Category: Uncategorized

CFG AFRICA MACROECONOMIC HIGHLIGHTS 23062025

Naira strengthens over CBN intervention, FPI inflow – The naira strengthened at the official window in the past week to 1,547/$ from 1,549/$, supported by intervention from the Central Bank of Nigeria, which injected dollars into the market to ease corporate demand pressures. Analysts also alluded the development to the resilience of the naira to foreign exchange inflows from foreign portfolio investors. Cordros Capital Limited, in an investor’s note, revealed that FPIs brought in dollars to participate in the Open Market Operation auction by the CBN……(Read More) Nine banks’ interest expense jumps 43% to N1.9tn – Nine major Nigerian banks recorded a combined interest expense of N1.90tn in the first quarter of 2025, representing a 43.2 per cent increase from the N1.33tn posted in the same period of 2024, based on The PUNCH’s analysis of their unaudited financial statements. Over the same period, their total interest income stood at approximately N4.18tn. According to the Corporate Finance Institute, interest income is the amount paid to an entity for lending its money or letting another entity use its funds…..(Read More) DLM launches N30b sovereign bond-backed composite notes – DLM Capital Group, a diversified financial services institution, committed to delivering innovative funding solutions for businesses across key economic sectors, has unveiled its pioneering N30 billion Series-1 Sovereign Bond-Backed Composite Notes (SBCNs). The N30 billion Sovereign Bond-Backed Composite Note to be issued is a 10-year bond with a triple A rating based on sovereign bond-backed cash flows, and a 49.9 per cent Hold-to-Maturity (HTM) yield…….(Read More) Market Cap Appreciates by N1.75trn in One Week on Investors’ Confidence – The market capitalization of listed stocks on the Nigerian Exchange Limited (NGX) advanced by N1.75 trillion in one week, extending to its fourth consecutive week on renewed investor interest, in the Banking, Oil & Gas, and Consumer Goods sectors. The market cap increase in one week was driven by the Central Bank of Nigeria’s (CBN) forbearance directive—eased following clarifying disclosures from banks, while a softer May inflation prints further supported the improvement in overall market sentiment…….(Read More) Dollar advances as investors brace for Iran response to US attacks – The U.S. dollar firmed on Monday as anxious investors sought safety, although the restrained moves suggest markets were waiting for Iran’s response to U.S. attacks on its nuclear sites that have exacerbated conflict in the Middle East. The major moves were in the oil market, with crude prices hitting a five-month high, while global stocks slipped after the U.S. attacked Iran’s nuclear sites and President Donald Trump raised the idea of regime change in the Islamic republic.…(Read More) Iran weighs retaliation for U.S. strikes as Trump raises idea of regime change – Iran and Israel traded air, and missile strikes as the world braced on Monday for Tehran’s response to the U.S. attack on its nuclear sites and U.S. President Donald Trump raised the idea of regime change in the Islamic republic. Iran vowed to defend itself on Sunday, a day after the U.S. joined Israel in the biggest Western military action against the country since its 1979 Islamic Revolution, despite calls for restraint and a return to diplomacy from around the world……(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 13062025

FG to revoke dormant oil licences with new policy – The Nigerian Upstream Petroleum Regulatory Commission has told oil producers that it is set to implement the ‘drill or drop’ policy. The Chief Executive of the NUPRC, Gbenga Komolafe, disclosed this when he received a delegation from the Independent Petroleum Producers Group at the commission’s headquarters in Abuja recently. According to a statement by the NUPRC, Komolafe emphasised that oil and gas producers must either begin production within a specified timeframe or relinquish their licenses. He stated that the policy aimed to revitalise the oil sector, ensure optimal use of assets, and boost government revenue…..(Read More)  Oil production shrinks again, threatens 2mbpd target – Efforts by the Federal Government to ramp up oil production to over two million barrels per day suffered another setback last month, The PUNCH reports. This was as Nigeria’s daily oil production declined again in May, falling from 1.68 million barrels per day in April to 1.65mbpd last month. According to data from the Nigerian Upstream Petroleum Regulatory Commission, crude output dropped from 1.48mbpd in April to 1.45mbpd in May. Recall that the crude production rose from 1.40mbpd in March to 1.48mbpd in April, signaling a boost for the country’s ambitious 2.1mbpd oil target….(Read More) Aliko Dangote Steps Down As Chair Of Dangote Sugar – Africa’s richest man, Aliko Dangote has stepped down as Chairman of the Board of Dangote Sugar Refinery Plc, marking the end of a two-decade leadership that transformed the company into a dominant force in Nigeria’s sugar industry. According to a corporate disclosure on Wednesday by the company’s Secretary, Temitope Hassan, Dangote’s retirement from the sugar company’s board takes effect from June 16, 2025. Dangote has chaired the board since 2005, overseeing its significant growth and transformation, including major expansion projects and implementing best practices in corporate governance……(Read More) Two banks have met N500bn recapitalization target – Report – Only two Tier 1 banks, Zenith Bank and Access Holdings Plc, have surpassed the N500 bn share capital and share premium threshold set by the Central Bank of Nigeria for banks with international licences, Proshare report has revealed. The report, titled ‘Tier 1 Banks Report: Getting Bigger, Braver, and Dominant – The Class of 2025’, stated that Zenith Bank leads with a share capital and share premium of N614.65bn, followed by AccessCorp at N594.90bn. Other Tier 1 banks, including Ecobank Transnational Incorporated and Guaranty Trust Holding Company, are trailing behind with N353.51 bn and N345.30 bn, respectively…..(Read More) Ekiti grows IGR to N2.3 billion – The Chairman, Ekiti State Internal Revenue Service, EKIRS, Mr Ola Iran Olatona, has disclosed that the state Internally Generated Revenue, IGR, has increased from N600/N650 million to N2.3 billion. Olatona gave the figure at the presentation of cash support to 30 businesses recently affected by rainstorm in Ado-Ekiti. The EKIRS boss during the presentation of the cheques to the affected business owners, said the revenue service is standing with the people, most especially in times of adversity. He said, “The innovative relief assistance transcended a simple financial gesture, saying this expressed the very essence of compassionate governance and showed……(Read More) Oil soars more than 6% after Israel’s strike on Iran alarms market – Oil prices jumped more than $4 a barrel on Friday, hitting their highest price in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures jumped $4.60, or 6.63%, to $73.96 a barrel by 0612 GMT after hitting an intraday high of $78.50, the highest since January 27. U.S. West Texas Intermediate crude was up $4.99, or 7.33%, at $73.03 a barrel after hitting a high of $77.62, the loftiest since January 21. Friday’s gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike……….(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 04062025

