Saturday, June 23, 2018

Ezinne Chima

    Investors leave Nigeria to buy Kenyan stocks

Investors leave Nigeria to buy Kenyan stocks

Kenyan stocks rallied to a record high in the longest winning streak in almost 10 months, as investors who pulled money from Nigeria bought into East Africa’s biggest economy, Bloomberg reported on Wednesday.The FTSE NSE Kenya 25 Index rose for an eighth day in Nairobi, the capital. Kenya, an oil importer, is benefiting from lower energy costs that have curbed inflation and attracted foreign [...]

0 comment Read Full Article
    $380 million spent to defend naira in two days

$380 million spent to defend naira in two days

The Central Bank of Nigeria (CBN) spent $380 million in two days to prop up the ailing naira after it conducted special forex interventions to shore up the local currency, Reuters reports.Latest data on the central bank website on Tuesday showed that reserves fell to $32.66 billion as at February 16, down by 1.2 per cent from $33.04 billion by [...]

0 comment Read Full Article
    Poll shift: Stock market loses N208bn in one day

Poll shift: Stock market loses N208bn in one day

The shift in the dates of the general election has seen jittery investors on the Nigerian Stock Exchange (NSE) sell their equities.As a result, the NSE market capitalisation dropped significantly by N208 billion in one day to close at N9.796 trillion on Monday, as against the N10.005 trillion it closed on Friday, findings by TheCable show.Also, the NSE all-share index [...]

0 comment Read Full Article
    4 Nigerian banks among global Top 500

4 Nigerian banks among global Top 500

FirstBank Nigeria Limited, Zenith Bank Plc, GTBank and Access Bank Plc have been rated among the top 500 banking brands in the world.The Banker magazine of Financial Times and Brand Finance, London, United Kingdom stated this in its annual 2015 ‘The Top 500’ banking brands unveiled on Monday.The organisation revealed that for the fourth consecutive year, First Bank of Nigeria [...]

1 comment Read Full Article
    SEC approves Access Bank’s N52.6bn rights issue

SEC approves Access Bank’s N52.6bn rights issue

The Securities and Exchange Commission (SEC) on Monday endorsed Access Bank Plc’s plan to raise N52.6 billion through a rights issue.The offer opened on Monday. The fund is to enable the bank expand its operations and strengthen its cash reserve.A statement on Monday explained that the  bank would issue 7.63 billion shares of 50k each at N6.90 per share to [...]

0 comment Read Full Article

Again, CBN reviews banks’ forex trading position

The Central Bank of Nigeria (CBN) on Thursday increased the net foreign position of deposit money banks and other authorised dealers in the forex market from 0.1 per cent of shareholders' funds unimpaired by losses, to 0.5 per cent of the shareholders' funds.The CBN stated this a circular titled: "Utilisation of RDAS and interbank funds/review of the foreign exchange trading [...]

0 comment Read Full Article
    Inflation rises to 8% in December

Inflation rises to 8% in December

The National Bureau of Statistics (NBS) has said that the Consumer Price Index (CPI), a basket used to measure, inflation increased year on year to eight per cent in December 2014, from 7.9 percent recorded in November.According to the NBS, the December 2014 figure implied that inflation was held in the single digit range for 24 consecutive months.A statement from the [...]

0 comment Read Full Article
    Stock market loses N1.17trillion in 4 days

Stock market loses N1.17trillion in 4 days

The market capitalisation of the Nigerian Stock Exchange (NSE) has maintained a downward slide in the past four days, having fallen significantly by N1.17 trillion since the beginning of the year.According to data gathered by TheCable, the market capitalisation has depreciated heavily by 10.38 per cent from N11.237 trillion on Monday, to N10.071 trillion as at the close of the [...]

