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Asian markets saw gains on Wednesday, while the dollar and bitcoin also climbed, as early results from the tightly contested U.S. presidential election started to emerge. Investors have been closely monitoring the election, which features Republican candidate Donald Trump and Democratic candidate Kamala Harris, with a particular focus on swing states. Early data indicated Trump was gaining momentum in key battleground states, including Georgia, sparking a wave of investor activity. https://lnkd.in/dSBsuWZN #AsianMarkets #BitcoinRally #USElection #cryptonews

Nigeria’s net foreign exchange (forex) inflows surged by $17 billion in the second quarter of 2024, marking a 49.39% increase from $11.50 billion in the previous quarter. This significant improvement in forex liquidity comes amidst ongoing challenges in stabilizing the naira, as shown by recent data from the Central Bank of Nigeria (CBN). https://lnkd.in/dAw_nm2Y #cbn #forex #fbn #budget #deficit

Nigerians reduced their personal loan debts significantly in the second quarter of 2024, repaying a total of N4.05 trillion and bringing the outstanding balance down to N3.47 trillion from N7.52 trillion in the first quarter. This marks a substantial 53.9% decline in personal loans, according to the Central Bank of Nigeria’s (CBN) latest quarterly economic report. Decline in Consumer Credit The drop in personal loan balances contributed to a 42.6% decrease in total consumer credit, which fell from N8.24 trillion in the first quarter to N4.73 trillion by the end of the second quarter. Despite the reduction in personal loans, retail loans saw an increase, climbing from N0.72 trillion to N1.26 trillion, indicating that smaller-scale businesses are borrowing more to cope with high operational costs. https://lnkd.in/dhyzRTKj #PersonalLoans #NigerianEconomy #InterestRates #loanrepayment

Dollar trading volume surged by 63% in the Nigerian Foreign Exchange Market (NAFEM) during October, with turnover reaching $5.4 billion compared to $3.31 billion in September. This uptick, recorded on the FMDQ platform, indicates heightened activity in the FX market amid ongoing fluctuations in the naira’s value. Data from the market platform FMDQ Plc shows that dollar turnover hit $12.64 billion in the first quarter of 2024 but experienced a 19% decline to $10.24 billion in Q2. In the third quarter, trading volume rose slightly, recording a 6.4% increase to $10.9 billion. https://lnkd.in/dak8cm-h #NigerianFXMarket #DollarTurnover #NairaDepreciation #forexmarket

The Nigerian stock market’s losing streak has now extended into a sixth day, with investors seeing losses of around N318 billion as the bearish trend on the Nigerian Exchange Limited (NGX) deepens. This downturn began last week and shows no signs of abating as the market sheds value across key stocks. The All-Share Index (ASI) fell by 0.54% on Monday, closing at 96,907.98 points, while the overall market capitalization decreased to N58.72 trillion. Much of this decline has been attributed to widespread selloffs, particularly affecting companies like Aradel, which saw a 25.75% drop, and major industrial player BUA Cement, down by 11.09%. https://lnkd.in/dUR8zmGh #NigerianStockMarket #StockMarketUpdate #MarketDowntrend #investors

MTN Nigeria Communications Plc has announced plans to raise up to N50 billion through Series 11 and 12 commercial paper notes, as part of its larger N250 billion commercial paper program. The company disclosed this initiative in a filing with the Nigerian Exchange Limited on Monday, signed by its Company Secretary, Uto Ukpanah. This fresh issuance follows MTN Nigeria’s successful Series 10 commercial paper issuance in 2023, where the company raised N72.1 billion, surpassing expectations with a 149% subscription rate and securing a 16% yield on a 266-day note. The latest Series 11 and 12 issuance is aimed at bolstering MTN’s short-term working capital and diversifying its financing options. https://lnkd.in/dYgZAvBW #MTNNigeria #MTN #CommercialPaper #NigerianEconomy #financenews

The devaluation of the naira under President Bola Tinubu’s administration in 2023 has led to both gains and setbacks in Nigeria’s manufacturing sector, according to a report by the Manufacturers Association of Nigeria (MAN). While the sector saw a significant increase in investment by 32.6%, the depreciation negatively impacted job creation and production capacity, highlighting a complex economic landscape for manufacturers. https://lnkd.in/dbeSk7eX #NairaDepreciation #ManufacturingGrowth #NigeriaEconomy #InvestmentTrends #economicimpact

The World Bank has forecasted a significant decline in global oil prices, projecting that Brent crude could drop to $73 per barrel by 2025 due to an anticipated oversupply. The latest “World Bank 2024 Commodity Markets Outlook,” published last weekend, attributes the expected price decrease to an oversupply driven by factors such as steady oil production and softened demand growth. According to the report, Brent oil prices are expected to average $80 per barrel in 2024, gradually declining to $73 by 2025 and reaching $72 in 2026. This forecast assumes stable market conditions with no prolonged disruptions due to conflicts, a deceleration in demand growth, and continued high production levels. https://lnkd.in/dWjFsfqY #OilPriceForecast #WorldBank #GlobalEnergy #oilmarket

The World Bank has forecasted a significant decline in global oil prices, projecting that Brent crude could drop to $73 per barrel by 2025 due to an anticipated oversupply. The latest “World Bank 2024 Commodity Markets Outlook,” published last weekend, attributes the expected price decrease to an oversupply driven by factors such as steady oil production and softened demand growth. According to the report, Brent oil prices are expected to average $80 per barrel in 2024, gradually declining to $73 by 2025 and reaching $72 in 2026. This forecast assumes stable market conditions with no prolonged disruptions due to conflicts, a deceleration in demand growth, and continued high production levels. https://lnkd.in/dWjFsfqY #OilPriceForecast #WorldBank #GlobalEnergy #oilmarket

Dangote Refinery has publicly criticized an international trading company for allegedly using a nearby depot to blend low-quality fuel, aiming to sell these products in competition with Dangote’s premium-grade fuel in Nigeria. This accusation was highlighted in a statement by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Refinery, on Sunday. Chiejina’s statement underscores the negative impact of such activities on Nigeria’s refining sector, which is still in the early stages of development. He argued that allowing low-quality fuel to circulate in the market could harm both consumers and the local economy, undermining efforts to establish a robust, domestically focused oil refining industry. https://lnkd.in/dFRmcmcW #DangoteRefinery #FuelQuality #NigerianOil #CleanEnergyNigeria #fuelstandards