The Nigerian naira showed a significant recovery in the parallel market on Monday, appreciating by N5 against the US dollar. The currency traded at N1,605/$1 (selling) and N1,602/$1 (buying), a slight improvement from Friday’s rate of N1,610/$1. This marks a positive shift for the naira after a period of fluctuations in recent weeks. Despite the […]
Year: 2025
CBN: Banking stocks surge 9.8% m/m as DMBs ramp up capital raising efforts
The Nigerian banking sector has seen a remarkable 9.8% month-on-month surge in banking stocks, driven by the Central Bank of Nigeria’s (CBN) recapitalisation initiative. This effort aims to strengthen banks’ financial foundations as they prepare to meet new minimum paid-up capital requirements by March 2026. As a result, banking stocks have been a major contributor […]
AVA unveils money market fund
AVA Global Asset Managers Limited (AVA GAM) has launched its Money Market Fund, which has been approved by the Securities and Exchange Commission (SEC). The fund is an open-ended offering designed to provide unit holders with a steady stream of income while taking advantage of low-risk investment opportunities. This initiative responds to the economic challenges […]
Stock Market Gains N83bn on Demand for MTN, 20 Others
The Nigerian Exchange Limited (NGX) opened the new week with a positive market performance, recording an N83 billion increase in market capitalization. MTN Nigeria, one of the major drivers of this surge, saw its stock appreciate by 1.24%, closing at N253.10 per share. This contributed to the NGX All Share Index (ASI) rising by 134.18 […]
CBN Reaffirms Commitment to Empower Nigerian Youth Through Credit Policies and Capacity Building
The Central Bank of Nigeria (CBN) has reaffirmed its dedication to empowering Nigerian youth by enhancing credit policies and capacity-building programs. During the Youth Action Event in Abuja, CBN Governor, Olayemi Cardoso, represented by Deputy Governor Muhammad Abdullahi, emphasized the need for policies that equip young Nigerians with financial tools to succeed in emerging sectors […]
Nigeria Launches FX Code to Transform Foreign Exchange Market with Integrity and Transparency
Nigeria has officially launched the Nigeria Foreign Exchange (FX) Code on January 28, 2025, marking a major milestone in its financial governance. This new initiative aims to overhaul the nation’s foreign exchange market by instilling principles of integrity, fairness, and transparency, with the goal of creating a more stable and equitable market. The launch, held […]
Trump Pauses Tariffs on Mexico and Canada, Maintains Pressure on China
U.S. President Donald Trump has agreed to delay imposing tariffs on Mexico and Canada for 30 days. The decision follows both countries taking steps to address his concerns over border security and drug trafficking. The move eases tensions that could have led to a trade war, potentially harming economic growth and increasing prices. The last […]
Nigeria Urged to Adopt Asset-Based Financing for Economic Growth
As Nigeria aims to grow its economy to $1 trillion by 2030, experts have advised the Federal Government (FG) to shift from an output-based economic model to an asset-based financing approach. Renowned economist Dr. Ayo Teriba emphasized the need for Nigeria to leverage its vast but underutilized assets to attract foreign direct investment (FDI), instead […]
FCMB Group Lists 19.8 Billion Shares on NGX Following Oversubscribed Public Offer
FCMB Group Plc has successfully listed 19.8 billion shares on the Nigerian Exchange Group (NGX) after a highly subscribed public offer. The offer, which was oversubscribed by 33%, reflects strong investor confidence in the company. The listing was completed on January 30 after receiving approval from the Central Bank of Nigeria (CBN) and the Securities […]
APD 2025: Jinapor pushes for bold energy sector reforms-GHANA
The Minister of Energy and Green Transition for Ghana, John Jinapor, highlighted the persistent issue of inadequate power supply as a significant barrier to Africa’s Energy for All agenda. With the continent requiring between $43 to $55 billion in annual energy investments until 2040, only $9 billion has been mobilized so far, creating a considerable […]
Mahama nominates Dr. Johnson Asiamah as BoG Governor-GHANA
