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Nigeria’s External Reserves Loses $343m In Nine Days – CBN

CBN Approves Reduction In Banks' CRR

Nigeria’s foreign exchange reserves fell by $342.97 million to $36.53 billion in nine days, according to figures from the Central Bank of Nigeria released Sunday.

The fall in the country’s foreign exchange reserves coincides with the recent sale of $876.26 million to meet importer and other user needs via the Retail Dutch Auction System.

It also precedes the Nigerian government’s decision to issue a $500 million domestic dollar bond. Last week, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stated that the $500 million domestic dollar bond will increase external reserves and help stabilize the country’s foreign exchange situation.

He said, “This historic issuance will provide essential foreign exchange liquidity and boost reserves, which will help stabilise the exchange rate, manage inflation, and eventually lower interest rates. It will also lay the foundation for increased investment by both domestic and foreign direct investors.”

He went on to say that the bond was a deliberate move to direct funding to areas that would drive the country’s economic growth. The government intends to issue a dollar-denominated domestic bond on Monday, hoping to garner $500 million from domestic and overseas investors.

This dollar bond is the first of its kind in the country, with bullet payoff at maturity in US dollars and full principle repayment at the conclusion of the five-year period.

Investors can subscribe with a minimum of $10,000, with further investments in $1,000 increments. This move is expected to attract local and foreign investors and provide much-needed support to the external reserves. As of August 15, 2024, the reserves stood at $36.53 billion, down by approximately 0.93 percent from $36.87 billion recorded on August 7, 2024.

On August 7, 2024, the reserves were recorded at $36.87bn. Over the next few days, the reserves steadily decreased, with August 8 showing a slight dip to $36.84 billion, marking a decline of approximately 0.06 per cent.

By August 9, the reserves had further diminished to $36.83 billion, representing a more modest daily decline of 0.05 per cent. The decline became more pronounced over the following days, with August 12 witnessing a drop to $36.62bn, a decrease of 0.57 per cent from the reserves recorded three days earlier.

This was followed by another decline on August 13, when reserves stood at $36.57bn, reflecting a further 0.14 per cent reduction. By August 14, the reserves had decreased slightly to $36.54bn, showing a minimal drop of 0.02 per cent, highlighting the continued strain on the reserves.

The period culminated on August 15, 2024, with reserves hitting $36.53bn, a total decline of 0.26 per cent from the previous day and marking a cumulative decrease of 0.93 per cent over the nine days.

This persistent decline comes after four months of about $4 billion in growth in the external reserves. It further highlights the struggle faced by Nigeria’s financial authorities in maintaining reserve levels amid ongoing economic pressures, including the need to meet import demands and debt obligations as well as manage liquidity for the naira’s stability.

At last month’s Monetary Policy meeting, the CBN governor announced that the external reserves were $37.05bn but this was confirmed to be inaccurate.

He said at the meeting, “As of July 18, 2024, external reserves stood at US$37.05bn, compared with US$34.70bn as of June 2024. This represents 11 months of import cover for goods and services.”

However, checks showed that the external reserves as of that date were $35.93 billion, $1.12 billion short of the amount announced to the public by the governor.

Nigeria’s Inflation Rate Falls To 33.40% In July

Nigeria’s Sovereign Eurobond Yield Drops To 10.3%

DMO Set To Auction N150bn Bond On FG's Behalf

The average yield on Nigeria’s sovereign US dollar bond rose as foreign portfolio investors expanded holdings and wagers in the international market as inflation began to fall.

The latest disinflation strengthened foreign investors’ trust and enhanced expectations for a brighter future following major macroeconomic stimulus actions. Nigeria’s inflation rate fell for the first time in 19 months, owing to base effects and increased food supplies in local markets. According to figures from the National Bureau of Statistics (NBS), headline inflation declined 79 basis points to 33.4% in July 2024.

“While this disinflation outcome was in tandem with our expectations, the magnitude was disappointing,” Afrinvest said in a note. Analysts at Afrinvest Limited had estimated that the headline rate would decline by 107 basis points in a base case to 33.1%.

This expectation was anchored on the base-year effect and decline in the price of certain farm outputs, such as yam, pepper, and vegetables, owing to gains from early harvest.

In the local market, the local FGN bond market had a bullish settlement with minimal bearish bias. As a result, the average mid-yield decreased by 18 bps to 19.39% on a week-on-week basis.

The Eurobonds market was mostly bullish this week, with the average mid-yield falling for most of the trading sessions amidst expectation that the US Fed reserve would cut rates in September.

The latest data showed that US inflation grew by 0.20% month on month, in line with market forecasts. However, year-on-year inflation grew by 2.90%, lower than the estimated 3.0% y/y.

The US Producer Price Index (PPI) increased by 2.20% year-on-year, down from 2.70% year-on-year, and by 0.10% month-on-month, down from 0.20% month-on-month in June.

In the Sub-Saharan African Eurobonds market, sentiment was shaped by widespread expectations that the Fed will ease its grip on interest rates following the release of softer inflation data in the US, Afrinvest said in a note.

Consequently, all papers in this market segment witnessed a yield decline, save the Gabon 2024 (+0.3%) and Benin 2038 (+8.6%) papers.

Specifically, the strong performance of Ghana 2025 (-7.2%) and Ghana 2026 (-1.5%) instruments drove the average yield down 21 bps week on week to 19.8%. Analysts said they expect bullish sentiment to persist as investors continue to price in the possibility of a rate cut in September.

