₦airaland Forum

Nigeria’s foreign exchange (forex) reserves have experienced a notable increase, reaching $33.25 billion, driven by optimism regarding potential surpassing of crude oil earnings projections. The reserves grew by $140 million, maintaining an upward trajectory, with analysts anticipating a positive economic outlook.

The rise in reserves aligns with a 1.6% increase in Brent crude oil prices to $78.48/bbl, attributed to escalating tensions in the Middle East and disruptions in the United.......

https://ratecaptain.com/forex-reserves-rise-to-33-2-billion/

Fitch, a prominent global credit rating agency, has highlighted that the Central Bank of Nigeria (CBN) continues to grapple with insufficient foreign exchange (forex) reserves to address the existing backlog of demand within the country. The dire situation was brought to light by Gaimin Nonyane, Director of Middle East and Africa Sovereigns at Fitch, who also cautioned about Nigeria’s vulnerability due to a high interest payment to revenue ratio.

“Nigeria’s central bank still lacks the foreign exchange to clear the backlog of demand, and the country’s high interest payment to revenue ratio weighs on its sovereign credit........

https://ratecaptain.com/cbn-still-short-of-forex-to-clear-backlog-fitch/

The Nigerian stock market has achieved a significant milestone, with the equities value surpassing the N50 trillion mark and the NGX-ASI (Nigerian Exchange Limited All Share Index) exceeding 91,000 points. The market’s robust performance, characterized by a 45.90% return in 2023, positions it as the global leader with a 22.90% return, outperforming other major economies, including Argentina.

Analysts from the Financial Derivatives Company attribute this success to new listings of capitalized stocks, policy reforms, and lower interest rates. The market has......

https://ratecaptain.com/nigerian-equities-market-surges-beyond-n50-trillion/

Nigeria’s central bank has successfully settled the entire foreign exchange forwards liability of 14 banks, marking a significant step towards easing concerns over the country’s forex reserves. This move comes amid ongoing challenges with foreign currency shortages, impacting the value of the naira.

The Central Bank of Nigeria (CBN) spokesperson, Hakama Sidi Ali, revealed on Wednesday that settlements with foreign airlines have......

https://ratecaptain.com/cbn-clears-7-billion-fx-backlog-for-14-banks-turns-to-airlines/

Globacom has been granted a 21-day grace period to settle and pay the outstanding interconnect fees owed to MTN. The interconnect fees, an amount charged by telecom companies for calls terminating on their network, had led to a potential disconnection of Globacom’s subscribers by MTN.

The Nigerian Communications Commission (NCC) announced in a press statement that an agreement had been reached between the parties to resolve all..........

https://ratecaptain.com/disconnection-ncc-grants-globacom-21-days-for-resolution-with-mtn/

Former President Muhammadu Buhari has reignited the discourse surrounding the controversial naira redesign policy and the tenure of Central Bank governor Godwin Emefiele. Buhari staunchly defends both Emefiele and the policy, offering insights into his decision-making process and the impact on the 2023 elections.

Defence of Godwin Emefiele:
Former President Buhari’s unwavering support for Godwin Emefiele, who served as the Central Bank governor throughout Buhari’s eight-year presidency, has raised...........

https://ratecaptain.com/former-president-buhari-defends-emefiele-and-naira-redesign/

Geregu Power Plc, the pioneering power company listed on the Nigerian Exchange Limited (NGX), has marked a significant achievement by crossing the N1.07 trillion market capitalization threshold. The utility company’s shares experienced a notable 7.52% surge on Monday, closing at N429 per share and inching closer to the impressive N1,000 per share milestone, according to technical chart analysis.

For the first nine months of 2023, Geregu Power reported a commendable 25.30% increase in pre-tax earnings, reaching N17.48 billion compared to N13.95 billion in the......

https://ratecaptain.com/femi-otedola-achieves-n1-trillion-market-value-milestone-on-ngx/

Governor Babajide Sanwo-Olu of Lagos State has officially signed the 2024 appropriation bill into law, amounting to N2.267 trillion. The budget allocates N1.315 trillion (58%) for capital expenditure and N952.4 billion (42%) for recurrent expenditure. The signing follows the recent approval by the Lagos State House of Assembly, which increased the budget by N21.74 billion to address critical infrastructure projects.

