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By Opeyemi Abdulsalam Nigeria’s money supply has reached a record high, according to recent data from the Central Bank of Nigeria (CBN). The total amount of money in circulation, known as M3, stood at N99.23 trillion in May 2024. Despite efforts by the CBN to reduce the amount of money in circulation, the amount of ...
Foreign investment inflows to Nigeria grew to $3.38 billion in the first quarter of 2024, a 210.16 percent increase from $1.09 billion in the fourth quarter of 2023, according to the latest capital importation report on the National Bureau of Statistics (NBS). On the flip side, capital importation into Nigeria recorded 198 percent year-on-year growth ...
The naira earned its first gain in more than 10 days against the United States dollar on Friday. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the Nigerian currency gained N5 to trade at N1,505/$1 at the official market today. The currency traded at N1,510/$1 on Thursday. The intra-day high and low ...
By Opeyemi Abdulsalam The Nigerian Economic Summit Group (NESG) has supported the Central Bank of Nigeria’s (CBN) decision to end the Price Verification System (PVS) for foreign exchange transactions. The NESG said it believes this move will eliminate unnecessary regulatory hurdles and promote macroeconomic stability. In a communique released over the weekend, the NESG expressed ...
Newly sworn-in President, Oluropo Dada, as the 13th President and Chairman of Governing Council of Chartered Institute of Stockbrokers (CIS), says the Federal Government can raise $500 billion from the Capital Market. The investiture ceremony, at the weekend in Lagos, marked the commencement of Dada’s two-year tenure as the Institute’s President and send-off for Oluwole ...
…Says foreign currency deposits limited to Abuja and Lagos CBN branches By Opeyemi Abdulsalam The Central Bank of Nigeria (CBN) has released new directives to commercial banks regarding the deposit of foreign currency cash with the apex bank. In a circular COD/DIR/INT/CIR/001/016 published on the bank’s website, the Director of Currency Operations, Mr. Mohammed Solaja, ...
The Securities and Exchange Commission (SEC) says the regulation of crypto-currencies and other digital assets are under its full control and regulation. The Director-General of SEC, Dr Emomotimi Agama, said this at the first Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) on Thursday in Abuja. Agama described crypto assets as ...
By Opeyemi Abdulsalam The Nigerian currency, Naira, maintained its stability against the United States dollar at the official foreign exchange market on Wednesday, trading at N1,507.83 per dollar. According to data from FMDQ, this represents a marginal change of N0.04 from the previous day’s rate of N1,507.79 per dollar. At the parallel market, the naira ...
O3 Capital, a leading Nigerian fintech and the country’s first non-bank credit card issuer, has disclosed that the launch of its four American Express (‘Amex’) cards have been met with huge demand both in and out of Nigeria. Chief Executive Officer of O3 Capital, Abimbola Pinheiro, in a statement said, “We are delighted with the ...
The Debt Management Office says the rise in Nigeria’s public debt stock from N97.34 trillion in December 2023 to N121.67 trillion in March is partly due to exchange rate fluctuations. The Director-General of DMO, Patience Oniha, said this in an interview with journalists. She was clarifying misconceptions about the recently released update of the country’s ...
A consulting firm, PwC, has projected a marginal decline in Nigeria’s inflation to 29.5 percent by the end of this year. The company made the projection in its latest economic outlook report on Nigeria released on Monday. According to the company, the decline would be achieved as a result of the ongoing reforms and policy ...
The Federal Government has unveiled a central revenue system aimed at enhancing financial transparency, accountability and prudent revenue management. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun is the Chair of the stakeholder engagement meeting on the Implementation of the Revenue Assurance and Central Disbursement Solutions for Federal Government Ministries, Departments ...
The naira slumped marginally against the United States dollar on Friday. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency traded at N1, 485.53/$1 on Friday. At the end of trading today, the naira lost less than N1 against the dollar as against the N1,485.36/$1 it recorded on Thursday. The ...
By Opeyemi Abdulsalam The Central Bank of Nigeria (CBN) recently hosted a meeting with the Organised Private Sector (OPS) to discuss strategies for enhancing Nigeria’s financial sector. The meeting aimed to improve monetary policy communication and guidance to boost Nigeria’s image in the global investment community. CBN Governor, Mr. Olayemi Cardoso, emphasised the importance of ...
Sterling Bank and the Small and Medium Enterprises Development Agency of Nigeria have launched a platform called Databanc that provides data on businesses in Nigeria and N5bn worth of single-digit loan programmes. A statement from the bank said that Databank provides insights which will be utilised by SMEDAN to deliver its mandate on policy formulation ...
The Federal Government has borrowed a total of $4.95bn in loans from the World Bank in the past 12 months, pushing the total public debt to N101tn/ amidst worries about the increasing costs of servicing external debt. The nation’s public debt was put at approximately N97tn as of December 2023, according to the Debt Management ...
By Seun Ibiyemi The Nigerian Ports Authority (NPA) has shed more light on why the $27.29billion Escravos Deep seaport project, which is being promoted by a Nigerian firm, Mercury Maritime Concession Company in collaboration with EDIB International of Hong Kong, has stalled. Responding to enquiries on the delay of the project via his X (formerly ...
By Opeyemi Abdulsalam Tapswap, a popular tap-2-earn app, powered by TON Blockchain, says it has indefinitely postponed the token allocation to its users. A Tapswap head of communications, John Robbin, said this on an X (formerly Twitter) space on Wednesday. Robbin said its representatives are seeking the best ways to reward the tap-to-earn gamers. The ...
Leading financial institution, Fidelity Bank Plc has announced the promotion of 11 percent of its workforce, a testament to the exceptional performance and dedication of its employees. This significant move follows the release of the bank’s 2023 full year Audited Financial Statements, which reported an impressive 131.5 percent growth in Profit Before Tax (PBT) to ...
Access Bank PLC has constructed an additional 60 blocks of classrooms Maraban Jos and Kaduna. This is in furtherance of the financial institution’s commitment to education and community development. This development, which took place on the sidelines of the 2024 Access Bank Charity Polo Tournament, builds on the Bank’s previous efforts having commissioned 30 blocks ...
Nigeria’s leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB) will be at this year’s Ojude Oba Festival to be held in Ijebu Ode, Ogun State. The Ojude Oba festival is an annual event that typically holds on the third day of the Eid-al-Kabir whereby different cultural age groups put up a spectacular parade ...
Union Bank Nigeria Limited has stressed the importance of preserving and restoring the global environment through sustainable practices. This message was conveyed during an event co-hosted with the Nigerian Conservation Foundation in observance of World Environment Day. A key highlight of the event was a tree-planting exercise involving participants and stakeholders representatives. This activity aligned ...
The Naira on Thursday slightly depreciated at the official market trading at N1,476.24 to the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira lost N2.58. This represents a 0.17 percent loss when compared to the previous trading date on Tuesday when it traded at N1,473.66 to the dollar. ...