The U.S. Treasury yield closed slightly lower on Friday, a day after fading recession fears led to an aggressive selloff as investors calibrated their expectations for the Federal Reserve’s next move.

The debate centers around how much of a cut in interest rates may come out of the meeting, with sentiment easing back to a cut of 25 basis points from the more aggressive 50 bps expected a few weeks ago.

Minister describes 5,000MW Power Generation as disgraceful

NGX Equities Market Drops By N847bn As Investors Exit Positions

Nigerian Stock Exchange

In the previous week, equities investors lost over N847 billion due to sharp selloffs on the Nigerian Exchange (NGX) platform. Investors were observed selling stocks after interim dividend announcements failed to bolster purchasing momentum.

The sell pattern differed little from previous bearish tone in the equity market. According to data from the Nigerian Exchange, the all-share index fell 1.5% week on week to 97,100.31 points, and market capitalization settled at N55.13 trillion, with a year-to-date return of 29.86%.

There were reports of significant profit-taking and sell-offs, notably in some mid and large-cap equities. According to Cowry Asset Limited, this slump pushed the benchmark index even lower, with low trading volumes and negative market internals, underlining both the market’s fragility and potential chances for discerning investors.

A series of interim dividend pronouncements failed to stimulate buying mood in the face of restricted free cash, as some banks seek to raise more than N1 trillion through rights and public offerings.

By the end of the trading week, gloomy mood had grabbed the All Share Index (ASI), which slid 1.51% week on week to close at 97,100.31 points.

Stock analysts attributed the downhill in the market to selloffs in industrial goods sectors, a reflection of the ongoing interplay of market dynamics amidst heightened volatility.

Trading activities in the equities market was subdued. The weekly traded volume dropped by 25.8% week-on-week to 1.99 billion units, while the weekly traded value declined by 17.9% to N40.19 billion.

Citing data from the Nigerian Exchange, Cowry Asset Limited noted that the number of weekly deals fell by 7.24%, amounting to 44,017 trades. The market breadth ended the trading session weaker, evidenced by the fact that the number of gainers outstripped by the number of losers.

In terms of sectoral performance, the picture was largely positive, with the exception of the industrial goods and banking sectors, which retreated by 5.16% and 2.28% week-on-week respectively, as profit-taking exerted downward pressure on these sectors.

In contrast, the market pullbacks witnessed during the week provided strong buying opportunities that buoyed investor sentiment, Cowry Asset Limited said.

This positive sentiment was reflected in the performance of certain stocks, leading to gains in the oil and gas which gained 5.25%, the insurance was up by 0.79% while the consumer goods rose by 0.37%.

Top performers in the market include RTBRISCOE, which led the chart with a 33.9% increase, followed by TOTAL (20%), JBERGER (18%), GUINEAINS (18%), and UPL (12%), all benefiting from positive price movements during the week.

Conversely, stocks such as CUTIX (-18%), BUACEMENT (-15%), OANDO (-12%), LEARNAFRICA (-11%), and CHAMS (-10%) were among the top losers, primarily due to sell-offs by investors.

Overall, the equities market value of the Nigerian Exchange dropped by N846.53 billion to close at N55.13 trillion. Cowry Research anticipates a mixed performance in the coming week, driven by ongoing portfolio rebalancing and profit-taking activities. Nevertheless, we continue to advise investors to focus on fundamentally sound stocks.

Minister describes 5,000MW Power Generation as disgraceful

President Tinubu Set To Travel To France Today

Tinubu To Travel To India For G-20 SAummit

President Bola Tinubu’s travels to France are scheduled to begin on Monday. Ajuri Ngelale, the president’s media adviser, issued a brief statement on Sunday night, stating that the president will leave for the trip from Abuja, the nation’s capital.

Ngelale stated that the president would return to the country following his brief work trip in France. The statement, however, did not reveal the reason for the president’s journey.

Bizwatch Nigeria recalls that the president forbade unauthorised government personnel from attending the upcoming United Nations General Assembly (UNGA) in New York, United States.

The presidency had hinged the directive on the need to reduce bloated governance costs, especially as unauthorised officials in the past travelled on the sidelines of such trips for personal interests.

The directive was handed down to officials of government by the Chief of Staff to the President, Femi Gbajiabiamila, during a one-day retreat organised by State House management for heads of agencies under the presidency.

Minister describes 5,000MW Power Generation as disgraceful

Money Market Rates Drop As Banks Loan N1.8trn From CBN

Tinubu Orders Osayande To Investigate CBN, Related Affairs

Nigerian deposit money banks (DMBs) borrowed more than N1.8 trillion from the Central Bank of Nigeria’s (CBN) standing lending facility to strengthen their liquidity situations. A restricted financing level pushed money market rates above 36%, up from as low as 25% in early August, when liquidity levels increased dramatically.

Local bankers with short-term cash restrictions resort to the facility to increase money market liquidity as financial system pressures rise again. The Nigerian interbank offered rate rose to 32.70% at the conclusion of the week, as cash-rich lenders hiked rates for market peers.

Meanwhile, analysts explained that the seemingly huge amount from the CBN window reflated the liquidity balance, causing money market rates to decline week on week. Accessing funds from the CBN signals the banks need to cover short positions, which analysts call a common daily occurrence in the money market space.

Short-term benchmark interest rates had climbed above 36%, according to market data tracked by analysts. During the early part of the week, system liquidity was positive, AIICO Capital Limited said in its market update.

Analysts noted that as the week progressed, liquidity improved and resulted in a surplus balance from the middle of the week to the end.

