In an attempted defence of the decision of the Central Bank of Nigeria, (CBN) to defend the domestic currency, the naira, the governor of the apex bank has distanced the decision from the depletion of the foreign exchange reserve. Cardoso gave this defence during an interactive session with Abebe Aemro Selassie, the International Monetary Fund’s (IMF) director of the African department on the sideline of the ongoing Spring Meetings of the International Monetary Fund and World Bank in Washington, on Wednesday. Ripples Nigeria had earlier reported that Nigeria’s Foreign Exchange reserves dipped ..read more

In an attempted defence of the decision of the Central Bank of Nigeria, (CBN) to defend the domestic currency, the naira, the governor of the apex bank has distanced the decision from the depletion of the foreign exchange reserve. Cardoso gave this defence during an interactive session with Abebe Aemro Selassie, the International Monetary Fund’s (IMF) director of the African department on the sideline of the ongoing Spring Meetings of the International Monetary Fund and World Bank in Washington, on Wednesday. Ripples Nigeria had earlier reported that Nigeria’s Foreign Exchange reserves dipped ..read more

Investors in the Nigerian equities market lost N457 billion at the end of trading on Wednesday. This followed the dip in the share value of Livestock Feeds, Computer Warehouse Group, International Energy Insurance, and FTN Cocoa Processors on the trading floor today. After five hours of trading at the capital market, the equity capitalization crashed to N56.5 trillion from N56.9 trillion posted by the bourse on Tuesday. Similarly, the All-Share Index (ASI) fell below the 100,000- mark to 99,908.89 from 100,717.21 achieved by the bourse the previous day. The market breadth was negative as 17 s ..read more

No reprieve yet for investors in the Nigerian equities market as they shed a further N599 trillion at the end of trading on Tuesday. This followed the dip in the share value of Vitafoam, Fidelity Bank, Ellah Lakes, and Japaul Gold on the trading floor today. After five hours of trading at the capital market, the equity capitalization crashed to N56.9 trillion from N57.5 trillion posted by the bourse on Monday. Similarly, the All-Share Index (ASI) decreased to 100,717.21 from 101,778.47 achieved by the bourse yesterday. The market breadth was negative as seven stocks advanced, 50 declined, whi ..read more

The federal government of Nigeria appears to have bowed to pressure from domestic crude oil refiners like Dangote Refinery and Petrochemical Plant and other modular refinery operators in the sector and has given approval for them to have the option to pay naira or dollar for crude oil. The government made this disclosure through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) at a briefing in Abuja, where it unveiled the new template for domestic crude oil supply obligation. It would be recalled that the Crude Oil Refinery Owners Association of Nigeria had been mounting pressure ..read more

The Nigerian Upstream Regulatory Commission (NUPRC) has issued a new directive that oil producers in the country must sell crude to domestic refineries before attending to foreign demands. According to a report on Bloomberg, under the new regulations, all oil firms in the country will be obliged to supply crude to domestic refiners that cannot independently source supplies locally.Read more As per the NUPRC measures, producers are only entitled to export crude after meeting their domestic supply obligations. The NUPRC will function as an intermediary between local refiners and producers in ca ..read more

Wema Bank, a Nigerian tier-2 bank that holds ₦1.8 trillion in customers’ deposits has suffered a loss of ₦685 million to fraud and forgery cases in 2023, bringing to the fore the prevailing scale of fraud in Nigeria’s financial services sector. This was contained in the Bank’s Full Year 2023 audited financial report submitted to the Nigerian Xchange. According to the report, a total of N1.136bn was targeted by the fraudsters who succeeded in scheming off N685 million from the bank in 1,195 recorded cases. A breakdown of the incidents showed that internet fraudsters targeted N203,724,720, whil ..read more

The poor run of the Nigerian equities market continued on Monday April 15, 2024 as investors lost N303bn at the close of trading. This followed the dip in the share value of some entities, including Fidelity Bank, Jaiz Bank, RT Briscoe and GTCO on the trading floor today. After five hours of trading at the capital market, the capitalization crashed to N57,561.44 trillion from N57,864.64 trillion recorded at the close of trading on Friday. Similarly, the All-Share Index (ASI) decreased to 101,778.47 from 102,314.56 achieved by the bourse on Friday. The market breadth was negative as 10 stocks ..read more

The global investment bank, Goldman Sachs has projected that Nigeria’s Gross Domestic Product (GDP) will reach $13.1 trillion by 2075. Nigeria’s GDP currently stands at $472.62 billion. The development, according to the. company, will make the country become the world’s fifth largest economy by 2075. The firm made the. projection in it’s Global Investment Research (2022) report it identified the 25 largest economies. The report also projected the country to rank as the world’s 15th-largest economy by 2050. Nigeria’s growth is expected to be driven by its large and young population, potential ..read more

As banks in Nigeria race to meet the recapitalization demands spelt out by the Central Bank of Nigeria, four of the tier-one banks in the country are targeting the sum of $2.6bn from both local and international capital markets via rights issues. The tier-one banks are Access Holdings, Guaranty Trust Holding Company, United Bank for Africa Plc and FBN Holdings. This development comes barely one month after the apex bank directed Deposit Money Banks to recapitalize in order to strengthen the Nigerian banking system, especially against the background of prevailing macroeconomic challenges. Unde ..read more