Economy
Our Policies Have Stabilised Naira at Official, Black Markets—Cardoso
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says due to consistent policy direction, improved market confidence, and enhanced transparency in the Nigerian foreign exchange (FX) market, the gap between the official market and the parallel market has significantly narrowed to approximately 4-5 per cent.
He made this disclosure while speaking during the just-concluded inaugural Conference on Emerging Markets Economies organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh.
During a meeting with Mr Talal Al-Humond, the Assistant Governor for Monetary Affairs, Saudi Arabia Central Bank (SAMA), Mr Cardoso said there were lessons to be learned from Saudi Arabia in terms of infrastructural development and tourism.
According to him, Saudi Arabia’s dedication to diversifying its economy through innovative environmental projects, large-scale transformation, and tourism investment is essential for development.
Mr Cardoso also reaffirmed his dedication to collaborating with the Nigerian Diaspora community in the Middle East to improve remittance flows and strengthen Nigeria’s financial sector.
He stated that the CBN will continue enhancing macroeconomic fundamentals to establish an enabling environment that will facilitate the growth of the private sector and the generation of high-quality jobs for Nigerians.
On his part, Mr Al-Humond assured Cardoso that the Saudi Central Bank will work with the CBN to ensure the attainment of mutually beneficial objectives.
Meanwhile, during the panel discussion moderated by the Director, Middle East and Central Asia Department, IMF, Mr Jihad Azour, at the conference, Mr Cardoso cited reforms in the financial markets that addressed distortions in the Nigerian foreign exchange market, which had previously experienced a gap of up to 60 per cent between the official and parallel market exchange rates.
Governor Cardoso also highlighted the adoption of an electronic matching system to improve transparency in the market and the introduction of a foreign exchange code of ethics, which all Nigerian banks signed to ensure adherence to market rules. As a result of these measures, he reported that the country’s foreign reserves had exceeded $40 billion, marking the highest level in nearly three years.
He acknowledged that Nigeria had faced significant economic challenges, including capital flow exits, multiple exchange rate regimes, currency depreciation, high inflation, and a backlog of foreign exchange transactions, which led to a loss of confidence in the country’s currency.
Upon assuming office, he stated that his team prioritised restoring confidence in the market by addressing the backlog of foreign exchange transactions and demonstrating a commitment to economic stability.
Mr Cardoso emphasised that Nigeria implemented a tight monetary policy stance to tackle inflation and restore macroeconomic discipline. Over the past year, he explained that the Bank raised interest rates by 850 basis points and shifted away from quasi-fiscal interventions that had distorted the economy.
He stressed that Nigeria’s approach had remained firmly rooted in orthodox monetary policies, a stance that was consistently communicated to market participants.
Another significant reform, he noted, was the removal of the fuel subsidy, which, along with multiple exchange rate inefficiencies, had cost the country approximately 6 per cent of its Gross Domestic Product (GDP) annually.
He acknowledged that previous administrations had lacked the political will to remove the subsidy, but its elimination has had a profound positive impact on Nigeria’s fiscal outlook.
He also explained that the CBN had mandated banks to recapitalise to strengthen the financial system and build buffers to withstand future economic shocks. He noted that these measures had so far proven successful in bolstering the sector.
By Modupe Gbadeyanka
Three hundred business owners in the small and medium enterprise (SME) sector of the economy have been admitted into the inaugural Growth Factory Accelerator Programme of MSME Africa.
For eight weeks, the beneficiaries will under an intensive training aimed at empowering them with hands-on training, mentorship, and real-world business tools.
The scheme will combine live virtual workshops, self-paced online courses, and exclusive Ask-Me-Anything (AMA) sessions, giving participants a comprehensive, interactive learning experience.
Throughout the accelerator, participants will engage in immersive learning sessions, working on practical business strategies, and collaborating with a diverse community of like-minded entrepreneurs.
The programme’s robust curriculum is designed to equip entrepreneurs with essential business management skills, helping them to better position their businesses for growth.
The participants will have live virtual sessions and pre-recorded content available on Zoom and MSME Africa’s website, enjoy interactive workshops focusing on the real-world application of business skills, and have direct access to experienced mentors and industry experts to answer questions and provide guidance.
In addition, the entrepreneurs will network with fellow entrepreneurs for potential partnerships and growth, and then be assessed to ensure they meet the scheme’s criteria and receive certification upon completion.
