Author: Marketforces Africa

Increased foreign exchange interventions drain external reserves – Analysts. Analysts WSTC Securities Limited has connected the downward slope in gross external reserves amount to an increased intervention of the Central Bank of Nigeria in the investors and exporters (I&E) window.

Equities market gains ₦5.6 billion as investors bargain undervalue stocks. The equities segment of the Nigerian Stock Exchange maintained its gaining streak as investors bargained on undervalued stocks.

CBN tightens regulation on MFBs, recommend ban on speculative, FX activities . The Central Bank of Nigeria has issued the revised supervisory and regulatory guidelines for micro finance banks in Nigeria to support the development and sustainability of the sector.

IMF makes available $50 billion to help address Coronavirus The International Monetary Fund (IMF) is making available about US$ 50 billion through its rapid-disbursing emergency financing facilities for low income and emerging market countries that could potentially seek support. The announcement was made by IMF Managing Director Kristalina Georgieva at Joint Press Conference with World Bank Group President David Malpass Of this, US$ 10 billion is available at zero interest for the poorest members through the Rapid Credit Facility. Most of the money will be interest free. In addition, countries do not need to have a pre-existing program with the…

Zenith Bank emerges most valuable banking brand, again Zenith Bank Plc, Nigeria’s leading financial institution, has again emerged as the Most Valuable Banking Brand in Nigeria in the recently released Banker Magazine Top 500 Banking Brands 2020. For the third consecutive year, Zenith Bank has been ranked as the number one banking brand in Nigeria with a brand value of $287 million and market capitalisation of $1.62 billion, ranking 392 in the 2020 global ranking of banks. The ranking was published in the February 2020 edition of The Banker magazine of the Financial Times Group in conjunction with London-based Brand…

AFEX Commodities Exchange Ltd on Wednesday signed a Memorandum of Understanding with the Financial Market Dealers Quotation (FMDQ) to expand access to finance for the country’s agricultural sector.

DANGCEM: How competition, expired pioneer tax credit affect 2019 result. Dangote Cement Plc had it tough in 2019 with excess capacity brought into the market by its major competitors.

FBN’S CEO joins global industry leaders at annual FinTech, InsureTech summit  More than 700 global leading finance practitioners joined the Chief Executive Officer, First Bank of Nigeria Limited; Dr. Adesola Adeduntan as a keynote speaker in the Annual FinTech & InsureTech Summit held at Sofia Event Center, Bulgaria on 27 February 2020. The FirstBank Chief delivered a keynote speech on the topic “Banks and Clients, the New Story of Empowerment, Value Creation and Technologies” The summit served as a platform for in-depth knowledge sharing, networking, partnerships and collaborations amongst participants with a view to showcase products across various industries thereby…

MTNN earnings beat fails to lift share price 7-trading session straight MTN Nigeria Plc. share price has been on declining in the last 7-trading days despite a strong earnings pull. Closed at N110 Monday, though it had peaked at N116.20, sentiment remains low despite promise to spend N600 billion on network. The telecom giant and one of Africa’s largest providers of communications services delivered a blockbuster earnings performance as it beat rivals to increase market share. Despite harsh business operating environment, the Telco firm’s revenue came strong, but the profit came stronger with improved costs and operating expenses management. The…

IFC, CMB Close $40m Guarantee Facility to Boost Trade Finance in Nigeria International Finance Corporation , a member of the World Bank Group, today announced a $40 million Trade Finance Guarantee facility to Coronation Merchant Bank (CMB) under its Global Trade Program. The management stated that this will enable Coronation Merchant Bank to establish and expand correspondent banking partnerships with several international banks in IFC’s Trade Finance program, broadening access to finance in Nigeria. IFC’s Global Trade Finance Program (GTFP) will offer confirming banks full or partial guarantees to cover the trade-related payment obligations of Coronation Merchant Bank. The program…