Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of November 24th–30th, 2024.
BVN Plays Crucial Role In Nigeria’s Fight Against Financial Crimes – NFIU CEO
Hafsat Bakari, Chief Executive Officer of the Nigeria Financial Intelligence Unit (NFIU), emphasizes the critical role of the Bank Verification Number (BVN) in Nigeria’s fight against financial crimes.
Naira Gains Amid CBN’s Rollout Of Bloomberg BMatch Platform
The naira strengthened against the US dollar in the Nigerian autonomous foreign exchange market (NAFEM) ahead of the introduction of Bloomberg’s BMatch FX trading platform. According to FMDQ data, the naira appreciated by 0.97%, closing at ₦1,659.44 per dollar in the official market.
Liquidity Deficit Widens As Money Market Rates Diverge
Money market conditions remained tight on Tuesday, with interbank rates showing mixed trends as the liquidity deficit deepened ahead of anticipated Federation Account Allocation Committee (FAAC) inflows. Analysts highlighted ongoing funding challenges for deposit money banks, with the banking system struggling to access sufficient liquidity.
Presidency Unveils Benefits Of Upcoming NIMC Multipurpose ID Card
The Presidency highlights the advantages of the soon-to-be-launched multipurpose National Identity Management Commission (NIMC) ID card, emphasizing its role in boosting financial inclusion and improving access to government services.
CBN’s Policy Adjustments Strengthen Naira In Official Market, Black Market Remains Steady
The Central Bank of Nigeria (CBN) raises interest rates, boosting the naira in the official market while leaving its black-market performance unchanged.
NGX Gains N8bn As Lafarge Africa, Haldane McCall Lead Market Rally
The Nigerian Exchange (NGX) recorded a gain of over N8 billion, driven by increased demand for Lafarge Africa (Ticker: WAPCO) and Haldane McCall Plc (Ticker: HMCALL). This rebound followed a previous negative session where the market lost N123 billion due to sell-offs in banking stocks.
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Crypto Market Cap Hits $3.23T As Bitcoin Rebounds
The global cryptocurrency market capitalisation rose on Wednesday, fueled by a recovery in Bitcoin (BTC-USD) prices. According to data from CoinMarketCap.com, the total market value of cryptocurrencies climbed 2.62% over the past 24 hours, reaching $3.23 trillion. However, trading volume fell 23.68% to $197.16 billion.
U.S. Dollar Declines Against Major Currencies As Key Data Looms
The U.S. dollar weakened against major trading partners early Wednesday as markets prepared for a slew of data releases ahead of the Thanksgiving holiday. Among the day’s highlights is the October core PCE deflator, expected to show a 0.3% month-on-month increase. Analysts caution that a higher than expected reading could challenge the assumption that the Federal Reserve will cut rates in December.
Nigerian Treasury Bills Yields Climb To 25.12%, Up By 108bps
The average yield on Nigerian Treasury Bills (NTBs) surged by 108 basis points (bps) to 25.12% on Wednesday, driven by intense selloffs from local deposit money banks in the secondary market as they sought to enhance liquidity.
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Nigerian Bonds See 5bps Yield Increase Amid Risk-Off Sentiment
The Nigerian government bond market saw a modest increase in average yields, rising by 5 bps on Wednesday. This was attributed to selloffs on naira-denominated assets following the CBN’s interest rate hike.
CBN Sells $48m To Banks In Bid To Stabilize Naira
The Central Bank of Nigeria (CBN) has sold $48 million to authorized dealer banks as part of its foreign exchange (FX) intervention, aimed at stabilizing the naira. This move comes as the CBN prepares to launch an automated FX trading platform.
Ndume Calls For Withdrawal Of Tax Reform Bills Amid Growing Opposition
Senator Ali Ndume, former Senate Chief Whip, calls for the immediate withdrawal of the controversial tax reform bills currently under review in the Senate. Ndume, a vocal critic of the legislation, emphasizes the need for extensive consultations with stakeholders before any further progress is made.
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NCC to Launch Simplified Tariff Structure For Telecom Operators On December 13
The Nigerian Communications Commission (NCC) announces plans to introduce a new simplified tariff structure for telecommunications operators on December 13, 2024. The initiative is designed to improve transparency, streamline tariff options, and enhance the consumer experience.
CBN Directs Nigerians To Report Cash Withdrawal Issues Starting December 1, Warns Banks Of Sanctions
The Central Bank of Nigeria (CBN) announces that Nigerians can report issues with cash withdrawals at ATMs and bank branches starting December 1, 2024. The bank provides state-specific phone numbers and email addresses for customers to lodge complaints as part of efforts to improve cash availability across the country.
