ECONOMY AND CAPITAL MARKET NEWS

For Week Ended July 10, 2026

          

CAPITAL MARKET NEWS

• NGX rebounds as capitalisation hits N155.59tn

The Nigerian equities market closed the mid-week trading session bullish on Wednesday, as an aggressive wave of bargain hunting wiped out earlier performance jitters and drove market valuation to historic highs. The total market capitalisation of the Nigerian Exchange Limited crossed a significant threshold to peak at N155.59tn. Read More

• H1: Overall Value of Bonds, ETF, Equities on NGX Up N51.6trn 

On the back of improved economic indicators in Nigeria, the overall market capitalisation of all listed securities on the Nigerian Exchange Limited (NGX) recorded a staggering gain of N51.6 trillion in the half-year ended June 30, 2026. The tradable securities that closed 2025 at N149.74 trillion, gained 34.45 per cent to close June 30, 2026, at N201.3 trillion. The securities are Bonds, equities and exchange-traded funds (ETFs). The Nigerian economy, since 2025, has witnessed stability in the foreign exchange market, companies recovering from foreign exchange losses, improved liquidity, capital inflow, the dominance of domestic investors, and increasing portfolio investment. Read More

• Investors reposition for H1 corporate actions, gain N1.86tr

Increased repositioning ahead of the release of the half-year (H1) results, including interim dividend announcements, particularly by major banks and other blue-chip companies, has continued to stimulate investors’ appetite for stocks, with market capitalisation rising by N1.86 trillion yesterday. At the close of transactions, market capitalization rose from N150.271 trillion recorded on Monday to N152.135 trillion, representing an increase of N1.864 trillion. Read More

• DMO opens July FGN Savings Bond at 15.716%

The Debt Management Office has opened the July 2026 FGN Savings Bond subscription, offering Nigerians investment opportunities with returns of up to 15.716 per cent per annum. The latest offering marks the highest interest rate compared with previous issuances since the beginning of the year. The DMO announced the offer on behalf of the Federal Government of Nigeria, pursuant to the DMO (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004. Read More

• NGX foreign participation dips to 9.5%, lowest in 2026

Foreign investor participation on the Nigerian Exchange (NGX) declined to its lowest level in 2026 in May, despite total market transactions rising to their highest monthly level this year, highlighting the increasing dominance of domestic investors in the country’s equities market. The latest Domestic & Foreign Portfolio Investment Report released by NGX Regulation Limited showed that foreign investors accounted for just 9.45 per cent of total market transactions in May, down from 13.01 per cent recorded in April. Foreign transactions also declined by 25.90 per cent month-on-month to N183.61 billion from N247.77 billion in April. Read More

• SEC to enforce mandatory ESG reporting for large firms next year

The Securities and Exchange Commission (SEC) has unveiled plans to make sustainability reporting mandatory for large public interest entities from 2027 as Nigeria moves to align its corporate disclosure framework with global environmental, social and governance (ESG) reporting standards. The phased implementation will begin with voluntary adoption by early adopters and large public interest entities before becoming mandatory in 2027. The requirement will extend to other public interest entities in 2028 and small and medium-scale enterprises (SMEs) by 2030. Read More

MONEY MARKET NEWS

• DMO sells N1.06 trillion treasury bills amid 290% oversubscription

Investor appetite for Nigerian Treasury Bills remained strong at yesterday’s primary market auction, as the Debt Management Office (DMO) sold a total of N1.06 trillion to investors against an offer of N700.00 billion. The auction attracted total subscriptions of N2.03 trillion, translating to a bid-to-offer ratio of 2.9 times, or 290 per cent oversubscription, underscoring continued demand for government securities, even as yields adjusted higher across parts of the curve. At the auction, the stop rate on the 91-day bill rose by 2 basis points to 16.30 per cent, while the 364-day paper climbed by 36 basis points to 17.70 per cent. The 182-day tenor, however, was left unchanged at 16.50 per cent. Read More

