Access to Forex in Nigerian Banks Improving—Fitch

By Dipo Olowookere The Chairman of the Board of Directors of Citibank Nigeria, Mr Yemi Cardoso, has been nominated to serve as the new Governor of the Central Bank of Nigeria (CBN). The renowned stockbroker and investment banker was picked for the position by President Bola Tinubu, according to a statement issued on Friday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale. He would be screened by the Senate, and on confirmation; he will take over from the acting CBN Governor, Mr Folashodun Shonubi, for a term of five years at the first instance.

By Aduragbemi Omiyale The board of United Bank for Africa (UBA) Plc has raised the bar in the interim dividend payout for the first half of 2023, increasing it to 50 Kobo from 20 Kobo in the same period of 2023. This was after the bank recorded triple-digit growth in the bottom line, as the profit before tax (PBT) jumped by 371 per cent to N404 billion from the N85.75 billion recorded in the first half of 2022, translating to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier, as the

By Aduragbemi Omiyale The chief executive of CardinalStone Finance, formerly CSAdvance, Mr Ayoola Adeola, said the company would deliver enhanced financial solutions and empower its customers with financial flexibility. Mr Adeola said this while commenting on the recent change of name of the organisation, done because it intends to offer a comprehensive range of financing solutions to a diversified clientele, including SME businesses and high-net-worth individuals. CardinalStone Finance is the subsidiary of CardinalStone Partners Limited. The firm said the transition marks a pivotal moment in the group’s pursuit of becoming a world-class financial services firm, catering to the evolving needs

By Adedapo Adesanya The Investors and Exporters (I&E) segment of the foreign exchange (forex) market witnessed a shortage in FX supply on Thursday, March 25. This put pressure on the Naira, making it lose N1 against the US Dollar at the market window during the session to close at N409.75/$1. At the previous trading session, the local currency was exchanged against the United States currency at the same segment specially tailored for investment transactions at N408.75/$1. According to data obtained by Business Post from the FMDQ Securities Exchange, forex demand surged by 419.0 per cent and the supply could not

By Dipo Olowookere Sierra Leone has implemented the recommendations of the Enhanced General Data Dissemination System (e-GDDS)—endorsed by the IMF Executive Board in May 2015—by disseminating a National Summary Data Page (NSDP). The page serves as a one-stop publication vehicle for essential macroeconomic data—in both human and machine-readable formats. This places Sierra Leone in the first wave of countries to implement the recommendations of the e-GDDS. Louis Marc Ducharme, Director of the IMF’s Statistics Department, welcomed this major milestone in the country’s statistical development. “I am confident that Sierra Leone will benefit from using the e-GDDS as a framework for

As Africa’s population is projected to grow at the fastest rate worldwide through the end of the 21st century, according to research corroborated by multiple sources, including the World Bank, the Chief Executive Officer of Nigerian Exchange Group (NGX Group), Mr Oscar Onyema, has said that blended finance can solve many of the challenges that the continent faces. In an interview with CNBC Africa, Onyema, responding to a question on how NGX Group could participate in the mobilisation of financial capital on the continent, said that the company, post-demutualisation from the Nigerian Stock Exchange, is focused on leveraging its position

Nigerian digital content distribution company, Publiseer, has been chosen to be part of Katapult Future Fest 2019, taking place in Oslo, Norway. Publiseer will join other tech start-ups across the globe for the event taking place from May 15 to 16, 2019. Katapult Future Fest is a non-profit movement founded to drive positive societal change through technology and impact investing. It explores how exponential technology and impact investing can create a thriving future society for all. As a selected startup, Publiseer will get stage time at Katapult Future Fest, in front of over 150 investors, and will be featured across

The 2019 Digital Wallet Innovation Award in the ‘Market Adoption’ category has been won by EcoCash, a product from the duo of Cassava Smartech and Comviva. The award, organized by Aite Group, a global research and advisory firm, recognizes innovation achieved by digital wallet providers that are changing the way that commerce is done. The winners, selected by a global panel of five external experts on digital payments and wallets. Were announced at the Mobile Payment Conference in Chicago, the United States. Launched in 2011, EcoCash is Zimbabwe’s largest mobile money service. EcoCash leverages mobile technology to extend digital financial

By Adedapo Adesanya The value of the Naira to the US Dollar depreciated heavily by N13 or 1.8 per cent at the Peer-to-Peer (P2P) segment of the foreign exchange (forex) market on Thursday, July 28, trading at N720/$1 compared to N707/$1 on Wednesday as the FX crisis in the country worsens. Also, at the parallel market, the Nigerian Naira lost N5 against the greenback to sell for N710/$1 compared with the preceding day’s N705/$1. At midday, the exchange rate was N715/$1 and by evening, it closed at N710/$1. Meanwhile, the local currency found succour in the Investors and Exporters (I&E)

By Adedapo Adesanya Oil prices showed no signs of stopping their fall on Tuesday, May 10 as fears of an economic slowdown saw the market bleed by more than 3 per cent. Specifically, the Brent crude fell by 3.2 per cent or $3.40 to sell at $102.50 per barrel, while the United States West Texas Intermediate (WTI) went down by $3.24 or 3.14 per cent to $99.85 per barrel. The demand outlook is pressured by coronavirus lockdowns in China with oil demand being threatened by the extended measures as part of its Zero COVID policy. Some of China’s biggest cities

By Modupe Gbadeyanka Leading South African energy firm, Engie, has announced the acquisition of Thermaire Investments Ltd and Ampair Ltd, which are two South African energy services companies. Together, both companies employ more than 500 people across South Africa, Botswana and Mozambique, and are major players in the HVAC installation and service segment in their respective markets. Jointly, the acquired companies will form the largest South African HVAC contractor with a strong capacity to export its skills cross-border and into the greater Southern African region.  “We are proud of this first step in the business to business market and excited