Iran, contend with Western sanctions while Kazakhstan recovers from a series of oil production setbacks.
Eight OPEC+ producers – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman will meet at the meeting on Sunday.
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