Business

Unity Bank Plc has recorded gross earnings of N38 billion for the nine-month period ended September 30, 2023, with customer deposits appreciating by five per cent to N344.4 billion within the period, indicating business growth and customer confidence in the Bank. A review of the lender’s unaudited nine-month results released to the Nigerian Exchange Group Limited showed that the Bank…

Management of Dangote Industries Limited (DIL) has refuted allegations that it engaged in illegal foreign exchange deals, warning those peddling the allegation of economic sabotage against the company to desist from such underhand practices. It gave the warning following claims in some sponsored reports in the online media, suggesting that the company is being probed for alleged illegal foreign exchange…

Listings on Nigerian Exchange Limited crossed the N6.23 trillion mark at the end of October amid the uptick in capital market activity in the second half of 2023. According to the X-Compliance report of NGX Regulation Limited (NGX RegCo), total equity, fixed income, exchange traded funds and mutual funds listed on NGX year-to-date as of October ending totalled N6.23trillion. This…

The Central Bank of Nigeria (CBN) on Thursday disclosed that it has sufficient stock of local currency notes in circulation, stressing that cash scarcity in some locations is due largely to high volume withdrawals from the apex bank branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the automated teller machines (ATMs). The Director, Corporate Communications, CBN,…

The domestic equities market on Thursday , ended its four-day winning streak as the overall market capitalization shed N297 billion. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) shed 539.48 points or 0.76 per cent to close at 70,042.28 points. Also, market capitalisation dipped by N297 billion to close at N38.481 trillion.  As measured by market breadth, market sentiment was…

British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, today announced a $26.5 million commitment to AFEX, Africa’s leading commodities platform, which currently operates over 200 warehouses in Nigeria, Kenya, and Uganda and serves over 450,000 farmers.  The investment will support structural improvements in Africa’s agricultural industry, which will significantly benefit smallholder farmers and lead to…

Central Securities Clearing System (CSCS) Plc, Nigeria’s leading central securities depository, proudly announces the receipt of the highly coveted “Digital Transformation and Cybersecurity Advocate of the Year Award” at the just concluded BusinessDay’s Banks and Other Financial Institution’s Awards (BAFI) 2023 ceremony. The event took place in Lagos during the weekend. This prestigious accolade which falls under the Segment Awards…

The Nigerian stock market has sent shockwaves through the financial community, as the Nigerian Exchange Limited’s All-Share Index surged to an all-time high and shattered the 70,000-point barrier. This remarkable milestone has stirred a frenzy of excitement among investors and ignited fervent discussions about the nation’s economic future. At the end of trading on the floor of the Exchange on…

In the last trading session of the month of October, the domestic stock market yesterday continued its winning streak with a gain of N618 billion, the highest point since September 19, 2023. The All-Share Index (ASI) gained 1,124.48 points, representing a gain of 1.65 per cent to close at 69,236.19 points. Also, market capitalisation rose by N618 billion to close…

The Central Bank of Nigeria (CBN) has said there is no plans for the redenomination of the Naira, set to take effect from January 2023. The response from the CBN comes in light of an assertion implying its intention to redenominate the nation’s official currency. In a statement signed by CBN’s Director of Corporate Communications, Isa AbdulMumin, posted on its…