0 comment Read Full Article
    Stock market opens 2015 on negative territory

Stock market opens 2015 on negative territory

The first trading session on the Nigeria Stock Exchange (NSE) in 2015 ended on the negative territory on Monday, as stock market investors continue to weigh the available investment options.Findings by TheCable showed that at the close of the market on Monday, the NSE All-share Index (ASI) declined by 713.86 basis points or 2.06 per cent, to close at 33,943.29 [...]

0 comment Read Full Article
    Stock market investors lose N1.716 trillion in 2014

Stock market investors lose N1.716 trillion in 2014

The year 2014 cannot be said to be a happy year for investors on the Nigerian stock market, as the market fell by a total of N1.716 trillion.Specifically, the market capitalisation of the Nigerian Stock Exchange (NSE), which measures the total value of the outstanding shares on the market, dropped by N1.716 trillion in 2014, from N13,194 trillion as at [...]

0 comment Read Full Article
    Naira was Africa’s 3rd worst performing currency of 2014

Naira was Africa’s 3rd worst performing currency of 2014

The naira rose against the dollar in thin trade at the interbank market on Wednesday, the last day in 2014, but closed at N181.50, a 13 per cent fall in the year, compared with the N160.60 to a dollar it was at the end of December 2013, according to Reuters data.The Central Bank of Nigeria (CBN) had devalued the naira at the [...]

0 comment Read Full Article
    GDP re-basing, 3 CBN governors, falling oil prices… top 10 business headlines of 2014

GDP re-basing, 3 CBN governors, falling oil prices… top 10 business headlines of 2014

With just a few hours to the end of 2014, here is a quick recap of the top 10 events that shaped business/economy in the year. GDP RE-BASING  Nigeria rebased its nominal gross domestic product (GDP) during the year and that exercise saw estimates for 2013 hit $509.9 billion from $285. 56 billion.Following the rebasing exercise, Nigeria emerged Africa’s biggest economy and the [...]

0 comment Read Full Article
    IMF to blame for health gaps in ‘Ebola nations’

IMF to blame for health gaps in ‘Ebola nations’

The International Monetary Fund (IMF) was partially responsible for the scale of the Ebola crisis in three West African countries as its policies hampered healthcare spending in these post-conflict states, a new study has revealed.Conditions on IMF loans to Guinea, Sierra Leona and Liberia over the past two decades prioritised debt repayments and building foreign exchange reserves over healthcare spending, [...]

0 comment Read Full Article

Naira hits N189 to a dollar at black market

The naira has hit N189 to a dollar at the black market on Christmas eve as a result an increased demand for the foreign currency.Some black market currency traders who spoke to TheCable at Egbeda area of Lagos put the selling price of the dollar at N189 and the buying price at N187.While the Central Bank of Nigeria (CBN) had [...]

0 comment Read Full Article
    Nigeria’s oil earnings drop by 21.3% to N470bn

Nigeria’s oil earnings drop by 21.3% to N470bn

Nigeria’s gross oil receipts, which constituted 63.2 per cent of the country’s total revenue in October, dropped below the monthly budgeted estimate by 21.3 per cent to N470 billion during the month.The Central Bank of Nigeria (CBN) stated this in its economic report for October 2014 released on its website on Tuesday.According to the CBN, the decline in oil receipts [...]

0 comment Read Full Article
    KPMG: Nigeria’s high speed rail is ‘world-class’

KPMG: Nigeria’s high speed rail is ‘world-class’

Nigeria's high speed rail project initiated by President Goodluck Jonathan has been rated among the global top 100 world-class infrastructure projects by KPMG.The rail will connect Lagos, Kano, Kaduna, Warri, Bauchi, Abuja, and Port Harcourt and will cost the country $13 billion, much of which will be financed with a loan from the Export Import Bank of China.The China Railway [...]

75 comments Read Full Article
Advertisement

 

Advertisement

Advertisement

Exchange Rates

June 21, 2018USDGBPEUR
INTERBANK360.45492.18420.32
LAGOS362495425
KANO363495423
PH365494423
ABUJA364495423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement