Author: Ogochukwu Ndubuisi

CBN Sells US Dollars to Banks, BDCs to Boost FX Liquidity The Central Bank of Nigeria (CBN) has begun massive FX market intervention, selling US dollars to authorised dealers, and bureau de change operators on Thursday. The apex bank, in an effort to defend the naira from free falling, conducted market wide FX intervention as relative lower exchange rates at the informal and official market. MarketForces Africa gathered that the apex bank sold $13.5 billion at N1510- N1530 per US dollar to banks and other authorised dealers. In the same vein, the CBN sold $20,000 to each of the BDCs…

ECB Decision Highlights New Era of Slow Unwinding The European Central Bank’s (ECB) rate decision on Thursday to keep rates steady after the first cut in June underscores that the global economy is now entering a new era, meaning investors must adapt to the evolving economic landscape. This is the analysis of Nigel Green, CEO and Founder of deVere Group, one of the world’s largest independent financial advisory and asset management organizations, as the European Central Bank kept interest rates unchanged at 4.25% while indicating that its next move is still set to be a cut, but the forward guidance…

Minimum Wage to be Reviewed Every 3 Years – Tinubu The new N70,000 minimum wage adopted by the Federal Government after consultation with the Organised Labour on Thursday will be reviewed after three years. Alhaji Mohammed Idris, Minister of Information and National Orientation, said this while addressing State House correspondents. He disclosed this after the meeting between representatives of the Federal Government led by President Bola Tinubu and the Organised Labour. The Minister also said President Tinubu agreed that the national minimum wage review would no longer be done every five years. Idris also said President Tinubu would perfect the…

ARISE IIP, AFC Launch US$100m Capital Pool for African Entrepreneurs ARISE IIP, and Africa Finance Corporation (AFC) have announced the signing of a Memorandum of Understanding to establish a dedicated US $100 million capital pool for African entrepreneurs. In an official statement, ARISE said the capital pool is for African entrepreneurs that are establishing operations within any of the Arise IIP Special Economic Zones (SEZ) in the region. At the heart of this partnership is a shared vision to uplift African entrepreneurs by providing them with much needed financing and advisory services to catalyse growth, the statement reads. The statement…

UAE Launches Global Initiative to Build 10 Hospitals The United Arab Emirates has unveiled an ambitious program aimed at bridging critical healthcare gaps worldwide as part of the Zayed Humanitarian Legacy Initiative, announced in March of this year by President His Highness Sheikh Mohamed bin Zayed Al Nahyan. With a substantial financial investment of approximately USD 150 million (AED 550 million) over the next decade, the UAE Global Hospitals Program will oversee the construction of up to 10 hospitals, each tailored to meet the specific healthcare needs of underserved communities, enhancing the health of those least likely to access medical…

Shettima Seeks Urgent Innovation on Nigeria’s Economic, Financial Inclusion Vice-President Kashim Shettima on Thursday emphasised the urgent need for financial innovation to drive Nigeria’s economic and financial inclusion agenda. Shettima said that the call is in line with the commitment of the President Bola Tinubu’s administration to bringing over 30 million unbanked Nigerians into the formal financial sector. The vice-president made the call via a video high-level policy dialogue between the Nigerian government and private sector stakeholders held in Washington DC, the United States capital. The dialogue brought together government officials, regulators, law enforcement agencies, and fintech industry leaders at…

Nigeria Enhances Logistics, Courier Systems For Global Mail Exchange Postmaster-General of the Federation, Ms Tola Odeyemi, emphasizes Nigeria’s push to revamp and upgrade logistics and courier processes to world-class standards for improved international mail exchange. Odeyemi made this known at the Nigerian-British Chamber of Commerce (NBCC) event, “NBCC meets Postmaster General” on Thursday in Lagos. The News Agency reports that the theme of the event is: “Repositioning Nigeria’s Logistics and Courier Service Sector for Sustainable Growth”. The Postmaster General stated that the Federal Government was committed to making the Nigerian Postal Service (NIPOST) an affordable, last mile delivery hub solution…

Again, Nigeria Drops to 39th in FIFA Ranking Nigeria’s Super Eagles have dropped again by one spot in the FIFA World Ranking to place world 39th in the July ranking. In the ranking table by the world football governing body, the Nigerian team still maintained the 1,498.93 it had in June. The News Agency recalls that the team suffered a massive drop in the June ranking from 30th to 38th after lacklustre performances in the World Cup Qualifying matches. The drop on the global stage in July however did not affect the team’s position on the continental stage as the…

Banking Index Sinks 2.31% Intraday as GTCO, UBA, ZENITH Tumble Due to huge selloffs in GTCO, FBNH, UBA and Zenith Bank stock, the market may likely close negative as banking index has lost more than 2.3% during intraday trading session on the Nigerian Exchange. The equities market is trading negatively during early trading session due to negative investors’ sentiment amidst ongoing public offers, and rights issues. Currently, market value of top big banks are falling due to negative investors’ perceptions after strong rally on Wednesday. Equities investors are trading cautiously ahead of second quarter of financial year 2024 earnings release,…

Oil prices today due to positive demand outlook in the US, Federal Reserve September 2024 rates cut expectations.