Business

The Central Bank of Nigeria (CBN) has revealed that the average prime lending rate in the banking sector increased to 14.07 per cent in May 2023, becoming a record high in 27-month amid hike in Monetary Policy Rate (MPR). The CBN in its money market indicators stated that January 2020 was the last time average prime lending rate was above…

As part of its mandate to accelerate the development of the Nigerian debt markets, FMDQ Exchange on Monday disclosed that it has approved the quotation of MyCredit Investments Limited’s N2.50 billion Series 1 Commercial Paper (CP) under its N2.50 billion CP Issuance Programme on its platform. MyCredit Investments Limited (the “Issuer”) is a digital consumer and small and medium-scale enterprises…

Equity investors who have endured long periods of bearish sentiments on the floor of Nigerian Exchange Limited (NGX) had cause to smile as their wealth rose to N5.3 trillion in the first six months (H1) of 2023 amid audacious macroeconomic reforms under the new administration. This came about despite the rising inflation, social unrest, global uncertainty and other economic challenges…

Naira at the Investors & Exporters (I & E) Foreign Exchange market closed on Friday at N769.25 against the dollar from N763.00 it opened for trading. On activity levels, the total turnover as of June 27 at the I&F FX fell by 30.6per cent per cent Week-till-Date (WTD) to $443.78 million, with trades consummated within the N465.00 – N841.00 against…

In the realm of emerging market derivatives, there has been a significant surge in growth in recent years. However, these derivatives still represent a mere one per cent of the overall assumed countries involved in this market. Spot markets in emerging economies, in terms of size, differ greatly from one another, both absolutely and relative to one another. Thus, in…

In a bid to ensure that more Nigerians are educated on the activities of the capital market, thereby developing the market and attract more investors, the Securities and Exchange Commission (SEC) is set to hold an awareness programme tagged “Investor Safety” for the Officers of the Federal Road Safety Corps (FRSC) across the country.  The event which is the third…

 …Emerges the only Nigerian among six Africans in the top 500 Index President of Dangote Group, Aliko Dangote remains the richest man in Africa, despite the volatility of Nigerian currency against the dollar. Bloomberg in its daily top billionaire lists, released on Tuesday, revealed that Dangote with a wealth of $15.6 billion topped other Africans in the Index. Dangote, who…

Succour may have come the way of investors who endured long periods of a downturn on the Nigerian Exchange Limited (NGX) as bold economic reforms of the new government have lifted equities market capitalisation by N4.9 trillion in the first half (H1) of the year. This comes despite rising insecurity, inflation, other macroeconomic challenges and global uncertainty. Experts said a…

The Nigerian equities market on Tuesday sustained its upswing as the overall capitalisation rose by N421 billion following price uptick in Seplat Energy and 50 others. Accordingly, the All Share Index (ASI) gained by 772.98 points, representing a growth of 1.30 per cent to close at 60,108.86 points. Also, market capitalisation gained N421 billion to close at N32.730 trillion. The…

The equities market of the Nigerian Exchange Limited (NGX) on Monday kicked off this week’s trading on a bullish note, following demand for BUA Cement Plc and 45 others. The All Share Index (ASI) gained by 132.13 points or 0.22 per cent to close at 59,335.88 points. Also, market capitalisation gained N72 billion to close at N32.309 trillion. As measured…