Author: Marketforces Africa

The combined market value of Nigerian big banks surged to N5.84 trillion on Friday in the equities market as four out of five ended the week positive.

The Central Bank of Nigeria (CBN) raised N1.32 trillion from primary market auctions (CBN) in November, an amount that is about 190% increase compared with a total amount mopped up in October 2024.

Reps to Commence Debate on Tax Reforms Bills – Official Deputy Spokesman for the House of Representatives, Rep. Philip Agbese (APC-Benue), says the house is set to commence debate on the four tax reforms bills initiated by President Bola Tinubu. Agbese told newsmen in Abuja on a Saturday that members of the house had taken time to read through the bills. The bills are: Nigeria Tax Bill 2024, Tax Administration Bill, Nigeria Revenue Service Establishment Bill and Joint Revenue Board Establishment Bill. The bills seek to provide fiscal framework as well as clear and concise legal frameworks for all taxes…

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…