Leading Nigerian companies incur a staggering N1.8 trillion in FX losses in 2023
No one is spared as some of Nigeria's largest companies with significant forex obligations took in record forex losses over the currency devaluations that occurred in 2023
Market operators set agenda for new SEC DG
The operators commended President Bola Tinubu for the appointment of Dr Emomotimi Agama as the Director-General designate for the SEC.
New data reveal forex supply shortage at official window as exchange rates plunged in 2023
The latest data from the Central Bank of Nigeria (CBN) reveals the extent of the dollar supply shortage as Nigerians grapple with one of the worst currency depreciations in recent years. The data, published in the CBN's annual bulletin, show that only $9.8 billion was supplied by the central bank through the official Investors' & Exporters' (I&E) window for the...
Bloody run: NGX Investors suffer N3.62 trillion loss in April
Since the start of April 2024, the NGX has been a bearish run, with the All-Share Index declining by 6.16%, and the market capitalization declining by N3.63 trillion within the same period.
Yield hungry investors gobble up over N362.4 billion in treasury bills
The Central Bank of Nigeria (CBN) conducted a successful Treasury Bills (T-Bills) auction on April 24, 2024, where about N362.45 billion was raised across various maturities. This outcome demonstrates the market's appetite for government securities.
Market carnage as Bears send stocks diving by 1190.24 points, losses hit N673 billionÂ
The Nigerian Stock Exchange (NGX) closed on a bearish note as selloffs overtook buying activities.
EFCC freezes 300 accounts over illicit forex trading, says naira would have crashed in one week
The Economic and Financial Crimes Commission (EFCC) says it has frozen over 300 accounts on suspicion of being linked to illicit forex trading which would have led to the crash of the naira within the next one week.
Stanbic IBTC to seek shareholders’ approval for N400 billion debt issuance
The company to raise additional equity capital of up to N150 billion via a Rights Issue or offer for subscription, with terms to be determined by the Directors.
U.S. DOJ recommends 3 years imprisonment for Binance founder, Changpeng Zhao
The attorneys argued that Zhao should pay $50 million in addition to spending 36 months in prison.
Philippines SEC orders Apple and Google to remove Binance from its app storesÂ
The Philippines Security and Exchange Commission (SEC) has ordered Apple and Google to remove Binance app from their respective App stores for users in the Philippines.
FX spot market posts $12.61 billion turnover in March -Report
Exchange rate volatility increased in March 2024 as the Naira traded within an exchange rate range of $/N1,300.43 – $/N1,627.40 compared to $/N1,418.78 – $/N1,665.50 recorded in February
Official exchange rate falls 17.4% in 5 days, hit month to date low of N1300/$1
The exchange rate has now weakened by 17.5% in a matter of 5 days as concerns mount over the central bank's ability to sustain the gains recorded in recent weeks.
MRS Oil Nigeria seeks shareholders’ approval to delist from NGX
The company will also seek shareholders’ approval that the company's Memorandum and Articles of Association (MemArts) will be modified to allow for a share buyback and share capital reduction.
Leading Nigerian companies incur a staggering N1.8 trillion in FX losses in 2023
No one is spared as some of Nigeria's largest companies with significant forex obligations took in record forex losses over the currency devaluations that occurred in 2023
Read moreMarket operators set agenda for new SEC DG
The operators commended President Bola Tinubu for the appointment of Dr Emomotimi Agama as the Director-General designate for the SEC.
Read moreNew data reveal forex supply shortage at official window as exchange rates plunged in 2023
The latest data from the Central Bank of Nigeria (CBN) reveals the extent of the dollar supply shortage as Nigerians grapple with one of the worst currency depreciations in recent years. The data, published in the CBN's annual bulletin, show...
Read moreBloody run: NGX Investors suffer N3.62 trillion loss in April
Since the start of April 2024, the NGX has been a bearish run, with the All-Share Index declining by 6.16%, and the market capitalization declining by N3.63 trillion within the same period.
Read moreYield hungry investors gobble up over N362.4 billion in treasury bills
The Central Bank of Nigeria (CBN) conducted a successful Treasury Bills (T-Bills) auction on April 24, 2024, where about N362.45 billion was raised across various maturities. This outcome demonstrates the market's appetite for government securities.
Read moreMarket carnage as Bears send stocks diving by 1190.24 points, losses hit N673 billionÂ
The Nigerian Stock Exchange (NGX) closed on a bearish note as selloffs overtook buying activities.
Read moreEFCC freezes 300 accounts over illicit forex trading, says naira would have crashed in one week
The Economic and Financial Crimes Commission (EFCC) says it has frozen over 300 accounts on suspicion of being linked to illicit forex trading which would have led to the crash of the naira within the next one week.
Read moreStanbic IBTC to seek shareholders’ approval for N400 billion debt issuance
The company to raise additional equity capital of up to N150 billion via a Rights Issue or offer for subscription, with terms to be determined by the Directors.
Read moreU.S. DOJ recommends 3 years imprisonment for Binance founder, Changpeng Zhao
The attorneys argued that Zhao should pay $50 million in addition to spending 36 months in prison.
Read morePhilippines SEC orders Apple and Google to remove Binance from its app storesÂ
The Philippines Security and Exchange Commission (SEC) has ordered Apple and Google to remove Binance app from their respective App stores for users in the Philippines.
Read moreFX spot market posts $12.61 billion turnover in March -Report
Exchange rate volatility increased in March 2024 as the Naira traded within an exchange rate range of $/N1,300.43 – $/N1,627.40 compared to $/N1,418.78 – $/N1,665.50 recorded in February
Read moreOfficial exchange rate falls 17.4% in 5 days, hit month to date low of N1300/$1
The exchange rate has now weakened by 17.5% in a matter of 5 days as concerns mount over the central bank's ability to sustain the gains recorded in recent weeks.
Read moreMRS Oil Nigeria seeks shareholders’ approval to delist from NGX
The company will also seek shareholders’ approval that the company's Memorandum and Articles of Association (MemArts) will be modified to allow for a share buyback and share capital reduction.
Read moreBears dominate as stock tumble 353.51 points, shedding N200 billion in value
The All-Share Index fell by 353.51 points, ending at 99,311.54 points, indicative of a general pessimistic investor sentiment.
Read moreOando Plc reports financial loss in FY 2022 results
Oando Plc has released its FY 2022 financial statements, posting a loss after tax of N81.2 billon during the year. This marks a significant decline from the N32.9 billion profit after tax recorded in FY2021. Â
Read moreWhy dollar is battering euro, Japanese yen and Chinese yuan
A force that the global financial markets were not prepared for in 2024 is already affecting them: The dollar is strong again and seems to be here to stay.
Read moreCBN sells fresh dollars to BDCs at N1,021/$ as naira loses steam
The Central Bank of Nigeria (CBN) has issued another circular to Bureau De Change operators (BDCs), informing them of the direct sales of US dollars to BDCs at a discounted rate of N1,021 per dollar.
Read moreGTCO to pay shareholders total dividend of N94 billion for FY 2023
Directors declared and paid an interim dividend of 50 Kobo per ordinary share on the share capital of 29,431,179,224 Ordinary Shares of 50 Kobo each, for the half-year period ended June 30, 2023.
Read moreOfficial exchange crashes to one week low, now N1,234.49/$1
The latest drop appear to coincide with the remarks of the apex bank Governor, Yemi Cardoso, who stated that the intent of the bank was not to defend the Naira, when asked about the sudden drop in external reserves.
Read moreCustoms adjusts FX rate for duties clearance twice in four days
The exchange rate for customs duties clearance has been changed for the second time in less four days.
Read more