Nigerian Exchange Index Rises 0.02% As Investors Slow Down On Bargain Hunting

October 16, 2025

Trading on the Nigerian Exchange (NGX) closed marginally positive on Wednesday as investors slowed down on bargain hunting despite the release of third-quarter corporate earnings reports.

The All-Share Index (ASI) inched up by 0.02% to close at 147,742.22 points, maintaining a year-to-date return of 43.54%. The modest gain was driven largely by price appreciation in select medium and small-cap stocks, indicating cautious optimism among market participants.

Consequently, the market capitalization advanced by ₦19.84 billion, reaching ₦93.78 trillion. This performance reflects sustained investor confidence in Nigeria’s equity market fundamentals, even as trading momentum weakened across major indicators. Market breadth remained positive, with 33 advancing stocks outpacing 27 decliners, producing a 1.2x breadth ratio.

However, trading activity declined across the board. Total volume of transactions dropped by 21.41% to 389.11 million shares, while the total value of trades decreased by 28.02% to ₦12.48 billion. The number of deals executed also fell by 10.25% to 23,017, reflecting reduced market participation and smaller transaction sizes.

Fidelity Bank (FIDELITYBK) dominated the volume chart, accounting for 12.13% of total trades. It was followed by Chams (CHAMS) with 6.41%, Zenith Bank (ZENITHBANK) with 5.39%, Access Holdings (ACCESSCORP) with 4.97%, and First Holdco (FIRSTHOLDCO) with 4.29%.

In terms of value, Zenith Bank emerged as the most actively traded stock, representing 11.56% of the total transaction value on the exchange.

ROYALEX topped the gainers’ chart, appreciating by 7.37%, followed by INTENEGINS (+6.05%), Julius Berger (+5.51%), Omatek (+4.90%), Daar Communications (+4.76%), and Vitafoam (+4.32%).

On the losers’ list, TRIPPLEG recorded the highest decline at -9.91%, trailed by UACN (-6.46%), Ellah Lakes (-4.66%), Honeywell Flour (-3.49%), Wema Bank (-3.16%), and Dangote Sugar (-0.50%).

Blue-chip stocks such as International Breweries (+1.72%), Stanbic IBTC (+1.61%), and Transcorp (+4.19%) provided upward momentum that outweighed losses in Nigerian Breweries (-1.67%) and GTCO (-0.64%).

Overall, the market closed with 32 gainers and 27 losers, reflecting a mildly bullish sentiment.

Sectoral performance was mixed — Consumer Goods (+0.09%), Industrial (+0.08%), and Oil & Gas (+0.09%) sectors recorded modest gains, while Banking (-0.15%) and Insurance (-0.13%) closed in the red. The Commodity sector remained flat.

Market analysts say the slight uptrend suggests investors are adopting a “wait-and-see” approach ahead of upcoming policy announcements and further corporate disclosures.

Short-Term Rates Diverge As OMO Inflows Boost Money Market Liquidity

Naira Weakens To ₦1,473/$ As CBN Halts Dollar Sales Amid Soaring Demand

October 16, 2025

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The Nigerian naira continued its downward slide on Wednesday, falling to ₦1,473.29 per US dollar at the official foreign exchange (FX) window, following the Central Bank of Nigeria’s (CBN) pause in FX sales to support liquidity.

Data from the FMDQ Securities Exchange showed that the local currency has maintained a consistent decline since the start of the week when it opened at ₦1,455 per dollar. The exchange rate weakened further midweek as dollar demand outpaced available supply in the official market.

CBN’s official FX data revealed that the naira touched an intraday high of ₦1,479 per dollar on Wednesday, while the lowest recorded rate during trading was ₦1,427 per dollar, highlighting heightened market volatility and fluctuating dollar demand.

The CBN has recently scaled back direct FX interventions, a move analysts say is part of efforts to allow market forces to determine exchange rates. However, the reduced supply has created short-term pressure on the naira.

At the close of Wednesday’s trading, the naira depreciated by 0.68% at the official window but showed marginal strength in the parallel market, appreciating by 0.54% to close at ₦1,488 per dollar.

Despite the currency weakness, Nigeria’s external reserves continue to rise. The nation’s gross reserves climbed to $42.632 billion as of October 13, up from $42.589 billion recorded the previous Friday. This upward trend reflects improved inflows from exporters and foreign portfolio investors (FPIs), who have increasingly participated in the Nigerian market in recent months.

Market watchers note that the naira’s recent performance is being closely tied to inflationary pressures and foreign exchange availability. The National Bureau of Statistics (NBS) earlier reported that Nigeria’s inflation rate fell to 18.02% in September — its lowest in three years — a development that could help stabilize the exchange rate if sustained.

In its latest research note, investment firm CardinalStone Partners said the ongoing decline in inflation supports positive expectations for the naira’s medium-term recovery. “The disinflationary trend, combined with steady FX reserve growth and current account surplus, should strengthen the naira in the coming months,” the firm stated.

The firm projected that the naira could close the year within the range of ₦1,400/$ to ₦1,450/$ if external reserves continue their upward trajectory and monetary tightening remains consistent.

Naira Weakens To ₦1,463 At Official FX Window Amid Rising Dollar Demand

Nigeria’s Inflation Rate Falls To 18.02% In September, Lowest In Three Years

October 16, 2025

Nigeria’s inflation rate has eased to its lowest level in three years, falling below the 20% threshold to 18.02%, according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Wednesday.

The data revealed that annual inflation slowed to 18.02% in September from 20.1% in August, extending the disinflationary trend for the sixth consecutive month. Analysts say the sustained moderation in consumer prices could influence the Central Bank of Nigeria’s (CBN) decision to lower interest rates at its next Monetary Policy Committee (MPC) meeting scheduled for November 25.

On a month-on-month basis, the consumer price index increased by 0.72%, slightly below the 0.74% recorded in August, indicating a minor easing in price pressures.

Food inflation, which has been a major driver of headline inflation, recorded a significant decline. It dropped to 16.87% year-on-year in September, compared to 21.87% the previous month. On a monthly basis, the food index fell by 1.57%, reversing the 1.65% increase recorded in August.

The NBS attributed the slowdown in food prices to reduced costs of key staples, including maize, garri, beans, millet, potatoes, onions, eggs, tomatoes, and fresh pepper, among others.

Meanwhile, core inflation—which excludes volatile items such as farm produce and energy—also eased, declining to 19.53% year-on-year in September from 20.33% in August. Month-on-month, the core index slowed to 1.42%, reflecting a broad-based moderation in consumer demand.

