Business

Nigeria’s foreign exchange reserves have fallen by $1.6bn to $32.97bn since the Central Bank of Nigeria (CBN) announced the unification of the exchange rate to unify the country’s foreign exchange rates. As of June 15, 2023, when the naira was allowed to float, the country’s gross FX reserves stood at $34.62bn. However, the foreign exchange reserves fell to $32.97bn as …

In a bid to further enhance the regulatory functions of the council, the Environmental Health Council of Nigeria, (EHCON), has set a new practice standard for the improvement of environmental health practices. The Registrar/CEO, of EHCON, Dr. Yakubu Mohammed Baba, disclose this recently while declaring open a technical review on draft guidelines for environmental health practice, in Abuja.  He said …

Investors in Nigeria’s capital market raked in N185 billion profit on Tuesday, December 5, 2023, as trading activities on the floor of the Nigerian Exchange Group closed positively as the All-Share Index gained 0.43% and increased to 71,250.17 from 70,946.83 recorded at the close of the previous trading day. Market capitalization increased today by N165.99 billion to N38.99 trillion from …

Investors in the Nigerian capital market lost N300 billion at the close of trading on Tuesday. This followed the crash in the market capitalization by 0.79 percent from N36.83 trillion to N36.53 trillion at the close of business today. Similarly, the All-Share Index dipped by 535.98 basis points to close at 66,296.18, down from 66,760.2 posted by the bourse on …

Nigerians welcomed the news of the slashing of BUA cement to N3,500 with excitement, however, findings by Ripples Nigeria have shown that the product is largely unavailable and in the few places it is available, it is sold for much higher than the advertised price and only available in a handful of places. Checks conducted at several cement dealers’ warehouses …

Nigerian Exchange Limited (NGX) has disclosed that it is working with the Central Securities Clearing System (CSCS) Plc and Euroclear to create a dollar settlement platform that will enable tech startups to raise in dollars.   The Exchange stated that this would create opportunities for domestic investors to have access to their shares and at the same time, contribute to …

The immediate past governor of Kaduna State, Nasir El-Rufai, on Monday, announced that his venture capital/private equity firm, Afri-Venture Capital Company Limited, will begin operations in 2024. According to a post on his X handle, El-Rufai said through the firm, he hopes to finance, nurture, and mentor Nigerian innovators and entrepreneurs to become the next Dangote Group shortly. He further …

The subscription process of the two-year and three-year Federal Government of Nigeria bonds for December 2023 with an interest rate of 12.287% and 13.287% respectively have opened, the Debt Management Office has disclosed. This announcement was made in a statement on the DMO’s official website. The subscription period is set to last for 5 days, running from December 4th to …

Increased video streaming and talk time raised the amount spent on telecom services to N3.86tn in 2022. The Nigerian Communications Commission disclosed this in its newly released ‘2022 Subscriber/Network Data Annual Report.’ It noted that this was 18.74 per cent increase from the N3.25tn that was spent in 2021; an indication of sustained growth in Nigerians reliance on telecom services. …

The naira exchanged for N773.50 to a dollar at the Investors and Exporters window on Monday. The local currency depreciated by 7.08 percent against the N736.62 it exchanged for the dollar last Friday. The open indicative rate closed at N771.49 to the dollar on Monday. A spot exchange rate of N804.15 to the dollar was the highest rate recorded during …