Money and Stocks – Page 5 – Platformsafrica

Naira Falls By 17% To N951/$

December 7, 2023 ADEOLA YUSUF

The naira fell by 17.91 per cent to N951.22/$ on the official Investor and Exporter forex window on Wednesday. This was as the dollar supply fell by 4.94 per cent to $135.58m from $142.63m. Data from FMDQ Securities Exchange revealed that the naira lost N144.49 against the dollar after closing trading on Tuesday at N806.73/$. The naira opened trading at N828.33/$ on the day before hitting a high of N1159.10/$ and low of N701.00/$. It eventually closed trading at N951.22/$. Total dollar turnover on Wednesday was $135.58m. READ ALSO: 25…

CBN Moves To Increase Capital Base Of Banks

November 26, 2023 ADEOLA YUSUF

The Central Bank of Nigeria (CBN) has said that it will soon be announcing a new capital base for banks in the country as it said Nigerian banks were not well capitalised to meet the needs of the economy. The CBN governor, Dr Olayemi Cardoso, in his first public speech at the 2023 Bankers Dinner on Friday night, said while there has been stability in the banking sector, banks in the country were not adequately capitalised to meet the need of a $1 trillion economy which the present government was…

Fresh Naira Scarcity Rocks Nigeria + List of Affected states

November 23, 2023 ADEOLA YUSUF

Despite moves by the Central Bank of Nigeria (CBN) to formally extend the validity of the old naira notes, reports of scarcity have emerged across the country. Recall that the CBN had affirmed that it has enough currency notes in the market and, hence, no need for panic withdrawals by members of the public. The apex bank announced plans to extend the validity of the old N200, N500, and N1,000 notes indefinitely. The bank noted that it was working with relevant authorities to vacate the subsisting court ruling on the same subject.…

Naira Appreciates To N791/$1 In Official Market

November 18, 2023 ADEOLA YUSUF

The Nigerian naira appreciated against the United States American dollar, closing at N791.75/$1 at the official market. According to data from the FMDQ Securities Exchange, the naira rose by 5.87 per cent or N49.39 compared to the previous day’s rate of N841.14/$ at the Nigerian Autonomous Foreign Exchange Market. The naira’s gain was, however, expected due to the recent move of the Central Bank of Nigeria to clear some of its FX backlog. Investors’ highest bid for the dollar was N1120/$1, while the intraday low was N701/$1, representing a wide…

Real Reason There Is Cash Scarcity At Banks, ATMs – CBN

November 3, 2023 ADEOLA YUSUF

The Central Bank of Nigeria (CBN) has assured Nigerians of an adequate supply of Naira notes in the country. The bank’s Director of Corporate Communications, Isa AbdulMumin, said this in a statement on Thursday in Abuja. The CBN was reacting to reports of naira scarcity at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs) in many parts of the country. READ ALSO How Channels TV Anchor’s 80 Yr-Old Dad Died In Kidnapper’s Den We Deployed 830,292 Meters In 10 Years – Ikeja Electric…

Nigerians Spend N200bn On Betting In One Year

November 2, 2023 ADEOLA YUSUF

. 65 million Nigerian men, women, and even underage (children) lavish $5.5m daily on betting The money Nigerians spend on betting has hit N200 billion ($2 billion) in one year. Executive Secretary, National Lottery Trust Fund, NLTF, Bello Maigari, who declared this, added that more than 65 million Nigerians spend millions on betting, despite worsening economic hardship. Maigari also said the global online betting market had experienced exponential growth, making it worth over $50 billion. READ ALSO: “They Beat Me o,” With Swollen Eye, Bruises, NLC President Speaks On…

Naira Pressure Eases On $10b Forex Inflows Prospect

October 31, 2023October 31, 2023 ADEOLA YUSUF

Friday’s closure was a massive appreciation from the N1,315/$1 it exchanged at the parallel market on Thursday. Finance Minister and Co-ordinating Minister for the Economy, Mr. Wale Edun, had announced that Nigeria expects a $10 billion FX inflow in the next few weeks to ease liquidity in a foreign exchange market. About $7 billion is being expected from Nigerian Liquefied Natural Gas (NLNG) dividend securitisation by a consortium of lenders led by Standard Chartered Bank this next week. Another $3 billion is expected from the over two-month-old emergency loan secured by Nigerian…

CBN ‘Den of Malfeasance,’ Tinubu Lampoons Apex Bank in National Broadcast

October 1, 2023 ADEOLA YUSUF

Some “housecleanings” are underway at the Central Bank of Nigeria (CBN), the apex bank President Bola Tinubu described as the “den of malfeasance” during his October 1 national broadcast. Platforms Africa reports that the President made this unusual assertion during his 63rd anniversary broadcast to the nation, declaring inter alia, “I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway.” READ ALSO N25K Increment In Salary, Others; Key Points In Tinubu’s Oct 1 Speech Why, How I demanded Sex From Simi…

BREAKING: CBN Postpones MPC Meeting Indefinitely

September 21, 2023September 21, 2023 ADEOLA YUSUF

The Central of Nigeria (CBN) has postponed its fifth Monetary Policy Committee (MPC) meeting of 2023 earlier scheduled for September 25th and 26th. Platforms Africa reports that Isa AbdulMumin, Director, Corporate Communications of the CBN, confirmed the postponement in a statement made available to TheNiche. The statement did not state the reason for the postponement or the date for the next scheduled meeting. READ ALSO: Politicians Join Protest As Justice-Demand for Mohbad Spreads “He Died While In Church With His Parents,” LUTH Speaks On Doctor’s Demise 2nd Time In 5…

The Big CoverUp: Full Story of How N8 Trillion ‘Disappeared’ From CBN Vaults

September 14, 2023September 14, 2023 ADEOLA YUSUF

Tinubu, Acting CBN Gov Shonubi, Emefiele, DSS, full list of dramatis personnae and the role they played in the ongoing probe of one of the biggest scandals in the Nigeria’s apex Bank’s history A whooping N8 trillion has disappeared through massive looting from the vaults of the Nigeria’s apex bank, Central Bank of Nigeria (CBN). READ ALSO: Court Orders DSS, Police To Protect ADC’s Abejide From Arrest Nigeria Needs Serious, Committed Investors In Gas Sector – Ekpo BP CEO Resigns Amid Probe into Past Relationships With Colleagues The committee probing…