In his remarks during the ceremony at Government House, Alausa, Governor Sanwo-Olu expressed confidence that the budget would enhance the quality of......

https://ratecaptain.com/sanwo-olu-signs-n2-267-trillion-budget-for-2024/

The Federal Inland Revenue Service (FIRS) is set to embark on a bold mission to increase tax revenue by an impressive 57% to N19.4 trillion in 2024, according to recent reports from Bloomberg. The tax agency aims to achieve this ambitious target by focusing on both oil and non-oil revenues, with plans to enhance efficiency, tax compliance, and organizational restructuring.

The FIRS outlined its strategy, aiming to raise oil revenues to N9.96 trillion and non-oil tax revenue to....

https://ratecaptain.com/firs-to-boost-tax-revenue-by-57-to-n19-4-trillion-in-2024/

Nigeria, grappling with economic challenges, witnessed a surge in its inflation rate for December 2023, reaching 28.92%, according to the latest report from the National Bureau of Statistics (NBS). This marks the eleventh consecutive increase in the inflation rate since February 2023, raising concerns about the economic implications for the country.

Key Highlights:...............

https://ratecaptain.com/nigerias-inflation-rate-climbs-to-28-92-in-december-2023-an-in-depth-analysis/

UK government has unveiled an extensive list of licensed companies authorized to sponsor skilled immigrants under the temporary worker immigration route. The list, last revised on January 12, 2024, now comprises a total of 99,856 approved companies, demonstrating a significant increase from the 68,630 recorded in January 2023.

Covering a wide range of sectors, including technology, commerce, education, media, and engineering, among others, these licensed companies play a crucial role in...............

https://ratecaptain.com/uk-government-releases-list-of-companies-eligible-to-sponsor-skilled-workers-from-nigeria/

In a collaborative effort, the African Export-Import Bank (Afreximbank) and the United Bank for Africa (UBA) have successfully disbursed $2.25 billion of the $3.3 billion oil-for-cash loan facility arranged by the Nigerian National Petroleum Company Limited (NNPCL). This significant financial milestone was confirmed in a statement released by UBA over the weekend.

As the Local Arranger and Onshore Account Bank for the transaction, UBA disclosed that an initial disbursement of............

https://ratecaptain.com/afreximbank-and-uba-disburse-2-25bn-of-3-3bn-oil-for-cash-loan-to-nnpc/

Foreign investors are displaying a lack of interest in Nigerian debt, with yields on Eurobonds rising amid a surge in global emerging-market bond sales.

The first four days of 2024 witnessed a record-breaking $24.4 billion worth of bonds sold by emerging-market governments and corporates, showcasing a.......

https://ratecaptain.com/nigerian-eurobond-yields-rise-as-foreign-investors-shy-away-from-debt/

The Postmortem Sub-Committee of the Federal Account Allocation Committee has recommended that the Federal Government refund the N228bn loan sourced from the non-oil excess revenue account to fund the 2023 general elections. This revelation emerged from a comprehensive report signed by the sub-committee Chairman, Kabir Mashi, on December 14, 2023.

The report meticulously analyzed the inflow into and payments from the non-oil excess revenue account, covering the period from........

https://ratecaptain.com/faac-urged-fg-to-refund-n228bn-election-loan-from-revenue-account/

The Central Bank of Nigeria (CBN) has taken a decisive step by dissolving the boards of Union Bank of Nigeria, Keystone Bank, and Polaris Bank, citing multiple infractions that threatened financial stability. The action, as stated by the CBN, became necessary due to non-compliance with specific sections of the Banks and Other Financial Institutions Act, 2020.

In an official statement signed by the acting Director of Corporate Communications, Sidi Hakama, the apex bank outlined the various infractions committed by the affected...........

https://ratecaptain.com/cbn-discloses-reasons-for-dismissing-boards-of-union-keystone-and-polaris-banks/

The Central Bank of Nigeria (CBN) has released data on the country’s external reserves, revealing a significant year-on-year decline of 10.86%. The reserves, which stood at $37 billion on the first business day of 2023, have now decreased to $33 billion on the same day in 2024.

