Naira appreciates at N1506 amidst reduced FX pressure – The Nigerian local currency, the naira, appreciated to N1,506 per dollar at the official window even as the nation’s foreign reserves reached $41.500 billion. This is according to the Nigeria Foreign Exchange Market (NFEM) update released by the Central Bank of Nigeria (CBN), indicating spot rate settled at N1506.8433 per dollar at the official window on the first day of the week……..(Read More) Stock Market Investors Reap N262bn In New Trading Week– The Nigerian equities market, yesterday, began the trading week in a positive position as investors’ investments rose by N262 billion. Precisely, the All-Share Index up by 227.68 points, representing a gain of 0.24 per cent to close at 96,205.85 points. Also, market capitalization appreciated by N262 billion to close at N88.199 trillion. The upturn was driven by price appreciation in large and medium-capitalized stocks, including Transcorp Power, NASCON Allied Industries, Dangote Sugar Refinery, PZ Cussons Nigeria, and Cadbury Nigeria……….(Read More) TUC rejects 5% fuel surcharge, gives FG ultimatum – The leadership of Trade Union Congress (TUC), says has rejected the Federal Government’s planned 5 per cent tax on petroleum products, describing the proposal as “reckless and an act of economic wickedness. The Congress warned the government to withdraw the proposal within 14 days starting from today, saying it would not have any other option than to shut down critical sectors in the country if the government failed to do so……..(Read More) External Reserves Hit $41.5bn As NEFM Records $2.8bn Inflow – According to data by the Central Bank of Nigeria (CBN), gross reserves rose for the ninth consecutive week, recording a week-on-week increase of $232.11 million or 0.56 per cent to $41.499 billion as of September 3, 2025, compared to $41.2267 billion, which it closed last month. The naira appreciated by 1.01 per cent last week, and analysts project that the upward momentum will be sustained. Steady reserve accretion provides a vital buffer against external shocks, particularly oil price volatility and speculative pressures..…..(Read More) Foreign portfolio inflow up 354% to N609.73bn in 3yrs – The Foreign Portfolio inflow on the Nigerian stock market has increased by 354.4 % to N609.73 billion in seven months of 2025 (7M’25) against N134.19 billion in seven months of 2022(7M’22). The domestic and foreign transactions report released by the Nigerian Exchange Limited, NGX showed that foreign outflow increased by 382.2% to N671.56billion in 7M’25 from N138.97 billion in 7M’22. Meanwhile, the total foreign flows (Inflow and outflow) increased by 369.2% to N1.281trillion in 7M’25 against N273.16 billion in 7M’22.  A further analysis shows that total transactions at the nation’s bourse increased significantly by 240.8% to N6.008 trillion in 7M’25 from N1.763 trillion in 7M’22…….(Read More) Dollar hits 7-week low as jobs gloom heightens Fed cut chances – The dollar sank to an almost seven-week low on Tuesday as investors braced for U.S. data revisions that could show the jobs market in worse shape than initially thought, shoring up the case for even deeper Federal Reserve interest rate cuts. The dollar index fell to lows of 97.323 in Asia trade, representing the weakest level for the greenback since July 24, ahead of the release of preliminary benchmark revisions, opens new tab for jobs data covering the period from April 2024 to March 2025…..(Read More)

