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What could be the propelling force of an equity market that has almost doubled in value in eight months when other key macroeconomic indicators like inflation, exchange rate, and lending rates are pretty much grim? What magic wand does the Nigerian Exchange wield to merit the prestige of being the world’s best-performing stock exchange this year, yielding 35.3 per cent in January alone, when foreign capital inflow, once the lifeblood of the market, is now significantly low? Stocks are having their moment in…

The Central Bank of Nigeria (CBN) uncovered invalid foreign overdue claims totalling $2.4 billion, which have pressured the naira for long and spooked the currency market, Central Bank Governor Olayemi Cardoso said on Monday. Mr Cardoso said the discovery was made after an audit by the consultant that the Central Bank engaged brought several shady deals to light. After seven years of being concealed from public knowledge, the audited accounts of the CBN became public last year during which auditors revealed a $7…

The Central Bank of Nigeria (CBN) uncovered invalid foreign overdue claims totalling $2.4 billion, which have pressured the naira for long and spooked the currency market, central bank governor Yemi Cardoso said on Monday. Mr Cardoso said the discovery was made after an audit by the consultant that the central bank engaged brought several shady deals to light. After seven years of being concealed from public knowledge, the audited accounts of the CBN became public last year during which auditors revealed a $7…

The Central Bank of Nigeria (CBN) uncovered invalid foreign overdue claims totalling $2.4 billion, which have pressured the naira for long and spooked the currency market, central bank governor Yemi Cardoso said on Monday. Mr Cardoso said the discovery was made after an audit by the consultant that the central bank engaged brought several shady deals to light. After seven years of being concealed from public knowledge, the audited accounts of the CBN became public last year during which auditors revealed a $7…

On 19 October 2023, the presidency announced the appointment of Olasupo Olusi as the new managing director and chief executive officer of the Bank of Industry (BOI). In that announcement, presidential spokesperson Ajuri Ngelale said Mr Olusi’s appointment followed the voluntary resignation of his predecessor, Olukayode Pitan. Mr Pitan’s sudden departure surprised many clients of his bank and some players in the nation’s financial sector, especially given that his second term of five years only began on 27 May…

In a move to further liberalize the Nigerian foreign exchange market, the Central Bank of Nigeria on Wednesday lifted exchange rate restrictions for International Money Transfer Operators (IMTOs). The restriction was previously announced in a circular dated 13 September 2023, with reference TED/FEM/PUB/FPC/001/009, announcing a significant shift in the regulation of exchange rates by IMTOs. The circular initially mandated IMTOs to quote rates within an allowable limit of -2.5 percent to +2.5 percent around the…

Femi Otedola, billionaire businessman and chairman of Geregu Power Plc, today emerged as the chairperson of the board of FBN Holdings Plc, whose flagship arm is First Bank.The change of guard happened at a meeting of the Board of Directors of the Group in Lagos on Wednesday, company insiders told PREMIUM TIMES. Mr Otedola succeeds Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021. Mr Otedola became a non-executive director of FBN Holdings on 14 August 2023, months…

Corruption and difficulty in repatriating capital amongst others are some of the reasons American entrepreneurs eager to invest in Nigeria are stalling, US Secretary of State Antony Blinken told journalists at Nigeria’s Aso Villa on Tuesday. “American entrepreneurs and American companies are eager to partner with and invest in Nigeria’s economy, particularly in the tech sector… Nigeria offers real, clear, compelling opportunities for investors. At the same time, I think it is no secret that there remain some…

Nigeria’s annual inflation rate rose to 28.92 per cent in December 2023 from 28.20 per cent in November, the National Bureau of Statistics (NBS) said Monday. The statistics office said the December 2023 headline inflation rate increased by 0.72 per cent compared to the November 2023 headline inflation rate. The NBS said on a year-on-year basis, the headline inflation rate was 7.58 per cent points higher compared to the rate recorded in December 2022, which was 21.34 per cent. “This shows that the headline…

The Minister of Budget and Economic Planning, Atiku Bagudu, says the decision to base the 2024 budget on foreign exchange benchmark of N800 to a dollar was a strategic and conscious decision by the federal government. In an interview with journalists on Thursday in Abuja, Mr Bagudu said budgets could not be based on a spot rate in order to avoid eventualities in the world market due to global dynamics. He said before arriving at the projected exchange rate of N750 to the dollar in the 2024 budget, the government…