Throughout the preceding months, the external reserves have displayed a notable trend of variation. On January 3, 2024, the reserves recorded at $33,042,246,777, showing a slight decline from.............

https://ratecaptain.com/nigerias-external-reserves-decline-by-10-86-year-on-year-stand-at-33-billion/

The nine oil-producing states in Nigeria have experienced a noteworthy reduction in their domestic debt stock from a record high of N1.66 trillion in June 2023 to N1.58 trillion by the end of September 2023, marking a three-month decline of N107.6 billion. This analysis is based on data from the Debt Management Office (DMO), reflecting positive fiscal management within the mentioned period.

The reduction in domestic debt comes despite a challenging economic environment, and the states received a sum of N127.7 billion as a 13% oil derivatives fund from the..............

https://ratecaptain.com/nigerian-oil-producing-states-witness-drop-by-n108-billion-in-domestic-debt/

In its latest Global Economic Prospect (GEP), the World Bank has forecasted a 3.3% growth for Nigeria’s economy in 2023, a slight improvement from the 2.9% estimated for the previous year. The projection, although slightly below the sub-Saharan Africa (SSA) average of 3.8%, reflects a positive outlook for Nigeria’s economic recovery.

The World Bank’s confidence in Nigeria’s economic prospects has strengthened, with the economy expected to grow further to 3.7% in 2024, surpassing the global output..............

https://ratecaptain.com/world-bank-projects-nigerias-economy-to-grow-by-3-4-in-2024/

Access Bank has issued a call to its customers, urging them to promptly settle any outstanding debts acquired under the Central Bank of Nigeria (CBN) loan scheme. This directive is part of the bank’s proactive efforts to ensure responsible and timely loan repayment, aligning with prevailing regulatory guidelines. In an email communication, customers were encouraged to fulfill their financial obligations to foster a healthy and sustainable banking relationship with Access Bank.

The statement emphasized that all existing CBN development finance intervention funds, featuring approved....

https://ratecaptain.com/access-bank-urges-customer-to-cbn-loans/

Despite efforts by Nigeria’s central bank to inject liquidity into the official market and clear significant foreign exchange backlogs, the value of the naira witnessed a notable erosion in both the P2P (peer-to-peer) market and the physical black market on Tuesday.

In the P2P market, a segment popular among crypto traders, retail investors, and speculators, the naira traded at.....

https://ratecaptain.com/nairas-value-declines-in-p2p-and-black-markets-despite-fx-liquidity-boost/

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed keen interest in collaborating with Dangote Petroleum Refinery as the facility gears up for the reception of its final batch of crude oil. Despite awaiting official feedback from the refinery, IPMAN has escalated its interest by sending follow-up emails.

In a letter addressed to Dangote Refinery, Abubakar Maigandi, a representative of IPMAN, revealed the association’s intention to......

https://ratecaptain.com/marketers-queue-and-seek-partnership-as-dangote-refinery-prepares-for-distribution/

The United Nations (UN) has issued a cautionary note in its World Economic Situation and Prospects report for 2024, stating that Nigeria’s escalating debt, surging inflation, and their impact on citizens’ welfare pose a threat to the nation’s economic growth in the coming year.

As of the second quarter of 2023, Nigeria’s inflation rate reached 28.2%, coupled with a significant increase in its debt profile, soaring from N49.85tn in the first......

https://ratecaptain.com/united-nation-caution-fg-over-nigerias-debt-and-inflationary-threats/

The Central Bank of Nigeria (CBN) has disbursed approximately $61.64 million to foreign airlines through various banks. This initiative is part of the CBN’s broader efforts to decrease its remaining liability to airlines and enhance the functionality of the foreign exchange market.

The acting director of the corporate communications department at CBN, Hakama Sidi Ali, affirmed that this strategic disbursement is in line with the central bank’s......

https://ratecaptain.com/cbn-disburses-61-64-million-to-foreign-airlines-as-it-clears-fx-debt/

In a race against time to ease the stranglehold of a forex crisis, Nigeria’s Central Bank has reportedly paid nearly $2 billion in the last three months to settle outstanding foreign exchange forwards. This desperate move aims to alleviate concerns about the staggering $7 billion forex forwards backlog, a looming threat causing anxiety among investors and casting a shadow over the country’s economic stability.

