Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
british airways
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business News

Nigerian Stock Exchange opens the week on a positive note

The Nigerian Stock Exchange ended Monday’s trading session in positive territory. The All Share Index closed at 29,373.40 basis points, up 1.74%

Published

on

stock, market, stock market, Nigerian Stock Exchange

The Nigerian Stock Exchange ended Monday’s trading session in positive territory. The All Share Index closed at 29,373.40 basis points, up 1.74%. Year to date, the index is down 6.54%.

Top Gainers and Losers: Mcnichols Consolidated Plc was the best performing stock on Monday. The stock gained 10% to close at N0.55. MTN Nigeria Plc gained 9.96% to close at N119.75. Thomas Wyatt Plc rounds up the top three gainers. The stock gained 9.68% to close at N0.34.

On the flip side, Forte Oil Plc was the worst performing stock, declining by 9.88% to close at N25.55. E-Tranzact International Plc fell by 9.85% to close at N2.28. Neimeth International Pharmaceuticals Plc rounds up the top three losers for the day. The stock shed 8.20% to close at N0.56.

Top Trades by Volume: MTN Nigeria Plc was the most actively traded stock. 51.4 million shares valued at N6.15 billion were traded in 61 deals. FBN Holdings Plc was next with 17.4 million shares valued at N218 million traded in 158 deals. United Bank of Africa Plc rounds up the top three most actively traded stocks today with 17.2 million shares valued at N103 million traded in 296 deals.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

CBN includes sugar, wheat on FX restriction list

The CBN is set to include sugar and wheat in the forex restriction list.

Published

on

CBN forex restrictions on food itemsCBN approves new cheque standard for banks

The Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list.

The plan was disclosed by the apex bank via its verified Twitter handle in a statement credited to the CBN governor, Godwin Emefiele.

The tweet stated: “Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them. #Emefiele.”

It would be recalled that over the years, the CBN has been reviewing its list of restricted food items to include more items, with the most recent being the addition of maize, a widely-consumed staple food in the country.

What you should know

  • The CBN governor, Mr Godwin Emefiele, had earlier (on Thursday) given this hint while on an inspection visit to the proposed $500 million sugar processing facility in Nasarawa state, belonging to Dangote Sugar.
  • In 2015, the CBN listed 41 items that had been placed on its FX restriction list citing that the move was necessary to conserve the nation’s foreign reserve and boost local production of the items on the restriction list.
  • Some of the items which made the 2015 list are margarine, poultry and eggs, rice, and cement.
  • In 2020, the apex bank included maize in its FX restriction list as it directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
  • Nairametrics had also earlier explained in its publication following the new policy shift, that the government’s premise for deciding to restrict FOREX on food is faulty, especially since Nigeria has not attained full food security and the agricultural sector is still struggling.

Continue Reading

Profiles

Atsu Davoh is building ways for Africans to easily acquire and spend cryptocurrency

Atsu Davoh has gone from failed projects to running one of Ghana’s most innovative startups.

Published

on

In recent times, the tech space in Africa has experienced immense growth, with the introduction of several key players and disruptors across various sectors. One sector that is also rising is the cryptocurrency space with Africa experiencing greater crypto ownership and trade volume.

The number of Bitcoins processed on a single day reached its highest value at the beginning of 2021, as more people displayed interest in the cryptocurrency. Due to its fast adoption, more fintech players have created platforms that have made trading with cryptocurrency easier. One of such players is Atsu Davoh who calls himself the “product guy.”

Atsu Davoh dropped out of college (Carleton College) in the United States and moved back to Ghana to help innovate on Africa’s financial infrastructure. Atsu first discovered Bitcoin in 2017 during the first boom when it became mainstream. Before then, he and his co-founder Samuel Baohen had been involved in many failed projects.

He developed a USSD system where people could buy bitcoin through their phone numbers, like tying crypto to phone numbers in a native way. This was one of the first iterations of Bitsika.

Atsu was invited to Join Binance Labs Incubator by Yele Bademosi where he got $150,000 after graduating from the incubator. Bitsika went on to raise around $900,000 from investors. This brought the total seed raised to $1,050,000.

This USSD system worked in Ghana but didn’t work in Nigeria. Atsu and his team then pivoted the platform to a donation crowdfunding platform, which allowed people living in other countries to send donations to African nationals in need of the funds before finally building it into a cross-border crypto remittance platform.

Bitsika users can deposit and remit money across multiple currencies using the app, with all monies deposited in Bitsika stored in USD credits or stable-coin.

Bitsika has over 50,000+ downloads on Playstore and processed nearly $40 million in 2020 with $18,872,474 in deposits, $17,890,807 in payouts (withdrawals), and $3,189,834 in internal peer-to-peer transfers.

Hotflex
Sigma Pensions

Despite a few unfavourable regulations surrounding cryptocurrency in Africa, the market has shown no signs of slowing down as more people are building products that will make trading seamless.

british airways
Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.