Highlights

Market Highlight: Vol. 92

  • Nigeria’s FX reserves dip by over $2 billion in less than one month, hitting the lowest level in over six years.
  • BDCs now buying dollars at ₦980/$, naira appreciating faster than expected – ABCON President.
  • Customs’ revenue at Tincan Port increases by 139% in Q1 2024.
  • UBA seeks shareholders’ approval to issue 10.8 billion shares.
  • Nigeria records ₦234 trillion e-payment transactions in Q1 2024.
  • NGX urges FG to drive listings to deepen the capital market and boost tax revenue.
  • Transcorp Power reports N28.772 billion pre-tax profit in Q1 2024.
  • Egypt, Ghana, Nigeria, and others emerge as African countries with the highest T-bill yields in Africa.
  • Pension Fund Administrators (PFAs) channelled 72% of investments in fixed-income assets in 2023

Market Highlight: Vol. 91

  • ABCON requests that the CBN prevents non-oil export domiciliary account holders from accessing FX from the official window.
  • DMO to raise ₦450 billion in April 2024 bond auction slated to be held today.
  • Customs FX rate for import duties falls to ₦1,238/$.
  • CBN sells dollars to BDCs below market rate at ₦1,101/$1.
  • FBNH will seek shareholders’ approval for a N300 billion capital raise.
  • CBN bans the use of foreign currency-denominated collaterals for naira loans.
  • BUA Foods to pay shareholders ₦99 billion dividend for FY 2023.
  • African businesses see 20% surge in cyberattacks in Q1 2024 — Check Point Report.

Market Highlight: Vol. 90

  • The Customs FX rate for import duties rises to ₦1,330/$, higher than the official market rate.
  • Cadbury Nigeria reports ₦28.2 billion loss in 2023, shareholders’ funds wiped out.
  • DMO will issue April 2024 Savings Bonds at 18.046%.
  • Up to ₦4 trillion in inflows expected to meet new bank recapitalisation requirement – Agusto & Co.
  • Africa Prudential declares N900m dividends and unveils a new investment platform.
  • Naira crash pushes raw material imports to ₦3 trillion – NBS.
  • NERC adopts an FX rate of ₦1463.3/$ in calculating the new electricity tariff.
  • Shareholders of Transcorp Hotels to get ₦2.048 billion dividends for FY’2023

Market Highlight: Vol. 89

  • Geregu Power shareholders approve N20 billion dividend.
  • NGX All-Share Index surges by 39.84% in Q1 2024.
  • CBN increases the capital base for banks in Nigeria; mega banks shall be valued at N500 billion, and smaller banks at N200 billion.
  • MTN Group will invest $1.8 billion in data and fintech services in 2024.
  • CBN sells dollars to BDCs at N1,251/$1 as the naira regains strength.
  • Dangote Refinery will reduce Africa’s $17 billion in European oil imports and undercut foreign refineries – Reuters.
  • Custom FX rate for cargo clearance drops by N124 to N1,448/$.
  • FG directs banks to deduct 0.375% stamp duty charges on all loans.

Market Highlight: Vol. 88

  • Since 2018, banks’ differentiated CRR has left N2.1 trillion in loans from the CBN intervention unpaid.
  • MCSI deletes Nigerian indexes from frontier markets.
  • Cargo clearance exchange rate further reduces by ₦20.91 – CBN.
  • Naira appreciates to ₦1,382/$ on Thursday as the Presidency cautions speculators.
  • Dangote, MTN, and others lose ₦1.7 trillion to naira depreciation.
  • CBN clears remaining valid FX backlog as external reserves rise by $993 million.
  • Japan is considering diversifying its $1.5 trillion Pension Fund into Bitcoin.
  • Japan braces for life with interest rates after historic change.
  • The Chinese Yuan has fallen to a four-month low, and state banks have stepped in.

Market Highlight: Vol. 87

  • Nigeria’s inflation rate rose from 29.90% in January 2024 to 31.70% in February 2024.
  • CBN increases customs FX clearance rate from N1,593.84 to N1,612.28/$.
  • High-interest rate loans threaten the operation of SMEs in Nigeria – National Institute of credit Administration (NICA).
  • Access Holdings Board of Directors appoint Aigboje Aig-Imoukhuede as Chairman.
  • JPMorgan fined nearly $350 million for inadequate trade reporting.
  • Goldman Sachs seeks to expand its private credit portfolio to $300 billion in five years.
  • The Swedish Central Bank says that the digitalisation of payments poses risks and that legislation is needed.
  • Binance restricted 281 accounts belonging to Nigerian residents and trained EFCC officials.