Economy
FMDQ, Stakeholders Laud Nwankwo’s Achievements at DMO
By Dipo Olowookere
Former Director General of the Debt Management Office (DMO), Mr Abraham Nwankwo, was recently honoured by the FMDQ OTC Securities Exchange (FMDQ) for his success at the agency in a period spanning 10 years.
During his time at the debt office, Mr Nwankwo ensured the DMO released credible data to the public especially when some would have thought he would want to dance to the tunes of the sitting governments.
Following a decade of dedicated service, Mr Nwankwo, whose highly successful tenure as the head of DMO, spanning the period July 2007 to June 2017, was honoured by FMDQ and key financial market stakeholders at a memorable ceremony held at the FMDQ offices in Lagos.
This ceremony, which was in acknowledgement of his efforts towards the growth of the Nigerian bond market, and invariably, the economy, brought together key financial market stakeholders, friends and well-wishers, all wishing to celebrate him on his retirement from the agency.
Among those present at the Ceremony were the newly-appointed DG of DMO, Ms Patience Oniha; the DG, Securities and Exchange Commission (SEC), represented by Mr Stephen Falomo, Head, Lagos Zonal Office, SEC; Chairman of FMDQ, Dr Okwu Joseph Nnanna (Deputy Governor, Financial System Stability, Central Bank of Nigeria), ably represented by Mr Jibril Aku, Vice Chairman of FMDQ; Mr Bolaji Balogun, Founder/Chief Executive Officer of Chapel Hill Advisory Partners represented by Mr Ayo Fashina, Mr Ayo Gbeleyi, former Commissioner for Finance, Lagos State, Mr Frank Aigbogun, Publisher/CEO of BusinessDay, Mr Olufemi Awoyemi, the Founder/Managing Director, Proshare Nigeria, representatives of the Primary Dealer Market Makers (PDMMs) who are also Dealing Member (Banks) of FMDQ, the debt capital-focused OTC Exchange, amongst others.
The rains did not douse the guard of honour-reception the FMDQ staff had planned for Dr Nwankwo. the staff, along with some beautifully erected balloons stands, formed a path on both sides of a blue carpet, for him, his wife and daughter to walk through the entrance, to the humble OTC Exchange building, with FMDQ-branded umbrellas held high by the staff in a spectacle akin to the military pulling out parade! It was indeed a wonderful sight to experience.
From the very eloquently delivered citation to the series of well-articulated and goodwill messages, and even the level of attendance at the Ceremony, it was clear that the positive impact Dr Nwankwo had made in the bond market, and by extension, the economy, over the last decade, was indeed felt and very much appreciated by all. In reliving the decade-long and successful tenure, a one-on-one discourse, anchored by FMDQ’s MD/CEO, Mr Bola Onadele. Koko was held with the outgoing DG, DMO, following which a special symbol depicting Dr Nwankwo’s key achievements, including, the developments which the Nigerian bond market had experienced over the last decade, was presented to and unveiled by the guest of honour, among other mementos.
Described as a “pacesetter” in the goodwill messages which flocked in, Dr Nwankwo set out to redefine the public debt management landscape in Nigeria, bringing on commendable verve and innovativeness to the hitherto conservative area of public finance management. From the development of a comprehensive and accurate national debt database to deepening the domestic bond market via the introduction of regular monthly bond issuances supported with the PDMMs System and the consistent launch of innovative bond products including the Federal Government of Nigeria (FGN) Savings Bond, Sukuk, and the soon to be finalised FGN Dollar and Green Bonds, the DMO, under Dr Nwankwo’s leadership, progressively pursued the alignment of the Nigerian debt capital markets (DCM) to international standards. In recording landmark achievements, including the first-ever domestic listing of the Federal Government of Nigeria Eurobond, the agency is seen to have set an audacious pace towards effectively developing the domestic bond market.