CFG_DMR_08-SEP-2025

No plan to shut petrol unit — Dangote refinery – The Dangote Petroleum Refinery has denied a report that it could shut its petrol unit for two to three months. The spokesman of the Dangote Group, Anthony Chiejina, described the report as “fake”. Reuters had reported that the petrol unit at the 650,000 barrel-per-day Dangote refinery may be shut for two to three months for repairs, quoting industry monitor IIR Energy. According to the report, the unit was said to have been shut since around August 29 after catalyst leaks…….(Read More) Risk-off Sentiment Deepens As Stock Investors Lose N832bn In 1 Week – The Nigerian equities market extended its bearish trajectory last week, as weak sentiment and risk-off positioning dominated trading activity. The NGX All Share Index (ASI) shed 0.94 per cent week-on-week to close at 138,980.01 points. In tandem, market capitalisation fell by N832 billion to N87.937 trillion, trimming the year-to-date return to 35.03 per cent. The persistent downturn highlights lingering macroeconomic uncertainties that have tempered investors’ appetite for risk assets………(Read More) Guinea Insurance gets shareholder nod for recapitalization – The shareholders of Guinea Insurance Plc have approved the firm to raise additional capital as may be required due to the signing of the Nigerian Insurance Industry Reform Act 2025. The approval was given at the 67th Annual General Meeting of the company, where shareholders virtually reviewed the company’s performance over the past year and set a clear path for its next phase of growth and transformation. During the meeting, Mr. Temitope Borishade presided over deliberations on a range of ordinary and special business matters…….(Read More) Mortgage equity contributions surge 279% to N39bn – Equity contributions for residential mortgages under the Contributory Pension Scheme surged 279 per cent year-on-year in Q1 2025, reaching N39.86bn and benefiting 8,408 Retirement Savings Account holders. This was disclosed in the first quarter report of 2025 from the National Pension Commission. In comparison, Q1 2024 recorded N10.52bn disbursed to 1,390 RSA holders. The upward trend was consistent throughout 2024, with N18bn released to 2,491 holders in Q2, followed by N32.62bn to 3,925 holders in Q3, and N30.24bn to 7,094 holders in Q4.…..(Read More) Recapitalisation: UBA Extends N157.84bn Rights Issue By 2 Weeks – United Bank for Africa (UBA) Plc has extended its ongoing N157.843 billion rights issue. UBA stated this in a notice to the Nigerian Exchange, signed by the group company secretary/legal counsel, Bili Odum. The bank hereby notifies its shareholders, the NGX, stakeholders, and the general public that the acceptance/application period for its ongoing rights issue, initially scheduled to close on September 5, 2025, has been extended by two weeks and will now close on September 19, 2025, following the receipt of approval from the Securities and Exchange Commission (SEC)……(Read More) Trump says European leaders will visit US this week to discuss Russia-Ukraine war – U.S. President Donald Trump said on Sunday that individual European leaders would visit the United States on Monday or Tuesday to discuss how to resolve the Russian-Ukraine war. Speaking to reporters after returning from the U.S. Open in New York City, Trump also said he would speak to Russian President Vladimir Putin soon. “Certain European leaders are coming over to our country on Monday or Tuesday individually,”……(Read More)  

CFG WEEKLY MARKET REPORT SEPT 1ST-4TH 2025

Marketers continue imports as Dangote petrol arrives US – The Dangote Petroleum Refinery last week made its first Premium Motor Spirit (petrol) shipment to the United States, while local marketers insisted on fuel importation. This confirmed earlier reports that the refinery is exporting more fuels following the shutdown of some foreign refineries for maintenance. According to S&P Global, 300,000 barrels of petrol left Nigeria on August 26, with an expected arrival at New York and New Jersey on September 12. This is even as fuel marketers in Nigeria still import more petrol into the country, ignoring the 650,000-barrel-per-day refinery in Lekki, Lagos……(Read More)  ‘How new exploration licences will improve Nigeria’s oil production’ – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently concluded the execution of the Production Sharing Contract (PSC) of the Oil Prospecting Licence (OPL) 2001 and 2002. The licences are for offshore exploration in the Deepwater West Delta basin and is 2,000 square kilometres. The licence was awarded to TotalEnergies which owns 80% and South Atlantic Petroleum with 20% in 2024…….(Read More) Tariff war: Respect state electricity regulators, FG warns Discos – The Federal Government, through the Nigerian Electricity Regulatory Commission, has told electricity distribution companies to treat state regulators with respect. The Vice Chairman of NERC, Musiliu Oseni, stated this at the commission’s quarterly stakeholders meeting, which ended in Lagos on Tuesday. Power distributors had repeatedly countered state regulatory commissions on matters of electricity tariffs, a development that consistently pitched the two groups at opposing ends…..(Read More) CNG price hits N450/SCM as FG withdraws subsidies – Amid long queues and insufficient refilling stations, the cost of one standard cubic metre of Compressed Natural Gas has jumped from N230 to N450. Our correspondent gathered from retailers that the government reviewed the price recently to N450, reducing its subsidies. However, while trucks pay N450/SCM, car drivers and commercial drivers still enjoy some subsidies, as they pay N380 for one standard cubic metre of what the government calls a cheaper alternative to petrol and diesel…..(Read More) ‘$3.5bn brass fertiliser, petrochemical project to commence in october’ – The Managing Director of the Brass Fertiliser and Petrochemical Company, Chief Ben Okoye, has stated that work on the $3.5 billion project would start in October this year. Chief Okoye explained that the 10,000 metric tonnes of methanol per day project was delayed as there was no agreement reached on the gas component but that  President Tinubu last October directed the Minister of State for Petroleum (Gas) to get it started and that the agreement was signed in January this year……(Read More) Despite dip in China’s exports to Russia, new deals show ‘room to grow’ amid US pressure – Despite a slowdown in automotive shipments from China to Russia, there is room for them to advance trade settled in yuan and roubles as both countries continue to be pressured away from the US market, analysts said on Tuesday during Russian President Vladimir Putin’s visit to the world’s second-largest economy. Russians want consumer goods, personal electronics and common machinery that are difficult to import from the West because of trade sanctions…..(Read More)

CFG_DMR_02-SEP-2025

Europe stocks steady as Chinese tech surges – Shares in Europe remained steady on Monday, as Chinese technology stocks surged, while European long-dated bonds faced heavy pressure, according to Reuters. Europe’s broad STOXX 600 index gained 0.1 per cent, initially boosted by improved manufacturing data, though the positive momentum eased later in the day. In Asia, Chinese tech giant Alibaba saw its Hong Kong shares jump 18.5 per cent following a report that artificial intelligence drove a surge in revenue for its cloud business………(Read More) NGX suspends three insurance firms for missing audits – The Nigerian Exchange Limited has suspended trading in the shares of three listed insurance companies for failing to file their audited financial statements for the year ended December 31, 2024. The suspension, effective September 1, 2025, affects Regency Alliance Insurance Plc, International Energy Insurance Plc, and Universal Insurance Plc……….(Read More) Cost of fund cuts banks’ borrowings by 12% to N69trn – Banks’ borrowings through the Central Bank of Nigeria, CBN, Standing Lending Facility,  SLF, declined by 12.4 per cent Year-on-Year, YoY, to N69.37 trillion in the first eight months of the year (8m’25) from N79.23 trillion in 8m’24. The CBN has two short term lending windows for banks: the Standing Lending Facility (SLF) and Repo lending. It lends money to banks through the SLF at interest rate of 500 basis points (bps) above the Monetary Policy Rate (MPR), and it also lends money to banks through Repurchase (Repo) arrangement, which involves the purchase of banks’ securities with the agreement to sell back at a specific date and usually for a higher price. …….(Read More) Naira rises to N1,540/$ in parallel market – The Naira yesterday appreciated to N1,540 per dollar in the parallel market from N1,545 per dollar last weekend. Similarly, the Naira recorded a new level appreciating to the N1,527.5 per dollar in the Nigerian Foreign Exchange Market (NFEM).The new level was last recorded on July 3rd this year. Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,527.5 per dollar from N1,531 per dollar last weekend, indicating N3.5 appreciation for the naira. Consequently, the margin between the parallel market and NFEM rate narrowed to N12.5 per dollar from N14 per dollar last week Friday……..(Read More) Equities Market Opens September Trading With N362bn Loss – Trading activities in the domestic equities market yesterday lost N362 billion to start September trading on a negative note, following share price depreciation in Lafarge Africa Plc and 32 others. The All-Share Index (ASI) shed 573.31 points, representing a decline of 0.41 per cent to close at 139,722.19 points. Also, market capitalization depreciated by N362 billion to close at N88.407 trillion. The downturn was driven by price depreciation in large and medium-capitalized stocks, including Lafarge Africa, Eterna, Oando, Zenith Bank, and Ellah Lakes….…(Read More) Dollar inches up as gold hovers near record high – The U.S. dollar clawed back some ground in Asian trading on Tuesday following five days of selling, ahead of the return of U.S. traders from the Labor Day holiday. The dollar index was last up 0.2% at 97.873, having touched its lowest since July 28 on Monday. Gold hit an all-time high. “Capital markets across equities and credit are still optimistic on the U.S., which suggests that foreign holders of U.S. assets are not in retreat,” analysts from DBS wrote in a client note……..(Read More)

