Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of January 26th–February 1st, 2025.
Market Wrap: All-Share Index Increases 0.79%, BETAGLASS Leads Gains, ACCESSCORP Tops Trading Volume
On January 27, 2025, the Nigerian stock market experiences a positive day as the All-Share Index (ASI) rises by 820.41 points to reach 104,418.95. This represents a 0.79% increase from the previous day’s close of 103,598.54. All FUGAZ stocks—First Bank, UBA, GTCO, Zenith Bank, and Access Bank—end in the green, contributing to the bullish momentum.
Crypto Market Loses $920 Billion In 24 Hours Amid Tech Sector Volatility
The cryptocurrency market suffers a sharp $920 billion loss in the past 24 hours, highlighting the inherent volatility of digital assets. This significant liquidation follows a broader sell-off in the tech sector, triggered by the launch of a new open-source AI model by Chinese startup DeepSeek, which intensifies competition within the industry.
DMO Clarifies Nigeria’s Public Debt At N87.38 Trillion, Not N21 Trillion
The Debt Management Office (DMO) clarifies Nigeria’s public debt, refuting reports that President Bola Ahmed Tinubu inherited a N21 trillion debt, which allegedly escalated to N142 trillion. In a statement issued on Monday, the DMO confirms that the actual public debt as of June 30, 2023—following President Tinubu’s assumption of office—stands at N87.38 trillion.
NIMC Launches Multipurpose Card To Enhance Digital Financial Inclusion In Nigeria
The National Identity Management Commission (NIMC) is set to revolutionize Nigeria’s financial landscape with the introduction of a multipurpose card. This initiative, designed to integrate more than 28 million Nigerians into the digital payment ecosystem, marks a significant step toward broadening financial inclusion across the country.
NDPC: Nigeria’s Data Privacy Ecosystem Can Drive the Country Towards A Trillion-Dollar Economy
The Nigeria Data Protection Commission (NDPC) highlights that the country’s data privacy ecosystem has the potential to play a significant role in propelling Nigeria towards a trillion-dollar economy.
BDC Operators Predict Stronger Naira In 2025 Amid Forex Market Reforms
Bureau de Change (BDC) operators in Nigeria express optimism about the Naira’s future in 2025, predicting a stronger currency as reforms in the country’s foreign exchange (forex) market take effect. They believe these changes will stabilize the currency, enhance investor confidence, and improve the efficiency of forex trading.
Money Market Rates Decline As System Liquidity Rises To N810bn
Money market rates experience a decline as liquidity levels in the banking system increase, driven by cash reserve refunds and inflows from maturing OMO bills worth N317.66 billion. These inflows push the available liquidity in the financial system to approximately N810 billion on Tuesday, up from N402 billion, offering local deposit money banks more access to funding.
FG’s 10-Year Bond Surges with 22.6% Yield Amidst Strong Investor Demand
…DMO records oversubscription on 7-year, 10-year bonds
The Federal Government’s newly issued 10-year bond (JAN-2035) has recorded a historic yield and coupon rate of 22.60%, driving strong investor interest and an oversubscription of ₦368.1 billion, significantly exceeding the ₦200 billion initially offered by the Debt Management Office (DMO).
Nigeria Launches iSTEP Programme To Promote Youth Innovation And Drive Economic Growth
The Ministry of Innovation, Science, and Technology launches the Innovations in Science, Technology, Engineering, and Policy (iSTEP) Programme, aimed at empowering youth-driven innovation and supporting Nigeria’s economic transformation.
83.5% Of Households, 80.6% Of Businesses Report High Inflation, Says CBN
A significant proportion of Nigerian households and businesses currently perceive inflation as high, according to the Central Bank of Nigeria’s (CBN) Inflation Expectations Report for December 2024.
Nigeria’s Cashless Economy Soars As Electronic Transactions Hit N1.08 Quadrillion In 2024
Nigeria’s transition to a cashless economy gained significant momentum in 2024, with the value of electronic transactions surging by 79% to a record N1.08 quadrillion, according to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS).
CBN Clears $7bn Forex Backlog, Boosts Investor Confidence – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced on Wednesday that the Federal Government has successfully cleared the outstanding $7 billion foreign exchange backlog owed to various firms.
