Naira hits 10-month high on strong FX inflows – The naira extended its gains at the official market last week as it gained 0.72 per cent (or N10.5) to close at 1,455.17/$, the strongest it had been since December 2024, data from the Central Bank of Nigeria has revealed. Analysts disclosed that the performance of the domestic currency was driven by robust foreign exchange inflows from portfolio investors and remittances. At the parallel market, the naira strengthened 0.88 per cent to 1,475/$, also supported by improved liquidity……..(Read More) FG owes GenCos fresh N1tn in six months – The Federal Government’s debt owed to electricity generation companies has risen to N1.05tn in the first half of 2025. This is the outstanding power subsidy payment to electricity generation companies, covering the first and second quarters of the year. A report by the Nigerian Electricity Regulatory Commission’s Second Quarter Report for 2025 showed that the government incurred a subsidy obligation of N514.35bn in Q2 2025, following N536.40bn in Q1, bringing the total to over N1.05tn in the first six months of the year…….(Read More) Dangote Cement begins Ivory Coast operations – Dangote Cement has officially launched its operations in Attingué, some 30 kilometres from Abidjan, Ivory Coast. According to a statement by the group on Sunday, the announcement was made on Wednesday by the Managing Director of Dangote Cement, Ivory Coast, Serge Gbotta, at the Novotel Abidjan-Marcory. Covering an area of 50 hectares, the plant reportedly has a production capacity of 3 million tonnes of cement per year, making it one of the group’s largest facilities outside Nigeria……………(Read More) Nigeria’s public debt rises to N152.4tn by June 2025 – DMO – Nigeria’s total public debt has risen to N152.40 trillion as of June 30, 2025, from N149.39 trillion recorded at the end of March, according to the latest data released by the Debt Management Office (DMO). The figure represents a quarterly increase of N3.01 trillion, or 2.01%, while in dollar terms, the debt stock climbed from $97.24 billion to $99.66 billion, reflecting a 2.49% rise. According to the report, external debt rose to $46.98 billion (N71.85 trillion) in June from $45.98 billion (N70.63 trillion) in March….…..(Read More) Zenith Bank pays N51.3bn interim dividend – Zenith Bank Plc has paid a total interim dividend of N51.3 billion to its shareholders for the Half Year (H1) 2025, at N1.25 per share. This significant payout represents over 60% increase from the N31.4 billion paid in H1 2024. The dividend payment comes on the heels of the bank’s audited financial results for the half-year ended June 30, 2025, released to the Nigerian Exchange (NGX) in September 2025, which showcased a robust financial position and growth trajectory. Commenting on the dividend payout, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, said, “We are pleased to have paid this significant interim dividend to our valued shareholders…….(Read More) Türkiye, US draft new roadmap to reach $100 billion trade goal – Türkiye and the United States are preparing a new strategy to boost bilateral commerce toward the long-standing $100 billion trade target, focusing on expanding cooperation in key industries from automotive to nuclear energy. The Foreign Economic Relations Board of Türkiye (DEİK) and its Türkiye-U.S. Business Council (TAİK) have begun work to update a joint trade roadmap first prepared with the Boston Consulting Group in 2019-2020. The revised plan aims to adapt to shifting global dynamics and strengthen private-sector partnerships between the two NATO allies………(Read More)

