Investors in Nigeria’s equities market on Monday lost about N464.3 billion as the market reacted to the downgrade of the Nigerian Exchange Limited (NGX) by FTSE Russell, a global index issuer. FTSE Russell, UK-based firm, had downgraded the Exchange from “Frontline” to “Unclassified Market” and hinted that the NGX would be reclassified by September 18, […]
The Central Bank of Nigeria (CBN) on Monday warned banks to stop spending foreign exchange (FX) revaluation gains in order not to undermine its current efforts aimed at stabilizing the Naira in the FX markets The apex bank, in a circular dated September 11, and signed by its Director, Banking Supervision, Haruna Mustafa, hinged the […]
….As FCCPC Puts 55 Operators Under Watch Statistical data from the Federal Competition and Consumer Protection Commission (FCCPC) showed that the number of companies with full approval to operate as digital money lenders (DMLs), also known as loan apps, in the country had increased to 161 as at the end of August this year. According […]
The International Energy Agency (IEA) has disclosed that Africa’s bond market total is still less than $1 trillion, which is just less than 1% of the global total. The agency, in its just released September 2023 report on energy financing in Africa, noted that the bond market on the continent was still in its growth […]
The Development Bank of Nigeria (DBN) has announced that it planned to disburse N150 billion to Micro Small and Medium Enterprises (MSMEs) in the country this year as part of its sustained efforts towards providing funding support for key sectors of the economy. The bank’s Chief Economist, Prof. Joseph Nnanna, who disclosed on Monday this […]
Investment experts at Bancorp Securities Limited have advised investors to be cautious about staking funds in equities as the bullish sentiments that characterized the release of financial results of listed entities over the past weeks may moderate this week. The analysts, in the firm’s ‘Weekly Stock Recommendations: Sept 11 – Sept 15 2023’ circulated to […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that in August this year Nigeria produced 1,414,664 barrels per day of crude oil. According to the commission, during the month under review, the crude oil production stood at 1,181,133 barrels per day while blended condensates produced was 49,306, and the produced unblended condensates stood at […]
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has promised tax payers in the country that ongoing fiscal policy and tax reforms by the President Bola Tinubu-led administration will not lead to higher taxes. Oyedele gave this assurance via his official X-app handle while answering FAQs from the […]
Trading on the Nigerian Exchange on Friday closed positive as bullish investors controlled the trend after a 2-losing streak, with market capitalization gaining N33 billion at the end of the day’s transactions. As expected, the equities All-Share Index (ASI) traded 0.09% higher to close at 68,143.34 index points as against 68,082.11 index points recorded in […]
The Director-General of the Securities and Exchange Commission (SEC) Nigeria, Mr. Lamido Yuguda, has projected that given the current level of capital expenditure, it may take up to three centuries to bridge the nation’s consistently widening infrastructure gap. Yuguda, who made this forecast at the 2023 Chartered Institute of Stockbrokers (CIS) National Workshop which was […]