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 [...]

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    $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 [...]

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    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 [...]

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    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 [...]

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    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 [...]

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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 [...]

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    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 [...]

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Naira gains as oil firms sell dollars

The naira closed almost one per cent higher against the dollar on Monday, after three oil companies sold the greenback, increasing dollar liquidity on the interbank market, dealers said. The unit closed at N181.20 to the dollar, firmer than Friday's close of N183. The naira had weakened to N183 during mid-day trades before the dollar sales. Reuters said China's Addax and Itali's [...]

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Gwarzo appointed acting SEC DG

Mounir  Gwarzo, an executive commissioner at the Securities and Exchange Commission (SEC) in charge of operations has been appointed as the acting director general  of the commission. SEC made the announcement in a statement on Monday. His appointment followed the exit of Oteh whose five-year tenure has expired. Oteh officially handed over to Gwarzo on Monday. Gwarzo who is 50 years, attended Bayero [...]

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Helios raises $1.1 billion for Private Equity Investment

Helios Investment Partners said it has raised $1.1 billion for African private equity investment. The firm also said it has stopped taking contributions for its third and largest private equity fund for African investments after exceeding a $1 billion target. Bloomberg quoted the firm to have said investors in the fund included sovereign wealth funds, corporate and public pension funds, [...]

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    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 [...]

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    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 [...]

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    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 [...]

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Forex reserves drops to $34.495 billion in 2014

Nigeria's foreign exchange reserves closed at $34.495 billion as at December 30, 2014, representing a fall by 21 per cent or $9 billion in the year. The Central Bank of Nigeria’s figures revealed this. The reserve was at $43.505 billion on January 2, 2014 and had closed lower at $37.834 billion in the first quarter of 2014. Similarly, it stood at $37.480 [...]

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    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 [...]

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    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 [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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