The Central Bank of Nigeria (CBN) acknowledges the urgency of the situation, emphasizing its commitment to resolving pending obligations and revitalizing a.............

https://ratecaptain.com/cbn-clears-2-billion-forex-debt-amid-naira-struggles/

Nigeria’s struggling electricity companies are facing a critical shortfall of an estimated N2 trillion ($2.5 billion) in capital, signaling the urgent need for new investors to revive an industry grappling with the challenge of supplying power to its 200 million residents.

Olu Verheijen, an adviser to President Bola Tinubu on energy, highlighted the predicament of power companies in Nigeria, citing their over-leveraged and..............

https://ratecaptain.com/nigerias-power-sector-seeks-2-5-billion-recapitalization-to-address-shortages-fg/

In a landscape marked by shifting economic dynamics and policy changes, the pricing of petrol and the volatility in the foreign exchange market are causing a standstill among oil marketers, hindering their participation in importing the product into Nigeria. The controversy over the existence of petrol subsidies has resurfaced as market players navigate uncertainties.

Despite the implementation of reforms by the current administration, over 50 oil marketers were........

https://ratecaptain.com/petrol-controversy-marketers-hesitate-as-petrol-pricing-and-fx-volatility-shake-markets/#

Nigerian stocks surged for the second consecutive day, with the all-share index reaching unprecedented heights. According to data from the London Stock Exchange Group (LSEG), the Nigerian stock market witnessed a robust 2.04% climb on Wednesday, fueled by strong performances in the banking, consumer goods, and oil sectors.

The all-share index soared to an all-time high of 77,537.57 points, marking a significant milestone for the Nigerian stock market. This surge comes on the heels of a 1.63% gain.....

https://ratecaptain.com/nigeria-stocks-surge-by-2-04-on-second-trading-day-of-2024/

The trajectory of Bitcoin’s (BTC) price continues to captivate the crypto community, with predictions ranging from bullish highs to bearish lows. In this comprehensive analysis, we delve into the factors influencing BTC’s market dynamics and provide insights into its potential price movements from 2024 to 2030.

Bitcoin’s Journey:
Bitcoin, introduced in 2009 by the mysterious Satoshi Nakamoto, has evolved into the most prominent and widely recognized cryptocurrency. Functioning as a decentralized............

https://ratecaptain.com/bitcoin-btc-price-forecast-will-btc-soar-to-75000-by-2030/

In a tumultuous start to the New Year, the Nigerian naira experienced a sharp decline, tumbling by 8.97% against the dollar on January 2, 2024. This unsettling depreciation unfolded despite a substantial $2.25 billion injection from the African Export-Import Bank (Afreximbank) aimed at mitigating the country’s persistent forex challenges.

The currency concluded the trading day at N988.46/$1, marking a significant loss compared to.........

https://ratecaptain.com/naira-depreciates-by-8-97-despite-afreximbanks-2-25-billion-injection/

The considerable depreciation of the Nigerian naira is intricately tied to a series of global economic shocks, most notably the reverberations of the COVID-19 pandemic in 2020 and the geopolitical tensions arising from the Russia-Ukraine war in 2022. These external forces set off a chain reaction, leading to unfavorable consequences such as heightened inflation, increased interest rates, and escalated costs of imports. Adding to the complexity, stringent domestic foreign exchange (FX) policies, characterized by import restrictions, compounded by limited dollar inflows in Nigeria, have......

https://ratecaptain.com/nigeria-fx-saga-nagviating-naira-valuation-paradox/

The Central Bank of Nigeria (CBN) has disclosed that it successfully recovered N264.04 billion from borrowers participating in its development financing programs during the first half of 2023. This represents a significant increase of 27.4% compared to the N207.33 billion recovered during the same period in the previous year, according to the bank’s half-year economic report for 2023.

However, a notable contradiction arises as earlier reports from the CBN’s 2022 half-...................

https://ratecaptain.com/cbn-recovers-n264-04-billion-from-borrowers-in-h1-2023/