Consequently, the open repo rate and the overnight rate decreased by 109 bps and 99 bps to 32.30% and 32.98%, respectively, compared to the previous week.

“We anticipate that the system liquidity will improve next week, as the FGN offer size has been reduced, and there are bond coupons worth approximately ₦365.01 billion and the possibility of early FAAC credits.”.

Further details showed that the overnight rate declined by 99 basis points week on week to settle at 33.0% on Friday. DMBs funding obligations always swing at the same time when depositors are taking out cash.

An inflow from OMO maturities worth N20.50 billion increased the liquidity balance in the money market. Analysts at Cordros Capital Limited said banks’ activity at the CBN SLF window worth N1.82 trillion also supported system liquidity.

The investment firm said the average system liquidity settled higher at a net long position of N407.16 billion last week, from a net long position of N10.61 billion in the previous week.

Analysts said they expect debits for the N190 billion FGN bond and Nigerian Treasury bills auction to put pressure on system liquidity, leading to a surge in funding rates.

FG Launches Committee On Food Security And Inflation – Minister

Tier-1 Banks Market Value Falls To N4.8Trn

Sell pressures on Nigerian big banks dragged their combined market valuations lower to around N4.8 trillion at the end of the previous week. With mixed activity seen from both the sell and buy side equities traders in the Nigerian Exchange, Tier-1 banks combined market value fell to N4.747 trillion in the market on Friday.

The raging sell-side trading activity on the banking index gathered traction following the 70% windfall tax, reducing the total market valuation of the major firms.

The outcomes were mixed, with four out of five Tier-1 local deposit money institutions experiencing negative price fluctuations, according to Nigerian Exchange data.

Zenith, UBA, FBNH, and Access recorded weekly price depreciation, though selloffs weren’t sharp enough to shift their combined market value lower significantly.

GTCO Plc, an Orange-branded financial services firm, ranks higher, while FBN Holdings remains the most volatile stock, trading at a far lower price than its peers.

According to data from the local bourse, tier-1 lenders are trading at a significant discount to their respective 52-week high stock market performance as they prepare to announce their earnings.

GTCO Plc nonetheless outperformed its competing lenders in terms of market value. The group closed the trading session on Friday at N1.353 trillion, following a market price jump to N46.

The financial services company is trading at a 14.74% discount to its 52-week price at the close of trading session on Friday, amidst 9 billion shares offered for subscription at N44.50.

Zenith Bank Plc dipped to N1.193 trillion at the just-concluded week due to a marginal price depreciation from N38.85 to N38 per share in the local bourse. The bank share is now trading at a 19.74% discount to its 52-week high amidst a N290 billion capital raise via rights and public offers.

UBA Plc’s market value settled at about N768 billion on Friday due to a price contraction of 15 kobo over the past week in the stock market. The company opened the week at N23 per share but ended at N22.55 on Friday.

UBA is trading at a 33.97% discount to a 52-week high as of Friday’s close. Access Holdings ended the week at a total market valuation worth N680.691 billion following sell-offs, which dragged its stock price lower to N19.15 from N19.60 at the beginning of the week.

At the current stock market price, Access Holdings Plc is trading at 37.62% below its 52-week high. The share price of the financial services group had climbed to N30.7 before it retreated.

FBN Holdings Plc is worth N752.006 billion in the stock market following sell-side activities on the elephant-branded financial services group. Its share price declined to N20.95 in the market from N22.50 at the beginning of the week, exhibiting the actual market temperature.

Ticker: FBNH is trading at more than 52.33% after 52 weeks of a persistent price decline amidst an ongoing battle between the group and Barbican Capital over shareholdings. The financial stock had peaked at N43.95 during a good time on the Nigerian Exchange before it retreated.

FG Launches Committee On Food Security And Inflation – Minister

Naira, FX Reserves Plunge Ahead Of $500m Domestic Bond Sale

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The naira exchange rate fell ahead of $500 million in domestic US dollar bond sales, while the foreign reserves balance plummeted, according to statistics.

Nigeria’s foreign currency reserves fell by US$301.32 million week on week to US$36.53 billion following the Central Bank’s FX intervention in last week’s Retail Dutch Auction (RDAS).

The country’s external reserves had reached an 18-month high of $36.872 billion before the central bank sold US dollars to licensed dealers banks at the Dutch auction.

Analysts estimate that the amount in external reserves would have been sufficient to back the local currency, but a large portion or sum has been pledged against various contractual agreements with NNPCL and the Nigerian government.

Nigeria’s Debt Management Office has plan to sell $500 million domestic bond this week as part of efforts to boost US dollar inflows in the economy, and part finance government spending plans.

At the close of the week, the naira depreciated by 0.4% to N1,579.89 per US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as the total FX turnover rose.

Meanwhile, the activity level in the NAFEM window increased 64.0% week-on-week to $1.1 billion, Afrinvest said in a note.

In the parallel market, the naira rose 0.6% week on week to close at ₦1,585.00 on Friday. Analysts said they expect rates across FX segments of the market to follow a similar trend, barring any market shock.

In the forwards market, the naira rates on the 1-month contract rose by 0.5% to N1,614.75 and the 6-month contract gained 1.1% to NGN1,754.29.

On the other hand, a 3-month forward contract depreciates by -0.2% to N1,687.74 while a 1-year forward contract fell by 2.3% to N2,004.63 per US dollar.