President John Dramani Mahama has nominated Dr. Johnson Asiamah as the new Governor of the Bank of Ghana, pending approval by the Council of State. His nomination follows the retirement announcement of the current Governor, Dr. Ernest Addison, who will officially leave office on March 31, 2025. This transition marks a significant leadership change at […]
Cautious Optimism as Nigeria Lifts Zamfara Mining Ban Amid Rising Gold Demand
The Federal Government of Nigeria has lifted the five-year ban on mining activities in Zamfara State, a region rich in gold and other minerals. The decision, announced by the Minister of Solid Minerals Development, Dr. Dele Alake, has been met with mixed reactions from industry stakeholders. While the move is expected to attract investment and […]
PTAD Clears N1.18bn in Pension Arrears Amid Ongoing Retiree Concerns
The Pension Transitional Arrangement Directorate (PTAD) has disbursed N1.18bn in pension arrears over the past five years, benefiting thousands of retired federal workers. According to data from BudgIT’s GovSpend platform, the highest disbursement occurred in 2023, when N591.5m was paid. The payments are part of the government’s broader efforts to settle pension liabilities accumulated over […]
Mobile money: Palmpay, OPay, others process N71.5 trillion transactions in 2024
Mobile money transactions in Nigeria have experienced remarkable growth, with the latest data from the Nigeria Inter-Bank Settlement Systems (NIBSS) showing a significant increase in the total value processed by licensed mobile money operators. In 2024, operators such as Palmpay, OPay, and 15 others facilitated transactions worth N71.5 trillion, reflecting a 53.4% rise compared to […]
Chinese AI app DeepSeek was downloaded by millions. Deleting it might come next
DeepSeek, a generative AI app from China, has surged to become the most downloaded free app on Apple’s App Store, surpassing OpenAI’s ChatGPT. This sudden rise has raised alarm among national security experts due to the Chinese government’s data-sharing policies, which require domestic companies to share data with the Chinese Communist Party. Concerns have been […]
Implications of rebasing Nigeria’s CPI to 2024: A double-edged sword
Nigeria has rebased its Consumer Price Index (CPI) to 2024, significantly affecting how inflation is measured. This move aligns with recent economic reforms, including the removal of fuel subsidies, naira liberalization, and tax policy changes. While this update aims to provide a more current reflection of price trends, analysts warn that it may introduce risks […]
ABCON seeks review of capital requirements for BDCs
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to reconsider the capital requirements set for BDC operators. According to ABCON President Aminu Gwadabe, meeting the new capital base remains a significant challenge for many operators. The request follows the CBN’s operational guidelines, effective June 3, […]
Trump Tariffs: Nigeria one of 48 countries that has trade deficits with the US
Nigeria is among 48 countries with a trade deficit with the United States, which has significant economic ties with Africa’s largest economy. The U.S. has recently escalated its trade tensions by imposing tariffs on key trading partners, including Canada, Mexico, and China. This marks a major shift in global trade dynamics, as U.S. President Donald […]
CBN Reports Record N9.39tn Bank Deposits In January Amid Surging Liquidity
In January 2025, Deposit Money Banks (DMBs) in Nigeria deposited a record N9.39 trillion in excess liquidity with the Central Bank of Nigeria (CBN), a sharp increase of 627.17% from N1.29 trillion a year earlier. This surge signals a healthier financial environment, underpinned by stronger liquidity in the banking sector. DMBs, which include commercial and […]
Asia-Pacific Markets Fall as Trump Imposes Sweeping Tariffs on Key Trade Partners
Asia-Pacific markets experienced significant losses on Monday following the announcement by U.S. President Donald Trump of tariffs on goods from Canada, Mexico, and China. Australia’s S&P/ASX 200 dropped by 1.79%, Japan’s Nikkei 225 fell 2.66%, and South Korea’s Kospi declined by 2.52%. These declines reflected market anxiety as investors braced for the potential economic impact […]
NGX Delists Tourist Company of Nigeria, Union Homes Savings & Loans Over Non-Compliance
