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Fitch Affirms Nigeria at ‘B-‘ with Stable Outlook Fitch Ratings has affirmed Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B-‘ with a Stable Outlook. In the rating note released today, it stated that Nigeria’s rating is supported by a favourable public debt-to-GDP ratio, a large economy, a developed and liquid domestic debt market, and […]

DMO Says Securitisation of CBN’s N22.7trn Advances to FG Will Improve Transparency The Debt Management Office (DMO) says the securitisation of CBN’s N22.7 trillion “Ways and Means Advances’’ to the Federal Government will improve debt transparency. “Ways and Means Advances’’ allows the Federal Government to borrow short-term or emergency loans from the CBN to cushion […]

Dr Samuel Nzekwe Ex-ANAN President Urges FG to Suspend Implementation of New Tax Rates Former president of the  Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, on Friday advised the Federal Government to suspend implementation of proposed excise taxes.  Nzekwe said the proposed taxes by might affect the economy adversely. “The Federal Government […]

FPIs Exit Short-Dated Holdings in FGN Eurobond Benchmark interest rate hikes in the United States and Europe have triggered an increase in selloffs on the Federal Government of Nigeria (FGN) Eurobond in the international debt capital market. US Federal Reserve announced 25 basis points increase in fund rates to 5% -5.23% this week with a […]

NPA Assures Approval for 1bn-Dollar Ondo Multipurpose Deep Seaport Project The Nigerian Ports Authority (NPA) on Thursday in Lagos assured that the one-billion-dollar Ondo State Multipurpose Deep Seaport project got all necessary approval for its implementation. NPA’s Managing Director, Mr Mohammed Bello-Koko gave the assurance when he received visiting Ondo State Coordinator for Special Projects, […]

IBEDC warns customers of imminent disconnection of power supply by TCN The Management of Ibadan Electricity Distribution company (IBEDC) has warned its customers of the Transmission Company of Nigeria’s (TCN) plan to disconnect its feeders from the national grid due to poor remittances. The Chief Executive Officer (CEO) of the company, Mr Kingsley Achife, in […]

Yield Spikes as Fund Managers Offload 364-Day Bills Market price slumped as Asset, Fund Managers offloaded large bucket of long-dated Nigerian Treasury bills (NTB) in the secondary market on Thursday amidst unimpressive naira assets performance. Accelerating headline inflation rate has eclipsed real return. In addition, a weak local currency position in the FX market has […]

Short-Term Interest Rates Dive Ahead of CBN Debit on Banks Ahead of Central Bank of Nigeria’s (CBN) debits on local lenders’ cash reserves balance today, the money market has recorded a decline in short-term benchmark rates over healthy liquidity in the system. Market data shows that liquidity in the financial system remains strong after sustained […]

Naira Rebounds, Market Anticipates FX Outflow The Nigerian naira rebounds against the United States (US) dollar domination in the foreign exchange (FX) markets amidst scarce inflows from foreign investors. The recent US Federal Reserve additional 25 basis points interest rate hike is expected to hit foreign currencies movement in and out of Nigeria and other […]

The Human Rights Writers Association of Nigeria has commended the Archbishop of the Catholic Diocese of Abuja, Cardinal John Onaiyekan, for his comments stating that it didn’t make sense to swear in President-elect, Bola Ahmed Tinubu, while the Presidential Election Petition Tribunal had yet to deliver a verdict. The group made the commendation during a […]

The Governor of Edo State, Mr Godwin Obaseki, has today, Friday 5th May, relocated the Federal High Court, Benin Division to the Court of Appeal Temporary Sites opposite the Federal Prisons. This was communicated in a letter, where the Governor revealed that due to the flood ravaging the court premises, he has moved the court […]

Sonia, daughter of a former Deputy Senate President, Ike Ekweremadu, has expressed sadness and guilt over the sentencing of her parents in an organ-harvesting plot suit in the United Kingdom on Friday. Recall that a United Kingdom court on Friday sentenced Ekweremadu to a total of nine years and eight months imprisonment, while his wife, […]