“Whilst FX liquidity tightened during the week, the naira traded with less volatility due to waning demand pressure following the CBN’s FX retail auction last week,” Cordros Capital Limited said.

The firm maintained that the naira may remain pressured in the interim due to limited inflows from the CBN and weak FPI flows. However, the DMO is set to issue a domestic FGN US dollar bond on August 19 with an offer of US$500.00 million.

“We highlight that the successful issuance of the bond will boost the external reserves, supporting the CBN’s ability to stabilise the naira in the medium term,” Cordros Capital Limited said.

FG Launches Committee On Food Security And Inflation – Minister

FG Launches Committee On Food Security And Inflation – Minister

The Federal Government has established an Agriculture and Water Resources Joint Action Committee to tackle the issues of food security and inflation.

Minister of State for Agriculture, Senator Aliyu Abdullahi, announced this initiative during the National Youth Convention held in Abuja on Thursday, organized by the Nigerian Women for Agricultural Progressive and Development Initiative.

Abdullahi emphasized that the initiative aims to advance President Bola Tinubu’s food security agenda. He mentioned that the ministry has begun implementing dry-seeding farming, as relying solely on a six-month rainy season would not suffice to feed the country’s population of over 200 million.

The partnership is designed to promote year-round farming, leveraging Nigeria’s abundant water resources and numerous river-basin development authorities to ensure food security and self-sufficiency. 

He outlined plans for collaboration between both ministries and the River Basin Development Authorities, integrating agricultural experts to enhance farmers’ livelihoods, boost production, and encourage youth and private sector participation. The Ministry of Water Resources will contribute valuable assets, including water resources, land, and technical expertise, to support food production efforts.

Currently, the ministry is working closely with farmers to eliminate obstacles that hinder their ability to take advantage of available resources. Abdullahi also acknowledged recent flooding in some states, attributing it to climate change challenges, and affirmed the ministry’s commitment to establishing sustainable dry-season farming practices.

He said that the country was blessed with abundant water resources and so many river-basin development authorities that should be harnessed for all-year-round farming in order to ensure food security and self-sufficiency.

He said, “We have approved the Agriculture and Water Resource Joint Action Committee which will be looking at food security to enable us to take on dry-season farming in most of the river basins.

“Our plan is to see how both ministries can collaborate with the River Basin Development Authorities, integrating agricultural experts to enhance farmer livelihoods, increase production and incentivise youth and private sector participation.

“The Ministry of Water Resources brings valuable assets, including water resources, land and technical expertise to the partnership; together, we aim to synergy our efforts which provide seeds, inputs and farm machinery essential for food production.

“Currently, we are working with all the farmers in those areas and also working to make sure we remove the things that are constraining the farmers to utilise the opportunity in those areas. This will enable us to maximise the benefit of these God-given resources.’’

Abdullahi acknowledged the recent flooding that has affected several states, attributing it to the challenges posed by climate change.

He highlighted that the ministry’s response is to ensure the sustainability of dry-season farming practices, as it allows for greater control over water management, crop selection, and cultivation methods.

This article was written by Tamaraebiju Jide, a student at Elizade University

FG Releases First $500m Local Bond, Says Nigeria’s Economy Is Improving

Minister describes 5,000MW Power Generation as disgraceful

Minister of Power, Adebayo Adelabu, has described Nigeria’s electricity generation of 5,000 megawatts as disgraceful for a country with a population exceeding 200 million. He made this statement while meeting with members of the Civil-Military Committee on Energy Security in his office on Wednesday.

In a statement from his media aide, Bolaji Tunji, Adelabu expressed his frustration over the rampant vandalism of power infrastructure across the nation. He noted that such acts not only damage national assets but also hinder the government’s ability to provide stable and affordable electricity to homes, industries, and critical sectors of the economy.Adelabu criticized past leaders in the power sector for failing to implement necessary reforms over the last 60 years.“It is shameful for a nation of over 200 million people to still be on 5,000MW of electricity at this age. Let me tell you that some of the transformers we are still using today are 64 years old. How do you want such to give you what you desire at this age? “Those maintaining them do not even understand them again. This is a reflection of the actions and inactions of the past 60 years. We have not done what is right in this sector in the past 60 years and that is what we are correcting now.


“So, President Bola Tinubu desires to move away from this narrative and give Nigerians what they deserve in terms of energy and power supply and that is what we are set to achieve in the ministry now. “We want to eradicate energy poverty among Nigerians. Our focus now is to engender a new energy development for Nigeria that will make electricity available to all Nigerians, where they reside.“The power sector is a priority to this government and when we get it right here, all other sectors will also get it right,” Adelani stressed. He highlighted that the Federal Government has initiated measures to safeguard the nation’s critical power infrastructure while intensifying efforts to deliver quality, stable, and affordable electricity to Nigerians.

Adelabu acknowledged that vandalism has been a significant concern for the Federal Government and assured that the issue is being addressed with the utmost seriousness it warrants.

This article was written by Tamaraebiju Jide, a student at Elizade University

Nigeria Grows Foreign Reserves By $4bn, Edun


FBNH, Oando Pull NGX Down By N84 billion

Stock Exchange Closes Trading Week With N30bn Gain

The Nigerian Exchange’s (NGX) stocks market capitalisation fell by more over N84 billion after investors sold stakes in FBNH, Oando Plc, and other companies on the stock trading platform.

Despite the lower inflation temperature that has resulted in yield repricing in the fixed bond market, investors continue to profit. Stockbrokers said that the key performance indicator fell by 0.15% due to prolonged selloffs in Oando Plc, FBN Holdings, and Dangote Sugar Refinery shares, among other decliners.

