The Central Bank of Nigeria (CBN), on Friday attracted $530 million from Foreign Portfolio Investors, FPIs during the sale of N1.053 trillion worth of Treasury bill sales held on Friday. Read more

Nigeria’s Central Bank revokes licenses of 4,173 BDCs over regulatory breaches (ghanaweb.com) Read more

Nigerian companies experienced salaries payment difficulties – PMI report (ghanaweb.com) Read more

The Manufacturers Association of Nigeria (MAN) has asked the Federal and state governments to direct savings from the fuel subsidy removal to productive sectors of the economy. It also urged sub-national governments to leverage the Electricity Act to improve the power sector and patronize made-in-Nigeria goods on all its purchases and contracts, urging the Central… Read more

The Naira on Friday depreciated to N1,540 per dollar in the parallel market from N1,490 per dollar on Thursday. However, the naira appreciated to N1,548.25 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,548.25 per dollar from N1,595.11 per dollar on… Read more

The naira yesterday appreciated to N1,595.11 per dollar in the official Nigerian Foreign Exchange Market(NAFEM). Meanwhile the NAFEM exchange rate rose above the parallel market exchange rate which closed atN1,490 per dollar yesterday. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,595.11 per dollarfrom N1,609.51 per dollar on Wednesday, indicating N14.4 appreciation… Read more

The Central Bank of Nigeria, CBN, has said it would sale Treasury Bills, TBs, worth N1.64 trillion for the second quarter 2024, Q2’24. The TB issue programme commences on March 7th, and ends on May 23rd, 2024. During the period, the apex bank will issue TBs worth N414.29 billion on 91 days tenor, N43.74 billion on… Read more

The crypto trading platform Binance has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country’s forex crisis. The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this in an interview with the BBC on Friday. According to Onanuga, Binance profited substantially from… Read more

Investors in the Nigerian stock market lost about N1.5 trillion of their investment in the stock market following the massive adjustments in the Central Bank of Nigeria, CBN’s Monetary Policy Rate, MPR, at the Monetary Policy Committee, MPC, meeting yesterday. Recall that the meeting raised the MPR by unprecedented 400 basis points to an equally unprecedented… Read more

Nigerians hedge against inflation with the US dollar. Americans hedge against dollar inflation with Bitcoin. The price of Bitcoin is universally uniform. Why is Nigeria blocking crypto innovation and self limiting as national resentments continue to grow? Or is banning crypto part of the preconditions for accessing foreign loans? Nigeria has one of the most… Read more