Economy

CMC Tasks Panel on FinTech Roadmap for Nigerian Capital Market

Published

6 years ago

15/11/2018

By Modupe Gbadeyanka

Members of a Market Wide FinTech Committee headed by an Executive Director at Access Bank, Mr Ade Bajomo, have been asked to come up with a FinTech Roadmap for the Nigerian Capital Market.

The committee was given this task during its inauguration by the Capital Market Committee (CMC) on Wednesday in Lagos.

Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, expressed the need for the Nigerian capital market to transit towards a technology-driven one as is obtainable in other economies.

Ms Uduk, who pointed out that the commission was interested in investments that Nigerians were making, especially with the advent of digitalization, enjoined the committee to come up with guidelines on the direction the market needs to go on FinTech.

“We don’t want a situation where we would be doing things differently, we want a cohesive FinTech Roadmap that would guide and help the market to be able to operate in an optimal way.

“If we will regulate and operate in this market and understand what is happening, we need to understand the rudiments of FinTech.

“Very soon, the whole world will move to technology for regulation. Other jurisdictions have already gone far into it with some of them already amending their rules in that direction,” she said.

“The International Organization of Securities Commissions (IOSCO) is on it and there is a lot on it already all over the world and we can’t be left behind.

“We are very much interested in some of the most active areas of Fintech innovation like blockchain technology, cryptocurrencies and how they affect investors,” the SEC chief added.

Ms Uduk noted further that as the regulator of the capital market, it was the responsibility of the SEC to find out how such investments were being deployed and if they meet set standards because when investors lose money they will come back to the SEC.

According to the SEC boss, that is why the commission is seeking to understand what FinTech is all about to enable the Commission regulate the market properly.

While alluding to the growing influence of Fintechs in the capital market, Ms Uduk urged investors to take advantage of Fintech offerings in moving the capital market forward. She equally emphasized the focus of the Commission on capacity building, knowledge sharing, advocacy and collaboration with relevant organisations.

The CMC was mainly established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback to SEC on how to continuously improve the market activities and regulation.

It is an industry-wide committee comprising members of the commission, representatives of capital market operators and trade groups and other stakeholders. The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters.

Economy

NASD OTC Exchange Closes in Stalemate at Midweek

Published

4 hours ago

17/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, April 16, as the market capitalisation remained unchanged at N1.915 trillion as well as the NASD Unlisted Security Index (NSI) at 3,271.02 points.

At the trading session, there was no price gainer or decliner.

The bourse’s data showed a decrease of 95.0 per cent in the volume of securities transacted to 36,757 units from the 736,215 units recorded in the previous trading day, the value of transactions slid by 83.6 per cent to N1.99 million from N12.1 million transacted on Tuesday, and the number of deals fell by 19.2 per cent to 21 deals from the 26 deals recorded a day earlier.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.

Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.7 million units worth N568.1 million, and Impresit Bakolori Plc with a turnover of 533.9 million units sold for N520.9 million.

Economy

Naira Depreciates to N1,603/$1 at NAFEM, N1,620/$1 at Parallel Market

Published

4 hours ago

17/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira witnessed a N1.76 or 0.11 per cent depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 16.

During the trading session, the local currency was exchanged with the greenback at N1,603.16/$1, in contrast to the N1,601.40/$1 it was traded a day earlier, according to data from the Central Bank of Nigeria (CBN).

Also, the Nigerian currency weakened against the British Pound Sterling in the official market yesterday by N6.71 to quote at N2,121.97/£1 compared with the previous day’s value of N2,115.26/£1 and tumbled against the Euro by N9.28 to sell for N1,818.17/€1 versus Tuesday’s exchange rate of N1,808.89/€1.

In the parallel market, the Naira lost N5 against the Dollar to finish at N1,620/$1 compared with the preceding day’s N1,615/$1.

The pressure on the domestic currency came as the central bank sold over $30.00 million at rates between N1,590.00/$ and N1,601.50/$ this week to authorised forex dealers.

At the cryptocurrency market, things turned bullish as the US Federal Reserve Chairman, Mr Jerome Powell, dashed hopes for early rate cuts, citing the need to assess the impact of US tariffs on the global economy.

The Federal Reserve chair also mentioned that the US central bank needed more time to see the effects of tariffs play out in the global economy. The same is likely to be true of the economic effects, which will include higher inflation and slower growth.

Market analysts noted that the remarks disappointed rate cuts optimist by stressing focus on protecting against tariff-driven price hikes from driving a long-term rise in inflation expectations.

Solana (SOL) jumped by 7.2 per cent to trade at $134.28, Cardano (ADA) added 2.8 per cent to close at $0.6209, Dogecoin (DOGE) appreciated by 2.5 per cent to $0.1570, Ethereum (ETH) rose by 2.1 per cent to $1,602.70, Ripple (XRP) gained 1.9 per cent to close at $2.09, Bitcoin (BTC) increased by 1.5 per cent to $84,749.46, and Binance Coin (BNB) went up by 0.7 per cent to $583.08.

But Litecoin (LTC) declined by 0.7 per cent to finish at $75.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

Economy

Nigerians Applaud Dangote for Further Reduction of PMS Price to N835

Published

5 hours ago

17/04/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The further reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835, effective from Wednesday, April 16, 2025, by Dangote Petroleum Refinery has been applauded by Nigerians.

The price slash was the second by the company in a week and it was in reaction to the decline in the price of crude oil in the global market due to the trade war between the United States and China.

In a statement yesterday by the Group Chief Branding and Communications Officer of Dangote Group, Mr Anthony Chiejina, it was stated that key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil, will sell petrol to customers at N890 per litre, down from N920 in Lagos, while in the other South-West states, the price will be N900 per litre versus the previous N930.

In addition, Nigerians living in the North-West and North-Central will get the high-quality Dangote petrol at N910 per litre compared with the former price of N940, and those in the South-East, South-South, and North-East will buy at N920 per litre, down from N950 per litre.

Dangote expressed hopes that this latest reduction in PMS prices would generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.

It stated that the slash in price reaffirmed its “commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation. In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.”

Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers.

For example, in February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery’s sustained efforts.