As a result, the All-Share Index declined by 148.46 basis points to settle at 97,100.36. The bearish display represents the fourth consecutive sell-side activity on the local bourse. Major decliners are OANDO, ETI, and Dangote Sugar Refinery Plc. Atlass Portfolios Limited reported that the sell-offs resulted in a loss of ₦846 billion in investor value over four days, while headline inflation fell to 33.40% in July.

The market experienced a dip in activity, with total volume and total value traded declining by 13.97% and 35.71%, respectively. Stockbrokers reported 7,233 transactions involving about 271.26 million units worth ₦3,522.89 million.

VERITASKAP was the most traded stock in terms of volume, accounting for 12.33% of the total volume of trades, followed by STERLINGNG (6.15%), AIICO (6.05%), RTBRISCOE (5.97%), and GTCO (5.89%) to complete the top 5 on the volume chart.

Meanwhile, GTCO emerged as the most traded stock in value terms, with 20.61% of the total value of trades on the exchange. NEIMETH topped the advancers’ chart with a price appreciation of 9.55 percent, trailed by TOTAL which gained +8.82%.

Other gainers include AIICO (+6.54%), CILEASING (+6.07%), UPDC (+4.92%), UNIVINSURE (+3.23%), and eight others. Thirty-one stocks depreciated, according to data from the Lagos exchange. Again, OANDO was the top loser, with a price depreciation of – 9.94%.

Other decliners include ABCTRANS (-9.52%), GUINEAINS (-9.09%), OMATEK (-7.14%), DANGSUGAR (-3.52%), and ACCESSCORP (-1.29%). Stockbrokers said the market breadth closed negative, recording 14 gainers and 31 losers. However, the market sector performance was positive, as three of the five major market sectors were up.

The oil & gas sector grew by 2.07%, followed by the insurance sector, which gained +0.41%, while the banking sector popped up by +0.03%. On the other hand, the consumer goods sector dropped by -0.60%, but the industrial sector closed flat. Overall, the equity market capitalisation dropped ₦84.06 billion to close at ₦55.13.

Nigerian Man Eats In 150 Restaurants In 24 Hours To Break Guinness World Record

NGX Equity Market Continues Loss To Fourth Consecutive Day

SEC Warns Nigerians Against Investing In FinAfrica, Poyoyo

On Thursday, the Nigerian equity market fell for the fourth day in a row, losing N56 billion in value. Due to persistent sell-offs, the All Share Index fell by 0.10 percent, finishing at 97,100.36 points, and market capitalization fell to N55.13 trillion.

The market’s year-to-date return has decreased to 31.27 percent, month-to-date to -0.64 percent, and week-to-date to -1.52 percent. At the end of Thursday’s trading session, a total of 271.3 million shares valued at N3.52 billion were traded in 7,233 transactions, reflecting a 14% decrease in volume, a 36% decrease in turnover, and a 14% decrease in deals over the previous day’s performance.

Bearish sentiment continued to dominate the market as 116 listed equities participated in trading, resulting in 14 gainers and 31 losers. On the gainers’ chart, Neimeth International Pharmaceuticals led with a 9.55 per cent increase, closing at N2.18 per share.

TotalEnergies also saw an 8.82 per cent rise, while AIICO Insurance and C & I Leasing gained 6.54 per cent and 6.07 per cent, respectively.

However, Oando led the laggards, suffering a 9.94 per cent decline to close at N32.60 per share. ABC Transport (-9.52 per cent), Livestock Feeds (-9.09 per cent), Guinea Insurance (-9.09 per cent), and CWG Plc (-7.69 per cent) were also among the major losers.

Veritas Kapital Assurance led the market in volume traded, with 33.4 million shares, followed by Sterling Bank with 16.6 million, AIICO Insurance (16.4 million), and RT Briscoe (16.2 million).

On Monday, the Nigerian equity market closed the first trading day of the week on a negative note, with the All Share Index declining by 0.72 per cent to settle at 97,881.75 points.

On Tuesday, the Nigerian equity market continued its bearish trend, influenced by the declining share prices of companies Oando, Livestock Feeds, Cornerstone Insurance Company, and Linkage Assurance, which caused it to shed 0.5 per cent.

Also, on Wednesday, the Nigerian Exchange witnessed bearish sentiments as the All Share Index declined by 0.20 per cent, closing at 97,199.60 points.

Nigerian Man Eats In 150 Restaurants In 24 Hours To Break Guinness World Record

Nigeria Grows Foreign Reserves By $4bn, Edun

Dollar To Naira Exchange Rate Today (Fri. April. 28, 2023)

According to Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, the country’s foreign reserves have climbed by $4 billion since January.

Edun announced this on Thursday in Lagos during an investor conference for the sale of a $500 million FGN bond. He claimed that overall federal government revenue had doubled.

The minister claimed that the improvement was the result of strong fiscal policies and reforms aimed at enhancing revenue collection efficiency across numerous industries.

According to the News Agency, the Central Bank of Nigeria’s (CBN) external reserves totaled $35.05 billion in July. The CBN has stated that it wants to double diaspora remittances by ensuring a constant flow of foreign cash into the country.

According to Edun, the macroeconomic reforms of the President Bola Tinubu administration have begun yielding fruit. He said that targeted interventions were being implemented across the country.

“In macroeconomic reforms, the pain comes before the benefits. There have been interventions that gave direct payments to individuals.

