Business

Trading activities on the domestic equities market of the Nigerian Exchange Limited (NGX) on Tuesday closed negative, as price decline in MTN Nigeria Communications (MTNN) and 21 others pulled the market lower by N158 billion. The NGX All-Share Index (ASI) lost 288.69 basis points  or 0.43 per cent to close at 66,482.28 basis points. Also, market capitalisation declined by N158…

The local currency, Naira closes on Tuesday at N745.19 against the dollar at the Investors & Exporters foreign exchange (I & E FX) market after gaining 2.87per cent from N767.24 against the dollar it opened for trading. According to FMDQ Exchange, the dollar reached N819.90/$ and N700.00/$ high and low, respectively as investors and exporters trade with caution. According to…

British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor, has announced a $60 million trade finance facility for Access Bank Plc in Nigeria and five of its pan-African subsidiaries. This will strengthen import and export capabilities amongst local businesses and plug the foreign currency supply gap. The programme deepens BII’s commitment to bolstering financing environments in…

 Trading activities in the domestic equities market yesterday gained N213 billion to start this week on a positive note, supported by investors’ demand for BUA Cement and 23 others. The All-Share Index (ASI) gained 388.83 points, representing a gain of 0.59 per cent to close at 66,770.97 points. Also, market capitalisation rose by N213 billion to close at N36.544 trillion.…

Following impressive recoveries from debtors and realisation of assets of banks in liquidation, the Nigeria Deposit Insurance Corporation (NDIC) has announced the declaration of N16.18 billion liquidation dividends to depositors, creditors, and shareholders of 20 banks in-liquidation. The Director, Communication & Public Affairs, NDIC, Bashir Nuhu in a statement on Monday said the Corporation has commenced verification and payment of…

Foreign reserves depreciated by $3.84billion in nine months of 2023 amid the Central Bank of Nigeria (CBN) foreign exchange intervention and slow growth in global oil prices. According to Westernpost investigation, Nigeria’s foreign exchange buffer stood at September 28, 2023 at $33.242billion from $37.083billion it closed in 2022. The CBN in its data revealed that foreign reserves closed August 31,…

The equities market of the Nigerian Exchange Limited (NGX) on Tuesday closed lower with N126 billion loss as investors’ sentiments towards the market remained dampened. The All-Share Index declined by 230.47 basis points or 0.34 per cent, to close at 66,652.17 basis points. Similarly, the overall market capitalisation value lost N126 billion to close at N36.479 trillion. As measured by…

The MSECB, a leading international provider of Audit and Certification Services has granted the Nigeria Deposit Insurance Corporation (NDIC) three ISO certifications. These certifficates are : Information Security Management System ISO/IEC 27001:2013 (on how organizations manage and protect their information assets so that they remain safe and secure, using this robust framework); IT Service Management System ISO/IEC 20000-1:2011 (on how…

Despite the challenges faced by the Nigerian economy, domestic inflows rose by N118 billion in the month of August 2023, reflecting optimism for domestic growth with the new promulgation of long needed reforms. This is according to the Domestic and Foreign Portfolio Investment Report of Nigerian Exchange Limited (NGX) for the month of August 2023. The Domestic and Foreign Portfolio…

The Nigerian Exchange Limited (NGX) equities market section on Monday sustained last week’s negative run as the All-Share Index dipped by 0.66 per cent. The All Share Index (ASI) declined by 441.95 basis points or 0.66 per cent to close at 66,882.64 basis points. Accordingly, market capitalisation shed by N242 billion to close at N36.605 trillion.  The market performance was…