World Bank dismisses Nigeria’s single-digit inflation target – The World Bank has said the Federal Government’s ambition to achieve single-digit inflation in the short term is unrealistic, warning that Nigeria remains among a handful of African countries still grappling with high Consumer price inflation. In its latest Africa’s Pulse report released on Tuesday, the Bank projected that Nigeria, alongside Angola, Ethiopia, Ghana, Malawi, Sudan, Zambia, São Tomé and Príncipe, and Zimbabwe, will continue to record double-digit inflation rates through 2025……….(Read More) Market capitalisation up N92bn amid insurance stock surge – The Nigerian Exchange extended its bullish run on Tuesday, gaining N92bn as renewed interest in insurance stocks boosted market performance. The market capitalisation rose to N92tn, while the All-Share Index advanced 172.48 points, or 0.12 per cent, to close at 144,995.26. This brought the market’s week-to-date gain to 1.84 per cent, four-week gain to 4.02 per cent, and year-to-date growth to 40.87 per cent. Market data showed that investors traded 507.4 million shares worth N24.28bn in 30,665 deals, reflecting a two per cent decline in volume, a 67 per cent rise in turnover, and a 14 per cent drop in the number of deals compared to Monday’s session…..(Read More) CBN committed to price, monetary stability – Cardoso – The Central Bank of Nigeria has assured Nigerians of its commitment in ensuring that the policies and reforms already introduced would bring about much-needed price and monetary stability in the country. Nigerians have, over a long period of time, experienced hardship occasioned by rising inflation and monetary instability in the country. But, speaking in Uyo, Akwa Ibom State on Tuesday, the CBN Governor, Olayemi Cardoso, said some of the monetary policies of bank had started yielding positive results, as seen in the steady easing of inflation and current stability in the foreign exchange market…………(Read More) FG to sustain Naira-for-crude sale with local refiners – The Federal Government has reaffirmed its commitment to sustaining the Naira-for-crude oil sale agreement with local refiners as part of its broader policy to reduce the cost of fuel production and strengthen the domestic refining sector. The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this in Lagos at the 2025 Crude Oil Refinery Owners’ Association of Nigeria (CORAN) Summit. Daily Trust reports that under the policy which started in 2024, local refiners, especially Dangote Refinery, would be supplied crude in naira instead of the foreign currency as a way of ensuring affordable fuel for Nigerians…..…..(Read More) Non-interest capital market valuation hits N1.6trn – SEC – The Securities and Exchange Commission (SEC) has revealed that Nigeria’s non-interest capital market has grown significantly, reaching a valuation of over N1.6tn, noting that the figure signals growing investor confidence and deepening participation in ethical finance. The Director-General of the SEC, Dr. Emomotimi Agama, announced this on Monday during a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance (AICIF), scheduled to hold in Lagos on November 4 and 5, 2025………..(Read More) Gold surges past $4,000 an ounce as uncertainty fuels rally – The price of gold has hit a record high of more than $4,000 (£2,985) an ounce as investors look for safe places to put their money over concerns about economic and political uncertainty around the world. Gold has seen its biggest rally since the 1970s, rising by around a third since April when US President Donald Trump announced tariffs which have upset global trade. Analysts say another issue worrying investors is delays to the release of key economic data as the US government shutdown enters its second week………..(Read More)

CFG_DMR_07-OCT-2025

CBN rate cut to 27% will squeeze banks’ profits – Moody – Global ratings agency Moody’s Investors Service has warned that Nigeria’s banking sector faces fresh profitability risks after the Central Bank of Nigeria cut its benchmark Monetary Policy Rate to 27% from 27.5%. The CBN said the 50-basis-point cut was driven by sustained disinflation, projections of further inflation decline, and the need to stimulate economic recovery. However, Moody’s cautioned that the move could erode banks’ net interest margins unless higher loan volumes offset lower yields…………(Read More) Investors gain N171bn as bullish sentiment persists – The equities market on Thursday sustained its positive trend, with investors gaining N171 billion. Gains in PZ Cussons Nigeria, Eterna, Champion Breweries, Tantalizer, AIICO Insurance and 29 other stocks pulled the market performance up. Specifically, the market capitalisation, which opened at N90.580 trillion, gained N171 billion or 0.19 per cent to settle at N90.751 trillion. In the same vein, All-Share Index also rose by 0.19 per cent or 268.98 points, to close at 142,979.46, against 142,710.48 posted on Tuesday. Also, the market breadth closed positive with 34 gainers and 26 losers on the floor of the Exchange………..(Read More) Naira rallies to N1,455/$; reserves hit $43bn – The positive rally of the local currency against the dollar continued yesterday with the naira exchanging at N1,455 to one dollar even as forex speculation declined, at an all-time low as the gap between the official and parallel market rates has significantly dropped. The naira, which has sustained rally across markets in recent months, trading at N1,455/$ as of yesterday according to the Nigeria Foreign Exchange Market (NFEM) and N1,460 to N1,470,$ at the unofficial black market……….(Read More) Tinubu to inaugurate $400m Rivers crude export terminal – President Bola Tinubu is scheduled to inaugurate the $400m Otakikpo Onshore Crude Oil Export Terminal in Rivers State on October 8, the first new crude export facility to be built in Nigeria in over 50 years. The facility, developed by Green Energy International Limited, operators of the Otakikpo field in OML 11, Ikuru town, Andoni Local Government Area of Rivers State, is the first wholly indigenous onshore terminal built in Nigeria. The last such facility, the Forcados Terminal, was commissioned in 1971. The inauguration is expected to attract top government officials..…..(Read More) IATA reports domestic airlines boost GDP by $449.7m yearly – Domestic airlines are contributing significantly to the nation’s economy, with a direct impact of $449.7m annually and the creation of 29,900 jobs, according to the International Air Transport Association. The data, contained in IATA’s recent report on The Value of Air Transport to Nigeria’s Economy, highlights the vital role of domestic air travel within the broader aviation sector, which contributes a total of $2.5bn yearly to Nigeria’s Gross Domestic Product, representing 0.7 per cent of the national output. According to the report, the aviation sector in Nigeria directly provides employment for 39,500 people……..(Read More) With the US government dark, alternate sources show a sluggish September for jobs – Alternate data from public and private sources showed the U.S. job market likely remained stalled in September, with sluggish hiring but no change in an unemployment rate economists see as heavily influenced by a decline in the number of foreign-born workers. With the release of numerous official economic indicators delayed by a government shutdown, alternative data, such as a new “real-time” estimate of the unemployment rate issued on Thursday by the Federal Reserve Bank of Chicago, is likely to attract more than the usual scrutiny……..(Read More)

