Markets

CBN hq

FMDQ Securities Exchange transactions hit ₦12.74trn

The FMDQ OTC Securities Exchange recorded 36.13 per cent growth in fixed income and currency markets transactions in July. The company posted transactions worth ₦12.74 trillion in July compared with ₦9.36 trillion recorded in the preceding month, indicating a growth of 30.60 per cent or ₦3.38 trillion. A breakdown of the report indicated that foreign […]

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Flexible foreign exchange rate will increase investment

Vice-President Yemi Osinbajo has said that the deregulation in the petroleum sector and the flexible exchange rate would lead to an increase in the Foreign Direct Investment. Osinbajo was said to have stated this while answering reporters’ questions after participating in the Lagos Chamber of Commerce and Industry’s Presidential Policy Dialogue in Lagos. His Senior […]

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Nigeria, South African firm seal N224.17b agric, real estate deal

The Nigeria Sovereign Investment Authority (NSIA), manager of Nigeria’s sovereign wealth fund, has signed a $700 million (about N224.17 billion) real estate and agriculture deal with South Africa’s Old Mutual Investment Group (OMIG). Under the deal, signed in Abuja at the weekend, NSIA will partner with South Africa’s OMIG UFF Agri-Fund to establish a $500 […]

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NSE market indices record 0.26% growth

The market indices of the Nigerian Stock Exchange (NSE) on Monday recorded marginal growth, appreciating by 0.26 per cent due to marginal gains posted by some blue chips. The News Agency of Nigeria reports that the market capitalisation grew by N23 billion or 0.26 per cent to close at N9.381 trillion against N9.358 trillion achieved on […]

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Dangote Flour records N8.47bn profit after takeover

This came some months after the group was reacquired from Tiger Branded Consumers Goods Plc. The group posted a profit before tax of N2.64bn in the half-year ended June 30, 2016, compared to a loss of N9.55bn posted in the corresponding period of 2015. Dangote Flour Mills consist of Dangote Flour, Dangote Pasta, and Dangote […]

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Why naira is on a free fall, by Emefiele

The reason Nigeria Naira is on a free fall was explained by Godwin Emefiele, the CBN Governor. He said the country’s currency depreciated against the Dollar because the nation has nothing to export except oil. Emefiele disclosed this during a career talk organised for the teenagers of Redeemed Christian Church of God (RCCG) at TEAP school, Abuja. He […]

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Abuja-Kaduna train service rakes N5m revenue in two weeks

The Abuja-Kaduna train service recorded N5 million revenue within the first two weeks of operation, Mr Fidet Ikhiria, Acting Managing Director of Nigerian Railway Corporation (NRC), has said. Ikhiria made this known to reporters while travelling on the train from Abuja to Kaduna on Saturday. The Managing Director of News Agency of Nigeria (NAN), Mr […]

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First Bank dismisses involvement in alleged N11.2b fraud in NPA

First Bank of Nigeria at the weekend absolves itself of any involvement in the alleged N11.2 billion fraud at Nigerian Ports Authority (NPA). This came as a response to an online medium, PREMIUM TIMES’s report on Saturday that the new management of the NPA has uncovered an alleged fraud totalling N11.23 billion involving the foremost […]

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Naira

‘Naira devaluation negatively affecting banks, financial institutions’

By: Bisola Adeola, Mr. Demola Banu, a Kwara State Commissioner for Finance, has said the continued depreciation of Naira is negatively affecting banks, other financial institutions and the whole economy at large. He also said it was increasing loan default by bank customers, adding that many micro-finance banks in Nigeria that did not attach loans with securities […]

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UBA, First Bank, Fidelity, Ecobank disburse forex to BDCs

No fewer than four commercial banks yesterday disbursed the first batch of diaspora inflow-related foreign exchange (forex) to over 350 bureaux de change (BDCs), as directed by the Central Bank of Nigeria (CBN). United Bank for Africa (UBA) Plc, First Bank, Fidelity Bank Plc and Ecobank Nigeria Limited, sold the regulatory $30,000 weekly to each […]

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The Nigerian Stock Exchange (NSE)

Investors exchange 190.68m shares worth N1.33bn in 2,978 deals

Investors at the Nigerian Stock Exchange (NSE) on Friday crossed 190.68 million shares valued at N1.33 billion in 2,978 deals. This development was in contrast to a turnover of 243.61 million shares worth N2.56 billion traded in 3,647 deals on Thursday. An analysis of the activities revealed that Diamond Bank emerged the most-traded in volume […]

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