Economists believe the new data signals a potential shift in monetary policy. “The consistent decline in inflation suggests that Nigeria is beginning to see the effect of tightened monetary measures and better food supply chains,” one analyst noted.

If the trend continues, the CBN could consider a rate cut to stimulate growth, especially as inflation aligns closer to the government’s target range.

Short-Term Rates Diverge As OMO Inflows Boost Money Market Liquidity

Mathematics No Longer Compulsory For Arts Students In Nigerian Universities – FG

October 16, 2025

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The Federal Government has officially revised admission requirements into tertiary institutions, declaring that Mathematics will no longer be a compulsory subject for students in the Arts and Humanities seeking admission into Nigerian universities and polytechnics.

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The announcement was made by the Federal Ministry of Education (FME) on Tuesday, marking a major policy shift designed to remove barriers to tertiary education access while maintaining academic standards.

For decades, prospective students in Arts and Humanities disciplines were required to earn five credits—including Mathematics and English Language—in their Senior School Certificate Examination (SSCE) conducted by the West African Examinations Council (WAEC) or the National Examinations Council (NECO) before being eligible for university admission.

Revised Entry Guidelines for Tertiary Institutions

According to a statement by the Ministry’s spokesperson, Folasade Boriowo, the updated National Guidelines for Entry Requirements into Nigerian Tertiary Institutions introduce a more flexible framework that recognizes the varying academic needs across disciplines.

The new policy applies to universities, polytechnics, colleges of education, and Innovation Enterprise Academies nationwide. The breakdown of requirements is as follows:

Universities: A minimum of five credit passes in relevant subjects, including English Language, obtained in no more than two sittings. Mathematics remains compulsory for Science, Technology, and Social Science-related courses but is no longer mandatory for Arts and Humanities programs.
Polytechnics (ND Level): A minimum of four credits in relevant subjects, including English Language for non-science courses and Mathematics for science-oriented programs.
Polytechnics (HND Level): A minimum of five credit passes in relevant subjects, including both English Language and Mathematics.
Colleges of Education (NCE Level): A minimum of four credits in relevant subjects, with English Language required for Arts and Social Science courses, while Mathematics is compulsory for Science, Vocational, and Technical programs.

Education Experts Welcome the Reform

Education stakeholders have commended the decision, describing it as a forward-looking reform that promotes inclusion and access. An Abuja-based education analyst, Ayodamola Oluwatoyin, said the change would ease the admission process for thousands of candidates who had previously been excluded despite excelling in their chosen disciplines.

“This is a long-overdue and well-considered reform. It will improve access to higher education and align admission standards more closely with global best practices,” Oluwatoyin said.

Government’s Commitment to Expanding Access

The Minister of Education, Dr. Tunji Alausa, said the policy shift is part of a broader effort to expand educational opportunities and support the government’s Renewed Hope Agenda.

Alausa explained that the reform aims to increase the average annual admission intake from about 700,000 students to one million across tertiary institutions, creating space for an additional 250,000 to 300,000 students each academic year.

“Every year, over two million candidates sit for the Unified Tertiary Matriculation Examination (UTME), yet only about 700,000 secure admission,” the minister said. “This reform eliminates unnecessary barriers and ensures that qualified candidates are not excluded due to outdated requirements.”

He emphasized that while the policy introduces flexibility, it maintains high academic standards to ensure the quality of education across all tertiary levels.

Broader Implications for Education Access

The new framework is expected to ease pressure on the tertiary admission process, especially for Arts and Humanities candidates who had previously faced hurdles due to Mathematics requirements.

By expanding entry pathways, the government hopes to strengthen the nation’s human capital base, enhance inclusivity, and position tertiary institutions to absorb more qualified candidates.

“This reform puts fairness and opportunity at the heart of education policy,” Dr. Alausa stated. “It reflects our commitment to giving every Nigerian youth a fair chance to learn, grow, and contribute to national development.”

FG To Issue ₦4 Trillion Bond To Clear GenCos’ Outstanding Debts

Nigerian Stock Market Gains N20bn As Investors Return To Equities

October 16, 2025

Stock Exchange Closes Trading Week With N30bn Gain

The total market capitalization of all listed companies on the Nigerian Exchange (NGX) increased by ₦20 billion on Wednesday, buoyed by renewed investor confidence and light buying momentum across key sectors.

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The modest rebound came after a brief negative session, with the stock market reversing earlier losses to post a 0.02% gain for the day. The positive movement was largely supported by renewed demand for select stocks, including Skye Shelter Fund, Royal Exchange, International Energy Insurance, Julius Berger, and Omatek Ventures.

Equities Market Rebounds

Data from the NGX showed that market capitalization opened at ₦93.756 trillion and closed at ₦93.776 trillion, reflecting a ₦20 billion increase in investor wealth. The All-Share Index also rose slightly by 0.20% or 31.27 points, ending the session at 147,742.23 points compared to 147,710.96 points recorded on Tuesday.

Market breadth closed positive, with 34 gainers outperforming 28 losers, signaling improved sentiment among market participants.

Leading the gainers’ chart was Skye Shelter Fund, which appreciated by 9.88% to close at ₦418.75 per share. Royal Exchange followed with a 7.37% gain to ₦2.33, while International Energy Insurance climbed 6.05% to ₦2.98 per share. Julius Berger gained 5.51% to finish at ₦134 per share, and Omatek Ventures advanced 4.90% to close at ₦1.50 per share.

Top Losers and Trading Activity

On the flip side, Tripple Gee led the laggards’ table, declining by 9.91% to close at ₦4.91 per share. Industrial and Medical Gases followed, losing 9.87% to end at ₦32.40, while UAC of Nigeria shed 6.46% to close at ₦68 per share.

Other notable decliners included Ellah Lakes, which dipped by 4.66% to ₦13.30 per share, and Ja Paul Gold, which fell 4.51% to ₦2.54 per share.

Market activity levels improved significantly, with total traded volume, value, and deals showing notable increases. Investors traded 389.1 million shares valued at ₦12.5 billion across 23,017 transactions, compared to 262.5 million shares worth ₦8.3 billion traded in 16,693 deals on Tuesday.

Fidelity Bank led the activity chart by volume with 46.9 million shares valued at ₦942.3 million. CHAMS followed with 24.8 million shares worth ₦101.4 million, while Zenith Bank recorded 20.8 million shares valued at ₦1.42 billion. Access Corporation traded 19.2 million shares valued at ₦495.3 million, and FirstHoldCo sold 16.6 million shares worth ₦519.7 million.

