CBN pumped $2.60bn into forex market in June

Central Bank of Nigeria

In the wake of the sudden naira weakness witnessed in late May, the Central Bank of Nigeria (CBN) stepped up its intervention in the foreign exchange market, injecting a total of $2.60 billion into the market in the month of June alone, New Telegraph’s investigation has revealed.   Findings by our correspondents show that the apex bank sold a total of $1.62 billion through the interbank forex market and a total of $985.4 million to licensed Bureau De Change (BDCs) last month.   Specifically, the banking watchdog’s first intervention in…

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Stock Market begins week on negative tract

  The equities market closed yesterday on a negative note, as Nigerian Stock Exchange (NSE) ASI and market capitalisation depreciated by 0.67 per cent each as the nation’s financial market began activities after Sallah celebration. At the close of business, there were 12 gainers and 34 losers. The downswing according to market watchers was due to profit takings by market speculators following appreciable gains some blue chip companies achieved recently. Consequently, the All-Share Index dropped by 263.87 basis points or 0.67 per cent from 38,928.02 index points last Friday to…

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Global ATM market to hit $26.40bn by 2025

  The global Automated Teller Machine (ATM) market is expected to reach $26.40 billion by the end of 2025, according to a new study on, “2018-2025 ATM Market Global Key Player, Demand, Growth, Opportunities and Analysis Forecast”, published by Wise Guy Reports Database.   According to the report, the global ATM was valued at $13. 70billion in 2017 and is expected to grow at Compound Annual Growth Rate (CAGR) of 9.8per cent between 2018 and 2025.   The report studies the global ATM market status and forecast, categorizes the global…

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Sanitising N305bn Africa’s online ad market

Internet advertising is growing in Africa and Google, as the global technology company driving the ecosystem, is embarking on measures to ensure the estimated ad said to be worth N305 billion by 2020 is effectively sanitised while pointing to the new direction businesses could take to maximise their online ad investment. KUNLE AZEEZ reports.   Globally, technology has become a key player in driving activities in all the sectors of a nation’s economy and, indeed, in all facets of human life, advertising space is one of such sector that is…

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Stock market advances on sustained bargain hunting

The bulls maintained their grip on the market activities for the third day as bargain hunters jostled for shares on the back of blue chip companies, majorly on the financial and consumer goods sector. Market activities continue to reflect the new par value and pricing methodology rule, which takes effect last Monday as three new stocks closed below previous floor price, bringing the total to seven since the new rules came into effect. The key market performance measures, the NSE All Share Index and market capitalisation closed the trading day…

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Deepening telecoms VAS market growth

After several consultations, the Nigerian Communications Commission (NCC) has released a new framework that has restructured the country’s telecoms value added service (VAS) sub-sector in order to create sanity in the market while boosting the sub-sector’s contribution to the overall telecoms industry. KUNLE AZEEZ reports Nigeria’s telecoms value added service (VAS) market has remained largely unregulated in line with international best practices. Having realised this and recognising the need to restructure the sub-sector, the Nigerian Communications Commission (NCC), known for its culture of wider industry consultations before embarking on any…

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Stakeholders decry lull in property market

  Worried by persistent lull in property market, practitioners in the housing industry have called on the Federal Government to introduce incentives to generate economic activities in the sector. Such incentives, industry’s stakeholders said, could come in form of subsidy, intervention fund, tax relief and reduced interest rate on housing /mortgage loans. The experts, who spoke with New Telegraph in Lagos, expressed concern about lull in the sector, especially during the fourth quarter of the year, when the industry is expected to be full of construction activities. According to the…

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Forex gains boost Tier 1 banks’ market dominance

Central Bank of Nigeria

Leveraging on their larger volume of foreign currency deposits, Tier 1 banks in Nigeria have benefited from the depreciation of the naira, booking exchange gains that have enabled them post  impressive profits and extend their dominance over their Tier-2 counterparts.  TONY CHUKWUNYEM writes According to the Central Bank of Nigeria’s (CBN) Financial Stability Report (FSR) for the half year ended December 2016, the country’s five largest lenders (Tier 1 banks) maintained their dominance of activities in the banking industry in the second half of 2016. The CBN classifies lenders into…

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DSN targets 10% share of $5.9bn outsourcing market

Data Science Nigeria (DSN), a not-for-profit organisation, initiated by MTN’s executive, Mr. Bayo Adekanmbi, is currently driving industry-level discussions about Nigeria’s need to build its big data/machine learning ecosystem, with the goal of being well positioned to access a 10 percent share of the global data analytics outsourcing market. Global data analytics outsourcing market is expected to garner $5.9 billion by 2020, according to Allied Research Group. To facilitate the discussions and help practitioners prepare for the opportunity, DSN hosted an industry engagement summit and a follow-up four-day bootcamp with…

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Exploring new source of growth for real estate market

Issues affecting real estate investment were, again, brought to the fore by stakeholders recently with  a resolution to rethink business strategies for the growth of the sector. DAYO AYEYEMI reports Leaders in real estate sector are not taking anything for granted as they have all agreed to rethink their business strategies for growth. This, according the experts, will allow them to adapt to the dynamic changes within their operating environment. Converging on Lagos  for the annual Ruth Obih – led Real Estate Unite (REU), the practitioners, comprising developers, investment bankers,…

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