NSE: Foreign Transactions Drops by 49.51% in 2016

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Adedapo Adesanya The confirmation of the new Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and four deputies, generated mixed reactions in the foreign exchange (forex) market on Tuesday. Business Post reports that while it did magic in the Investors and Exporters (I&E) window, it could not replicate this in the Peer-to-Peer (P2P) and the black market segments. After his confirmation on Tuesday, the new CBN governor said the immediate plan to stabilise the Naira would be for the apex bank to settle some financial obligations and make “transparent rules”. “Number one is what I will term an operational

By Adedapo Adesanya Nigeria’s inflation rate climbed to a fresh 18-year high on surging food prices and energy costs to 24.08 per cent in July, compared with 22.79 per cent in the prior month, according to the data published on the National Bureau of Statistics (NBS) website on Tuesday. Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate. On a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64

By Modupe Gbadeyanka The Securities and Exchange Commission (SEC) has extended deadline for capital market operators yet to register with their various trade groups. The extension, the capital market regulator explained, became necessary due to low compliance by operators. SEC gave the new deadline as Saturday, December 31, 2016. Addressing journalists at the fourth quarter of Capital Market Committee (CMC) held in Lagos, the Director General of SEC, Mr Mounir Gwarzo, explained that the move was part of efforts being made to restore investor confidence in the Nigerian capital market. Mr Gwarzo said SEC had developed rules on complaints management

By Dipo Olowookere The FGN bond auction for the month of August 2019 held yesterday suffered a low subscription rate when compared with the previous exercises, Business Post reports. The Nigerian government, through the Debt Management Office (DMO), had approached the local bond market to borrow the sum of N145 billion from investors. However, at the Naira-denominated exercise, traders staked N139.58 billion for both competitive and non-competitive bids, with the former comprising N95.09 billion and the latter N44.49 billion. During the bond auction, the debt office offered N40 billion for the 5-year paper, N50 billion for the 10-year note and

By Dipo Olowookere Renowned for its simplicity and efficiency, GTBank’s 737 USSD Banking Service is the most robust USSD banking platform in Nigeria, staying miles ahead of its competitors and setting the pace for innovation in mobile banking. The bank has continued to expand the services and features of the 737 service platform to make banking from a mobile device simple, fast and secure. Recently, GTBank implemented the use of a Personalized Identification Number (PIN) for completing transactions on the 737 banking platform. This means that customers can now create a 4–digit PIN and use this PIN to authenticate their

By Adedapo Adesanya Members of the House of Representatives have hinted at how operations of financial institutions in the country may hinder the plans of President Muhammadu Buhari’s administration to lift 100 million Nigerians out of poverty by 2030. At the plenary on Wednesday, the lawmaker representing Ado Ekiti/Irepodun-Ifelodun Federal Constituency (APC, Ekiti State) at the lower chambers of the National Assembly, Mr Fatoba Olusola Steve, expressed his displeasure on the high lending rates of Nigerian banks, stating that they hinder economic growth as a result of the negative impact they have on the performance of the businesses due to

By Dipo Olowookere Lagos, Delta and River States have emerged the most competitive states in Nigeria in terms of economy, human capital, infrastructure and institutions. The ranking was released on Wednesday by the National Competitiveness Council of Nigeria (NCCN) and was witnessed by former Governor of Cross River State, Mr Donald Duke. The competitiveness index ranked all the 36 states of the federation as well as the Federal Capital Territory (FCT) Abuja across four key areas: Human Capital, Infrastructure, Economy and Institutions and it was the first ever National Competitiveness Report and Sub-National Index in the country. Chief Executive of

One of Nigeria’s foremost photo-storytellers, Mr Kelechi Amadi-Obi, in partnership with The Macallan, is organising a photography exhibition themed Amazing Nigeria. The exhibition, which will be held between October 28 and Sunday, November 6, is being hosted by Ecobank at its sprawling head office complex, Ecobank Pan-African Centre (EPAC), on the highbrow Ozumba Mbadiwe Avenue, Victoria Island, Lagos. According to him, the 10-day exhibition will focus essentially on Nigeria and its diversity in arts, culture and, more importantly, the ingenuity of her creatives, adding that it would also capture the beauty and scenes in Nigeria, including iconic buildings, monuments, landscapes,

Cassava Smartech and Comviva have bagged two major awards – Global Telecoms Awards (GLOTEL) in the “Mobile Money Mastery” category and the AfricaCom awards in the “Fintech Innovation” category for EcoCash Merchant Payments solution, powered by mobiquity® Money. The GLOTEL Awards 2018 were presented recently in London, while the AfricaCom Awards were presented during the recently concluded AfricaCom event in Cape Town, South Africa. This is the second consecutive AfricaCom award for both Cassava Smartech and Comviva jointly in the Fintech Innovation category. EcoCash Merchant Payments extends the success of EcoCash beyond money transfer and airtime recharge. It allows EcoCash