Sectoral Performance

Across key sectors, performance was largely positive. The Consumer Goods (+0.09%), Oil & Gas (+0.09%), and Industrial (+0.08%) indices led the charge, driven by buying interest in stocks such as International Breweries (+1.72%), Oando (+1.25%), and Lafarge WAPCO (+0.54%).

Conversely, the Banking (-0.15%) and Insurance (-0.13%) sectors declined slightly due to sell-offs in GTCO (-0.64%) and AIICO Insurance (-0.75%). The Commodity Index closed unchanged.

Analyst Insight

Market analysts attributed the day’s positive sentiment to bargain-hunting activities and expectations of improved third-quarter corporate earnings. They also noted that local investors are gradually regaining confidence amid indications of macroeconomic stability and sustained foreign exchange reforms by the Central Bank of Nigeria (CBN).

“The market’s mild rebound reflects renewed optimism ahead of upcoming earnings reports. We expect trading sentiment to remain cautiously positive as investors reposition their portfolios for value,” analysts stated.

Super Eagles Draw Gabon In 2026 World Cup African Playoff Semifinals

Euro Strengthens Against Dollar As France’s Political Stability Boosts Market Confidence

October 16, 2025

The euro rebounded above the $1.16 mark on Wednesday, recovering from a two-month low, as investors welcomed growing signs of political stability in France following the government’s successful budget presentation.

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The euro, which had earlier tested the $1.1542 support level, found renewed strength as market sentiment improved in response to fiscal clarity and easing domestic uncertainty in France. According to recent FX data, the currency’s recovery was driven by revived investor confidence and expectations of upcoming monetary easing from the U.S. Federal Reserve.

Political Calm in France Restores Investor Optimism

France’s political landscape, previously under strain due to controversial pension reform plans and fiscal disagreements, stabilized after Prime Minister Gabriel Lecornu presented a balanced budget compromise to parliament.

The proposed adjustments, including the temporary suspension of pension reforms until the 2027 presidential election, were designed to gain Socialist Party support and prevent another government collapse. Analysts said this move signaled a pragmatic shift in fiscal management that could extend Lecornu’s tenure and enhance policy predictability.

“France’s compromise budget has reassured investors and boosted confidence in the eurozone’s second-largest economy,” said one market strategist. “The euro’s rebound reflects a relief rally as political volatility recedes.”

French assets also gained ground, with bonds and equities rising modestly following the announcement, further supporting the single currency’s recovery against both the U.S. dollar and the British pound.

Fed Rate Cut Expectations Weigh on U.S. Dollar

The U.S. dollar, meanwhile, faced renewed selling pressure as expectations of an October interest rate cut by the Federal Reserve intensified. Comments from Fed Chair Jerome Powell acknowledging a “softening” labor market reinforced investor belief that another round of monetary easing was imminent.

The U.S. government shutdown, now in its third week, has further eroded confidence in the dollar as traders remain cautious in the absence of updated economic data. The shutdown’s ripple effect on federal operations has left markets increasingly reliant on Fed statements for direction.

Tensions between the U.S. and China have also worsened. Both countries imposed reciprocal port fees on shipping companies, while China extended sanctions on U.S.-linked Hanwha subsidiaries. President Trump’s renewed threat to impose 100% tariffs on Chinese goods next month has heightened fears of a prolonged trade war, adding downward pressure on the greenback.

Eurozone’s Stability Offers a Breather

In contrast to the Fed’s dovish outlook, the European Central Bank (ECB) has signaled no immediate plans to adjust interest rates, choosing to maintain policy stability while monitoring inflationary trends.

Market analysts say the euro’s performance in the coming weeks will depend on sustained political stability in France and broader eurozone economic data. “If France maintains fiscal discipline and the ECB keeps its policy steady, the euro could continue appreciating against the dollar,” analysts said.

With the dollar’s safe-haven appeal weakening amid domestic political gridlock and international trade tensions, many investors are rotating toward the euro as a relatively stable alternative.

Outlook for EUR/USD

Currency strategists project that if U.S. fiscal uncertainty persists and Fed rate cuts materialize, the EUR/USD pair could maintain upward momentum beyond 1.17 in the near term. However, lingering trade tensions and global market volatility may still influence short-term fluctuations.

The euro’s rebound underscores the currency market’s sensitivity to political developments, as France’s ability to stabilize its domestic landscape and pass a compromise budget has restored confidence in European economic governance at a critical moment.

Naira Strengthens As CBN’s Reform Agenda Spurs Trade Surplus, Investor Confidence

Nigeria’s Trade Surplus Hits 6% Of GDP As CBN Governor Cardoso Highlights Economic Resilience

October 16, 2025

Nigeria’s trade surplus has expanded to 6% of the nation’s Gross Domestic Product (GDP), according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, who said the country’s macroeconomic strategies are beginning to yield significant results.

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Cardoso revealed this while representing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the G-24 press briefing held on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, D.C.

A statement signed by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, indicated that the Nigerian delegation at the G-24 meetings included the Minister of State for Finance, Dr. Doris Uzoka-Anite, alongside Governor Cardoso. The meetings focused on pressing global economic themes such as inflation control, resource mobilization, and fiscal discipline.

Trade Surplus Reflects Policy Gains

During the session, Cardoso disclosed that Nigeria’s trade balance had strengthened, reaching a surplus equivalent to 6% of GDP. He linked this improvement to ongoing macroeconomic reforms aimed at stabilizing the exchange rate, stimulating domestic production, and reducing import dependency.

“The strong performance of Nigeria’s external trade is a reflection of consistent and sound policy implementation. We expect this positive trajectory to continue in the short to medium term,” Cardoso stated.

He further emphasized the importance of maintaining economic discipline, highlighting that sustainable growth and disinflation depend on coherent and transparent fiscal management. Cardoso also confirmed that the apex bank is developing a structured framework for mutually beneficial currency swap arrangements with key international partners.

Nigeria’s Economic Direction Gains Global Attention

Dr. Uzoka-Anite’s presence at the G-24 meetings underscores Nigeria’s renewed commitment to global economic dialogue and its proactive approach to engaging with international financial stakeholders. Her participation, according to Manga, symbolizes the government’s drive to strengthen cooperation with development partners to advance Nigeria’s long-term economic goals.

