Despite its impressive performance in the early days of trading this week, the Nigerian equities market closed negative on Friday as investors appeared to be bullish in their profit-taking sentiment driven primarily by the recent rallies by major stocks. Information from the Nigerian Exchange Group (NGX), the market’s supervisory entity showed that the market’s All-Share […]
The Central Bank of Nigeria (CBN) has maintained that its policy on 43 non-eligible items banned from the forex market remained in force, despite last Wednesday’s monetary announcement directing deposit money banks (DMBs) and foreign exchange (FX) to freely trade on FX based on market-determined rates. According to the information contained in the Q&A document […]
The newly established Policy Advisory Council (PAC) by President Bola Ahmed Tinubu has proposed the merger of the Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and the Nigerian Maritime Administration and Safety Agency (NIMASA) into the Nigerian Revenue Service. The members of the (PAC), who include Senator Tokunbo Abiru (chair), Dr. Yemi Cardoso, Sumaila […]
Morgan Stanley, one of the leading global investment bank, has forecasted that Nigeria’s currency – the Naira – will appreciate at the parallel market rate in the near term. The bank, which gave this projection in its publication titled “Nigeria Sovereign Credit Strategy “No Longer Pumped”, stated that as more flows would be redirected through formal […]
The Manufacturers Association of Nigeria (MAN) has said that the latest foreign exchange (FX) policy by the monetary authorities will further increase operational costs for businesses and trigger exchange rate volatility due to uncertainties about future exchange rate trend. The Director-General of the association, Mr. Segun Ajayi-Kadir, who made this remark during a media chat, […]
Goldman Sachs, one of the largest investment banks globally, has described Nigeria’s new foreign exchange (FX) rate regime as a desirable monetary policy step for sustainable growth of the nation’s economy in view of the multi-dimensional benefits to the political economy. The bank, in a report published on Wednesday titled “CBN Devalues the Naira and […]
The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has urged global telecom companies and potential investors to take advantage of the opportunities availed by Nigeria’s population of over 200 million people to invest in the nation’s telecom sector, especially in infrastructure provisioning for broadband. Danbatta, who made the appeal at the […]
The Association of Capital Market Academics of Nigeria (ACMAN) has welcomed the adoption of the unified foreign exchange (FX) by the Federal Government and canvassed the need for some economic measures to ensure a successful implementation of the new FX regime. The ACMAN President, Professor Uche Uwaleke, who described the latest monetary policy measure of […]
The National Bureau of Statistics, (NBS) has reported that Nigeria’s Consumer Price Index (CPI), also known as the headline inflation rate and which measures the average change over time in prices of goods and services in any economy, increased by 0.19% from the 22.22% percent recorded in April to 22.41% in May this year. The […]
The Nigerian Communications Commission (NCC) has directed Mobile Network Operators (MNOs) and Internet Service Providers (ISP) in the country to comply with regulatory frameworks by the Commission towards ensuring security and safety of their networks for telecom consumers. The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Commission, Prof. Umar Danbatta, gave the […]