By Philemon Adedeji The Nigerian Equity market saw an increase of N270.24 billion as trading activities closed with a positive sentiment from investors. The All-Share Index (ASI) attained an uptick of 496.31 basis points or 0.81 per cent to end…
By Sodiq Adelakun One dollar is currently trading at an average rate of N792.50 at the parallel market, also known as the black market. In some parts of Lagos like Festac, dollars are being quoted at N790 and N795 in…
A member of the Monetary Policy Committee, Adeola Adenikinju, has highlighted the urgent need for Nigerian banks to reduce their operating costs in order to improve their profitability. The Central Bank of Nigeria released this in his personal statement made…
By Sodiq Adelakun The foreign exchange (FX) market opened on Wednesday with naira depreciating by 0.38 per cent against the dollar at the parallel market. The dollar was trading at N778 on Wednesday morning, the same rate it closed at…
Sterling Financial Holdings Company Plc has notified the Nigerian Exchange Limited, shareholders, and the investing public of the appointment of new directors to its Board. The approval of the Central Bank of Nigeria has been obtained for the appointment of…
A fintech company operating in Nigeria and the United Kingdom, Kuda Bank, has launched a multichannel campaign to increase the awareness of cashless payment options in Nigeria. According to the fintech’s Co-founder, Musty Mustapha, the thematic campaign named ‘Cash Is…
By Sodiq Adelakun Amid liquidity crunch in the banking sector, banks in Nigeria are increasingly relying on the Central Bank of Nigeria, CBN, for liquidity as their borrowings from the apex bank intensifies. Data from CBN shows that within the…
The Bank of America has said the Monetary Policy Committee of the Central Bank may need to increase interest rates by at least 700 basis points before the end of the year to curb inflation. In an interview with Bloomberg…
The board of directors of the African Development Bank Group has approved $115m loan to support a major road rehabilitation project in Abia State. The project would ensure the rehabilitation of roads, erosion control, infrastructure and preparation of solid waste…
By Sodiq Adelakun The exchange rate between the dollar and naira closed at N741.5/$1 at the official investor and exporter window on Monday, July 3rd, 2023. The forex market opened at N760.39/$1 and sold for an intra-day high of N792/$1…
