Governor, Central Bank of Nigeria, Dr. Olayemi Cardoso Foreign exchange market speculators are at the receiving end of fresh regulatory actions aimed at stabilising the exchange rate. The exchange rate plays a significant role in every economy, as many factors driving economic growth are linked to it. Nigeria relies heavily on imports for most manufactured […]
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The Chair of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, says the Federal Government is planning to introduce new foreign exchange rules — including a crackdown on illegal currency trading by the end of 2023. According to him, it is hoped that the move will result in the naira closing its […]
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PHOTO: SEC Nigeria • As indices dip by N7b amid losses in 19 stocks The Vice President, Kashim Shettima has called for active involvement of capital market stakeholders in bridging Nigeria’s $3 trillion infrastructure deficit. Besides, he also urged various exchanges to develop a focused strategy and create digital technology products that would attract youths […]
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Nigerian Exchange Limited (NGX) Negative sentiments resurfaced on the equities sector of the Nigerian Exchange Limited (NGX) yesterday as market capitalisation depreciated by N140 billion amid losses in Stanbic IBTC, Nestle and 23 stocks. Specifically, at the close of transactions yesterday, market capitalisation of listed equities declined by 0.4 per cent to N36.864 trillion from […]
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34 per cent of commercial loans held by public sector Deposit money banks (DMBs) accessed an accumulated value of N4.4 trillion from the Central Bank of Nigeria (CBN) through its overnight lending window from June to August, data sourced from the regulator suggested. Banks regularly access the CBN’s Standard Lending Facility (SLF) to borrow funds, […]
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World Bank calls for sovereign debt changes ahead of looming recession Cold attitude to reforms harming domestic investment outlook, experts say ‘Challenge western countries but with better policy options’ Nigeria’s Eurobond rises by about 100% in six months Nigeria is gradually inching towards a financial ‘blockade’ at the international financial market, as its working relationship […]
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The pressure on the foreign exchange market continued on Tuesday, with the dollar exchanging at N615 at the parallel market in Lagos and Abuja. This is even as the percentage of local raw materials sourced by Nigerian manufacturers declined to 52.4 per cent in 2021, from 57.5 per cent obtained in 2020, according to data […]
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Investors net worth on the Nigerian Exchange Ltd dropped further by N146 billion on Friday due to losses posted by some major blue chips. Specifically, the market capitalisation lost N146 billion or 0.71 per cent to close at N20.278 trillion, from N20.424 trillion reported on Thursday. Also, the NGX All-Share Index dipped 279.55 points or […]
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as operators grapple with COVID-19 fallouts Unilever, Cadbury, Meyer, others suffer loss amid weak spending Stop trend to avert job loss, social unrest, experts tell FG Capital market operators have expressed worry that the prolonged coronavirus pandemic and attendant Foreign Exchange (Forex) illiquidity may cause investors to lose their dividends this year. The pandemic and […]
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Analyst links incidence to macroeconomic headwinds Following the adoption of IFRS 9, about 10.9 per cent of the loan book in the banking industry, representing ₦1.5trillion are in Stage 3 (impaired), as at December 2018, according to the recently released banking industry report by Agusto & Co. The figure represents 15 per cent increase in […]
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