Author: Julius Alagbe

Market capitalisation of all cryptocurrencies jump by more than 3% in the last 24 hours as bitcoin price crossed $98,000 again

Private Sector Activity Rises First Time in 6-Month in Nigeria –PMI There were tentative signs of improvement in the Nigerian private sector during the final month of 2024, according to Stanbic IBTC purchasing manager index report by S&P Global. Overall business conditions improved as new orders increased for the second month running and renewed expansions were seen in output, employment and purchasing. That said, rates of inflation remained elevated. The headline PMI moved back above the 50.0 no-change mark for the first time in six months during December. At 52.7, the index was up from 49.6 in November and signaled…

Equities market capitalisation of the Nigerian Exchange (NGX) expanded by about N248 billion on Friday due to sustained rally on growth stocks. Trading data showed that the local bourse ended first week of the New Year in the green. Key market performance indicators increased by +0.64% in the first two trading days of the year.

Naira Mixed as Analysts Differ on FX Market Outlook The naira traded on a mixed note against the US dollar in the in the foreign exchange markets amidst renewed move to defend the local currency. Spot rate was as low as N1535 per dollar in the currency market. It was an aggressive December as the authority put weight behind the local currency with daily FX auctions that spanned four consecutive weeks. On First trading session in 2025, the naira exchange rate remained unchanged as FX market remains in solitary. Exchange rate was N1538.23 per US dollar, according to FX spot…

Uzodimma Signs N807bn 2025 Budget into Law Gov. Hope Uzodimma has assented to the N807 billion Imo Appropriation Bill for the 2025 fiscal year. The House of Assembly reviewed the amount from an initial N756 billion. Speaking shortly after signing the bill into law on Tuesday in Owerri, thr governor pledged “full and faithful implementation” of the budget. He said that the increase was based on an alignment between the Executive and the Legislature in providing essential services to the people. Uzodimma, who expressed his satisfaction over the expeditious passage of the bill, pledged to immediately commence the budget implementation.…

FCMB Public Offer Records 34.3% Over Subscription Diversified financial services group, FCMB Plc, has announced a decision to allot 19.802 billion ordinary shares of N0.50 each to its news shareholders following a public offer that was oversubscribed by 34.3%. In the results of the public offer launched as part of an effort to recapitalise its banking subsidiary, FCMB Limited, the group hints that it received more than the numbers of shares it intends to issue. Details from its regulatory filing revealed that 42,839 applications for 20,407,337,982 ordinary shares valued at N148,973,567,268.60 were received and processed. The financial services group reported…

Sokoto: Ahmad Aliyu Signs N526.9bn Budget into Law Gov. Ahmad Aliyu of Sokoto State on Saturday signed the state’s 2025 Appropriation Bill into law. While signing the bill, Aliyu pledged to deliver additional dividends of democracy and accelerate ongoing development initiatives in the state. Describing the state’s 2024 budget implementation as a resounding success, the governor reaffirmed his commitment to pursuing people-focused projects aimed at improving the quality of life for citizens. “In the outgoing year, we successfully executed numerous developmental projects that positively impacted our people. “We will, In Sha Allah, sustain this commitment by delivering even more dividends…

Innovation Key to Commodities Development – SEC The Securities and Exchange Commission (SEC) says it is committed to promoting innovation and collaboration to position commodities exchanges as vital drivers of economic growth. This is contained in a notice by the Director-General of SEC, Dr Emomotimi Agama, said on Sunday in Abuja. Agama said the commission would innovate in capacity building, infrastructure development and partnership with stakeholders to improve and sustain commodities markets. “Our role in sustaining commodities exchanges in Nigeria cannot be overlooked because at the heart of these exchanges’ functionality is the SEC whose regulatory oversight plays a pivotal…

Stanbic IBTC Bank has solidified its position as the leading Bank for capital importation in Nigeria, capturing an impressive 28.30% of total foreign capital inflows worth about $2 billion in the first nine months of 2024.

The naira strengthened to N1,537 per US dollar in the official window on Tuesday after the Central Bank of Nigeria’s (CBN) forex market intervention sales to authrosied dealer banks.