“The process was difficult at first, but with technology and determination, it has increased.

“Last month, a million households representing five million people received their payments. That will be maintained and increased,” he said.

He said that small-scale businesses were getting funds at an interest rate of nine percent per year.

The minister said that the N70,000 minimum wage and wage adjustment for certain categories of government workers on the consolidated salary structure would soon be implemented.

“The minimum wage is a law, and it is just about following the law. Financial autonomy for local government councils is also an aspect that the law deals with,” he said.

Nigerian Man Eats In 150 Restaurants In 24 Hours To Break Guinness World Record

FG Releases First $500m Local Bond, Says Nigeria’s Economy Is Improving

Dollar To Naira Exchange Rate For 5th Dec 2023

The Federal Government, through the Debt Management Office, announced intentions on Wednesday to sell N500 million in local bonds to increase dollar liquidity. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stated this on Thursday in Lagos during an investor meeting for the bond sale.

Edun assured Nigerians that the economy was on track for growth, adding that dollar funding was important for the exchange rate to stabilize. He believes that appropriate foreign exchange is essential for investment and economic stability. He stated that, while the flow of foreign cash into the economy has improved, the dollar-denominated bond will increase foreign exchange liquidity even further.

He said that this transaction was aimed at improving the external reserves and supporting the exchange rates, which were critical elements of stabilising the economy and preparing it for investment and growth.

“The flow of dollars has improved into the economy from portfolio investors, from foreign direct investment, and from multilateral mobilisations, which have bought into the government’s macroeconomic reforms.

“This transaction plays an important role in this process because we have a domestic issuance of dollar bonds aimed at further improving the inflow of dollars.

“The more the foreign exchange, the higher the foreign reserves, the stronger would be the exchange rate. That gives a chance for inflation to come down. “The lower the inflation, the lower the exchange rate,” he said.

Edun said that the economic reforms started by President Bola Tinubu were already yielding fruit. According to him, the economy is showing signs of recovery. Output is growing, and the exchange rate is stabilising.

“Government revenues and government expenditures are totally revamped and rejigged, and technology has been put in place to ensure that what belongs to the government is collected diligently.

“There are efforts to ensure that government expenditure is carried out in a way that engenders public trust, visibility, transparency, and accountability,” he said.

He also said that all important trade balances were now positive and growing. Mr. Gbadebo Adenrele, the Managing Director of Investment Banking at United Capital Plc, the lead advisor for the transaction, said that the target for the transaction was 500 million dollars. According to Adenrele, the transaction will be for a period of five years. He said that the proceeds would be for key sector investments to be determined by the government.

“This is the first issuance that would be done in dollars. The coupon payment is semi-annually, while the bullet repayment would be after five years.

“The proceeds will be invested in some key economic sectors to be approved by the president, subject to appropriation by the National Assembly.

“The minimum subscription is 10,000 dollars, with subsequent subscription of 1,000 dollars thereafter. “It is backed by the full faith and credit of the Federal Government of Nigeria,” he said.

He said that the offer was open to Nigerians who resided within and outside the country, as well as institutional investors. The Director-General of DMO, Patience Oniha, said that the offer of dollar-denominated local bonds would make history for the financial market and for Nigeria as a whole.

According to Oniha, over the years, we have seen the domestic financial market transform. “This is due to the efforts of several stakeholders in collaboration with the Federal Government,” she said. She encouraged Nigerians to take advantage of the opportunity and invest in the dollar-denominated FGN bond, adding that it was safe and secure.

Lagos Governor to Unveil New Revenue Platform for Non-Tax Payments

Nigeria’s Inflation Rate Falls To 33.40% In July

Nigeria's Inflation Rate Drops To 18.12 - NBS

According to figures from the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate decreased in July after rising steadily in previous months, marking the first decline in 19 months. The consumer price index data showed that headline inflation had decreased to 33.40%.

The inflation result was skewed to the food basket, which fell 134 basis points to 39.53% year on year, while the core basket rose six basis points to 24.47 percent.

Inflation dropped for the first time since December 2022, falling to 33.40% in July 2024 from 34.19% in June. On a month-on-month basis, headline inflation fell by 3 basis points to 2.28% from 2.31% in June.

Food inflation moderated in the period as supply improved. The slowdown can be attributed to the decline in the rate of increase in the average prices of Tin Milk, Baby Powdered milk, etc

Thus, on a month-on-month basis, food inflation settled at 2.47%, relative to the 2.55% month on month recorded in June.

However, core inflation (All items less farm produce and energy) rose by 6 basis points to 27.47% from 27.40% in June.

The highest increases were recorded in prices of Rents, Bus Journey intercity, Journey by motorcycle, etc (under Passenger Transport by Road Class), and Accommodation Service, Laboratory service, X-ray photography, Consultation Fee of a medical doctor, etc (under Medical Services Class).

Similarly, the core index increased by 10 basis points to 2.16% month on month in July compared to the previous month (2.06% m/m).

Lagos Governor to Unveil New Revenue Platform for Non-Tax Payments

Crude Oil Prices Bounce Back Ahead Of China Output Data

Oil Prices Drop, Here's Why

Oil prices rebounded in the global commodity market on Thursday, ahead of China’s output statistics announcement later today. Crude prices have fallen after a sell-off on Wednesday. Brent crude increased 0.6% to $80.19 a barrel, while US benchmark WTI rose to $77.41 a barrel.

