Author: Marketforces Africa

Nigeria Customs Suspends Sales of Seized Rice after Stampede The Nigeria Customs Service (NCS) has suspended its food disposal initiative following a stampede that claimed seven lives on Feb. 23. The unfortunate incident was during the distribution of 25Kg bags of rice at its Zonal Headquarters, Yaba, Lagos State The service announced the suspension in a statement by its National Public Relations Officer, Mr Abdullahi Maiwada, on Monday. Maiwada said that the suspension was part of the service’s resolve to ensure the safety of Nigerians and to enable it to properly articulate its next line of action, in order not…

Equities investors lost about N2 trillion to sell orders dominated stocks trading on the Nigerian Exchange

Ecobank Group Wins Best Bank for SMEs in Africa Ecobank, the leading pan-African Banking Group, proudly announces that it has won the esteemed Best Bank for SMEs in Africa 2024 award in Global Finance’s annual SME Bank Awards. In an official statement, the group said the win reflects Ecobank’s unwavering commitment to meeting the specialised needs of SMEs across its diverse markets. The award ceremony took place on 20 February 2024 at Glaziers Hall in London, UK. Also, one of its affiliates, Ecobank Nigeria emerged Best FX Bank under the Country & Territory Awards category for Nigeria. Global Finance says…

The Central Bank of Nigeria (CBN) has mandated foreign exchange (FX) sellers to Bureau De Change (BDC)

The National Bureau of Statistics (NBS) said 224,713,710 active voice subscribers were recorded

The Central Bank of Nigeria (CBN), has reviewed the formula for fixing foreign exchange (FX) rates…

The average yield on the Federal Government of Nigeria’s (FGN) has inched higher by 22 basis points to settle at 16.80%

FG, States, LGCs Share N1.49trn Federal Revenue for January The Federation Account Allocation Committee (FAAC), has shared N1.149 trillion in revenue collected at the centre among the Federal Government, states and Local Government Councils (LGCs) for January. The revenue was shared at the February meeting of FAAC chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun. According to a communique issued by FAAC, the N1,149 trillion total distributable revenue comprised statutory revenue of N463.079 billion, and Value Added Tax (VAT) revenue of N391.787 billion. It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.922…

There is no respite for the Nigerian local currency as the exchange rates continue to worsen due to scarcity of foreign currency inflows

Foreign investors have continued to reduce Nigeria’s sovereign Eurobonds trading at the international capital market