“The meetings mark another milestone for Nigeria’s financial diplomacy, as the country continues to work closely with global financial institutions to stimulate sustainable economic growth and improve citizens’ welfare,” the statement added.

Data from NBS Confirms Upward Trend

The National Bureau of Statistics (NBS) recently corroborated the CBN’s assessment, reporting that Nigeria’s trade surplus surged by 44% in the second quarter (Q2) of 2025.

According to the NBS, total merchandise trade for Q2 2025 amounted to ₦38.04 trillion — representing a 20.05% increase over the ₦31.68 trillion recorded during the same period in 2024 and a 5.59% rise from Q1 2025. Exports accounted for 59.81% of total trade, valued at ₦22.75 trillion, while imports represented 40.19%, valued at ₦15.29 trillion.

Crude oil exports remained the backbone of Nigeria’s trade, contributing ₦11.97 trillion or 52.6% of total exports. Non-crude oil exports totaled ₦10.78 trillion, with non-oil products contributing ₦3.05 trillion or 13.4% of total exports.

The report further highlighted that Nigeria’s trade performance continues to strengthen as government policies promote local production and diversify revenue sources away from oil dependency.

Cardoso noted that the country’s current economic restructuring — driven by a competitive exchange rate — is encouraging domestic output and curbing excessive importation, both of which support Nigeria’s balance of payments and external reserves.

Naira Weakens To ₦1,463 At Official FX Window Amid Rising Dollar Demand

Global Airlines To Lose $11 Billion In 2025 Over Supply Chain Delays – Report

October 15, 2025

The global airline industry is projected to lose more than $11 billion in 2025 as aircraft and parts delivery delays continue to disrupt operations, according to a new report by the International Air Transport Association (IATA) and consulting firm Oliver Wyman.

The study revealed that aircraft manufacturers are struggling to meet growing demand, with a record backlog of over 17,000 commercial aircraft in 2024 — far above the average of about 13,000 between 2010 and 2019.

According to the report, the production slowdown is forcing airlines to keep older, less fuel-efficient aircraft in service longer, leading to higher operational costs. The estimated financial hit includes $4.2 billion in additional fuel costs, $3.1 billion in maintenance expenses, $2.6 billion in engine leasing fees, and $1.4 billion from excess inventory holdings.

The shortage has also coincided with rising passenger demand. Global air travel surged by 10.4% in 2024, while available capacity grew by just 8.7%, pushing load factors to a record 83.5%.

The report attributed the persistent delays to geopolitical tensions, raw material shortages, labour constraints, and inefficiencies in the aerospace supply chain. It warned that unless addressed, these issues could deepen the supply-demand imbalance and further inflate airline costs.

To mitigate future risks, IATA and Oliver Wyman recommended stronger collaboration between airlines, manufacturers, and suppliers. Suggested measures include expanding repair and parts capacity, improving supply chain transparency, and leveraging predictive maintenance and data-sharing platforms.

They also called for a more open aftermarket system to give airlines access to alternative parts and repair options beyond those controlled by original equipment manufacturers (OEMs).

The report concluded that building a resilient aviation supply chain will require sustained investment in technology, skilled labour, and industry-wide cooperation to prevent future disruptions.

The global airline industry is projected to lose more than $11 billion in 2025 as aircraft and parts delivery delays continue to disrupt operations, according to a new report by the International Air Transport Association (IATA) and consulting firm Oliver Wyman.

Carex, Lagos Ministry Of Environment Champion Hygiene Education On Global Handwashing Day

Super Eagles Draw Gabon In 2026 World Cup African Playoff Semifinals

October 15, 2025

Nigeria will lock horns with Gabon in the semifinals of the African zone playoffs for the 2026 FIFA World Cup, following Tuesday’s conclusion of the qualification group stage.

The Super Eagles booked their playoff berth earlier in the day with an emphatic 4–0 win over Benin Republic, while Gabon secured second place in Group F after a 2–0 victory against Burundi. Ivory Coast topped the group with a convincing win over Kenya.

Elsewhere, DR Congo defeated Sudan 1–0 to finish runners-up in Group B behind Senegal, while Cameroon advanced as Group D runners-up, trailing only Cape Verde.

The four best second-placed teams across the nine qualifying groups will now contest the CAF playoff mini-tournament, scheduled to take place in Morocco between November 13 and 16. The winner will progress to the intercontinental playoffs in March 2026 for a final chance to qualify for the World Cup, which will be co-hosted by Canada, Mexico, and the United States.

Nigeria, expected to retain their position as the highest-ranked African side among the four qualifiers when FIFA releases its next rankings on October 23, will face the lowest-ranked team—Gabon—in the first semifinal. Cameroon will square off against DR Congo in the other semifinal.

The CAF has confirmed that the matches will be single-leg knockouts, with Morocco hosting the event at a neutral venue to be announced shortly. If tied after regulation time, 30 minutes of extra time will be played, followed by penalties if necessary.

The tournament gives Africa one more shot at securing a place in the expanded 48-team 2026 World Cup. The nine group winners have already qualified directly, while this playoff offers another pathway for the continent to be represented on the global stage.

For Nigeria, the showdown against Gabon represents both an opportunity and a test of their renewed form under Eric Chelle, as they aim to return to the World Cup after missing the 2022 edition.

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Osimhen’s Hat-Trick Propels Nigeria Into World Cup Playoffs

October 15, 2025

The Super Eagles of Nigeria stormed into the African playoffs for the 2026 FIFA World Cup after demolishing the Benin Republic 4–0 in a thrilling qualifier on Tuesday night at the Godswill Akpabio International Stadium, Uyo.

Victor Osimhen was unstoppable, netting a clinical hat-trick, while substitute Frank Onyeka added a late goal to complete a dominant performance that sent Nigeria through to the playoff stage in emphatic fashion.

The victory, one of the Super Eagles’ most convincing in recent times, reignited belief among fans and silenced critics who had questioned the team’s consistency in the qualification campaign.

From kickoff, Nigeria showcased attacking intent and tactical cohesion. Their early pressure paid off just three minutes into the encounter when Samuel Chukwueze’s clever through ball found Osimhen, who calmly slotted past the Beninese goalkeeper to open the scoring and send the home crowd into wild celebration.

Chukwueze’s dazzling display on the right flank continued to trouble Benin’s defence. In the 37th minute, his precise delivery met Osimhen’s towering header for Nigeria’s second goal, sending the stadium into a frenzy and giving the Super Eagles a comfortable lead before halftime.

