Naira gains marginally against dollar, exchanges at 419

The Naira on Wednesday exchanged at 419 to the dollar at the Investors and Exporters window, compared to 419. 50 on Tuesday, representing 0.12 per cent appreciation. The open indicative rate closed at N418.21 to the dollar on Wednesday. An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s … Read more

NMDPRA warns petroleum marketers against selling above regulatory price

The newly-appointed Niger State Coordinator of Nigeria Midstream Downstream Petroleum Regulatory Authority (NMDPRA), Ahmed Emimaru, has called on marketers to desist from selling above the regulatory price of product in the state. Emimaru made this known during a meeting with the officials of the state Independent Petroleum Marketers Association of Nigeria, IPMAN, Minna. He explained … Read more

NGX: SFS Reit, Meyer among leading stocks as investors make N77.1bn

The Nigerian capital market continued its bullish run on Thursday with investors pocketing N77.1 billion after eight hours of trading on the floor of the bourse. This followed the rise in equity capitalization by 0.30 percent from N25.53 trillion posted on Wednesday to N25.61 trillion today. The All Share Index was up by 143.07 basis points to … Read more

Fintech risks: Digital banks more exposed – IMF Blog

The International Monetary Fund (IMF) Blog has alerted that fintech products such as digital banks are more exposed to risks than their traditional counterparts. A new report seen by DAILY POST says fast-growing fintechs pose challenges for both regulators and less technologically advanced banks. The authors, Antonio Garcia Pascual and Fabio Natalucci, warned that digital … Read more

ExxonMobil’s proposed exit, good opportunity for local business – Idemeko

One of the governorship hopefuls in Akwa Ibom State, Obong Ide Owodiong-Idemeko, has said that ExxonMobil’s proposed sale of its assets and eventual exit from the state is good opportunity for indigenous firms and local business to grow. It could be recalled that ExxonMobil had in a press release said it has reached an agreement … Read more

NGX round-up: Capital market’s investment drops as shareholders splash N16.6bn on 1.1bn shares in 5 days

Investment in the Nigerian capital dropped this week as shareholders traded 1.176 billion shares valued at N16.60 billion in 21,076 deals in just five days. This fell short of 2.449 billion shares worth N20.653 billion which exchanged hands in 20,764 deals last week. Top NGX performing sector The Financial Services Industry was the best performer, … Read more

Access Bank Closa Agents hit the 100,000 mark – focused on bringing banking closer to Nigerians

Access Bank’s commitment to deliver banking services to at least one in every two Nigerians has been reaffirmed as the leading retail financial institution successfully commissioned and empowered 100,000 Access Closa agents to provide more than banking services to both existing and new customers across the nation. READ ALSO: Access Bank denies affiliation with Ponzi scheme operator, Access … Read more

CBN introduces Bank Neutral Cash Hubs to enhance cash management efficiency 

The Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee has introduced cash collection centres called Bank Neutral cash hubs.  This is to enable it to reduce cost and improve operational efficiency in the country’s cash management value chain. This is according to a recently released circular titled, ”Guidelines for the registration & operation of … Read more

Nigerian banks grow combined profit by N120bn, despite threats from Fintechs

Ten Nigerian banks showed resilience in 2021 despite competition from financial technology companies as they posted a combined profit after tax of N741.7 billion. The profit for 2021 is an increase by 19 percent or N120 billion when compared to N620.7 billion recorded in 2020 data from the bank’s financial statements shown on the Nigerian … Read more

Naira falls further as Black market, traders predicts N600/$1 exchange rate in Q2

Some black-market traders have started hoarding dollars in anticipation of further devaluation of Naira amid rising pressure at the official market over dollar scarcity. On Monday morning, visits to some of the black-market trading spots in Okota, Ikotun and others at Eko Hotels in Victoria Island who spoke to Ripples Nigeria on the phone confirmed … Read more

Guinness Nigeria addresses reports of operational shutdown

Guinness Nigeria has denied reports that the company is preparing to discontinue its business in the country, and currently seeking buyers for its assets in the Nigerian market. In a statement released to the Nigerian Exchange Limited (NGX) and the investing public, Guinness said it’s not exiting the market which it has been operating in … Read more

DSTV’s parent company, MultiChoice, succumbs to FIRS tax demand

MultiChoice Nigeria has succumbed to the demands of the Federal Inland Revenue Service (FIRS) to audit its company accounts over tax-related issues that has led to multiple court cases. The cable tv company had filed cases at a court and with the Tax Appeal Tribunal (TAT) against the FIRS, in a bid to prevent the … Read more

Apapa gridlock affects Dangote Sugar operation, as earnings hit N276.50bn

Dangote Sugar reports business growth adversely impacted by Apapa gridlock during operation in 2021, although the company managed to pull 28.8 percent increase in turnover for the period. In a statement obtained by Ripples Nigeria, Dangote Sugar admitted the impact of Apapa traffic, which has been a challenge to operations of many companies’ operation in … Read more

Naira depreciates to N416.67 against dollar

Nigerian currency depreciated further and is now exchanged for United States of American currency at N416.67 at the investors and exporters windows of the foreign exchange market. According to data obtained from the FMDQ Securities Exchange, Friday’s rate was a 0.04 per cent or 17 kobo depreciation compared with N416.50/$1 it transacted at the previous … Read more

Euro Dips Below $1.10 For First Time Since 2020

The euro sank close to a two-year low under $1.10 on Friday as the Ukraine conflict continues to cloud the eurozone’s economic recovery from the pandemic. The European single currency slid in late morning deals to $1.0992, the lowest level since May 2020, as the greenback benefited also from its status as a haven investment. … Read more

Seplat to acquire Exxon Mobil’s stake in Nigerian subsidiary with $550m loan

Seplat Energy will use the $500 million loan facility to complete the acquisition of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation. Ripples Nigeria gathered that Seplat has reached an agreement with the United States investor to complete a deal worth $1.283 million plus $300 million contingent consideration for a substantial stake in its Nigerian … Read more

Ruble falls by 30%. Five other ways US, UK sanctions are hitting Russia, as Ukraine war rages

Russia’s currency, Ruble, fell 30% on Monday, after series of sanctions – including the SWIFT cut off – by the European Union and the United States over the weekend, kicked in, causing panic among Russians. The sanctions were made following Russia’s invasion of Ukraine a week ago, which has led to a war between the … Read more

NGX: Investors record N2.7bn marginal gain as FCMB leads trading

Investors at the Nigerian capital market recorded a marginal gain of N2.7 billion at the close of trading on Monday. This followed the rise in equity capitalisation by 0.13 percent from N25.50 trillion recorded last Friday to N25.54 trillion after eight hours of trading on Monday. The All-Share Index was up by 66.11 basis points to close … Read more