Capital market

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Capital market

NGX trades N29.354bn worth of shares

Lagos, Feb. 27, 2023 – A total of 799.848 million shares worth N29.354 billion were traded in 14,194 deals on the Nigerian Exchange (NGX) last week. This was in contrast to the 751.990 million shares valued at N20.575 billion which exchanged hands in 15,822 deals in the preceding week. The Financial Services Industry, measured by volume, led the activity chart with 480.122 million shares valued at N6.129 billion traded in 6,319 deals. The sector contributed 60.03 per cent and 20.88 per cent to the total equity turnover volume and value, …

Business Solutions Currencies

Nigerians suffer as cash shortage takes toll on businesses, households

By Tajudeen Atitebi Lagos, Feb. 18, 2023 – Shortage of physical cash for transactional purposes has brought down Nigerian traders and households on their kneels in the last three days. The Global Business News (GBN) reports that businesses have slowed down considerably in many parts of Nigeria since Thursday when government announced some landmark decisions on its naira redesign programme. President Muhammadu Buhari, in the nation-wide broadcast, announced that the two most widely circulated banknotes in Nigeria, the N500 and N1000 notes, had seized to be legal tender since Feb. …

Business Solutions General News

UK issues safety advisory to its citizens on current crises in Nigeria

Lagos, Feb. 17, 2023 – The United Kingdom (UK), through its Foreign, Commonwealth, and Development Office (FCDO), has issued safety advisories to its citizens in Nigeria and those traveling to Nigeria due to the current crises. In its updated advisories posted on its website, the UK FCDO, urged its citizens in Nigeria and those traveling into the country to take extra precautions around banks and Automated Teller Machines (ATMs) in the country as there has been a spike in criminal activities in those places. The UK government also informed her citizens …

Business Planning

Inflation rate inches up to 21.82%

Abuja, Feb. 15, 2023 – Nigeria’s inflation rate stood at 21.82 per cent in January 2023, a 0.47 per cent increase over the 21.34 per cent recorded in December 2022. The National Bureau of Statistics (NBS) reported this in its latest statistics for January 2023. The food inflation surged to 24.32% in January from 23.75% recorded in December 2022, while core inflation, which excludes the prices of volatile agricultural produce, stood at 19.16% in the review month. The highest increases were recorded in the prices of Gas, Liquid Fuel, Passenger Transport …

Business Planning Money market

5,000 companies, individuals owe FG N5.2tn

Abuja, Feb. 14, 2023 – About 5,000 companies and individuals across 10 ministries, departments and agencies are owing the Federal Government over N5.2 trillion. Mr Victor Omata, the Director, Special Projects in the Ministry of Finance, Budget and National Planning, said this at the just concluded Zonal Sensitisation Workshop in Kano State. The workshop was on government’s debt recovery drive through Project Lighthouse Programme. He said that the lighthouse initiative was initiated by the ministry to put an end to revenue leakages in the country. Omata said that data from the initiative revealed …

Capital market

NGX traded N22.7bn worth of shares last week

Lagos, Feb. 13, 2022 – A total turnover of 944.293 million shares worth N22.710 billion were traded in 18,615 deals on the Nigerian Exchange (NGX) last week. This was in contrast to the 3.789 billion shares valued at N27.500 billion traded in 20,333 deals in the preceding week. The Financial Services Industry, measured by volume, led the activity chart with 634.086 million shares valued at N6.442 billion traded in 8,540 deals. The sector contributed 67.15% and 28.37% to the total equity turnover volume and value, respectively. The Consumer Goods Industry …

Business Planning Politics

Nigerian economy suffered 5 self-inflicted crises in 2023 – Proshares

Lagos, Feb. 9, 2023 – The Nigerian economy has suffered at least five self-inflicted crises this new year due to wrong policy ‘mis-steps”. This is the agreement of experts whose views were expressed in the latest edition of Proshares’ “Analysts Note”. Proshares is a research and market information service company in Lagos. The experts listed these crises as fuel scarcity as reflected by petrol distribution glitches and the unprecedented creation of a local black market for the purchase and sale of the local currency, the naira, following the central bank’s (CBN’s) currency redesign …

Business Planning

Cash-Swap: Supreme Court’s order will restore normalcy to economy – expert

Lagos, Feb. 9, 2023 – Dr. Muda Yusuf, the Chief Executive of the Centre for the Promotion of Private Enterprise (CPPE) in Lagos, says Supreme Court’s order will restore normalcy to economic activities. The apex court had on Wednesday granted an interim injunction restraining the Central Bank of Nigeria (CBN) from enforcing its Feb. 10, 2023 deadline on currency swap. Yusuf said this in a statement in Lagos on Thursday. He said the order would also douse current social tension and the risk of social unrest in the country. Yusuf …

Business Solutions Maritime/Shipping

Nigeria needs improved partnership with Republic of Korea – Jamoh. 

Lagos, Feb. 8, 2023 – Choi Yeong, the Deputy Minister for Overseas Koreans and Consular Affairs, Republic of Korea, says Nigeria is the gateway to unlocking the potential of the African Continent’s Blue Economy. Choi Yeong made the assertion during a courtesy call on NIMASA Management in Lagos. He was led by the Korean Ambassador to Nigeria, His Excellency Kim Young Chae. Yeong also commended the sustained and improved security situation in the Gulf of Guinea with the strong presence of Nigeria, adding that the Korean government looks forward to continuous support …

Capital market Investment

NGX appoints advisory panel on digital technology products

Lagos, Feb. 8, 2023 – The Nigerian Exchange Limited (NGX) has set up the NGX Digital and Technology Products Advisory Panel as part of its development strategy.   The panel is to provide a forum for the Exchange to interact with the capital market community and the fintech ecosystem to enhance and increase NGX’s digital product offerings. A statement by the NGX in Lagos on Tuesday said the responsibilities of the panel would also include providing insight into product innovation and proposing ways to increase technology listings on NGX. The …


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