The stock market, on Thursday, reversed some gains from its previous sessions, indicating a loss of N267 billion from the portfolios of investors. Selloffs in MTN Nigeria, Oando Plc, United Bank For Africa (UBA), Fidelity Bank, FCMB Group, alongside Cadbury and United Capital, amongst other declined stocks, drove the market to a negative terrain. Specifically, the market capitalisation closed at …

In a move aimed at bolstering the foreign exchange market and meeting retail demand for eligible invisible transactions, the Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau De Change (BDC) operators. The Acting Director of the Trade & Exchange Department of the CBN, Dr. W.J. Kanya confirmed that each eligible BDC will receive an …

The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent. The monetary policy rate is the baseline interest rate in an economy. Every other interest rate used within an economy is built on the MPR. Addressing journalists at an ongoing press briefing …

The Naira yesterday depreciated to N1,650 per dollar in the parallel market from N1,645 per dollar on Wednesday. Similarly, the Naira depreciated to N1,544.02 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,544.02 per dollar from N1,539.65 per dollar on Wednesday, indicating N4.37 depreciation for …

The Naira yesterday depreciated to N1,656.49 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,656.49 per dollar from N1,546.51 per dollar last week Friday, indicating N109.98 depreciation for the naira. Meanwhile, Naira appreciated to N1,640 per dollar from N1,660 per dollar last weekend. Consequently, the …

Nigerian banks and discount houses borrowed N3 trillion from the Central Bank of Nigeria (CBN) through the Standing Lending Facility within a week, according to a report by Afrinvest Research. The lenders and discount houses, however, deposited N493.6 billion through the Standing Deposit Facility within the same period. According to the report, the spike in borrowing resulted in a 4.7 …

The domestic bourse, on Thursday, rebounded with N178 billion profit, following gains from Tier-one banks, as well as some large and medium capitalised stocks. Investors’ renewed interest in Guaranty Trust Holding Company (GTCO), FBN Holdings, Access Corporation, Nestle, Transnational Corporation and Oando Plc, among other advanced equities drove the market up. The market capitalisation, having opened at N55.576 trillion, added …

The Central Bank of Nigeria has directed all Payment Service Providers to route all transactions from PoS terminals at merchant and agent locations — physical or electronic — through an approved CBN Payment Terminal Service Aggregator. It also issued a 30-day deadline requiring service providers to comply with enhanced routing guidelines for Point of Sale transactions. This move aims to …

The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has reiterated the commission’s commitment to rigorously enforcing financial laws, with a focus on cleansing the banking sector and insulating it from rogue activities. Olukoyede made this declaration on Tuesday at the Chartered Institute of Bankers of Nigeria’s 17th Annual Banking and Finance Conference, held at the Congress …

The Federal Government has said that Nigeria’s financial sector grew by over 30 per cent in the first half of 2024. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by the Managing Director of Ministry of Finance Incorporated, Dr Armstrong Takang, at the 17th Annual Banking and Finance Conference in Abuja on Tuesday, noted that …