Africa > West Africa > Nigeria > Stock Market / Finance

Stock Market / Finance in Nigeria

  • Credit facilitates economic growth

    NIGERIA, 2017/10/16 AT the backdrop of continued agitation for improved access to credit for small business operators, Microfinance sector leaders are linking economic development to sustained credit to the under-banked segments of the society. Naira The Chairman, Lagos State Chapter of the National Association of Microfinance Bank, NAMBLag, Mr. Omololu Fatunbi, said credit is a driver of economic growth of any country.
  • Finance Minister Kemi Adeosun

    NIGERIA, 2017/08/11 Nigeria plans to refinance $3 billion worth of maturing naira-denominated short-term treasury bills with dollar borrowing of up to three years' maturity, to lower costs and improve its deficit position as the economy recovers from a recession. Finance Minister Kemi Adeosun said on Wednesday she was aiming to borrow less in naira and additional in foreign currency. She said the government could borrow at a cost of 7 % overseas, roughly half the interest rate it currently pays locally.
  • Envoy cautions Nigerians on currency declaration in Ethiopia

    ETHIOPIA, 2017/07/29 Nigeria’s Ambassador to Ethiopia, Bankole Adeoye, has advised Nigerians travelling to that country to adhere to its currency declaration law in order to avoid sanctions. Adeoye, who is as well Nigeria’s Permanent Representative to the African Union (AU), gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Addis Ababa. “Since my arrival as Nigerian envoy here barely a month ago, the issue of confiscation of valuables, inclunding foreign exchange of Nigerians in transit on Ethiopian Airline, has been of great concern to us.
  • Nigeria suspends foreign exchange trading of nine banks

    NIGERIA, 2016/08/27 As Nigeria continues to transaction with its economic crisis brought on by the falling price of oil on the world market, nine of its banks have been barred from the foreign exchange market. This is according to local media who say the banks failed to return over $2 billion deposits belonging to the Nigerian National Petroleum Corporation (NNPC) to the federal government’s Treasury Single Account. The suspension will remain in force until they remit the funds.
  • Standard & Poor’s (S&P) predicts the country will be forced to devalue the naira

    NIGERIA, 2016/01/30 As Nigeria continues to defend its embattled currency, ratings agency Standard & Poor’s (S&P) predicts the country will be forced to devalue the naira, its national currency, in 2016. "The Nigerian government line is to hold as much as possible..but at some point they are going to have to move. At the same time as they do, they will try do so incrementally," says Ravi Bhatia, director of sovereign ratings at S&P. Mr Bhatia predicts devaluation will take place “within 2016” in one or two increments amounting to about 20 %.
  • Buhari hold talks with Lagarde, IMF team

    NIGERIA, 2016/01/05 Nigerian President Muhammadu Buhari will holds talks with a team the International Monetary Fund on Tuesday. The Fund said on Monday its managing director Christine Lagarde would meet Buhari and his Finance Minister Kemi Adeosun in Abuja. “I look forward to productive meetings … as they address significant economic challenges, most importantly the impact of low oil prices,” said Lagarde in a statement.
  • Nigerian Capital Market in 2015

    NIGERIA, 2016/01/03 The year 2015 will go down in the history of the Nigerian capital market as a year the regulators, for the initial time in five and half decades, appreciated investors’ by espousing new paradigm for domestic shareholders. The paradigm followed the approval by the Securities and Exchange Commission and the Nigerian Stock Exchange for direct cash payment of proceeds from sale of securities into an investor’s nominated bank account.
  • Nigeria stands firm on foreign exchange

    NIGERIA, 2015/12/26 Measures introduced by the Central Bank of Nigeria (CBN) aimed at preserving foreign exchange reserves amidst lower oil prices have produced a mixed response both at home and abroad. Crude is a major player in Nigeria’s economy, accounting for two-thirds of government revenue and additional than 90% of export earnings. The fall in prices has increased downward pressure on the naira over the last year, culminating in a 20% decline in the currency’s price against the dollar between July 2014 and February 2015. Despite growing pressure to allow the naira to depreciate further, the CBN’s governor, Godwin Emefiele, has maintained a tight monetary policy, introducing currency controls in a bid to curb request for foreign exchange.
  • The Federal Executive Council (FEC) at an emergency meeting

    NIGERIA, 2015/12/08 The Federal Executive Council (FEC) at an emergency conference yesterday approved the Medium Term Spending Framework (MTEF) in preparation for the presentation of the 2016 budget. The conference, which was presided over by President Muhammadu Buhari, proposed an all-time high spending of N6 trillion for the 2016 budget. It as well pegged the crude oil price benchmark at an all-time low of $38 per barrel. The N6 trillion spending profile is the highest in the history of the country. It was N4.07 trillion in 2010, N4.22 trillion in 2011; N4.74 trillion in 2012, N4.92 trillion in 2013, N4.6 trillion in 2014 and N5.06 trillion in the current time(inclunding the N574.5 billion approved as supplementary budget). On the other hand, the crude oil benchmark, at $38 per barrel, is the lowest price used in recent times. It was $62 per barrel in 2011, $67 in 2012, $79 in 2013, $76 in 2014 and $53 per barrel in the current year.
  • Hard choices as Nigeria’s liquidity crunch deepens

    NIGERIA, 2015/12/03 Nigeria is in a tough spot. Oil prices are falling, President Buhari is six months into his term and has only begun to form a cabinet and foreign exchange reserves are dwindling. The naira, the national currency, is under increasing pressure to devalue once again – an eventuality the country’s leaders are resisting. As a result, institutional investors like JP Morgan are starting to back away, which could make it less palatable for other foreign investors to hold Nigerian deficit. But despite the bad news, there just may be a silver lining. The yield-chasing “hot money” that flowed into the region’s biggest economy during the boom years looks to be leaving the scene. Africa’s top oil producer presently has the opportunity to lay the groundwork for a additional sustainable investment base with the patient capital the country needs to restructure and upgrade infrastructure.