Economy
FMDQ to Accept Nigeria’s $1b Eurobonds Inaugural Listing
By Modupe Gbadeyanka
The inaugural listing of Nigeria’s $1 billion Eurobonds under its $1.00bn Global Medium-Term Note Programme is set to be admitted by the FMDQ OTC Securities Exchange.
This is in consolidation of the strategic and value-adding initiatives spearheaded by FMDQ in developing the Nigerian financial markets.
Following a series of engagements by FMDQ on the importance of promoting and supporting economic development in the country through the opening of Eurobonds to the domestic DCM via the OTC Exchange’s platform, this welcome and laudable development, which market participants believe will set the pace for global competitiveness and invariably deepen the Nigerian financial markets, in no small measure, lays credence to the underlying objectives for the birth and operational mandate of FMDQ.
The issuance of the $1 billion FGN Eurobond is aimed at fostering economic development and will serve to rejuvenate the vibrancy of the nation’s FX market.
Remarkably so, this is the first-time the sovereign’s Eurobond will be considered for listing on a domestic exchange, following the nation’s first and second outings to the international capital markets in 2011 and 2013 respectively.
This most commendable consideration follows the decision of the Debt Management Office (DMO), Nigeria, (the authority under which the FGN issues Bonds and Treasury Bills) and the Ministry of Finance to list the Eurobond on an efficient domestic securities exchange such as FMDQ to deepen and support the development of the local DCM.
In streamlining its processes and ensuring an efficient time to market for debt securities, FMDQ, being Nigeria’s foremost debt capital-focused OTC securities exchange has continued to provide a highly resourceful platform for the registration, listing of Bonds (Sovereign, Agency, Sub-national, Corporate, Supranational, as well as Eurobonds and Sukuk), Funds and the quotation of Commercial Papers, Treasury Bills and other short-term securities as may arise from time to time, to meet the needs of the market participants. Whilst currently providing improved transparency, effective price formation and enhanced secondary market liquidity through its Dealing Members, who are responsible for circa 99.00% of the secondary market trading activity in FGN Bonds and Nigerian Treasury Bills on FMDQ, the OTC Exchange, in admitting the $1.00bn Eurobond for listing and trading, will continue to lend itself as a worthy and operationally excellent platform, serving as the point of integration between the domestic and international markets.
The OTC Exchange, since its debut into the Nigerian financial market landscape, already granted permitted trading status for $1.50bn of the previously issued FGN Eurobonds and $3.15bn of Eurobonds issued by Nigerian companies.
With its audacious vision to be No. 1 in the fixed income and currencies markets in Africa by 2019, the listing and eventual trading of the FGN Eurobonds on FMDQ, the first of its kind in the nation, will see the securities gain access to the full complement of the FMDQ Listings and Quotations service, which includes efficient clearing and settlement structures, unprecedented transparency, and improved network effects, among others.
FMDQ, in its capacity as a market organiser and information repository provides credible market infrastructures to aggregate and transmit all trade reports from its Dealing Members acting as liquidity providers to the Eurobonds, ensuring continuous information symmetry.
In appreciation of the important role which a transparent and regulated market plays in boosting investor confidence, the OTC Exchange will also publish relevant market data and information as necessary.
FMDQ, through effective collaboration, continues to garner the support of its varied stakeholders and has remained committed to transforming and positioning the Nigerian financial markets towards becoming a regional financial centre.
From the introduction of short-term and private companies’ bonds, the standardisation of the repurchase agreements with collateral management trading, to financial markets education, and most recently, the strategic partnership with S&P Dow Jones Indices for the co-branding of Nigerian fixed income indices, FMDQ, in 2017, will, despite the economic headwinds, relentlessly champion initiatives, aimed at empowering the global competitiveness of the Nigerian debt capital, currencies and OTC derivatives markets, towards promoting sustainable development for corporate and commercial entities, and ultimately, the nation’s economy.
By Dipo Olowookere
The last trading session of the week on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note on Friday with a 0.24 per cent rise.
During the trading day, the market capitalisation of Customs Street was up by N175 billion to N74.534 trillion from the N74.359 trillion recorded on Thursday.
In the same vein, the All-Share Index (ASI) of the local bourse increased by 277.09 points to 118,138.22 points from 117,861.13 points due to sustained bargain-hunting by investors in the banking and commodity sectors.
Data showed that the banking index went up by 1.65 per cent and the commodity sector appreciated by 0.75 per cent.
However, the insurance industry weakened by 1.07 per cent, the industrial goods space lost 0.76 per cent, and the consumer goods and energy counters fell by 0.16 per cent each.