Prices fell on Wednesday after a surprising surge in U.S. crude oil inventories, with Brent dipping below $80, according to ING analysts Warren Patterson and Ewa Manthey.

However, geopolitical risks remain a concern for the oil market, as it is unknown how and if Iran will retaliate against Israel following the killing of Hamas’ leadership head on Iranian soil, according to ING.

This uncertainty has prompted increased options trading activity, as investors want to protect themselves from significant upside, ING adds.

Oil prices sold off yesterday following a surprise build in US crude oil inventories. ICE Brent fell 1.15% yesterday, settling below US$80 per barrel once again.

The EIA inventory report showed that US commercial crude oil inventories increased by 1.36 million barrels over the last week, very different to the 5.2 million barrel draw the American Petroleum Institute (API) reported the previous day and the first increase since late June.

While crude oil exports increased by 118,000 barrel per day week on week to 3.76 million barrels per day, they remain below the 4-week average of 4.18 million barrels per day, analysts said in Thursday note.

Refined product stocks still edged lower despite refiners increasing utilisation rates by 1pp over the week. Gasoline and distillate stocks fell by 2.89 million barrels and 1.67 million barrels respectively.

Implied demand for gasoline and distillates was stronger over the week, increasing by 78,000 b/d and 80,000 b/d respectively. Despite the gasoline stock draw and stronger implied demand, the prompt gasoline crack continued to edge lower.

However, geopolitical risk continues to hang over the oil market, according to commodities strategists. It is still unclear how and if Iran will retaliate against Israel following the assassination of the political leader of Hamas on Iranian soil.

Market analysts said this uncertainty has led to increased options trading activity with market participants wanting to protect themselves from significant upside. This is most evident in the US$85 per barrel strike for the October and November Brent contracts, according to ING.

Russia has extended its gasoline export ban through until the end of this year. The ban was originally set to expire at the end of August, but the government wants to ensure adequate supply in the domestic market.

While a ban has been in place for several months, the government temporarily allowed exports in July.

A ban on diesel exports would be a bigger concern for global markets, though the deputy prime minister has said there are no plans to extend the ban to diesel. China will release industrial output data for July, which will include crude oil production and refining activity.

The EIA will also release its weekly US natural gas storage report, and expectations are that inventories increased by just 1 bcf over the week, compared to a 5-year average for a 43 bcf increase.

Lagos Governor to Unveil New Revenue Platform for Non-Tax Payments

All 11 FG Initiatives Nigerians Must Know About: Websites To Register

CFM Receives Commendation From Kano Govt For Environmental Sustainability Initiatives

Mohammed Idris, Minister of Information and National Orientation, revealed that Nigerians can now access at least eleven various projects launched by the federal government.

These significant efforts include a wide range of areas, including education, transportation, business, housing, and skill development, among others. Idris made the revelation in a Wednesday midday post on X, using the hashtag #HMMohammedIdris. He also posted a two-minute, 52-second video on his page.

He wrote, “Nigerians have at least eleven different initiatives created by the federal government to apply for and register for.” These eleven important programs address topics such as education, transportation, business, housing, and skill acquisition, among others. Olusegun Dada, President Tinubu’s Special Assistant on Social Media, outlined the 11 initiatives and their respective websites.

Earlier, the National Orientation Agency, on its official X handle, #NOA_Nigeria, on Tuesday, said the FG is implementing policies to address economic challenges, focusing on youth relief.

It read, “The Federal Government is making bold decisions to yield long-term solutions for Nigeria’s persistent economic challenges, especially to cushion the effects of subsidy removal.

“It is implementing transformative policies while ensuring several relief measures, primarily targeting the youth, who constitute about 76% of Nigeria’s population.

“Nigerians are urged to take advantage of the ongoing government programmes.”

Here is a full list of key FG initiatives and the websites to apply or register:

According to Bizwatch Nigeria, a large demonstration broke out across Nigeria on Thursday, August 1, fueled by public dissatisfaction with existing economic and social conditions. Demonstrators across the country expressed their dissatisfaction, demanding reforms and greater responsibility.

Earlier, President Bola Tinubu encouraged citizens to be patient with his programs and not let hoodlums take advantage of the turmoil. The protest emphasized the need for peaceful and constructive discourse, as well as a desire for change.

Three days later, Tinubu addressed the nation, encouraging calm in areas where protests had turned violent and looted. He vowed to take serious action against those responsible for the unrest and highlighted his administration’s achievements since entering office.

700,000 Manufacturers, MSMEs Apply For FG N150bn Loan

Food Inflation: Nigerian Soldiers Deployed To Farms – Defence

soldiers Killing of Policemen

Defence Headquarters has claimed it has deployed troops to farmers in Nigeria’s Northern states, particularly the North West and North Central regions, to ensure a successful crop season and combat food insecurity and inflation.

Maj Gen Edward Buba, Director of Defence Media Operations, confirmed this in a statement on Wednesday. According to him, the deployment has given some farmers access to their crops.

“With the commencement of the rainy season, troops are currently deployed in several of the northern, particularly in the NW and NC states to protect farmers.

“The deployment has enabled several farmers’ access to their farm for a hitch-free planting season towards a bumper harvest,” he said.

Bizwatch Nigeria recalls that the Inspector General of Police, Kayode Egbetokun also said the police had commenced patrols on farms to boost farmers’ confidence.

“In the North East, we have started farm patrol to give confidence back to farmers to return to the farm. Mr. President is very, very concerned about it, and we are doing our best.

“But let me also add that the security landscape in Nigeria is complex and diverse”, he said.

