As it advances on its digital transformation agenda, Nigerian Exchange Limited (“NGX” or “The Exchange”) has set up the NGX Digital and Technology Products Advisory Panel (“The Panel”). The Panel would provide a forum for the Exchange to interact with the capital market community and the fintech ecosystem to enhance and increase NGX’s digital product offerings. Responsibilities of the Panel include but are not limited to providing insight into product innovation and proposing ways to increase technology listings on NGX; recommending ways to boost data and digital market liquidity; providing thought leadership by developing whitepapers, creating frameworks and making recommendations;…
Author: Oladi Samuel
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The ongoing naira scarcity has severely limited the production of food in Nigeria as farmers in rural areas now wait a long time to get the cash they need to facilitate the farming process. Mr Ismail Olawale, a fellow at the National Agriculture Extension and Research Liaison Services (NEARLS), disclosed this on Tuesday during an interview with the News Agency of Nigeria. He stressed that the cash scarcity challenge is crippling Nigeria’s food chain and urged that cash flow should be released, whether old notes or new notes. Cash is King: Olawale revealed that most Nigerian farmers reside in rural…
Business continuity is an important concept in the quest to ensure that the organisation remains a going concern. It is defined as a proactive way to ensure mission-critical operations proceed during a disruption. The departure, therefore, whether planned or untimely, of a critical employee or member of the management team counts as a business continuity concern. This by itself sums up the need for a succession plan. If this is the case, why is succession planning shrouded in such mystery in many organisations? Why, despite its immense benefits, is succession planning either neglected or else obscured? Reports indicate that organisations…
The Chartered Institute of Bankers of Nigeria (CIBN) has called for calm and understanding from Nigerians amid the cash scarcity resulting from the naira redesign and cashless policy. They added that stakeholders in the ecosystem are being engaged in addressing the unintended consequences of the naira policies. This was disclosed in a statement that was issued earlier today by Akin Morakinyo, the Registrar/Chief Executive of the CIBN. Call for calm: The CIBN Chief also empathised with Nigerians and called for calm, urging bankers to carry on their duties with professionalism and diligence. He added: “We sincerely empathise with the banking public…
The Nigerian Government said no Nigerian casualty was recorded in the recent 7.8 magnitude earthquake that hit some cities in South-eastern Turkey. This was disclosed by Nigeria’s Ambassador to the Republic of Turkey, Ismail Yusuf, in a telephone interview with the News Agency of Nigeria (NAN). He added that the embassy is doing the best it can in the circumstance, citing that rescue efforts are progressing systematically, and in stages. No victims: Yusuf stated that the embassy has not been contacted with any victims. He, however, urged caution as it is too early to tell. “Early morning on Monday at…
The Nigerian Government has accused opposition political parties of politicizing the naira scarcity Nigerians are facing, adding that they prefer to make Nigerians suffer. Minister of Information and Culture, Alhaji Lai Mohammed, stated this at the 23rd edition of President Muhammadu Buhari’s (PMB) administration scorecard series (2015-2023). The accusation is coming after 13 Nigerian political parties said they will withdraw from participating in the electoral process if these currency policies are suspended or cancelled. The alleged politicization: Lai Mohammed said President Buhari has already held a meeting with governors of his All Progressives Congress (APC). He also urged Nigerians to give…
There are reports that oil marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have directed its members to suspend all operations across the country. IPMAN appears to be making good on its earlier threat to consider shutting down filling stations this week if the Federal Government goes ahead to enforce the N195 per litre price for petrol. This was made known in a statement signed by the IPMAN Chairman, Mohammed Kuluwa, who said that marketers were also ordered to suspend the payment of ordering products from the source until further notice. The association in the…
The Kano State Governor, Abdullahi Ganduje, has raised the alarm that people behind the annulment of the June 12, 1993, presidential election are regrouping and using the current crisis generated by the naira redesign policy of the Central Bank of Nigeria (CBN) to undermine Nigeria’s hard-earned democracy. Ganduje said that these groups of individuals are disguising themselves in unknown political parties and working with the main opposition party, the Peoples Democratic Party (PDP) to further impose an unfeasible cash policy taking its toll on the Nigerian masses. The governor’s comment was a reaction to an interim injunction issued by Justice…
The Nigerian Aviation Handling Company (NAHCO) Plc has presented the summary of its unaudited financial statement for the year ended 31st December 2022. The financial report shows that the company reported N2.721 billion in 2022, a massive 252.9% increase from the amount in 2021 The result is summarized as follows: Revenue 2022 FY: N16.372 billion 2021 FY: N10.232 billion Change: +60% Profit from operations 2022 FY: N3.867 billion 2021 FY: N1.052 billion Change: +267.6% Profit before tax 2022 FY: N3.787 billion 2021 FY: N925 million Change: +309% Income tax expense 2022 FY: N1.052 billion 2021 FY: N153 million Change:…
The exchange rate between the naira and the US dollar depreciated at the black market on Tuesday, 7th February 2023, trading at an average of N745/$1, compared to N744/$1 recorded on Monday, 6th February 2023. This is according to information from black market FX traders who spoke to Nairametrics. Similarly, the exchange rate at the investors and exporters (I&E) window depreciated by 0.15% to close at N462.17/$1 on Monday, from N461.5/$1 recorded last week Friday. Also, the exchange rate at the cryptocurrency P2P exchange weakened marginally by 0.11% on Tuesday, 7th February 2023 to trade at a minimum of N746.6/$1, as…