Dr Nwankwo’s quest for excellence, his consistency, integrity, professionalism and humility, were a few of the words and phrases used to describe the outgoing DG and were attributed to his exceptional performance during his 10-year tenure, under four different administrations.
In consolidation of the strategic and value-adding initiatives undertaken by the DMO in developing the Nigerian DCM, FMDQ, with a deep sense of appreciation as Dr Nwankwo retires, continues to show great commitment to actualising the objectives of the agency vis-a’vis those of the OTC Exchange for the transformation of the markets within its purview. FMDQ looks forward, in excited anticipation, to maintaining this formidable collaboration with the DMO under the new leadership of Ms Oniha, towards the further development of the Nigerian DCM, and by extension, the economy.
By serving as a point of integration between the domestic and international markets, FMDQ has, in its short period of existence, become the ambassador of foreign portfolio capital for Nigeria and lent itself as an efficient and operationally excellent platform for fixed income and currency.
This is well in line with its mission to empower the financial markets to be innovative and credible, in support of the Nigerian economy. In promoting and supporting economic development therefore, the active collaboration of all stakeholders is required to erect the necessary market infrastructures, transform and position the Nigerian financial markets towards maximising its potential, and its partnership with the DMO remains a steady and right path towards actualising the shared objectives and desires of the markets.
By Adedapo Adesanya
The Naira almost traded flat against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 20. It gained 7 Kobo during the session to sell at N1,380.11/$1, in contrast to last Friday’s value of N1,380.18/$1.
It also appreciated against the Euro in the same market window during the session by N1.64 to close at N1,575.95/€1 versus the preceding session’s N1,576.99/€1, but depreciated against the Pound Sterling by N2.93 to trade at N1,857.35/£1 compared with the previous trading day’s N1,854.42/£1.
At the GTBank forex desk, the Nigerian Naira lost N1 against the US Dollar to quote at N1,389/$1 versus N1,388/$1, and at the black market, it traded flat at N1,405/$1.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover settled at $266.2 million, 7.5 per cent lower than the previous close of $287.8 million. Also, the number of deals at the interbank FX market declined to 68 from 106.
Despite this, there are signals that the Naira has pillars that can prop up its stability. Updated data from the apex bank showed Nigeria’s gross foreign exchange reserves increased to $51.92 billion as of July 16, 2026, reflecting continued improvements in the country’s external position.
A slew of analysts predict further increases will lift the gross balance above $52 billion this week, the highest seen since 2009.
Also, there are expectations that the country will be able to boost remittances into the country to $1 billion on a monthly basis by the end of the year; this will help ease pressure on the FX markets.
Meanwhile, in the crypto market, Bitcoin (BTC) climbed to about $65,500, reaching a two-week high, as the semiconductor selloff that dragged crypto lower last week reversed and Asian chip stocks led a broad risk rally. It rose by 2.4 per cent to $65,676.01.
There was also support from five straight days of inflows into US spot Bitcoin ETFs totalling more than $600 million, marking the strongest stretch of institutional buying since mid-July.
Cardano (ADA) jumped by 8.3 per cent to $0.1756, Ethereum (ETH) grew by 4.0 per cent to $1,930.33, Ripple (XRP) improved by 3.9 per cent to $1.13, Solana (SOL) appreciated by 3.2 per cent to $78.34, Binance Coin (BNB) added 1.9 per cent to sell for $575.34, and Dogecoin (DOGE) expanded by 1.7 per cent rise to $0.0729.
However, TRON (TRX) declined by 0.1 per cent to $0.3261, and the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each
By Dipo Olowookere
Sustained bargain-hunting in local stocks further lifted the Nigerian Exchange (NGX) Limited by 1.12 per cent on Monday.
The buying pressure was across the major sectors of Customs Street, though the consumer goods space came under profit-taking, closing flat.
But the banking counter expanded by 3.14 per cent, the industrial goods index gained 2.82 per cent, the insurance sector increased by 0.25 per cent, and the energy segment soared by 0.08 per cent.
