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Tempers flared yesterday on the floor of the senate as lawmakers in the camp of the Senate President, Godswill Akpabio, clashed over a stepped down motion bordering on the disbursement of N500 billion loan. The crisis pitted lawmakers that benefitted from the recent announcement of principal officers by Akpabio, against the losers. On Tuesday, Akpabio […]

NGX Rises by N440bn as Banking Stocks Rally The equities segment of the Nigerian Exchange (NGX) recovered midweek from a selling rally with increasing positioning on financial service stocks.  Investors’ wealth spiked by more than N440 billion, and year-to-date return accelerated above 20% versus annual inflation of 22.41%. Consequent to bargaining hunting that dominated today’s […]

UK Foreign Currency Reserves Rise in June The United Kingdom’s (UK) gross international reserves rose to $184.50 billion in June from $183.32 billion in May, data from the Bank of England showed Wednesday. The latest reading consists of $102 billion in foreign currency reserves and $7.26 billion in International Monetary Fund reserve position, along with […]

Ghana’s Private Sector Outlook Brightens, Inflation Softens Ghana’s private sector outlook has brightened with a slowdown in inflation pressures. In its latest purchasing manager index update, S&P Global said a further softening of inflationary pressures helped to support demand across Ghana’s private sector during May 2023. As a result, more substantial expansions in output, new […]Read More

Dollar Index Edges Higher Ahead of Fed Minutes The US dollar index ticked to the upside on Wednesday as the US was taking a break from markets, celebrating Independence Day. Early, it’s back to punching the clock and pulling up the dollar charts for pattern-seeking. The central bank will publish what Fed officials discussed during […]

FG Targets N553bn Unremitted Shipping Taxes The Federal Government (FG) says it intends to recoup over N553 billion in unremitted taxes from international petroleum shipping companies operating in Nigeria. The Director, International Tax, Federal Inland Revenue Service (FIRS), Mr Abdullahi Aliyu, said that recouping the sum which accrued from 2010 to 2019 would help address […]

Reps to Investigate Alleged Malfeasance in IPPIS The House of Representatives has set up an Ad hoc to investigate alleged malfeasance in the management of the Integrated Payroll and Personnel Information System (IPPIS). The committee also mandated to investigate alleged employment racketeering and alleged mismanagement of personnel recruitment across agencies of government. This was a […]

Fixed Interest Securities Assets Mix as Inflation Eclipses Returns Trading activities in the fixed interest securities were mixed in the secondary market on Tuesday, resulting in divergence in benchmark yield movement as investors continue to search for yield repricing.   Nigeria’s inflation rate surge has widened the real return on naira assets but the market has […]

China Holds 32.67% of World’s Tier 1 Capital –the Banker China holds 32.67% of the world’s Tier 1 capital, the Banker said, noting that the core financial strength of the largest banks across the globe has contracted. The growth trajectory of the world’s largest banks has suffered a setback, with contractions across the three key […]Read More

Oil Rallies as Saudi Arabia Extends Output Cuts The crude oil prices surged as Saudi Arabia’s plan to extend output cuts. Oil prices increased as the market envisaged tight market supply because of Saudi Arabia and Russia’s output reduction while lingering fears of a global economic downturn continued to weigh on prices. According to market […]

Naira, External Reserves Plunge as Eurobond Matures Suggesting daily strong volatility, the Nigerian naira depreciated by 3.5% to N768.44 at the Investors’ and Exporters’ foreign exchange (FX) market on Tuesday after the previous rally. Data from the Central Bank of Nigeria (CBN) shows that gross external reserves dropped to $34 billion already despite improved earnings […]

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