Lagos State has attracted over N50 billion investment through Foreign Direct Investment (FDI) and Domestic Direct Investment (DDD) in the last one year, Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem said yesterday. She was giving a report of her ministry’s activities at the ongoing press briefing to mark the first year of…
The United Kingdom Government says it is committed to supporting Nigeria to develop its thriving capital markets and sees its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme as a strong basis for collaboration with Nigeria’s financial sector. It says Nigeria’s capital market can help contribute to the delivery of the country’s economic goals,…
The Naira on Monday appreciated in the parallel market to N1,475 per dollar from N1,480 per dollar last weekend. Similarly, the Naira appreciated to N1,468.99 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,468.99 per dollar from N1,497.33 per dollar…
Customers of eight commercial banks paid N119.3 billion as service charges for electronic business (e-biz) transactions in the first quarter of 2024 (Q1’24). People Talk: On sale of new Naira notes at Nigerian parties0:00 / 0:00 This represents a 65 percent year-on-year (YoY) increase when compared with N72.22 billion the customers paid in Q1’23. The…
Kogi, Bauchi, and Oyo are Nigeria’s three most expensive states on a year-on-year basis after recording highest in its All Items Inflation. However, on a month-on-month basis, Lagos, Ondo, and Edo are the most expensive states in Nigeria. This is according to the National Bureau of Statistics’s latest April consumer price index and inflation report….
The Executive Director and CEO, UBA Africa, Mrs. Abiola Bawuah, has emphasised the importance of securing funding and forging strategic partnerships Acknowledging the pivotal role that infrastructure plays in driving economic growth and enhancing livelihoods on the continent, she underscored the urgency for concerted efforts to address the continent’s infrastructure deficit. Speaking in a panel…
After weeks of depreciation, the Naira recorded its first N61.38 appreciation against the Dollar at the official foreign exchange market. FMDQ data showed that it appreciated by N1459.02 per Dollar on Wednesday compared to N1520.40 on Tuesday. This represents a 4.2 per cent gain against the Dollar on Wednesday compared to the previous day. Similarly,…
The Nigerian Exchange Limited (NGX) is gaining attention as banks prepare for possible capital raise in the market amid the latest recapitalisation exercise by the Central Bank of Nigeria (CBN). Stakeholders are concerned about the Exchange’s competence and preparedness to handle the possible influx of banks in a bid to meet up with CBN’s recapitalisation…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. Cardoso,…
The International Monetary Fund (IMF) has explained why the Central Bank of Nigeria (CBN) should issue operating licences or register cryptocurrency dealers. In its 2024 Staff Report released at the weekend, the IMF recommends that global crypto trading platforms be registered or licensed in Nigeria, like similar operators, the Bureaux De Change (BDCs), which are…