CFG_DMR_01-SEP-2025

Market capitalisation jumps N203bn as stocks extend rally – The Nigerian Exchange extended its bullish momentum on Tuesday as investors gained N203bn, pushing the market capitalisation to N89.7tn at the close of trading. The benchmark All-Share Index rose by 321.59 points, or 0.23 per cent, to settle at 141,761.36 compared with 141,439.77 recorded on Monday. This brought the market’s year-to-date gain to 37.73 per cent, despite posting a one-week decline of 0.6 per cent. Trading statistics showed that a total of 604.99m shares valued at N12.89bn were exchanged in 28,819 deals. This reflected a three per cent improvement in volume and a 15 per cent rise in turnover, though the number of deals declined 13 per cent when compared with the previous session…………(Read More) Tinubu meets NGX, SEC chiefs in Brazil, hails capital market gains – President Bola Tinubu on Tuesday praised the “remarkable growth” of Nigeria’s capital market under his administration. This is as he credited investors’ confidence in his economic reforms for the surge in activity on the Nigerian Exchange. He disclosed this while receiving the Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, and the Board of Directors of the Nigerian Exchange Group in Brazil during his state visit. The President said the expansion of market capitalisation and trading volumes reflected the strength of his policies…………(Read More) Domestic refining changing West Africa’s fuel supply – Marketers – The Major Energies Marketers Association of Nigeria (MEMAN) has described the rising domestic refining capacity as a game-changer which is changing the fuel supply landscape in Africa. It specifically made a reference to the 650,000-barrel Dangote Petrochemical Refinery and the emerging Lome Hub as reshaping West Africa’s fuel market. This emerged yesterday when MEMAN hosted its monthly webinar in partnership with S&P Global Commodity Insights (Platts), to examine how global geopolitics, regional refining capacity, and evolving trade flows are transforming West Africa’s refined products market………..(Read More) FG allots N136bn in medium-term bonds – The Federal Government of Nigeria has successfully allotted a total of N136bn in its recently concluded five- and seven-year bond auctions, with marginal rates of 17.945 per cent and 18 per cent, respectively. According to the offer document on its website on Tuesday, the new five-year FGN August 2030 bond and the seven-year FGN June 2032 bond were auctioned on August 25, 2025, and are set to settle on August 27, 2025. The total amount offered for each bond was N100 bn, but strong investor demand led to an allotment of N46.005 bn for the five-year bond and N90.157 bn for the seven-year bond…..…..(Read More) Forbearance: Nigerian banks’ non-performing loans may increase – Fitch – Fitch Ratings said Tuesday that a vast majority of Nigerian banks are expected to exit longstanding forbearance by end-2025. However, the ratings agency observed that the expiry of forbearance will lead to some large Stage 2 loans being reclassified as impaired, the agency said in a new peer credit analysis on the country’s major banks. Daily Trust reports that an impaired loan is a loan that is not performing according to the original terms of the agreement……….…(Read More) Trump defiant as Fed Governor Lisa Cook threatens legal action over his attempts to remove her from board – President Donald Trump on Tuesday responded to questions about Federal Reserve Governor Lisa Cook’s attorney saying they will file a lawsuit challenging his attempt to remove her. Asked at a Cabinet meeting if he was prepared for a legal fight, Trump said, “Oh sure, always.” Cook’s attorney, Abbe Lowell, issued a statement saying, “Trump has no authority to remove Federal Reserve Governor Lisa Cook. His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action.”…………(Read More)

THE LOOP July EDITION 2025_FF