Despite Benin’s attempts to regroup after the break, the Nigerian attack remained relentless. Six minutes into the second half, Moses Simon’s free kick floated invitingly into the box, and Osimhen rose highest to head home his third goal, completing a magnificent hat-trick and reaffirming his status as one of the world’s most lethal strikers.

Benin’s frustration was evident as they resorted to physical play, earning several yellow cards in quick succession. The Super Eagles, however, maintained their discipline, dictating the tempo and controlling possession with composure. Defender Semi Ajayi received a booking for a tough challenge, but Nigeria’s dominance never wavered.

Coach Eric Chelle’s second-half substitutions injected renewed energy into the team. Olakunle Olusegun replaced Chukwueze, Bruno Onyemaechi came on for Zaidu Sanusi, and Frank Onyeka entered for Akor Adams—all of whom contributed to maintaining Nigeria’s attacking rhythm.

In added time, Onyeka put the icing on the cake with a stunning strike from Moses Simon’s assist, sealing a 4–0 triumph that delighted the jubilant fans in Uyo.

Benin barely tested goalkeeper Stanley Nwabali, who remained largely untroubled thanks to the solid defensive pairing of Calvin Bassey and Ajayi. The win confirmed Nigeria’s place among the top four second-placed teams advancing to the CAF playoffs with 15 points and a +7 goal difference.

With Eritrea’s withdrawal affecting group calculations, Nigeria’s two points from matches against Zimbabwe were sufficient to secure qualification. More importantly, the emphatic victory restored faith in the squad’s ability ahead of the 2025 Africa Cup of Nations and the decisive playoff round.

Osimhen’s hat-trick took his international tally to 29 goals, moving him closer to legendary striker Rashidi Yekini’s national record of 37. It also marked Nigeria’s first four-goal haul in a match since September 2023, underscoring their return to form under Chelle.

As the final whistle blew, fans celebrated a rejuvenated Super Eagles side that finally looked ready to conquer Africa—and beyond.

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NANS Gives FG, ASUU Seven Days to End Dispute Or Face Student Action

October 15, 2025

The National Association of Nigerian Students (NANS) has given the Federal Government and the Academic Staff Union of Universities (ASUU) seven days to resolve their ongoing dispute to prevent another strike that could halt academic activities nationwide.

In a statement signed by its President, Olushola Oladoja, NANS said students would no longer tolerate disruptions to the school calendar, especially as many now depend on student loans to fund their education.

Oladoja noted that under President Bola Tinubu’s administration, universities had enjoyed two uninterrupted academic years — a record achievement since 1999. He warned that the current tension between ASUU and the government threatens this progress.

He praised Tinubu’s education reforms, including the Nigerian Education Loan Fund, removal of tertiary institutions from IPPIS, and the reversal of the 40% IGR remittance policy. However, he blamed poor communication and delays in implementing agreements with ASUU for the renewed crisis.

NANS urged both parties to return to the negotiation table within seven days and called on President Tinubu to personally intervene. “Now is the time for dialogue and decisive action — the future of millions of students depends on it,” Oladoja said.

ASUU had on Monday begun a warning strike after the government failed to meet its demands, which include payment of withheld salaries, implementation of the 2009 agreement, revitalisation of universities, and release of cooperative deductions.

Carex, Lagos Ministry Of Environment Champion Hygiene Education On Global Handwashing Day

Carex, Lagos Ministry Of Environment Champion Hygiene Education On Global Handwashing Day

October 15, 2025

As part of the 2025 Global Handwashing Day celebration, Carex, in collaboration with the Lagos State Ministry of the Environment and Water Resources, has launched an extensive hygiene awareness campaign across schools in the state to promote regular and proper handwashing habits among children.

Themed “Be a Handwash Hero,” this year’s campaign focused on empowering pupils and students with practical knowledge on hand hygiene as a cost-effective and life-saving health practice. The initiative underscores the global call to action for communities to prioritise handwashing with soap as a frontline defense against infectious diseases.

Teams from Carex and the Ministry visited selected primary, junior, and senior secondary schools across Lagos, where students participated in interactive health talks, live demonstrations, and hygiene-focused games.

Pupils were taught the 20-second handwashing technique, incorporating songs and fun activities to make the process memorable. Many pledged to become “handwashing heroes” — ambassadors of hygiene within their schools and communities.

Speaking at one of the outreach sessions, a representative of the Lagos State Ministry of the Environment and Water Resources emphasised the government’s commitment to early health education as part of its environmental sustainability and public health agenda.

“Good hygiene habits start early. When children understand the power of handwashing, they not only protect themselves but also safeguard their families and communities,” the official said.

Dedun Ezichi, Head of Category at PZ Cussons Nigeria, said the campaign aligns with Carex’s long-standing commitment to improving public health outcomes through hygiene education.

“The theme; Be a Handwash Hero, perfectly reflects our mission at Carex. Every child who learns to wash their hands properly becomes a defender against germs, protecting not just themselves but their families and communities,” Ezichi stated.

She noted that Carex’s intervention aims to help Nigerians view handwashing as a daily lifestyle habit rather than an occasional act, adding that the brand’s antibacterial range is designed to make hygiene “simple, safe, and effective.”

The campaign forms part of a broader partnership between the private sector and government agencies to promote sustainable public health practices across Lagos. Data from UNICEF shows that while access to clean water and sanitation has improved, only about 50% of Nigerian households practise regular handwashing with soap, underscoring the need for continuous education and behavioural change campaigns.

Carex’s initiative complements state-led efforts to reduce preventable diseases such as diarrhoea, cholera, and respiratory infections, which remain major health concerns among children.

In a statement from Carex, the brand reinforced its belief that hygiene heroes exist in everyday settings:

“Heroes aren’t only found in comic books; they’re in every home, every school, and every hand that chooses to stay clean. When we wash our hands, we protect ourselves and others — and together, we win the war against germs.”

The event, which witnessed active participation from students, teachers, and health officials, reaffirmed that strengthening hygiene culture through education remains one of the most effective public health investments in Nigeria.

IMF Commends Nigeria’s Economic Reforms, Raises 2025 Growth Forecast To 3.9%

Short-Term Rates Diverge As OMO Inflows Boost Money Market Liquidity

October 15, 2025

Nigeria’s short-term benchmark interest rates closed Tuesday’s trading session on a mixed note, as significant liquidity inflows from matured Open Market Operations (OMO) bills strengthened cash levels in the financial system.