NGX offers stockholders N150m exemption on capital gains tax- Investors in Nigeria’s capital market will benefit from a N150m annual exemption under the new Capital Gains Tax regime, following a high-level stakeholder dialogue convened by the Nigerian Exchange Group on the Tax Reform Act 2024.The provision, which takes effect from January 2026, is designed to protect 99.9 per cent of retail investors from the 30 per cent tax on gains from the disposal of shares. The exemption was clarified by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, during the forum, which brought together issuers, investors, intermediaries, and regulators……….(Read More) Investors gain N115bn as banking, oil stocks lift market – Trading activities on the Nigerian Exchange Limited opened the week on a positive note as investors gained N115bn in market value on Monday, driven by strong performances in the banking and oil and gas sectors.At the close of transactions, the market capitalisation of listed equities advanced to N90.1tn from N89.99tn recorded at the previous session, reflecting a gain of N115bn. Similarly, the benchmark All-Share Index appreciated by 244.51 points, or 0.17 per cent, to settle at 142,377.54 basis points……..(Read More) Crude oil production rose to 1.8m bdp — FG  – Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that Nigeria’s oil production rose to 1.8 million barrels per day, from 1 million, adding that the goal is to reach 2.5 million bdp, as American companies are already showing strong interest in investing in Nigerian oil blocks……..(Read More) Foreign portfolio inflow hits N748bn in 4yrs – The value of transactions executed by foreign investors through the Nigerian stock market increased to N1.718 trillion in as at end August 2025, about 541% up from N262.85 billion in the same period in 2021. The domestic and foreign investment report released by the Nigerian Exchange Limited, NGX, shows that Foreign Portfolio Investment inflows during the period was N748.23 billion, about 506%  up from N123.46 billion recorded in the same period of 2021..…..(Read More) Airports Authority Unveils Cashless Policy, Targets 75% Revenue Increase – The Federal Airports Authority of Nigeria (FAAN) has targeted a 75 per cent increase in its revenue as it integrates its new cashless policy in more points across the airports. Speaking during the launch of ‘Operations Go Cashless’ at the Murtala Muhammed International Airport, Lagos (MMIA) on Monday, the managing director of FAAN, Olubunmi Kuku, said the authority had set the first quarter of 2026 as the deadline for the agency to go cashless fully…………(Read More) German unemployment rises more than expected in September – The number of people out of work rose more than expected in September, labor office figures showed on Tuesday, as the job market struggles to recover in a continually weak economy. In seasonally adjusted terms, the jobless figure rose by 14,000 to 2.98 million, surpassing the 8,000 increase forecast by analysts polled by Reuters……(Read More)

