Author: Marketforces Africa

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the bank’s reforms align with efforts to establish a stronger and more resilient African financial architecture.

Bitcoin Fluctuation Keeps Cryptos Market Gain in Check Bitcoin price fluctuation kept global cryptocurrency market capitalisation growth in check. The global crypto market cap reached $3.4 trillion, a 0.03% increase over the last day even though bitcoin is trading negative. BTC-USD has continued to trade between $96,000 and $97,000 amidst expectation that the orange coin will breach the $100,000 price level in 2024. While the flirting has been solid and consistent, Bitcoin has not been able to cross to the other side to mark a six digit price target. Data from coinmarketcap.com showed that the total crypto market volume over…

FG Disburses N738.8m Presidential Grant to Ebonyi Business Owners The Bank of Industry (BOI) says a total of 14,776 business owners in Ebonyi have benefited from the Federal Government’s Presidential Grants scheme in the state. Mr Chukwudi Asiegbu, BOI Manager in Ebonyi, disclosed this during a town hall meeting on the outcome of the grant scheme on Friday in Abakaliki. Asiegbu said that each beneficiary received N50, 000 amounting to N738.8 million. “The beneficiaries cut across the 13 local government areas in the state; 14,776 individuals received a sum of N50, 000 each.’’ The manager added that the government had…

FX Matching System, Remittances key to Naira Stability – Cardoso The Central Bank of Nigeria (CBN) has assured that the naira’s true value will be restored with the introduction of an electronic FX matching system, which has proven effective in other markets. The Governor of CBN, Olayemi Cardoso, gave the assurance on Friday night during the 59th annual bankers dinner organised by the Chattered Institute of Bankers of Nigeria in Lagos. Cardoso said that CBN had undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency. “To further enhance the functionality of the foreign exchange market, we…

Prices of crude oil declined this week as the International Energy Agency report showed that U.S. production increased.

The Federal Government of Nigeria (FGN) has raised the amount small businesses could access on single digit loans to N5 million to ensure the country’s inclusive economic growth.

PH Refinery Yet to Commence Bulk Sales – NNPC The Port Harcourt Refining Company (PHRC) has not yet commenced bulk sales or opened its purchase portal, as essential processes are still being finalised. The Nigerian National Petroleum Company Limited (NNPC Ltd.) says an official announcement will be made if and when price reviews on the products occur. Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. in a statement on Friday, said currently its products being sold were originated from the Dangote Refinery. The 60,000 barrels per day (bpd) capacity refinery began truck-out of petroleum products on Tuesday in Port…

Cash: CBN Issues Ultimatum against Banks, ATM Delays The Central Bank of Nigeria (CBN) on Friday advised bank customers to report any difficulties withdrawing cash from bank branches or ATMs to the apex bank from December 1. CBN Governor, Olayemi Cardoso, said this during the 2024 annual bankers’ dinner in Lagos organised by the Chattered Institute of Bankers of Nigeria (CIBN) He urged customers to make reports through designated phone numbers and email addresses for their respective states. Cardoso, who was conferred fellowship of the CIBN, said the guidelines would be distributed widely to raise public awareness. He called for…

NASD Advocates Compliance with SEC Rules on Securities Trading The NASD Over-the-Counter (OTC) Exchange has urged public limited companies to adhere to the Securities and Exchange Commission (SEC) rules that mandate public unlisted companies to trade their securities on SEC-registered OTC Exchanges. NASD advocated this in a statement on Friday in Lagos. The OTC Exchange explained that many unlisted public companies currently do not trade their securities on SEC-registered OTC platforms. It said that this prevents SEC from monitoring the activities of these companies as part of its investor protection mechanism. According to NASD, by the rule, purchase, sale and…

Equities investors lose about N168 billion on the Nigerian Exchange (NGX) due to huge selloffs ….