Data from AIICO Capital Limited showed that system liquidity opened at about ₦2.2 trillion, despite the Central Bank of Nigeria (CBN)’s recent liquidity mop-up operations, which have drained over ₦5.3 trillion from the market.

The surge in liquidity kept interbank rate movements constrained, with strong activity observed at the CBN’s standing deposit facility window as banks continued to manage excess cash positions.

Following the ₦481.3 billion inflow from OMO maturities, system liquidity settled at ₦2.153 trillion on Tuesday, reflecting a stable money market environment.

Consequently, Nigerian interbank rates remained largely unchanged, with overnight lending rates steady at 24.86%, mirroring last week’s trends. Funding costs saw minor adjustments, as the overnight rate dipped marginally by 3 basis points to 24.87%, while the Open Purchase Rate (OPR) remained fixed at 24.85%.

Market analysts noted that the funding cost is expected to maintain a similar trajectory in the short term, barring any significant liquidity changes or major funding activities.

In the Treasury Bills secondary market, performance was mixed across maturities. Short-term (1-month and 3-month) yields climbed by 11bps and 6bps respectively, while mid- to long-term (6-month and 12-month) rates dropped by 4bps and 7bps.

Despite these divergent movements, the average Nigerian Treasury Bills (NTB) yield inched up slightly by 0.5bps to 17.38%. This reflected sustained bullish sentiment and a resilient appetite for short-term government instruments among institutional investors.

NGX All Share Index Hits Record High As Market Capitalization Approaches ₦94 Trillion

IMF Commends Nigeria’s Economic Reforms, Raises 2025 Growth Forecast To 3.9%

October 15, 2025

The International Monetary Fund (IMF) has commended Nigeria for making significant progress in revenue mobilisation, improving transparency in foreign exchange (FX) management, and strengthening macroeconomic stability through sustained policy reforms.

Speaking during a press briefing on the Global Financial Stability Report at the ongoing IMF/World Bank Annual Meetings in Washington, D.C., the Fund’s officials said Nigeria’s economic trajectory is moving in a positive direction, citing improved policy coordination, fiscal discipline, and foreign reserve management as key stabilising factors.

The session featured Tobias Adrian, Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department (MCM); Vamvakidis Athanasios, Deputy Director; and Jason Wu, Assistant Director. It was moderated by Meera Louis, IMF Communications Officer.

Stronger Policy Reforms and FX Transparency

According to the IMF, Nigeria’s transition toward a more flexible exchange rate regime and its renewed emphasis on FX transparency have enhanced market confidence and improved external balance. The Fund described these measures as “vital reforms” that align with efforts to strengthen the country’s resilience against global economic shocks.

“Nigeria has taken important steps to improve revenue collection and transparency in foreign exchange and reserve management,” an IMF official said. “The direction of travel appears to be positive.”

The Fund also noted that tighter monetary policy under the Central Bank of Nigeria (CBN) has begun to yield results. Headline inflation, which peaked at over 30% in 2024, has declined to about 23% as of September 2025, aided by liquidity control measures, higher interest rates, and improved FX supply.

Foreign reserves have similarly strengthened, rising to approximately $42 billion, supported by higher oil receipts and improved non-oil export performance.

IMF officials emphasised that exchange rate adjustments should be viewed as a natural buffer rather than a negative signal.

“A depreciating currency is not necessarily harmful,” the Fund explained. “It allows economies to restore balance and competitiveness, especially when external conditions tighten.”

This position reflects the IMF’s ongoing endorsement of Nigeria’s FX unification and transparency efforts, which began in mid-2024 and are now showing early signs of stabilisation.

While acknowledging Nigeria’s progress, the IMF warned that Sub-Saharan Africa remains vulnerable to volatile capital inflows, debt pressures, and external shocks.

Although the region has maintained moderate growth amid improved global financial conditions, the Fund cautioned that abrupt reversals of foreign investments could expose structural weaknesses, particularly in economies reliant on external financing.

It urged African countries, including Nigeria, to consolidate recent gains through sound fiscal and monetary management, debt transparency, and structural reforms aimed at boosting domestic revenue.

In a related announcement, the IMF raised Nigeria’s economic growth forecast for 2025 to 3.9%, up from an earlier projection of 3.4%, citing improved macroeconomic conditions, rising investor confidence, and stronger oil production.

The Fund also revised Nigeria’s 2026 growth outlook upward to 4.2%, while increasing its 2024 growth estimate to 4.1%, following a rebasing of the nation’s Gross Domestic Product (GDP). The new GDP structure captures wider economic activities, particularly from the informal and digital sectors.

“Since July, Nigeria’s exchange rate has appreciated, financial conditions have strengthened, and investor sentiment has improved,” the Fund stated. “These factors, combined with higher oil output and improved security around key installations, underpin the stronger growth outlook.”

The IMF’s upward revision positions Nigeria as one of Sub-Saharan Africa’s top-performing large economies, alongside Ethiopia and Kenya. The Fund credited Nigeria’s recovery to its ongoing fiscal reforms, including the Tax and Fiscal Policy Committee’s drive to expand the tax base, reduce leakages, and enhance non-oil revenue.

Analysts, however, note that sustaining growth will depend on continued policy discipline, diversification of export earnings, and maintaining investor confidence through exchange rate stability.

Sub-Saharan Africa’s Broader Landscape

Across the region, the IMF projects growth to average 3.7% in 2025, buoyed by reforms in key economies. Nonetheless, the Fund warned that resource-dependent and conflict-affected nations remain at risk, while low-income economies are struggling with widening income gaps and debt service burdens.

To close the gap with advanced economies, the IMF urged African governments to strengthen institutions, modernise tax systems, and prioritise debt sustainability through improved fiscal discipline.

“The reform momentum in countries like Nigeria is a positive signal,” the IMF said, “but sustaining this progress will require consistent policy implementation and political will.”

EFCC Arraigns Lagos Businessman For Alleged ₦215.8 Million Cyber-Theft

EFCC Arraigns Lagos Businessman For Alleged ₦215.8 Million Cyber-Theft

October 15, 2025

The Economic and Financial Crimes Commission (EFCC) has arraigned a Lagos-based businessman, Ugoh Christogonus Onyewuchi, and his company, C-PAC Integrated Service Nigeria, before Justice Olubunmi Abike-Fadipe of the Special Offenses Court, Ikeja, over alleged involvement in a cyber-enabled theft exceeding ₦215.8 million.

