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Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

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Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

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Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

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VerveLife 5.0 Gears Up for Nairobi, Lagos Events

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Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

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Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

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Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

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ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

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SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

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Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

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CBN Injected $16bn to Stabilise Forex Market in 2017

The Central Bank of Nigeria (CBN) has so far injected $15.9 billion in a period of nine months to stabilise the foreign exchange (forex) market via weekly interventions, according to Mr. Ayodeji Ebo, Managing Director, Afrinvest Securities Limited.

Ebo said at a Forum organised by the Finance Correspondents Association of Nigeria (FICAN) on the theme: ‘Nigeria’s Economy and Financial Market Outlook: 2017 Review and 2018 Outlook’ Lagos that the intervention funds started in April and ended December last year. He said the figure was an improvement compared to the $9.6 billion spent in during the same period of 2016.

The Afrinvest chief also said the Investors’ & Exporters’ Forex Window has recorded over $27.8 billion in turnover and brought about transparency and stability in the market.

He added that current account stabilised in surplus position, expanding to $9.6 billion annualised in nine months, from $2.7 billion in fiscal year 2016.

Speaking on loans to small and medium enterprises, he said delay and outright non-payment of borrowed funds by SMEs is making it difficult for key lenders within the sector, including Bank of Industry to grant further credits to operators.

He said it is only when loans are repaid on timely basis that the lender has more capacity to lend to their borrowers.

He said that inflation rate is still higher than Monetary Policy Rate (MPR), which makes it easier for investors to go for fixed income securities like Treasury Bills, Bonds and other instruments that help investors create lasting wealth.

Ebo said 2018 remains an opportunity for investors to make money in both equities and fixed income securities, but advised investors to time their entry and exit accurately in order not to lose their funds.

According to him, there is strong correlation between oil price rise and equities performance, adding that investors always look out for profitable businesses and those with great prospects.

Speaking on the stability in the forex market, he said rate convergence has already been achieved by the CBN, adding that with low exchange rate margin, speculators have virtually abandoned the market.

“Foreign investors also consider the margin between both official and parallel market level. When there is little or no volatility in the market that gives foreign investors’ confidence. The naira gained 35 per cent year-on-year against the dollar to close at N363 to dollar by year-end in the parallel market,” he said.

He said the Economic Recovery and Growth Plan (ERGP) of the Federal Government was built on five pillars, stabilise the micro-economic environment, achieve agriculture and food security, improve transportation infrastructure, ensure energy sufficiency in power and petroleum products and drive industrialisation, focusing on small and medium enterprises.

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Topics

Stanbic IBTC Launches Ambitious Tree-Planting Campaign in Cross Rivers State

Stanbic IBTC Holdings, in collaboration with One Tree Planted...

NCC Mandates Service Providers to Inform Consumers about Major Outages on Networks

The Nigerian Communications Commission (NCC) has mandated telecom licensees...

Insurers’ Results Face Volatile Future under IFRS 17

Insurance companies' results have the potential to become more...

Stanbic IBTC Pension Managers Recognised for Excellence in Financial Inclusion

Stanbic IBTC Pension Managers, a leading pension fund administrator...

Kerry Leading US Delegation to Nigerian Presidential Inauguration

U.S., Secretary of State, John Kerry will lead the US delegation to the inauguration of Nigerian president-elect Muhammadu Buhari in Abuja this week, the White House has said. Buhari will be sworn in on May 29 after defeating out-going president Goodluck Jonathan in the first Nigerian election that saw the opposition candidate defeat an incumbent.

MTN Nigeria Refutes Bribery Allegation Over NCC Fine

MTN Nigeria has denied a bribery allegation over its...

Dangote, Sokoto State Sign Rice Grower Deal

A tripartite agreement spare headed by the Dangote Rice...

NCC Donates Four CBT Centres to JAMB

In order to augment facilities for smooth conduct of Computer Based Tests (CBT) by the Joint Admission and Matriculation Board (JAMB), the Nigerian Communications Commission (NCC) has built and donated four of such centres to the examination board. This was disclosed recently by Acting Executive Vice Chairman (EVC), Prof. Umar Danbatta, when JAMB officials paid him a courtesy visit in Abuja. The four centers are located in Kano, Niger, Bayelsa and Oyo states. The centres are equipped with computers, printers, other accessories and Internet connectivity.
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