Bitcoin Enters Selling Trend As $10,000 Level Serves As Barrier

Technical indicators show currency’s price likely to decline “Price movements resemble August trading highs, then huge drop The crypto currency’s Global Strength Indicator, a measure of upward and downward movements of successive closing prices, is nearing the 70 level, meaning its price is likely to soon decline after becoming overheated. Bitcoin enters overbought levels The… Read More »

Access Bank Offers Free One-Week Instant Transfers

Access Bank says it is offering its customers free instant transfers for a week. A statement from the bank said this was its way of thanking its customers for their patience and understanding throughout the period of its technology and infrastructure upgrade. “The upgrade involved the integration of all Access Bank’s platforms into a new,… Read More »

CBN Releases October T-Bills Auction Results

The Central Bank of Nigeria has released the results of its Treasury bills auctioned on October 30, 2019. “It said the range of bid rates for the 91-day tenor was 9.2500 to 11.0000 while that of the 182-day tenor was 10.3000 to 15.0000; and 10.5000 to 14.0000 for the 364-day tenors. “The successful bid rates… Read More »

Why Investors Are Avoiding Capital Market

The acting Director General of Securities and Exchange Commission, Ms. Mary Uduk has said lack of good corporate governance is one of the reasons why some investors are avoiding investing in the capital market. Uduk said this on Thursday in Abuja at a conference on capital market. She said the lack of good corporate governance… Read More »

Nigeria Considers Selling Naira-Denominated Bonds Next Year

Nigeria is considering selling naira-denominated bonds abroad next year to fund infrastructure projects, Finance Minister Zainab Ahmed said. Africa’s biggest oil producer faces a significant increase in financing needs as it struggles to boost revenue required to fund increased spending on infrastructure. Almost 60% of Nigerians don’t pay tax and the state only collected 58%… Read More »

October 2019 Exchange Rate

Nigerian (Naira) Currency Exchange Rate For | Dollar | Pounds | Euro & Other. DATE Countries & Currency Qnty  Curr. Flags NGN Rate 31.10.2019 United States Dollar $1 USD ₦360 31.10.2019 UK Pounds Sterling £1 GBP ₦463 31.10.2019 European Euro €1 EUR ₦400 31.10.2019 Canadian Dollar  $1 CDA ₦285 31.10.2019 Australian  Dollar 1A$  AUD ₦243… Read More »

South Africa’s Rand Firmer As Investors Await Next Week’s Budget

“At 1545 GMT, the rand was 0.86% firmer at 14.5720 per dollar compared to a close of 14.6950 overnight in New York. South Africa’s rand firmed against the dollar on Friday, taking advantage of buying interest from traders eyeing Finance Minister Tito Mboweni’s medium-term budget speech and a Moody’s rating review next week. Mboweni is… Read More »

Foreign Investment In Capital Market Rises To N326bn

The value of foreign investment in the nation’s capital market has grown to N326bn in nine months. “Data obtained from the Nigerian Stock Exchange showed that the foreign inflow hit a year high at the end of September at N47.73bn. Total foreign outflows, however, outperformed the inflows by 11.32 per cent at a value of… Read More »

We Didn’t Ask MTN To Charge For USSD – Banks

Commercial banks on Monday denied instructing MTN to deduct charges for USSD. In an advertorial, the lenders, acting under the aegis of Body of Bank CEOs said its attention had been drawn to a text message sent by the telco concerning the issue. “Our attention has been drawn to SMS sent on Saturday 19th October… Read More »

Nigeria Enrich With Cocoa to Earns $338.17m

“Speaking on Monday in Lagos at a capacity building program on cocoa grading and regulations, the Chief Executive, NEPC, Mr Segun Awolowo, said Nigerian cocoa beans have commanded consistently high demand for several decades. NIGERIA earned $338.17 million from cocoa and cocoa products last year, the Nigerian Export Promotion Council (NEPC) has said. Also, cocoa… Read More »

Economy Naira Falls As I&E Records $21.9m Transactions Monday

At the close of business yesterday 15th day of Oct, 2019, the local currency went down by 40 Kobo or 0.11 percent to exchange at N362.53/$1 at the market window despite low demand for the greenback by investors and exporters. The closing price of the domestic currency yesterday was higher than previous session’s N362.13/$1. “As… Read More »

South African Rand Stronger As Dollar Dips

South Africa’s rand was stronger early on Thursday, as the U.S. dollar retreated on global markets. At 0715 GMT, the rand traded at 15.1000 versus the dollar, 0.5% stronger than its previous close. The U.S. currency dropped amid mixed signals over whether the United States and China were making progress in resolving their trade dispute.… Read More »

CBN Injects $8.287bn In Forex Market In Six Months

The Central Bank of Nigeria (CBN) injected a total of $8.287 billion in the interbank foreign exchange (forex) market in the first six months of 2019. The central bank, which disclosed this in its ‘Half Year Activity Report,’ as at June 2019, posted on its website, pointed out the intervention was to manage demand pressure… Read More »

Credit Cards Transactions With Fingerprints Verification Testing starts in UK

Major U.K. bank NatWest has started a three-month trial of a biometric credit card. The pilot, launched Monday, is in partnership with MasterCard and digital security firm Gemalto, and involves 150 customers. If a contactless transaction is greater than £30 ($36.66), the customer’s finger print can be used to verify the transaction. If the purchase… Read More »

IMF Sees Higher Nigeria Inflation In 2020 On Minimum Wage, Tax Rises

Nigeria’s government may drive up inflation when it increases a sales tax to partly finance its record 2020 budget and implements a new minimum wage, the International Monetary Fund (IMF) warned. “The country, Africa’s top oil producer and the continent’s largest economy, is faced with the choice of boosting growth in the face of lower… Read More »

Cosmas Maduka Launches $35 Million Rice Mill In Anambra State

Cosmas Maduka’s $35 Million Rice Mill In Anambra State Nigerian business mogul Cosmas Maduka, one of Nigeria’s most successful businessmen, has built a rice processing mill in Anambra, a state in Nigeria’s southeastern region, at a reported cost of $35 million. According to a report by ThisDay, the rice mill which was constructed by Coscharis… Read More »

Naira Depreciates At Investors Window As Buhari Presents 2020 Budget

The Naira depreciated at the Investors and Exporters segment of the foreign exchange (forex) market on Tuesday, October 8, 2019 as President Muhammadu Buhari officially presented the 2020 National Budget to a joint session of the National Assembly. “Business Post reports that the local currency dropped 8 Kobo or 0.02 percent against the US Dollar… Read More »

Guidelines To Forex Trading In Nigeria

How To Start  Forex Trading In Nigeria Many come to the foreign exchange market and quickly leave it, without realizing what’s what. Many brokerage companies say that there is nothing easier than Forex trading in Nigeria. Sometimes this is true, but much depends on what a person expects from trading in the foreign exchange market.… Read More »

Pound Collapse Against Euro And Dollar As Brexit Chaos Bites

The pound has collapsed to its lowest level in more than a month, as hopes fade that a Brexit deal will be struck. With weeks left before the 31 October Brexit deadline, sterling came under selling pressure on the foreign exchanges on Tuesday, sliding to its lowest point against both the euro and the dollar… Read More »