Nigerian Exchange Witnesses Persistent Sell-offs; Investors Lose N720bn
Wednesday’s trading session on the Nigerian Exchange marked the third consecutive day of bearish trends, causing a significant loss of N720 billion to investors. The persistent sell-offs have now accumulated to a staggering N1.54 trillion loss over the past three days. The All-Share Index and market capitalization took a hit, depreciating by 1.31 percent to […]
Cryptocurrency: Nigerian Govt Detains 2 Binance Executives Amidst Crackdown
The Nigerian government has reportedly detained two senior executives of Binance, a cryptocurrency exchange, as part of its efforts to regulate the crypto market and curb illicit financial activities. Following the ban on Binance’s website, the executives flew into Nigeria last week and were apprehended by officials from the office of the National Security Adviser. […]
Naira Appreciates To N1,609/$1 At Official Market Amidst CBN Guidelines
The Nigerian Naira saw a modest appreciation against the US dollar on Wednesday, climbing to N1,609 from N1,615.94 the previous day, marking a 0.37% increase. This uptick follows a series of foreign exchange directives issued by the Central Bank of Nigeria (CBN) in recent weeks. Economist Comment As Naira Appreciates At Official Market Commenting on […]
Equity Market: Investors Lose N773bn Amidst Monetary Policies
In the ever-shifting landscape of Nigeria’s financial markets, the Nigerian Exchange (NGX) witnessed a downturn in its equity market on Tuesday, with the All-Share Index dipping by 1.39%. This decline, though modest, amounted to a significant loss for investors, with a staggering N773bn wiped off the market capitalization, settling at N55.04tn. Bearish Trends Persist Despite […]
CBN Reverses Forex Sale To BDC Operators after 3 Years Amidst Economic Concerns
In a turn of events, the Central Bank of Nigeria (CBN) has decided to resume the sale of foreign exchange to Bureau De Change (BDC) operators, aiming to address the persisting distortions in the retail segment of the country’s foreign exchange market. Forex Crisis Abates as CBN Resumes Sales to BDC Operators After a three-year […]
Equity Market: Investors Lose N51bn As Nestle, Eterna, Others Dip By 10%
Bearish Trend Persists: Equity Market Loses N51bn The Nigerian Exchange (NGX) faced another bearish week as it witnessed a significant loss of N51 billion. The decline was primarily attributed to Nestle Plc, Eterna, and Fidson Healthcare Plc, which experienced dips of 10 percent, 9.97 percent, and 9.82 percent, respectively. Analysts at Cowry Asset Management Limited […]
Naira Gains As CBN Sells $300m To Banks
In a bid to stabilize the fluctuating naira-dollar exchange rate, the Central Bank of Nigeria (CBN) has injected over $300 million into Deposit Money Banks (DMBs) in the past fortnight. This move comes amidst growing concerns over the rapid depreciation of the naira, which saw rates soaring as high as N1850/$ at the official market. […]
Forex Crisis Threatens Operations of Nigerian Modular Refineries
Modular refineries in Nigeria are facing a critical challenge due to the ongoing forex crisis, which threatens to halt their operations. These refineries, licensed to refine crude oil, are struggling to access foreign currency to purchase the necessary raw materials. This inability is putting their viability at risk, potentially leading to shutdowns. Eche Idoko, the […]
Investors Lose N67bn As Nigerian Exchange Dips: Market Sentiment Turns Sour
Thursday saw equity investors witnessing a setback as the Nigerian Exchange resumed its descent, resulting in a loss of N67 billion. The All-Share Index slipped by 0.12 percent, closing at 101,239.10 points, while market capitalization settled at N55.40 trillion, mirroring the decline. Expressing concern, market analysts highlighted the prevailing downtrend in the banking, insurance, and […]
Cryptocurrency Laundering Declines by 29%-Chainalysis
According to a recent report from Chainalysis, the laundering of money through cryptocurrency exchanges saw a significant drop of 29% in 2023. This revelation, disclosed on Thursday, highlighted a decrease of approximately $9.3 billion, plummeting from $31.5 billion in 2022 to $22.2 billion in 2023. The blockchain research firm attributed this decline to an overall […]