Consequently, the All-Share Index (ASI) surged by 2,721.83 points to 246,183.96 points from 243,462.13 points, and the market capitalisation went up by N1.755 trillion to N158.812 trillion from N157.057 trillion.
Custodian Investment and NEM Insurance chalked up 10.00 per cent each to sell for N75.90 and N30.80, respectively, BUA Cement rose by 9.98 per cent to N303.10, First Holdco improved by 9.95 per cent to N105.50, and FTN Cocoa advanced by 9.94 per cent to N9.29.
On the flip side, SUNU Assurances shrank by 10.00 per cent to N3.60, Tripple Gee slipped by 9.77 per cent to N3.51, ABC Transport tumbled by 9.62 per cent to N7.05 per cent, Abbey Bank crashed by 9.00 per cent to N9.10, and Coronation Insurance dipped by 7.69 per cent to N2.40.
The market breadth index was flat yesterday, as there were 31 price gainers and 31 price losers.
First Holdco led the activity chart during the session, with a turnover of 203.9 million shares valued at N21.5 billion. Access Holdings sold 190.7 million equities worth N4.8 billion, UBA traded 29.2 million stocks for N1.4 billion, Zenith Bank transacted 24.7 million shares valued at N2.9 billion, and Sterling Holdings exchanged 23.6 million equities worth N187.4 million.
When trading activities ended at 4 pm, investors traded 851.6 million stocks for N49.6 billion in 56,873 deals compared with the 685.9 million stocks valued at N42.7 billion transacted in 44,134 deals last Friday, representing a rise in the trading volume, value, and number of deals by 24.16 per cent, 16.16 per cent, and 28.86 per cent, respectively.
By Adedapo Adesanya
Oil prices settled over 1 per cent higher on Monday as the market weighed the prospect of renewed US-Iran negotiations against escalating supply risks following escalations in the Middle East.
Brent crude futures gained $1.12 or 1.3 per cent to trade at $89.22 per barrel, while the US West Texas Intermediate (WTI) crude soared by 74 cents or 0.9 per cent to $83.23 a barrel.
The Middle East conflict escalated over the weekend, with the US conducting a ninth straight night of attacks against Iran, while American allies Kuwait and Bahrain reported more Iranian strikes.
Traders weighed hopes of renewed US-Iran negotiations against Yemen’s Houthis’ imposition of a naval blockade against Saudi Arabia. The group said the “maritime embargo” was retaliation for what it described as a Saudi siege of Yemen.
This development brings the US-Iran war officially to the southern entrance of the Red Sea and threatens an export route used by Saudi Arabia to bypass disruptions in the Strait of Hormuz. About 20 per cent of global oil supplies flowed through the waterway.
Iran had previously instructed the Houthis to prepare to close the Bab el-Mandeb Strait if the US continued attacking Iranian power infrastructure. A full closure could disrupt oil shipments equivalent to about 7 per cent of global supply.
Meanwhile, Iran has received a proposal for a 10-day ceasefire, and both Iran and the US have left open the possibility of renewed negotiations.
Market analysts noted that if a ceasefire does not materialise and the Strait of Hormuz remains largely closed while the Houthi threat to Red Sea shipping intensifies, the risk of a significant rebound in oil prices would be substantial.
Kpler analysts said in a note that there is also the possibility that a record amount of crude oil on water, estimated at around 1.35 billion barrels, could limit the next leg of oil price increases.
A drone struck a tanker loading crude oil at the Caspian Pipeline Consortium’s (CPC) Black Sea export terminal on Monday, forcing the suspension of exports for the second time in less than 24 hours.
The CPC system accounts for roughly 1 per cent of global oil supply, carrying crude primarily from Kazakhstan’s giant Tengiz, Kashagan and Karachaganak fields, with additional volumes from Russian producers in the Caspian region.