Legend Internet grew by 10.00 per cent to sell for N7.92, Ellah Lakes appreciated by 9.90 per cent to N5.33, Champion Breweries expanded by 9.63 per cent to N8.20, Guinea Insurance rose by 8.70 per cent to 75 Kobo, and eTranzact gained 7.52 per cent to settle at N7.15.
On the flip side, Sunu Assurances declined by 8.62 per cent to N4.56, Northern Nigeria Flour Mills lost 8.00 per cent to trade at N93.20, Thomas Wyatt moderated by 7.83 per cent to N2.00, Livestock Feeds retreated by 6.90 per cent to N8.10, and NEM Insurance contracted by 5.03 per cent to N17.00.
A total of 487.1 million units of shares worth N18.7 billion exchanged hands in 17,421 deals yesterday compared with the 894.0 million units of shares valued at N22.0 billion transacted in 17,257 deals in the previous day, indicating an improvement in the number of deals by 0.95 per cent, and a contraction in the trading volume and value by 45.52 per cent and 15.00 per cent, respectively.
The busiest stock for the session was Fidelity Bank, which traded 38.3 million units valued at N741.5 million, CWG exchanged 25.0 million units for N230.8 million, Zenith Bank transacted 24.9 million units worth N1.2 billion, Coronation Insurance sold 24.4 million units valued at N48.7 million, and Access Holdings traded 23.6 million units worth N517.9 million.
By Adedapo Adesanya
FrieslandCampina Wamco Nigeria led the NASD Over-the-Counter (OTC) Securities Exchange to a 0.03 per cent growth on Friday, June 20.
During the session, the NASD Unlisted Security Index (NSI) went up by 24.15 points to close at 3,320.91 points, in contrast to the previous day’s 3,319.78 points while the market capitalisation added N670 million to finish at N1.944 trillion compared with the N1.943 trillion quoted at the preceding session.
Business Post reports that the share price of FrieslandCampina Wamco Nigeria Plc was up by 34 Kobo yesterday to N69.38 per unit from N69.04 per unit.
In the final trading day of the week, the volume of securities decreased by 14.9 per cent to 223,039 units from the 262,134 units traded a day earlier, but the value of securities soared by 233.2 per cent to N15.2 million from N4.6 million, and the number of deals slumped by 16 per cent to 21 deals from 25 deals.
At the close of transactions, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units sold for N524.7 million, followed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and Geo-Fluids Plc with 268.5 million units worth N475.8 million.
Okitipupa Plc was also the most traded stock by value on a year-to-date basis with 153.7 million units valued at N4.9 billion, trailed by Air Liquide Plc with 507.2 million units traded at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 40.5 million units sold for N1.7 billion.
By Adedapo Adesanya
The Naira improved its value against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, June 19 amid forex liquidity strain.
During the trading session, the domestic currency gained N2.84 or 0.18 per cent against the greenback in the official market to settle at N1,547.71/$1, in contrast to the N1,550.55/$1 traded in the previous day.
In the same vein, the Nigerian Naira gained N2.76 against the Pound Sterling at NAFEM yesterday to quote at N2,081..36/£1 versus Thursday’s closing price of N2,084.12/£1 and closed flat against the Euro to finish at N1,799.35/€1.
Also, in the parallel market, the Naira appreciated against the Dollar on Friday by N5 to sell for N1,580/$1 compared with the N1,585/$1 it was exchanged a day earlier.
This week, the Naira performed well due to continued investor confidence and market optimism boosted by better non-oil exports over the last few months and offshore FX inflows, which eased forex pressure.
In the week, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025 from the 23.71 per cent recorded in April 2025.
In addition, the Central Bank of Nigeria (CBN) signalled that the health of the country’s banking system was okay amid fears of dividend pause for banks facing possible distress.
Meanwhile, the cryptocurrency market turned bearish on Friday following escalating geopolitical tensions — triggered by Israel launching airstrikes on Iran last Thursday — caused cryptos to drop.
The tensions have only been mounting since, with US President Donald Trump calling for Iran’s “unconditional surrender” and threatening Iran’s supreme leader, Ayatollah Ali Khamenei.
Ethereum (ETH) lost 3.8 per cent to sell at $2,424.38, Solana (SOL) fell by 3.5 per cent to close at $140.31, Dogecoin (DOGE) slumped by 2.8 per cent to $0.1630, and Cardano (ADA) declined by 1.3 per cent to trade at $0.5836.
Further, Bitcoin (BTC) tumbled by 1.1 per cent to close at $103,555.63, Ripple (XRP) went down by 0.6 per cent to $2.12, Litecoin (LTC) shrank by 0.6 per cent to $83.97, and Binance Coin (BNB) slid by 0.3 per cent to $643.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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