According to court filings, the case stems from a major financial breach involving over ₦8.56 billion fraudulently withdrawn from accounts domiciled in a commercial bank through unauthorised access to its computer and server systems. The EFCC alleges that Onyewuchi retained ₦215.8 million of the stolen funds, which were traced to his company’s account — C-PAC Integrated Service Nigeria, account number 5080158271.

Charges and Allegations

The defendants were arraigned on Monday, October 13, 2025, on a two-count charge bordering on stealing and retention of proceeds of criminal conduct.

The first count accuses Onyewuchi and his company of retaining control of ₦215.8 million, described as part of the larger ₦8.56 billion illegally siphoned from bank accounts through server manipulation. The second count alleges dishonest conversion of the same amount for personal use.

Prosecutors argue that the transactions were conducted with the intent to conceal the illicit origin of the funds — a pattern consistent with recent cases of bank server compromises and internal collusion in Nigeria’s financial system.

Court Proceedings and Bail Conditions

Onyewuchi pleaded not guilty to all charges. Prosecution counsel, M.K. Bashir, requested that the court set a trial date and remand the defendant pending the conclusion of the case.

Defence counsel, G.D. Innocent, however, appealed to the court to allow his client to continue benefiting from an existing bail granted during the court’s vacation period by Justice I.O. Idowu.

Justice Abike-Fadipe upheld the earlier bail conditions but ordered that the defendant be remanded in a correctional facility pending the perfection of his bail. The case was adjourned to December 17 and 18, 2025, for the commencement of the trial.

Data from the Financial Institutions Training Center (FITC) indicates that Nigerian banks recorded ₦59.3 billion in attempted and successful fraud cases between 2019 and 2024 — with electronic channel breaches (internet banking, mobile apps, and internal IT systems) accounting for more than 70% of the total.

The alleged ₦8.5 billion server breach linked to Onyewuchi represents one of the largest digital theft cases in recent years, underscoring the growing sophistication of financial cybercrime and the urgent need for stronger cybersecurity protocols within Nigeria’s banking sector.

Industry analysts note that as banks deepen digital integration, the EFCC and Central Bank of Nigeria (CBN) face increasing pressure to enforce stricter data protection frameworks and ensure real-time monitoring of internal financial transactions to prevent insider-assisted fraud.

The EFCC has vowed to pursue the matter “to its logical conclusion,” affirming its commitment to combating technology-driven financial crimes that threaten the country’s economic stability.

If convicted, Onyewuchi faces potential penalties under Section 333 of the Criminal Law of Lagos State, 2015, which prescribes imprisonment for the offence of stealing, alongside forfeiture of proceeds derived from criminal activity.

Naira Strengthens As CBN’s Reform Agenda Spurs Trade Surplus, Investor Confidence

Naira Strengthens As CBN’s Reform Agenda Spurs Trade Surplus, Investor Confidence

October 15, 2025

Nigeria’s economic reform drive appears to be yielding tangible results, with the Central Bank Governor, Mr. Yemi Cardoso, declaring that the Naira has become “more competitive globally” following months of monetary tightening and structural adjustments aimed at restoring stability and investor confidence.

Speaking at a G24 media briefing on the sidelines of the IMF/World Bank Annual Meetings in Washington on Tuesday, Cardoso said that recent fiscal and monetary interventions have helped cushion the economy against external shocks, stabilise the exchange rate, and improve trade performance.

“We were able to create resilience and buffers against potential shocks,” he said. “Those who closely monitor Nigeria’s economy have expressed increased confidence, and while oil remains our most vulnerable commodity, the overall impact of global fluctuations has been relatively modest.”

For the first time in several years, Nigeria is recording a positive balance of trade, a shift Cardoso attributes to the improved competitiveness of the Naira.

“Now, we have a more competitive currency,” he explained. “As a result, we are experiencing a positive trade balance, estimated at 6% of GDP, which we expect to sustain in the medium term.”

According to CBN data, the value of non-oil exports grew by over 20% in Q2 2025, driven by solid performance in agriculture and manufacturing, while import volumes declined marginally due to tighter foreign exchange management and increased domestic sourcing. Economists view this as an early sign that Nigeria’s trade structure is becoming more self-reliant and diversified.

“The ongoing reforms have encouraged local production and discouraged import dependency,” Cardoso noted. “This aligns with the government’s broader agenda to restructure the economy towards productivity and export-driven growth.”

As of Wednesday, the Naira traded at ₦1,463 to the U.S. dollar — marking its strongest performance in over six months. The local currency appreciated steadily throughout September, closing at ₦1,478/$1 at month’s end compared to ₦1,527.9/$1 at the start of the month.

Daily data from the FMDQ Exchange shows that between September 15 and 29, the Naira gained approximately 3% against the dollar, maintaining an average rate below ₦1,500/$1 for the last two weeks of the month. Analysts say this stability reflects improved dollar liquidity from oil receipts, foreign portfolio inflows, and the Central Bank’s tighter monetary policy stance.

The CBN has implemented several measures since mid-2024, including unifying exchange rate windows, tightening foreign exchange compliance, and introducing new market-based interventions to restore transparency and investor trust.

Nigeria’s Growing Role in Global Financial Governance

Cardoso also highlighted Nigeria’s active role in shaping global economic policy within the Group of 24 (G24), commending the bloc’s increased influence under Argentina’s leadership.

“The G24 has secured a stronger, more effective seat at the Bretton Woods institutions,” he said. “Our collective voice is now more prominent in global financial governance, and that represents a major milestone.”

He added that Nigeria’s participation in the G24 offers a platform to advocate for equitable international financial reforms and improved representation for developing economies.

With inflation easing to 22.7% in September and foreign reserves rebounding to $41.6 billion, analysts say Nigeria’s macroeconomic indicators are gradually improving. However, challenges remain — including high debt servicing costs and sluggish non-oil revenue growth.

“Nigeria is completely restructuring its economy. A competitive currency and sustained policy discipline are helping drive that transformation.”

Banking Stocks Drag Index Lower Amid Block Trades

Naira Weakens To ₦1,463 At Official FX Window Amid Rising Dollar Demand

October 15, 2025

The Nigerian naira weakened further against the US dollar for the second consecutive day, closing at ₦1,463 per dollar at the official foreign exchange window on Tuesday, as dollar demand continued to mount across the market.

Increased foreign exchange (FX) demand — particularly from importers and investors — exerted downward pressure on the naira, even as the Central Bank of Nigeria (CBN) maintained strong intervention capacity.

