Business

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.…

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…