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Money & Markets
Naira falls to 4-month low at official market despite CBN intervention

Naira falls to 4-month low at official market despite CBN intervention

The exchange rate between the naira and the US dollar closed at N421.5/$1 at the official Investors and Exporters (I&E) window, depreciating by 0.6% from N419/$1 recorded the previous day. Naira started the week on…

Money & Markets
MPC retains monetary policy, pegs interest rate at 11.5 per cent

MPC retains monetary policy, pegs interest rate at 11.5 per cent

The Monetary Policy Committee of the Central Bank of Nigeria has voted unanimously to retain the benchmark interest rate at 11.5%, whilst keeping all other monetary parameters constant. This was disclosed by the Governor of…

Money & Markets
POS transactions soar to N6.4tr in 2021 over huge Christmas spendings

POS transactions soar to N6.4tr in 2021 over huge Christmas spendings

The country recorded a total of N6.43 trillion as POS transactions in 2021, hitting the highest levels on record amidst growing acceptance for digital means of payment by Nigerians. The Christmas festivity contributed significantly to…

Money & Markets
FG sets 10 per cent tax on transactions traded on shares Nigerian firms

FG sets 10 per cent tax on transactions traded on shares Nigerian firms

Investors on the Nigerian Stock Exchange are to pay a Capital Gains Tax of 10% on the sale of shares according to provisions of the signed Finance Act 2021. The tax is applicable on the…

Money & Markets
Nigerian Stocks close 2021 with 6.07% gain

Nigerian Stocks close 2021 with 6.07% gain

The Nigerian Stock Exchange All Share Index closed the year 2021 with a 6.07% gain. The All Share Index opened the year 2021 at 40,270.7 and closed with 42,716.4 points at the close of trading…

Money & Markets
Lagos raises N137.328b bond key infrastructural projects

Lagos raises N137.328b bond key infrastructural projects

The Lagos State Government has signed the necessary documents required by the Security and Exchange Commission (SEC) to facilitate the issuance of N137.328 billion bond aimed at executing key infrastructure in critical sector of the…

Money & Markets
As major shareholder of First Bank Holding, Otedola, makes N400m in a day

As major shareholder of First Bank Holding, Otedola, makes N400m in a day

As majority shareholder of FBN Holdings Plc, Mr. Femi Otedola, gained over N400 million from his stake in a single session on the Nigerian Exchange Limited. This is because local investors rallied up the Tier-1…

Money & Markets
Nigeria’s debt to China tops $4.15b, says Debt Management Office

Nigeria’s debt to China tops $4.15b, says Debt Management Office

Latest data from the Debt Management Office reveal Nigeria’s debt to China is currently $4.1 billion as of September 2021. This balance is out of a total debt of $6.5 billion available for Nigeria to…

Money & Markets
MTN CEO, Toriola explains reasons behind local ownership offer

MTN CEO, Toriola explains reasons behind local ownership offer

The Chief Executive Officer of MTN Nigeria, Mr. Karl Toriala has stated that the decision behind recently held public offer of its shares to Nigerians was borne out of the need to broaden ownership structure…

Money & Markets
Shareholders call for extension of MTN’s public offer

Shareholders call for extension of MTN’s public offer

Shareholder groups of MTN Nigeria have called on the management of the company and the Securities and Exchange Commission (SEC) to extend the telco giant’s Public Offer, which closed yesterday, December 14, 2021. The investors,…