At the global level, the US dollar appreciated against major currencies as investors sought safety amid renewed concerns over a potential U.S. government shutdown.

Official data from the CBN showed that the naira depreciated by 39 basis points to close at ₦1,463.23/$, trading within the range of ₦1,457 to ₦1,474 during the day’s session. Similarly, the parallel market rate moved in tandem, reflecting consistent demand pressures.

Despite the depreciation, Nigeria’s external reserves continued their upward trend, rising by $43 million to $42.63 billion as of October 13, 2025 — a sign of healthy FX buffers to stabilise market volatility.

Analysts predict that the naira is likely to remain around current levels, supported by the resilience of external reserves and cautious CBN intervention.

Meanwhile, global commodity markets remained volatile. Brent crude futures fell 1.39% to $62.44 per barrel, while U.S. West Texas Intermediate (WTI) slipped 0.56% to $58.74 per barrel after the International Energy Agency (IEA) warned of a potential oil glut in 2026.

Conversely, gold prices surged to a new all-time high above $4,100 per ounce, as investors shifted toward safe-haven assets amid heightened U.S.-China trade tensions and expectations of an upcoming rate cut by the U.S. Federal Reserve. Spot gold rose 0.52% to $4,149.82/oz, while gold futures gained 0.47% to $4,165.10/oz.

Experts from AIICO Capital Limited said sentiment in the financial markets is expected to remain cautious, with investors likely to maintain preference for safe-haven assets as global uncertainties persist.

Banking Stocks Drag Index Lower Amid Block Trades

FG To Issue ₦4 Trillion Bond To Clear GenCos’ Outstanding Debts

October 15, 2025

The Federal Government of Nigeria has concluded plans to issue a ₦4 trillion sovereign bond aimed at clearing verified debts owed to power generation companies (GenCos) and gas suppliers, marking a major intervention in the electricity sector.

This was revealed by the Special Adviser to the President on Energy, Mrs. Olu Verheijen, in a statement signed by her media aide, Senan Murray, and released in Abuja.

According to Murray, the decision followed a strategic meeting between senior government officials and executives of power generation companies to finalise modalities for the settlement of outstanding arrears.

The meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Power, Chief Bayo Adelabu; and Mrs. Verheijen.

Verheijen explained that the new debt settlement framework will involve bilateral negotiations to agree on final payment structures that balance fiscal constraints with the financial realities of the power sector.

“This intervention represents the most significant fiscal step in more than a decade to resolve a debt overhang that has hindered investment, weakened utilities, and disrupted reliable power delivery,” Murray stated.

He added that the initiative aligns with President Bola Tinubu’s reform agenda and the Federal Executive Council’s approval to address long-standing liquidity bottlenecks in the power industry while attracting large-scale private sector investments.

Verheijen emphasized that the Federal Government is focused on creating an enabling environment for power sector growth through grid modernization, improved distribution efficiency, and expansion of embedded generation capacity.

She added that the plan will also target reducing metering gaps, aligning tariffs with cost-reflective levels, improving subsidy targeting for vulnerable groups, and restoring investor and regulatory confidence.

Minister Wale Edun noted that the reforms go beyond debt clearance, saying they are designed to “rebuild the fundamentals of the power sector so it works for investors, citizens, and future generations.”

He highlighted that the reforms will also promote renewable energy adoption, harness domestic gas as a transition fuel, and develop local technical expertise to achieve long-term energy security.

Industry stakeholders, including Mr. Tony Elumelu, Chairman of Heirs Holdings and Transcorp Power, and Mr. Kola Adesina, Group Managing Director of Sahara Power Group, commended the initiative, describing it as a credible step toward stabilizing the electricity market and boosting investor confidence.

The Presidential Power Sector Debt Reduction Plan is being jointly implemented by the Federal Ministries of Finance and Power, alongside the Office of the Special Adviser to the President on Energy and the Nigerian Bulk Electricity Trading (NBET) Plc.

Banking Stocks Drag Index Lower Amid Block Trades

Dollar To Naira Exchange Rate For 15th October 2025

October 15, 2025

Dollar To Naira Exchange Rate Today (Thur. July. 20, 2023)

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1485.00 per $1 on Wednesday, October 15th , 2025. The naira traded as high as 1457.00 to the dollar at the investors and exporters (I&E) window on Tuesday.

Table of Contents

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1504 and buy at ₦1485 on Tuesday 14th October, 2025, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	₦1505
Buying Rate	₦1485

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)	CBN Rate Today
Highest Rate	₦1474
Lowest Rate	₦1457

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Banking Stocks Drag Index Lower Amid Block Trades

October 15, 2025

Names Of Forex Policy Defaulters Will Be Published, Banks Tell Customers

The Nigerian banking index slipped by 37 basis points on Tuesday as institutional investors executed significant block trades off the Nigerian Exchange (NGX) platform, dampening sentiment across financial stocks.

Despite a generally positive trend in the broader market, the banking sector underperformed due to sell-offs in major financial institutions such as FCMB, UBA, and ACCESSCORP, according to trading data from the NGX.

FIDELITYBANK led the volume chart with 50.90 million shares, followed by CHAMS (37.36 million), TANTALIZER (36.69 million), and ACCESSCORP (30.15 million).

In terms of value, MTN Nigeria (₦2.46 billion), Dangote Cement (₦2.34 billion), Lafarge Africa (₦2.26 billion), and Zenith Bank (₦1.21 billion) dominated trading activity.

Noteworthy block transactions included:

FIDELITYBANK: 45 million shares traded at ₦20.05–₦20.10 per share, worth ₦926 million.
Dangote Cement: Two block trades totaling 999 million shares at ₦585.60 per share, valued at ₦585 million.
ACCESSCORP: 5 million shares traded at ₦26.00 per share, worth ₦130 million.

Sectoral analysis showed mixed results. The Insurance Index (+1.01%) led the gainers, buoyed by WAPIC (+6.45%) and AIICO (+1.78%). The Industrial Goods (+0.30%) and Consumer Goods (+0.10%) sectors also recorded slight upticks, driven by BUACEMENT (+0.63%) and INTBREW (+3.57%).

However, the Banking Index (-0.37%) and Oil & Gas Index (-0.09%) ended the day in the red as sell-side activity weighed on investor sentiment.

Analysts say that while block transactions can temporarily distort market dynamics, the broader equity outlook remains positive given continued rotation of capital from fixed-income instruments into equities.

Naira Slides As Dollar Demand Intensifies Across FX Markets