Investors gain N1.9tn on NASD in one week – Investors on the NASD Over-the-Counter Securities Exchange recorded a N1.90tn gain last week as the market capitalization rose by 1.86 per cent. According to the NASD weekly report for the week ended May 30, the NASD OTC market capitalization increased from N1.87tn in the previous week to N1.90tn, while the NASD All-Share Index rose from 3,188.76 to 3,248.00 points. The report showed that the oil and gas sector dominated the week’s trading activity, accounting for 81.37 per cent of the total transactions. A total of 506.19 million shares worth N4.18bn were exchanged in 21 deals in the sector……(Read More) BDCs await CBN’s move as recapitalization deadline elapses – The Central Bank of Nigeria (CBN) is yet to communicate its next moves on the planned recapitalisation of the Bureau de Change (BDC) operators as the deadline of June 3, 2025, elapsed yesterday. The CBN had introduced a new recapitalization regime for BDC operators, with two tiers: Tier One requiring a minimum capital of N2 billion and Tier Two requiring N500 million. Under the new deal, Tier One BDCs will be licensed to operate nationwide, while Tier Two will be limited to a single state…….(Read More) NBCC unveils center to deepen UK-Nigeria trade relationship – The Nigerian British Chamber of Commerce (NBCC) has launched the Nigerian British Trade Centre, a strategic initiative designed to boost exports, attract investment and expand market access between Nigeria and the United Kingdom (UK). Country Director at the UK Department for Business and Trade, Mark Smithson, highlighted opportunities under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) and Developing Countries Trading Scheme (DCTS), which he said currently offers low or zero tariffs to over 2,000 Nigerian products entering the UK………(Read More) With $4bn Market Size, Nigeria’s Islamic Finance Industry to Surge In H2 – Fitch Ratings forecasts a boom in Nigeria’s Islamic finance sector from the second half of 2025 through 2026, driven by rising sovereign sukuk issuances and expanding Islamic banking assets following new regulatory measures and liquidity tools introduced by the Central Bank of Nigeria (CBN). Following the introduction of liquidity tools for non-interest financial institutions in the country by the CBN and the success of the government Sukuk issuance, Fitch Ratings says it expects Islamic financing to boom in the country from the second half of this year….(Read More) Asian stocks rise, dollar wobbles as trade uncertainty persists – Asian equities rose on Wednesday lifted by technology shares and the dollar drifted as higher U.S. duties on steel and aluminum took effect, marking the latest chapter in the trade war that has rattled the markets for much of the year. Investor focus has been on the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for U.S. trading partners to submit their proposals for deals that might help them avoid Trump’s hefty “Liberation Day” tariffs from taking effect in five weeks.…(Read More) UK to be spared 50% steel and aluminum tariffs imposed by Trump on other countries – The White House has signaled that the UK will be spared the 50% steel and aluminum tariffs which came into effect on Wednesday. In a statement, the US president, Donald Trump, said he had decided to “provide different treatment” to the UK after a deal that was struck between Washington and London last month. The executive order signed by Trump on Tuesday evening will still raise import taxes for US firms buying from other countries……(Read More)

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