- Cryptocurrency: 1m investors liquidated, altcoins crash by 20%
A significant number of investors in the crypto market have had their accounts liquidated amid the sudden drop seen in a number of altcoin assets. According to a report by nairametrics, about 1,018,638 investors had their account worth about $10 billion liquidated. The largest single liquidation order happened on Binance-BTC valued at $68.73 million. The Central Bank of Nigeria (CBN) had earlier this year directed deposit money banks (DMBs) to desist from engaging in crypto transactions. Even analysts have warned that despite the inherent gains in the crypto market it continues to pose significant risk to investors’ funds. To read more, click HERE
- FG recorded N485.51bn fiscal deficit in January – CBN
The Federal Government recorded N485.51bn fiscal deficit in January, statistics obtained from the Central Bank of Nigeria have shown. According to the monthly economic report for January released by the CBN on Friday, the low revenue performance in January was due to the decline in non-oil receipts following the lingering effects of the COVID-19 pandemic on business activities and the resultant shortfall in tax revenues. Part of the report read, “Federally collected revenue in January 2021 was N807.54bn. “This was 4.6 per cent below the provisional budget benchmark and 12.8 per cent lower than the collection in the corresponding period of 2020. To read more, click HERE
- Trade advisors pledge French investment in Lagos Free Zone
The Conseillers du Commerce Exterieur (French Foreign Trade Advisors) has expressed readiness to invest massively in the Lagos Free Zone being developed by the Tolaram Group as they endorsed the zone as the ideal industrial destination for French businesses in Nigeria. According to a statement issued by the LFZ on Sunday, the Conseillers du Commerce Exterieur made this known on Thursday during a visit to the zone led by the Ambassador of France to Nigeria, Jerome Pasquier. Pasquier explained that the aim of the visit was to discover the opportunities in the LFZ and the Lekki Port project, which were expected to have positive impacts on businesses in Nigeria. To read more, click HERE/
- Hoodlums reportedly attack Zone 13 police command, Anambra, raze down offices [VIDEO]
Unidentified hoodlums have attacked zone 13 police command in ukpo, Dunukofia local government area of Anambra State this morning. The circumstances behind the attack is not yet clear, but a video made by a police officer on duty at the zonal headquarters showed the administrative building of the headquarters going up in flames as a result of the attack. To read more, click HERE
- SEC to sanction CMOs frustrating e-dividend mandate
The Securities and Exchange Commission (SEC) has stated that it will sanction erring Capital Market Operators (CMOs) frustrating the e-dividend mandate process. Dividends are distribution of profits by a corporation to its shareholders and as at the last count, unclaimed dividends in the Nigerian Capital market stands at N200 billion. To read more, click HERE
- 2023: Nigerian Youths Endorses ADC as party for new Nigeria project
Nigeria youths home and Diaspora has endorsed the African Democratic Congress as the party for the mission having the passion for inclusion, diversity principles, transparency and transformational leadership that is capable of taking Nigeria out of the present quagmire to global relevance and prosperity. To read more, click HERE
- MTN, Airtel shares climb 2.1%, 0.5% as SIM sale resumes
MTN shares climbed as much as 2.1 per cent in early trade in Johannesburg, extending a surge that has seen the stock gain more than 50 per cent this year. Airtel rose 0.5 per cent in London. MTN’s local unit is the West African country’s biggest wireless operator, while Airtel Africa, which listed in Lagos and London in 2019, is just ahead of local operator Globacom Ltd. as the country’s second-largest. Nigeria is also MTN’s largest and most profitable market. To read more, click HERE
- Liquidity, price discovery in Nigeria’s FX market
It is the norm to hear talks around the need for convergence in Nigeria’s foreign exchange (FX) markets. This implies that there is mispricing. Historically, this mispricing has always been between the parallel market rate, which trades at a premium to the CBN’s managed rates across different FX windows. There are many of these FX windows in Nigeria, including the official rate at which the government conducts FX transactions, rates for pilgrimage, rates for SMEs, Bureau De Change (BDC) rates, International Money Transfer Operators( IMTO) rates, and the interbank rates, to mention a few. To read more, click HERE
- N1trn Turnover: BDCs Poise For Market Dominance, Regulatory Compliance
The achievement of N1 trillion annual market turnovers by Nigerian Bureaux De Change (BDCs) has reinforced their prime role in the economy. Not relenting on its successes, the Association of Bureaux De Change Operators of Nigeria (ABCON) held a zoom general meeting, where regulators and industry stakeholders lauded the strength of BDCs and their contributions to economic growth and exchange rate stability. SULAIMON OLANREWAJU reports. It was a gathering of champions with a clear mandate geared towards setting the Nigerian Bureaux de Change (BDCs) on the path of sustainable growth. To read more, click HERE
- U.K., Stock Exchange to deepen partnership for growth
The United Kingdom (UK) and the Nigerian Stock Exchange (NSE) have reiterated their commitment to improved partnership towards the development of the Nigerian capital market and the economy. Nigeria is the second largest destination for investments and U.K. businesses in Sub-Saharan Africa. Deputy British High Commissioner, Lagos, Mr. Ben Llewellyn-Jones was at the NSE, now known as Nigerian Exchange (NGX) Limited, at the weekend, as part of the efforts to deepen relationship between the U.K. and NGX. Llewellyn-Jones was given the privilege to ring the closing bell for the market. To read more, click HERE