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Economic activities in Nigeria fell for the thirteenth month in July as high costs reduced new orders and employment declined, Central Bank’s Purchasing Managers’ Index showed According to the report released Wednesday, the composite PMI stood at 49.7 points indicating a contraction in economic activities for the thirteenth consecutive month. Economic activities, however, improved in ...
By Seun Ibiyemi The Federal Government, through the Debt Management Office (DMO), has re-opened three FGN bonds valued at N190 billion for subscription at N1,000 per unit. According to a statement by the DMO on Wednesday in Abuja, the first offer is an April 2029 FGN bond valued N70 billion, at interest rate of 19.30 ...
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Wednesday charged the leadership of the Nigerian Social Insurance Trust Fund (NSITF) to be transparent and accountable in their service to the people. He also implored the Fund to be responsible and responsive in rendering quality service for the benefit of Nigerians, especially those who need NSITF services ...
Fidelity Bank has surpassed the N127.1 billion target set in its combined offer programme, as the bank concludes the programme. In a note to investors, the Managing Director of the Bank, Nneka Onyeali-Ikpe expressed appreciation, noting that the bank had surpassed the target set. The note read, “With the conclusion of the Combined ...
The Federal Government, through the Debt Management Office (DMO), has re-opened three FGN bonds valued at N190 billion for subscription at N1,000 per unit. According to a statement by the DMO on Wednesday in Abuja, the first offer is an April 2029 FGN bond valued N70 billion, at interest rate of 19.30 per cent per ...
The Central Bank of Nigeria has incurred an estimated N1.55 trillion in interest payments for the 12 successful Treasury Bills (T-Bills) auctions conducted in the first six months of 2024. The interest costs in 2024 were approximately 654.7 percent higher than the N205.63 billion recorded the same period of the previous year. This is based ...
…Seeks diversification of revenue base to reduce dependence on federal allocation …RMAFC commends Lagos, seeks to replicate economic success in other states By Sodiq Adelakun Lagos State has achieved a significant milestone in Internally Generated Revenue (IGR), increasing it by 70 percent over the past five years. This development was revealed by the Honourable Commissioner ...
By Esther Agbo The Bank Directors Association of Nigeria (BDAN) has raised significant concerns about the proposed 70 percent windfall tax on profits from foreign exchange transactions, calling for a more measured approach in light of current economic conditions. In a statement issued after its board meeting on Monday, the association emphasised that while it ...
The newly elected President of the National Association of Microfinance Banks (NAMB), Alhaji Abubakar Ahmad has called on President Bola Tinubu to approve fiscal and other incentives for Microfinance Banks (MFBs). Ahmad made the call while delivering his post-election speech at the14th Annual General Meeting (AGM) of the association in Abuja, on Monday. He said ...
The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit. According to a statement by the DMO on Monday in Abuja, the first offer is a two-year FGN savings bond due on Aug. 21, 2026, at interest rate of 17.373 percent per annum. The ...
The Central Bank of Nigeria (CBN) on Friday settled a total of $815.36 million out of $1.19 billion foreign exchange (FX) demand by end users funded by 26 banks at N1,495/$. The CBN disclosed this in a statement containing the summary of the Retail Dutch Auction and signed by Omolara Omotunde Duke, director of ...
The Central Bank of Nigeria (CBN) has issued a clarification on the requirements for divestments and repatriation of foreign investments related to the Certificate of Capital Importation (CCI). In a circular signed by the Acting Director of the Trade & Exchange Department, the CBN, Dr. W.J. Kanya, outlined the documentation required for these transactions, reiterating ...
The Nigeria Deposit Insurance Corporation says it has disbursed the insured deposits of N5 million each to 82.36 per cent of the total customers of the defunct Heritage Bank. It also noted that 17.64 per cent of the insured deposits still pending payment mainly belong to depositors with accounts that have Post-No Debits instructions or ...
Naira gains as dollar crashes to 1,595 on black market The naira gained further on Thursday as the dollar crashed to N1, 595 on the parallel market, popularly called black market. This represents 0.94 percent (N15) gain over N1,610 quoted in the morning trading on the black market. Against the rate exchanged on Wednesday, the ...
By Esther Agbo The Nigerian Autonomous Foreign Exchange Fixing (NAFEX) market witnessed a significant surge in trading activity during the first six months of 2024, with foreign exchange (FX) turnover soaring by 35.79 percent to $52.78 billion. However, despite the increase in trading volume, the Nigerian naira continued to struggle, raising concerns about the effectiveness ...
The Central Bank of Nigeria (CBN) has adjusted the stop rate on one-year Treasury Bills (T-Bills) to 21.889 percent in its latest auction held on August 7, 2024. This is a minor reduction of 0.211 percent-points, or 0.95 percent from the previous auction’s rate of 22.1 percent. However, the auction saw substantial participation, with a ...
By Esther Agbo Agusto & Co. has upgraded the rating of Credit Direct, the consumer finance arm of FCMB Group Plc, to BBB+. This upgrade comes on the heels of the company’s successful completion of its Series I and II Commercial Paper payouts. Agusto & Co. highlighted, “The upgrade reflects Credit Direct’s dominant position in ...
The Nigerian Federal Government has introduced its Series I Domestic USD Bond, intending to raise a minimum of $500 million from both local and international investors. The government aims to double this amount, seeking $1 billion in total subscriptions through this bond auction. This move comes at a time when Nigeria’s economic landscape is fraught ...
By Matthew Denis, Abuja and Seun Ibiyemi The Central Bank of Nigeria (CBN) has auctioned $876.26 million to 26 banks in the country. The move is aimed at reducing the pressure of foreign exchange on the naira. In a statement issued by the Director of the Financial Markets Department at CBN, Omolara Duke, the Apex ...
The Central Bank of Nigeria (CBN) says it undertook the sale of foreign exchange (Fx) to end users through a Retail Dutch Auction System (rDAS). According to a statement by Omolara Duke, Director, Financial Markets Department of the apex bank, the step was taken on Tuesday to reduce the demand pressure in the Fx market ...
Managing Director and Chief Executive Officer of Aradel Holdings PLC, Gbite Falade has disclosed plans of the company to list on the Nigerian Exchange’s main board before the end of the current quarter in September. The Aradel MD spoke yesterday at the ongoing Society of Petroleum Engineers (SPE) Nigerian Council’s 47th Nigeria Annual International Conference ...
The forex turnover on the FMDQ, where the exchange rate trades officially, closed at a turnover of just $61.9 million, the lowest since January 2024. This is also the second-lowest daily average turnover this year, second only to the $59.6 million recorded on January 8, 2024, which is the lowest this year. The month of ...
The Managing Director of the Assets Management Corporation of Nigeria (AMCON), Mr. Gbenga Alade has appealed for the establishment of an AMCON CAC Desk to strengthen collaboration between the agencies. The AMCON MD made this known when he paid a courtesy call on the Registrar-General/CEO of the Corporate Affairs Commission, Hussaini Ishaq Magaji at the ...
