Author: Marketforces Africa

After significant downward pricing, the Nigerian naira saw a sharp appreciation on Monday against the dominant USD

A vessel conveying 800,000 litres of suspected stolen crude oil has been intercepted by a private security contractor

AfDB Backs Nigeria’s FX Rates Unification African Development Bank (AfDB) on Monday in Abuja commended President Bola Tinubu’s administration for unifying the naira exchange rate saying it would breathe an air of transparency into foreign exchange (Forex) markets. The bank’s president, Dr Akinwumi Adesina, said this on Monday in Abuja at the 2nd Edition of Nigeria Employers’ Summit with the theme: “Trade and Non-Oil: Changing the Narratives for Rapid National Development“. Adesina was represented by Mr Lamin Barrow, Director-General, Nigeria Country Department of AfDB. “The unification of the exchange rate management system is an important reform by the new administration…

The price of the world’s largest cryptocurrency Bitcoin could round the $50,000 mark by the end of this year

FBNH Hits N800bn over Another Unusual Volume Trade FBN Holdings Plc’s market value rose sharply on Monday as investors traded more than 198 million shares worth N4.42 billion in the local bourse. At the close of the trading session, FBNH market valuation jumped above N800 billion as a result of heavy bargain hunting, 9.85% above its opening value in the week. Oba Otudeko, through 26 companies, made a strategic move to return as the single largest shareholder in the financial services group. Recall that Otudeko was sacked as chairman of the group last year by the suspended governor of the…

Nigeria’s federal revenue authority has extended the due date for submitting companies’ income tax returns

Nigeria’s total capital importation drops by 28% in the first quarter of 2023, the National Bureau of Statistics…

Transcorp Hotels Plc’s market valuation gained 40% in the stock market as alpha-seeking value hunters …

With about 40% year-to-date gain, Wema Bank Plc inched to about N70 billion in market valuation

Analysts anticipate a significant spike in foreign currency inflows at the Investors’ and Exporters’ FX market