Monthly Archives: October 2022

Moody’s downgrades Nigeria’s rating

Amidst rising macroeconomic pressures, Moody’s Investors Service has downgraded Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency senior unsecured debt ratings to B3 from B2.
The global rating agency also placed Africa’s largest economy by gross domestic product rating on review for downgrade, according to a rating note.

Mobile transfers by banks’ customers rises steeply to N12.8tr in Q3’2022 – Report

The Nigeria Inter-Bank Settlement System (NIBSS) has said, mobile device transfers by banks’ customers in Nigeria rose to N12.8 trillion between January and September of this year.
The value of transactions recorded in the first three quarters is well more than the N8 trillion recorded for the entire year 2021. This shows a steep increase in the use of mobile phones for financial transactions.

Nigeria gets $70bn of climate change investment opportunity in Africa

Nigeria is expected to get about $70 billion of the $1 trillion climate change investment opportunity slated for Africa, the International Finance Corporation (IFC), a division of the World Bank Group has said.
The implication is that Nigeria will be getting seven per cent of the total investment coming to Africa.

Naira slides to N441.67 as external reserves fall

The Nigerian naira depreciates by 29 kobo from N441.38 to N441.67 per the United States dollar at the Investors’ and Exporters’ foreign exchange window as demand pressures persist.
Analysts told MarketForces Africa that the exchange rate at the Investors window will worsen further as year-end imports by manufacturers and other corporates begin to gather momentum.
Last week, there was a noticeable decline in the gross external reserves, according to data from the Central Bank of Nigeria.

Ecobank Nigeria unveils Super Reward Season 3 extension

Ecobank Nigeria has announced the commencement of Season 3 extension of its Super Rewards Campaign. The customer-focused initiative is designed by Ecobank Nigeria to reward customers’ loyalty. The campaign tagged: Season 3.1 is set to reward 100 customers with cash prizes of N50,000 monthly, while four customers will go home with N1 million each at the end of the Season in January, 2023. The Ecobank Nigeria Super Rewards Campaign has so far created 10 millionaires, and several hundreds of customers taking home monthly cash rewards.

Kogi communities jubilate as Dangote Cement Obajana Plant reopens

There were huge scenes of jubilation among affected host communities following the Federal Government’s order for the immediate reopening of the Dangote Cement Plc plant at Obajana in Kogi State.
Members of the host communities from Iwaa, Oyo, Obajana, and Apata who spoke to newsmen said they could now heave a sigh of relief as the consequences of shutting down the factory were better imagined than described, a situation which was worsened with the recent ASUU strike that kept students at home across the country.

Fidelity Bank settles $400 million Eurobond due today

Fidelity Bank sent $421 million to settle a Eurobond due today, even as Nigeria continue to grapples with a growing scarcity of foreign exchange.

Exports from Forcados crude to restart by end of October – SPDC

Exports from Nigeria’s Forcados crude oil terminal will resume by the end of the month, Shell’s local subsidiary SPDC said yesterday.
Crude loadings from the terminal have been stopped since mid-July when a leak was discovered at a single point mooring. The company said on Oct. 4 that the operations would resume in the second half of the month.
“In addition to the repairs, we are working to remove and clamp theft points on the onshore pipelines to ensure full crude oil receipt at the terminal,” SPDC said in a statement.

IMF downgrades 2023 world economy outlook over protracted Russia- Ukraine war

The IMF cut its outlook for economic growth in the United States to 1.6 per cent this year, down from a July forecast of 2.3 per cent. It expects meager one per cent U.S. growth in 2023
International Monetary Fund managing director Kristalina Georgieva speaks before introducing a panel discussion at the 2022 Annual Meetings of the International Monetary Fund and the World Bank Group, Monday, October 10, 2022, in Washington.

Naira climbs to new high at Investors & Exporters window, hastens to N740/$at parallel market

The Naira, has crossed the new red line at the Investors’ and Exporters’ Foreign Exchange (FX) window on the back of sustained demand pressures across the markets.
The exchange rate at the Investors and Exporters FX window established in 2017 to ease pressures for manufacturers and other investors have moved upward from as low as N415 per dollar in the year to a new level at N440 per dollar.