To that end, Kabir Ibrahim, Chairman of the All Farmers Association of Nigeria, recently acknowledged that security presence has grown on farms across the country. The news comes as bandits, terrorists, and criminals have wreaked havoc in the regions over the last six months.

According to reports, hundreds of farmers were slaughtered and others kidnapped in the region during the first quarter of 2024.

SBM Intelligence said that farmers in the North paid an estimated N139 million in agricultural taxes to robbers who demanded at least N224 million between 2020 and 2023.

This has contributed to higher food prices in Nigeria. Food inflation in Nigeria increased to 40.87 percent in June, according to the National Bureau of Statistics.

Dangote Group Under Pressure: Merger Blocked, Forex Crisis 

Don’t Stop the Media Innovation Programme, MTN MIP Fellows Appeal

PHOTOS: MTN MIP Fellows Visit University of Johannesburg

In a recent engagement with the Chief Digital Officer of MTN Nigeria, A’isha Mumuni, the MTN Media Innovation Fellows canvassed for an extension of the fellowship after the three-year pilot.

The MTN Media Innovation Programme (MIP) is an annual fully funded fellowship for 20 media practitioners in Nigeria spread across six months. The programme enhances participants’ knowledge and skills in media innovation helping them navigate the evolving media landscape and leverage technology to create impactful media content.

Currently in its third cohort, the programme has successfully trained 40 Fellows in partnership with the School of Media and Communication, Pan-Atlantic University. The training includes in-class sessions, industry visits to innovation hubs, a 5G Demo Day hosted by Huawei, a tour of MTN facilities and study trips to South Africa.

The study trip includes classroom sessions at the University of Johannesburg, visits to leading media houses in South Africa, the South African Institute of International Affairs and the Department of Foreign Affairs in Pretoria to assess the gains and losses of the Nigerian-South African Bilateral Relations and the role of the media in Pan-Africanism.

Conceived in 2021, during MTN’s 20th anniversary in Nigeria, the Chief Corporate Services and Sustainability Officer, Tobe Okigbo revealed that the funds allocated to MIP were initially intended to celebrate MTN’s milestone anniversary. “The earlier plan was to celebrate our milestone with a lavish party hosting different celebrities. However, the company took a different direction when our communications team pitched the idea. We want you to better understand the information and communication technology (ICT) sector and the telecom industry,” Okigbo said. MTN then committed to instituting the programme for three years as a pilot, beginning in 2022.

Fast forward to 2024, during an engagement with MTN Nigeria’s Chief Digital Officer, Aisha Mumuni, the MIP 3 Fellows requested an extension of the program. “When we share our experiences with our colleagues at our respective media houses, we realize that the program’s benefits and impact are easier to experience than explain. In the past three months, MIP has been such an eye-opening journey. It’s a fellowship every media professional needs to experience. MTN has been such a wonderful host and we know this costs millions of Naira. However, we believe it will have a profound impact on our colleagues.”, Juliet Tontoye, Vice-President, MIP Cohort 3 explained.

The other Fellows cheered this and lent their voices to the programme extension.

Nigerian Man Eats In 150 Restaurants In 24 Hours To Break Guinness World Record

Munachimso Brian Nwana, a 22-year-old content developer and cuisine consultant, holds the global record for the most fast-food outlets visited in 24 hours.

Contestants are not permitted to use public transportation as part of their efforts to break this record. They must also buy and eat at least one food or drink item from a restaurant during their try, with food accounting for 75% of the total order.

Brian walked the entire 25-kilometer trip, beginning at Chicken Republic in Gwarinpa and ending at Kilimanjaro in the town’s center. He rested for nine hours between midnight and 9 a.m.

He pointed out: “New York has clusters of restaurants and adequate public transport systems, so doing this in Abuja was much more daunting and challenging.”

Although he ate a range of cuisines like shawarma, pizza, fried chicken, and burgers, his favourite meals were Nigerian delicacies like moin moin (bean pudding) and àmàlà.

Brian ate a lot of food, “probably enough to last a week,” he said. He made an effort to sample something—even if only a mouthful—from all the places he visited.

The remaining food was devoured entirely by his crew and members of the public since waste isn’t allowed.

Brain’s motivation for breaking this record was to showcase the variety of Nigerian cuisines. He said, “I would like to encourage people from around the world to come and explore the Nigerian food space.”

Brian joins Hilda Baci and Tunde Onakoya as record breakers.

NGX Drops N80bn Over Sell-Side Activities In The Equity Market

GTB Debunks Hackers Seizing Website, Customers’ Data

NGX Admits GTB Holdco, List Shares
NGX Admits GTB Holdco, List Shares

Guaranty Trust Bank Plc revealed on Wednesday that there was an isolated incident involving an attempt to compromise their website domain.

According to a statement issued on Thursday, the incident was unsuccessful and the bank’s website was not cloned. Guarantee Trust Bank has denied reports that its website was taken by hackers.

A top GTB executive, who is not permitted to talk publicly, exclusively told DAILY POST about this.

The clarification comes in the wake of reports that its website was hacked and consumer data was collected in a major phishing effort.

However, the source told Daily Post that the claim was entirely untrue. He clarified that the bank was having a connectivity issue but that it had nothing to do with hacking.

“It’s false. What we are experiencing is a connectivity issue and has nothing to do with the alleged hacking,” he told the Daily Post.

Details later…

DAILY POST

Nigeria Releases N130bn For Healthcare Through BHCPF
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