IMF Retains 3.2% GDP Growth Forecast for Nigeria Amid Shaky Global Recovery

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Adedapo Adesanya The local currency weakened against the United States Dollar by N1 at the parallel market on Friday, selling at N506/$1 in contrast to N505/$1 it closed at the preceding trading session. The usual weekend rush for Dollar at the unregulated segment of the foreign exchange (forex) market may have contributed to the poor performance of the domestic currency at the market yesterday. However, the Naira traded flat against the Pound Sterling at N708/£1 and also remained unchanged against the Euro at the same black market during the final session for the week at N596/€1. But at the

By Adedapo Adesanya Days after the Central Bank of Nigeria (CBN) rolled out the new Naira notes, Business Post can independently verify that Nigerian banks are rationing the banknotes. According to conversations with employees and customers of several banks in the country, the old notes would still be given out to customers alongside the new notes due to the limited supply of the redesigned N200, N500, and N1,000 from the CBN. Recall that the central bank had announced limits on cash withdrawals via over-the-counter (OTC), Automated Teller Machines (ATMs), and other channels after it called on customers to deposit their

By Aduragbemi Omiyale Cambodia’s largest commercial bank, ACLEDA Bank Plc, has partnered with FSS Technologies Singapore Pte Limited to streamline and consolidate its merchant management systems as it plans to take the business to the next stage. The leading provider of banking and payment technology solutions will deploy its multi-product solution comprising FSS Merchant, FSS ADM (Active Device Monitoring) and FSS Smart Recon to put all the lender’s merchant-related data across multiple systems under one application. The fintech firm will also provide real-time insights into the multi-estate POS network of ACLEDA and reduce downtime as it plans to digitally transform

By Modupe Gbadeyanka Last week, there was stability at the various segments of the currency market in the country as the Central Bank of Nigeria (CBN) put another $210 million into the market to sustain flow of forex to meet demands of customers. According to a weekly report released by Cowry Asset, the Naira strengthened against the US Dollar at the Investors & Exporters Forex Window (I&E FXW) by 0.09 percent to N360.10/$ week-on-week (w-o-w). However, at the Bureau De Change (BDC) and the interbank foreign exchange market segments, the local currency closed flat at N361/$ and N330/$ respectively. But

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.70 per cent on Friday on the back of a decline in the share prices of BUA Cement and 23 others as investors sold off the stocks to book profit as they weigh their options. As a result, the All-Share Index (ASI) decreased by 350.53 points to settle at 49,664.07 points compared with the previous day’s value of 50,014.60 points. Also, the market capitalisation fell by N189 billion to close at N26.787 trillion in contrast to N26.976 trillion on Thursday. Business Post reports that the industrial goods sector suffered the

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has once again maintained that no Deposit Money Bank (DMB) operating in the country was currently under financial distress. The acting Director, Corporate Communications Department, Mr Osita Nwanisobi, said this last Saturday while addressing newsmen. The CBN spokesman said the routine examination and stress test it conducted for financial institutions in the country confirmed that Nigerian banks were safe and sound. He, therefore, urged members of the public and banking customers to disregard reports in the social media claiming that DMBs in the country were under pressure. According to him, the

By Aduragbemi Omiyale A sensitisation workshop to discuss agricultural commodity standards in Nigeria will begin on Monday, November 8 and end on November 9, 2021, at Protea Hotel in Ikeja, Lagos. The event is organised by the Securities and Exchange Commission (SEC) and the Standards Organisation of Nigeria (SON). The commodities standards sensitisation seminar is aimed to enhance the nation’s commodities trading ecosystem and make it attractive to investors as critical stakeholders like processors, farmer groups, exporters, farmer co-operatives, merchants/off-takers as well as agricultural extension officers will brainstorm on how to make things better. The Commodities Trading Ecosystem Report had

By Modupe Gbadeyanka There was pandemonium inside the banking hall of one of the branches of United Bank for Africa (UBA) Plc in Lagos today. The reason for the commotion was because a security guard attached to the UBA branch around Abule-Egba area of the metropolis allegedly landed a deafening slap on the face of a customer of the financial institution transacting business with the bank. In a viral video of the incident on Thursday, it was heard underground that the cop allegedly brought out a knife to use on the customer. According to eyewitnesses, the sin the UBA customer