The naira yesterday appreciated to N1,350 per dollar in the parallel market from N1,430 per dollar on Monday. Similarly, the naira yesterday appreciated to N1,382.95 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on Monday, indicating… Read more

The Lagos Commodities Futures Exchange, LCFE, has moved for the trading of Nigeria’ s crude oil in its Exchange, in a bid to help boost Nigeria’s revenue generation. It also urged the Federal Government to utilize the commodities exchange ecosystem to boost food security, create job opportunities and enhance Nigeria’s capacity to earn foreign exchange. Speaking in… Read more

Interest rate and huge demand  have propelled investments in Mutual Funds to 82.2 % rise with its Net Asset Value, NAV, reaching N2.82 trillion Year-on-Year, YoY, in February 2024, from N1.55 trillion recorded in the corresponding period of 2023. Mutual fund is a collective investment platform that pools funds from investors and managed professionally by investing… Read more

The Naira appreciated against the dollar by 5.97 per cent at the official market by the close of Wednesday’s trading session, according to data from the FMDQ trading platform. It appreciated by N82.52 to reach N1,300 per dollar, compared to N1,383 recorded on Tuesday. Total turnover also rose to $416.10 million from $245.58 million the previous… Read more

The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate, MPR, its benchmark interest rate by 200 basis points to 24.75 percent from 22.75 per cent. Briefing the press on the outcome of the 294th Monetary Policy Committee (MPC) meeting in Abuja, yesterday, the Governor of CBN, Mr. Olayemi Cardososo, also announced an… Read more

The naira yesterday appreciated to N1,350 per dollar in the parallel market from N1,430 per dollar on Monday. Similarly, the naira yesterday appreciated to N1,382.95 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on Monday, indicating… Read more

New solar-grid power offers cost reduction to 170,000 manufacturers, others  About 170,000 companies and industrial manufacturers in Nigeria  will enjoy significant reduction in energy cost through a new solar hybrid power system that can unlock 3.3GW of solar capacity and attract $6.5 billion in investments. This was  the highlight  of  a U.S. Trade and Development Agency… Read more

Financial sector’s credit to the economy grew  Month-on-Month (MoM) by two percent to N114.7 trillion in February 2024 from N112.4 trillion in January 2024. A breakdown of the Money and Credit Statistics report published by the Central Bank of Nigeria, CBN, yesterday show that banks’ credit to the private sector increased MoM by six percent to… Read more

The Central Bank of Nigeria, CBN, yesterday slashed the exchange rate in the Bureaux De Change, BDC,  segment of the forex market by 3.4 per cent or N50.5  to N1,269.8 per dollar even as it commenced another round of dollar sale to eligible BDCs. Earlier in February, CBN sold $20,000 to each of 785 BDCs at N1,310 per… Read more

In a move to consolidate on the gains recorded in the removal of illegal check/extortion points and shanties which hitherto led to traffic gridlock on Tincan Island Port access road, the Nigerian Ports Authority (NPA) has resumed rehabilitation work on the Port access road.   Speaking on the sidelines of the unscheduled spot check, Managing Director /CEO… Read more