By the end of the program, they will be equipped with the tools and knowledge needed to launch their businesses and access vital funding opportunities.
MSME Africa explained that it came up with this initiative to help early to mid-stage entrepreneurs develop the critical skills, knowledge, and network needed to scale their businesses.
The Growth Factory Accelerator Programme is a critical initiative for MSME Africa’s mission to support and grow SMEs across Africa.
With many small businesses facing challenges related to capacity building, access to funding, and growth strategies, this programme will equip participants with the skills they need to overcome these obstacles and succeed in today’s competitive market.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange, for the second consecutive week, ended in the negative region, shedding 8.67 per cent in Week 12 of 2025.
In the week under review, the market capitalisation lost N2.95 billion to close at N1.939 trillion compared with the preceding week’s N1.942 trillion, and the NASD Unlisted Security Index (NSI) dropped 75.07 points to settle at 3,358.61 points versus the previous week’s 3,363.74 points.
Last week, the volume of trades went up by 359.2 per cent to 32.29 million units from the 7.03 million units recorded in the previous week, but the value of transactions went down by 36.2 per cent to N67.6 million from N105.9 million.
The most active stock by value in Week 12 was Geo-Fluids Plc with N31.6 million, Okitipula Plc recorded N17.6 million, FrieslandCampina Wamco Nigeria Plc posted N9.4 million, Afriland Properties Plc achieved N3.9 million, and CSCS Plc reported N3.5 million.
Geo-Fluids Plc was also the most traded equity by volume with 31.3 million units, FrieslandCampina Wamco Nigeria Plc transacted 0.251 million units, Afriland Properties Plc recorded 0.914 million, CSCS Plc traded 0.152 million units, and Food Concepts Plc recorded 0.130 million units.
Afriland Properties Plc suffered the heaviest loss with a decline of 10.8 per cent to trade at N19.50 per share compared with N23.2o per share, Industrial and General Insurance (IGI) Plc slipped by 5.1 per cent to 37 Kobo per unit from 39 Kobo per unit, Geo-Fluids Plc lost 4.9 per cent to end at N2.70 per share versus N2.84 per share, FrieslandCampina Wamco Nigeria Plc depreciated by 4.9 per cent to N37.17 unit from N38.23 per unit, and Food Concepts dropped 2.8 per cent to finish at N1.49 per share versus N1.67 per share.
On the flip side, Central Securities Clearing System (CSCS) Plc gained 5.3 per cent to trade at N22.84 per unit against the previous week’s N21.69 per unit, UBN Property Plc rose by 2.6 per cent to N2.00 per share from N1.95 per share, and Okitipupa Plc increased by 2.5 per cent to N307.66 per unit from N300.00 per unit.
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has once again vowed that market operators engaging in unscrupulous activities would not be allowed to go unpunished.
The Director-General of SEC, Mr Emomotimi Agama, in a new notice to operators said there is no hiding place for violators in the country’s capital market.
This latest call joins recent calls by the regulator that it would mop up all illegalities in the Nigerian capital market in order to protect the country’s image and investors.
He described investors’ protection as a fundamental principle for the commission, noting that the Investments and Securities Act (ISA) 2007 clearly outlined the objectives of securities regulation in the country.
According to him, “it is important that as a form of self-regulation, they (operators) know beforehand that if you do what is not right, the SEC will bring you out to the wall to say that you do not have character.
“This is because the very ethics of regulating or of registering a securities market operator is in the principle of the fit and proper person’s test.
“A fit and proper person’s test means that you satisfy all of the requirements that have been laid down in the ISA 2007 and in other regulations that the SEC has brought out to make sure that this happens.
“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has an intention to defraud Nigerians and to defraud anybody that is investing in this market.
“And so what you have been seeing most recently by the revocation of licences, by the suspension of operators, and our follow up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.
“We believe strongly that a protected investor is a powerful investor and we will do everything within the powers of the SEC and the Nigerian law to make sure that we deter unscrupulous persons who are involved in trying to defraud Nigerian investors.”
The director-general said SEC was committed to ensuring that all market participants understood the Commission’s responsibilities.
He said compliance and information disclosure were important to capital market operation describing them as the fundamental objectives of securities regulation.
Mr Agama urged both existing and prospective market participants to work closely with the Commission to foster the development of the market.
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