Business

Naira on Monday appreciated by 4.4per cent to close at N744.07 against the dollar at the Investors & Exporters (I& E) foreign exchange window. Analysts attributed the trend in the foreign exchange market to heightened dollar demand and Central Bank of Nigeria (CBN) FX policies. Money market rates advanced on Monday as Open Buy Back and Overnight rates increased slightly…

The equities market of the Nigerian Exchange Limited (NGX) on Monday closed strong as investors’ investments went up by N851 billion, propelled by the surge in Dangote Cement Plc and 70 others. The All-Share Index (ASI) gained 1,563.28 points, representing a gain of 2.48 per cent, the highest point since March 17, 2008, to close at 64,603.69 points. Also, market…

National Bureau of Statistics (NBS) on Sunday, said total capital importation into Nigeria in Q1 2023 stood at $1,132.65 million, lower than $1,573.14 million recorded in Q1 2022, indicating a 28.00 percent drop. When compared to the preceding quarter, capital importation rose by 6.78 percent from $1,060.73 million in Q4 2022. This was even as it also reported that the…

As the battle for the control of FBN Holdings Plc intensifies, Oba Otudeko’s Honeywell Group has bought 4,770,269,843 shares of the firm in a cross-deal worth N87.8 billion. These shares which Otudeko bought at N19 per unit are the largest volume of First Bank shares traded in a single day since 2012, when the stock exchange started publishing data. The…

As a way to protect financial system against problems associated with high-risk jurisdictions, the Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in the country to be wary of transactions with businesses and persons in the Russian Federation, the Democratic People’s Republic of Korea, Iran and Cameroun. The warning was contained in…

Following a price uptick in high-capitalized stocks as well as sustained bullish trading by investors on the floor of the Nigerian Exchange Limited (NGX), its market capitalization has now risen by N711 billion in two consecutive trading sessions. The market’s gaining streak had come to a halt on Tuesday owing to profit-taking in Total, Presco, and 31 others. However, renewed…

BudgIT has launched its States Fiscal Transparency League (SFTL). The SFTL initiative builds on the recently concluded World Bank’s State Fiscal Transparency, Accountability, and Sustainability (SFTAS) Program, which promoted fiscal transparency and facilitated accountability in public resource management. Recall that the World Bank developed SFTAS (States Fiscal Transparency, Accountability, and Sustainability), a four-year program to support the government’s objective and…

Nigeria’s foreign reserves dropped by $974.97million in June despite the Federal Government’s move to unify the foreign exchange market. This is according to the Central Bank of Nigeria (CBN) in its foreign exchange movement data. Westernpost gathered that Nigeria’s foreign reserves closed June at $34.12 billion from $35.09 billion it closed in May. Foreign reserves in six months of 2023…

The African Securities Exchanges Association (ASEA) and the African Development Bank Group (AfDB) have signed an agreement for a $600,000 grant to expand the number of linked African exchanges from 7 to 15 under the second phase of the African Exchanges Linkage Project. The funds will come from the Korea African Economic Cooperation Trust Fund (KOAFEC), managed by the African…

Trading activities on the stock market of The Nigerian Exchange Limited (NGX) on Monday closed positive with a gain of N534 billion to commence trading activities for the week.  Accordingly, the All Share Index (ASI) gained by 980.97 basis points or 1.61 per cent to close at 61,949.24 basis points. Also, market capitalisation gained N534 billion to close at N33.732 trillion.…