RFA Breakfast Paper - September 28, 2026
Nigeria Reserves Gain $9.3bn in 9 Months
Nigeria’s external reserves have climbed to $54.86 billion, adding $9.3 billion since January at seven times the pace of the same period last year. The CBN has exceeded its $51.04 billion year-end target by $3.82 billion with three months to spare, buoyed by foreign capital inflows that surged 83.8 per cent to $10.37 billion in the first quarter. The gains have helped stabilise the naira near ₦1,328 per dollar, its firmest in roughly two years. At its September meeting the MPC cut the benchmark rate 350 basis points to 23.0 per cent, extending cumulative easing to 475 basis points since May, as inflation moderated to 15.39 per cent in August. The reserve build provides a deeper buffer against external shocks, though the pace of accumulation will be tested into year-end as oil-price volatility clouds the revenue outlook.
Stocks Fall as Yields Hit 19-Year High
U.S. equities sold off on Monday after President Trump rejected a proposed nuclear deal with Iran, pushing Brent crude above $99 and the 10-year Treasury yield to 5.24 per cent, its highest since 2007. The S&P 500 fell 0.77 per cent to 7,683.93 and the NASDAQ lost 0.92 per cent to 26,820.38. Boeing dropped 6.2 per cent and MongoDB tumbled 20 per cent on a weak outlook, while only healthcare, staples and energy finished green. Markets now price roughly 70 per cent odds of a Fed hike in October.
Banks Lift NGX to Fresh Record High
The NGX All-Share Index rose 0.21 per cent to 252,635.11 on Monday, a fresh record, lifting market capitalisation to ₦164 trillion. The Banking index led with a 1.14 per cent advance to 2,752.82, while the NGX 30 added 0.20 per cent to 9,296.51. Volume climbed 44.5 per cent to 1.02 billion shares as participants positioned ahead of quarter-end. Breadth was positive at 33 gainers to 24 losers, led by Universal Insurance (+9.9%), Critical Minerals (+9.8%) and ABC Transport (+9.8%). The session underscored continued appetite for banking names as the sector benefits from a steepening yield curve and improving earnings visibility.