• MPC Warns Pre-2027 Election Spending Could Reverse Nigeria’s Inflation Gains

Members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), have warned that election-related fiscal spending ahead of the 2027 general elections poses one of the biggest threats to recent progress in taming inflation, cautioning that excess liquidity from political spending could undermine the effectiveness of monetary policy. This was contained in the personal statements of MPC members following the committee’s May meeting, suggesting policymakers are increasingly shifting their attention from external inflationary pressures to domestic fiscal risks as inflation gradually moderates. Read More

• CBN to sell N2 trillion treasury bill this month, the largest in 2026

The Central Bank of Nigeria plans to issue N2 trillion in Treasury Bills across three July auction dates, compared with just N647.79 billion in bills scheduled to mature during the month. This implies a net liquidity withdrawal of approximately N1.35 trillion through T-bills in July alone, the single largest monthly net T-bill withdrawal planned for 2026 so far. The July programme forms the opening phase of the CBN’s Q3 2026 NTB Issuance Programme, which targets N5.8 trillion in gross issuance between July and September against N2.64 trillion in maturing bills, implying net new borrowing of approximately N3.16 trillion across the full quarter. Read More

• CBN allots N1.06 trillion at July 8 NTB auction, hikes one-year rate to 17.70%

The Central Bank of Nigeria (CBN) allotted N1.06 trillion at its Wednesday, July 8, 2026, Treasury bills primary market auction, raising the stop rate on the one-year bill sharply to 17.70% compared with the June 17 auction stop rate of 17.34% while keeping the mid-tenor rate unchanged. The auction result seen by Nairametrics shows total subscriptions of about N2.03 trillion against an offer size of N700 billion. This gives a bid-to-offer ratio of about 2.9 times. Read More

• Central Bank of Nigeria (CBN)- Invitation to Tender for Nigerian Treasury Bills (July, 2026)

Notice is hereby given by the Central Bank of Nigeria on behalf of DMO that the Federal Government of Nigeria Treasury Bills of 91, 182 and 364-day tenors amounting to one hundred billion Naira, one hundred billion Naira and four hundred billion Naira respectively, would be issued by Dutch auction on Thursday, July 16, 2026. All Money Market Dealers should submit bids through the CBN S4 WEB INTERFACE between 8.00 a.m. and 11.00 a.m. on Wednesday, July 15, 2026. Read More

THE NIGERIAN ECONOMY

• FG secures $11.4bn World Bank loans in three years

President Bola Tinubu’s administration has secured $11.40bn in loan approvals from the World Bank in just about three years, putting it on course to surpass the total amount approved under former President Muhammadu Buhari’s eight-year administration, an analysis of data obtained by The PUNCH from the World Bank has shown. The analysis showed that the World Bank approved loans worth $11.40bn for Nigeria between June 2023 and June 2026, compared with $14.59bn approved during Buhari’s presidency from May 2015 to May 2023. Read More

• EBC: Nigeria’s $51 billion reserves face risks from hot money, oil dependence

Global brokerage firm, EBC Financial Group has said that Nigeria’s foreign reserves, currently at $51 billion, remain vulnerable to volatile portfolio inflows and the country’s continued dependence, warning that it may not be sustainable. The Group stated this in a market outlook released on Thursday, noting that much of the increase recorded recently has been driven by cyclical factors that could reverse if market conditions deteriorate. Read More

• Nigerian Missions in the US take over visa processing following OIS disengagement

The Nigeria Immigration Service (NIS) has terminated its arrangement with Online Integrated Solution (OIS Services), the operator of Nigeria’s Visa Application and Submission Centres in the United States, directing applicants to submit visa requests directly to Nigerian diplomatic missions in the country with immediate effect. The development was disclosed in a public notice issued on Thursday, July 9, 2026, by the Service Public Relations Officer, DCI Akinsola Akinlabi, on behalf of the Nigeria Immigration Service Headquarters in Abuja. Read More

