Author: Marketforces Africa

The foreign currency scarcity problem caused the Central Bank of Nigeria (CBN) to intervene in the forex market five times in response to negative exchange rate movements. Overall, the apex bank injected $33 million to boost FX liquidity in the market.

Banks earnings rose sharply in 2023 as Nigerian lenders earned higher interest income from loan book repricing.  In the latest earnings release by banking sector dominating lenders, their individual report showed interest income skyrocketed using effective pricing method.

PenCom Recovers N2.19bn from 31 Defaulting Employers in Q1 National Pension Commission, PenCom, said in a report that it recovered a total sum of N2.194 billion from defaulting employers in the first quarter (Q1) of 2024. To achieve the feat, the Commission said it maintained the services of 25 recovery agents (RAs) for the recovery of unremitted pension contributions and penalties from defaulting employers in the first quarter. During the quarter, the sum of N2.194 billion, comprising principal contributions of N751.51 million and penalties totaling N1.443 billion, was recovered from thirty-one defaulting employers, the Commission said in the report. According…

The Central Bank of Nigeria (CBN) announced on Friday its plan to re-issue N1.56 trillion in treasury bills during the third quarter of 2024, matching the amount set to mature between June and August this year.

The Abuja Electricity Distribution Company (AEDC) has said it will disconnect all customers with outstanding electricity bills by Monday, June 3. The AEDC management disclosed this in a notice titled: “Notice of power disconnection for customers with outstanding bills”.

Federal Government (FG) is targeting higher contribution from solid minerals as part of its plan to grow the economy to $10 trillion, driven by ongoing reforms.

The Minister of State, Federal Ministry of Agriculture and Food Security, Sen. Aliyu Abdullahi says Nigerians consumed estimated 1.6 billion litres of milk and

The National Drug Law Enforcement Agency (NDLEA) has intercepted large consignments of codeine-based syrup and Loud, a synthetic strain of cannabis worth over

The Joint Admissions and Matriculation Board (JAMB) says a supplementary 2024 Unified Tertiary Matriculation Examination (UTME) for 24,535 candidates

Nigerian Exchange Climbs by N995bn over 5-Day Rallies The Nigerian Exchange rose as equity investors gained approximately N995 billion in five trading sessions. Despite the higher yield on fixed interest securities, investor buying appetite increased significantly over the course of five trading sessions. As a result, the benchmark index advanced by 1.73% week-on-week to close at 99,300.38 points, nearing the significant 100,000 mark, according to stockbrokers.  High trade volumes, favorable market internals, and robust buying sentiments—particularly in blue-chip companies in the mid- and medium-cap categories—were the driving forces behind this upward trend, Cowry Asset Management informed investors via email. The…