CFG_DMR_29-SEP-2025

CFG WEEKLY MARKET REPORT_22ND_ SEP_2025 TO 26TH_SEP_2025

After 10 years, oil investments flow again – FG – The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has announced that the country has broken a 10-year drought in oil sector investments, thanks to reforms introduced under President Bola Tinubu’s administration. Lokpobiri disclosed this in a statement issued by his Special Adviser on Media and Communication, Nneamaka Okafor, on Thursday. The remarks followed his keynote address at the United States–Nigeria Council’s session on oil sector collaboration, held on the sidelines of the ongoing United Nations General Assembly in New York……..(Read More) Equities market rebounds as investors drive N279bn gain – The Nigerian Exchange reversed previous losses on Thursday, closing the trading session with a gain of N279bn in market capitalisation as investors returned to the equities market. At the close of trading, the market capitalisation of listed equities rose to N89.4tn from the N89.1tn recorded in the previous session. The Index advanced by 432.94 points, or 0.31 per cent, to close at 141,149.04 points. The performance lifted the market to a positive close after days of mixed sentiment, with analysts attributing the rebound to renewed bargain-hunting in large- and mid-cap stocks, particularly in the banking and oil and gas sectors……..(Read More) Inflation decline, fx stability behind CBN’s rates cut – The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) reduced the benchmark interest rate by 50 basis points (bps), from 27.5 per cent to 27 per cent. At the end of its 302nd meeting held on September 22 and 23, 2025, the committee voted unanimously to ease monetary policy in a bid to balance price stability with growth. Latest data released by the National Bureau of Statistics revealed that Nigeria’s real gross domestic product surged by 4.23% in the second quarter of the year. Inflation has also been on the decline, and the naira has become less volatile…….(Read More) Otedola, Calvados acquire 64.8m First HoldCo shares worth N2bn – First HoldCo Plc has notified the Nigerian Exchange Limited of insider dealings involving its Chairman, Olufemi Otedola, and his affiliated company, Calvados Global Services Limited, who jointly acquired 64.8m shares of the group valued at over N2bn. In a regulatory filing dated September 24, the company disclosed that Otedola directly purchased 39,313,379 ordinary shares of First HoldCo at N31 per share. In addition, Calvados Global Services Limited, a company related to the billionaire investor, bought 25,565,289 ordinary shares at the same price..…..(Read More) Recapitalisationn: TAJBank surpassed CBN’s capital requirement – CEO – TAJBank yesterday disclosed that the bank has met the Central Bank of Nigeria’s (CBN’s) new minimum capital requirement for national non-interest banks. The Managing Director/CEO of the bank, Mr. Hamid Joda, disclosed this while speaking with journalists on the sidelines of an investment summit in Abuja. With the compliance with the required minimum capital base as directed by the CBN, TAJBank has joined the rank of few banks that had already met or exceeded the CBN’s revised capital thresholds scheduled for enforcement from March 2026 by the apex bank……….(Read More) Asian Pharmaceutical Stocks Slump As Trump Announces 100% Tariffs On Patented Drugs – President Donald Trump announced a new set of tariffs on Thursday evening, including a 100% levy on patented drugs unless a company is building a plant to manufacture in the U.S., triggering a steep decline in Asian pharmaceutical stocks on Friday. In a Truth Social post on Thursday evening, Trump wrote: “Starting October 1st, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.”….(Read More)

CFG_DMR_25-SEP-2025

Oil production raises GDP by 4.23% – Driven by improved crude oil production, Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent, a report by the National Bureau of Statistics (NBS) has disclosed. The report added that the average daily production of crude oil rose to 1.68 million per barrel, a four year quarter high since 2022. This means that Nigeria was able to meet its quota set by the Organization of Petroleum Exporting Countries (OPEC) for the quarter……….(Read More)  Equity market sheds N220bn amid sectoral downturn – The Nigerian Exchange opened the week on a bearish note as Nigerian Breweries and other major stocks dragged the market to a N220bn loss on Monday. The downturn reflected weak investor sentiment in the consumer and industrial goods sectors. At the close of trading, the market capitalization fell to N89.5tn from N89.72tn on Friday, while the All-Share Index shed 347.12 points, or 0.24 per cent, to close at 141,498.20. This represented a one-week loss of 0.11 per cent,……….(Read More) FAAC: NUPRC records N459.6bn revenue shortfall despite 3% rise in monthly remittance – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a revenue shortfall of N459.6 billion against its August 2025 budgetary target of N1.2 trillion, after remitting N745 billion to the Federation Account. In its report to the Federation Accounts Allocation Committee (FAAC) for September 2025, the Commission disclosed that its revenue collection stood at N745.21 billion in August, representing a 61.85 percent performance against the monthly budget benchmark of N1.204 trillion………(Read More) Interest income drives Stanbic IBTC’s profit to N173.4bn – Stanbic IBTC Holdings Plc has announced a profit after tax of N173.4bn for the half year ended June 30, 2025, representing a 49 per cent increase from the N116.4bn recorded in the corresponding period of 2024. The lender’s unaudited financial statement released to the Nigerian Exchange Limited on Monday showed that the profit growth was largely driven by interest income and improved fee and commission revenue………..(Read More) Dangote’s CNG-powered Trucks Make First Fuel Deliveries To Lagos Stations – Dangote Petroleum Refinery & Petrochemicals has commenced delivering petrol to petroleum marketers across Lagos with its compressed natural gas (CNG)- powered trucks. LEADERSHIP can confirm the development by observing the marked truck discharging content at the Conoil filling station opposite the Ikeja General Hospital. The initiative aims to transform Nigeria’s fuel distribution landscape by reducing logistics costs and enhancing customer supply efficiency…….(Read More) Asia stocks ride the AI rush, gold hits another peak – Most Asian share markets built on recent hefty gains on Tuesday as optimism around all things AI sucked money into the tech sector, while wagers on several more U.S. interest rate cuts kept gold on a hot streak. Wall Street had been led to another record as Nvidia (.NVDA), announced it would invest up to $100 billion in OpenAI with the first data centre gear to be delivered in the second half of 2026………….(Read More)