• Nigeria, UAE deepen ties in trade, agriculture, energy, others 

Nigeria and the United Arab Emirates have reaffirmed their commitment to strengthening bilateral relations, with both countries set to expand cooperation across key sectors, including agriculture, banking, energy, artificial intelligence, industrialisation and infrastructure. The Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, disclosed this in a statement on Sunday following a meeting between President Bola Tinubu and the UAE Minister of State for Foreign Affairs, Sheikh Shakhboot Bin Nahyan Al Nahyan, at the Presidential Villa, Abuja. Read More

• Nigeria’s food service industry reaches $11.09 billion on digital payment growth

Nigeria’s food service industry has grown into an estimated $11.09 billion market in 2025, reflecting the resilience of one of the country’s most enduring sectors despite persistent economic challenges. This is according to a new case study by Moniepoint, which says the industry’s growth has been driven not only by sustained consumer demand for food but also by the rapid expansion of digital payment infrastructure, enabling businesses to scale operations and improve customer experience. Read More

THE GLOBAL ECONOMY

• IMF cuts 2026 world growth forecast, citing Iran war fallout

The International Monetary Fund (IMF) has cut its 2026 global growth forecast for the second time this year, citing the “lingering effects” of the energy shock caused by the US-Israel war on Iran. The global economy is expected to grow 3 per cent in 2026, down from April’s forecast of 3.1 per cent, a “modest slowdown” partly offset by AI-driven demand, the IMF said in its latest outlook, released on Wednesday. Growth is forecast to rebound to 3.4 per cent in 2027, just below the 2024-25 growth average of 3.5 per cent, the IMF said. Read More

• Trump’s Iran strike comments shake markets, Brent crude hits two-week high

Travel stocks plunged as fuel costs rose, United Airlines fell 3 per cent, while energy stocks saw gains. Global markets fell, and oil prices surged after United States President Donald Trump lashed out against Iran, saying that the memorandum of understanding signed with Iran to end the conflict was “over” and warning that the US would likely carry out additional strikes on Wednesday night following attacks the previous day. On Wall Street, all major indices opened lower on the heels of the president’s remarks. The Dow is down 0.8 per cent, the tech-heavy Nasdaq is down 0.2 per cent, and the S&P 500 is down 0.5 per cent. Read More

• Strait of Hormuz traffic plunges as US, Iran resume fighting

Shipping in the Strait of Hormuz has plunged amid renewed fighting between the United States and Iran, dealing a new blow to energy markets already reeling from the biggest supply disruption in history. No large vessel has crossed the strait via the US-coordinated route while broadcasting their location since Tuesday, with traceable crossings via the Oman-hugging lane “effectively grinding to a halt”, Lloyd’s List Intelligence said on Thursday. Read More

• How World Bank and IMF loans are reshaping policymaking in Africa

As debt pressures grow, African governments are reassessing the trade-offs of concessional financing. For decades, multilateral lenders such as the World Bank and the International Monetary Fund (IMF) have provided developing countries with financing that is often cheaper than commercial borrowing, particularly through concessional lending windows. But such financing has often come with reform commitments requiring governments to strengthen public financial management, improve tax collection, enhance transparency, and adopt measures aimed at stabilising their economies. Read More

• China expands anti-sanctions toolkit, raising risks for foreign firms

China is expanding its toolkit to counter foreign sanctions and export controls, placing multinational companies in the line of fire as Beijing, Washington and Brussels exchange tit-for-tat punitive measures. Since March, Beijing has passed two new regulations that expand its ability to retaliate against foreign entities deemed to have threatened its supply chain security or enforced sanctions imposed with “improper extraterritorial jurisdiction”. Read More

 

DISCLAIMER 

This compilation is for information purpose only. Investors are advised to always consult their Stockbrokers for reliable and specific investment guidance at every point in time. The names of certified individual Securities and Investment experts in Nigeria can be found on the website of the Chartered Institute of Stockbrokers, www.cisinigeria.org.

 

CIS Research