The Nigerian Exchange Limited (NGX) has delisted two companies Tourist Company of Nigeria Plc and Union Homes Savings & Loans Plc whose combined market capitalization stood at N8.6 billion. As of January 31, 2025, Tourist Company of Nigeria was trading at N2.50 per share with a market capitalization of N5.62 billion, while Union Homes Savings […]
SEC Reaffirms Commitment to Women’s Financial Inclusion in Nigeria
The Securities and Exchange Commission (SEC) has reiterated its dedication to fostering financial inclusiveness for women in Nigeria. Speaking at the She’s Included Gender Inclusion Conference and Summit 2025, SEC’s Executive Commissioner for Corporate Services, Mrs. Samiya Usman, highlighted the Commission’s role in ensuring women, whether traders, entrepreneurs, or professionals, have equitable access to financial […]
BUA Foods Posts Record N275bn Profit in 2024, Achieves 145.3% Growth
BUA Foods Plc has announced a remarkable 145.3% increase in profit after tax, reaching N274.95 billion for the fiscal year 2024. The company’s gross profit also saw a substantial rise, up by 107.9% to N541.71 billion, underscoring its operational efficiency. Revenue for the year climbed 109.3% to N1.53 trillion, a significant leap from N729.4 billion […]
Foreign Investors Flock to Naira Assets as Reforms Boost Market Confidence
Recent reforms by the Central Bank of Nigeria (CBN) have spurred increased foreign investor interest in naira assets. The implementation of transparent pricing mechanisms, higher interest rates on treasury bills, and the stabilization of the naira have made Nigerian securities highly attractive. International financial institutions are shifting focus toward Nigeria, with a senior banker advocating […]
Stock Market Gains Over N1 Trillion Amid Mixed Sentiments on Earnings and Dividends
The Nigerian stock market experienced mixed sentiments last week as corporate earnings reports for Q4’24 influenced investor decisions. While some companies posted strong earnings, sparking buying interest, others fell below expectations, leading to profit-taking activities. Despite this, market performance remained positive, with investors showing strong interest in stocks like Nestlé, Stanbic IBTC, and Nigerian Breweries. […]
JP Morgan delegation meets Edun on investment opportunities
A high-level delegation from JP Morgan, led by Dapo Olagunju, Head of JP Morgan West Africa, met with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to review potential investment opportunities in the country. The meeting, held in Abuja, was part of JP Morgan’s broader fact-finding mission to assess Nigeria’s economic […]
PenCom: Informal Sector RSA Holders Save N967m Under Micro Pension Plan
The National Pension Commission (PenCom) has disclosed that 12,241 Retirement Savings Account (RSA) holders in the informal sector have contributed N967.19 million between 2020 and the third quarter of 2024 through the Micro Pension Plan (MPP). This information was revealed in PenCom’s newly launched Pension Industry Performance Dashboard, which provides key pension statistics in an […]
Strategic CSR Investments: Maximizing Impact for Sustainable Humanitarian Development
In an era of growing economic disparities, investing in humanity through Corporate Social Responsibility (CSR) is more than just an ethical obligation it is essential for a fairer and more compassionate society. A PricewaterhouseCoopers report warns that macroeconomic challenges like inflation and currency depreciation could push 13 million Nigerians into poverty by 2025. Businesses and […]
Naira Strengthens as Nigeria Clears $7bn Forex Backlog, Boosting Market Confidence
The Nigerian naira appreciated by 3.68% against the U.S. dollar last week, closing at ₦1,474.78/$, following the Federal Government’s clearance of a $7 billion foreign exchange backlog. The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, announced that a successful forensic audit had verified and facilitated the payment of these outstanding obligations. This move is […]
Nigerian Equity Market Gains N1.1tn in One Week as ASI Hits 104,496.12
The Nigerian equity market recorded a significant gain of N1.1tn in one week, with the All-Share Index (ASI) closing at 104,496.12 and market capitalization reaching N64.709tn. The strong market performance was driven by key sectoral movements, although the insurance and industrial goods indices declined by 2.86% and 0.52%, respectively. Trading activity increased, with 3.245 billion […]