{
Nigerian Naira

Currency

}
nigerian sec enforces stricter rules on crypto marketing and influencers
The Nigerian Securities and Exchange Commission (SEC) has tightened regulations on crypto marketing, requiring virtual asset service providers (VASPs) and social media influencers to obtain prior approval for promotions. Influencers must verify the licensing of promoted companies and disclose any payments received, with penalties for non-compliance including fines and imprisonment. The SEC plans to enforce actions against unregulated crypto transactions, aiming to curb unauthorized financial promotions in the country.
Cointelegraph
Nigerian Naira NGA Emomotimi Agama
Regulatory & Legal, News Article
14:58 19.12.2024
nigerian government debt attracts strong demand after successful eurobond launch
Investors are showing strong interest in short-term Nigerian government debt, attracted by high yields and an improved currency outlook following a successful $2.2 billion eurobond launch. The Central Bank of Nigeria sold 1.56 trillion naira ($990 million) in 365-day and 351-day bills at yields nearing 24%, significantly exceeding its initial target after a successful treasury bill auction.
bloomberg.com
United States Dollar Nigerian Naira NGA
Finance & Economy, Market Report
08:38 10.12.2024
Chappal Energies Finalizes Acquisition of Equinor Nigeria Energy Company
Chappal Energies has finalized the acquisition of Equinor Nigeria Energy Company, a subsidiary of Norway's Equinor ASA. The deal, first reported by Bloomberg Terminal in 2023, received regulatory approval in Nigeria in November after a prolonged review process. The transaction was executed through Project Odinmim, a special purpose vehicle owned by Chappal, for an undisclosed amount.
bloomberg.com
Nigerian Naira Equinor ASA NGA
Finance & Economy, News Article
09:33 07.12.2024
Nigeria's central bank hints at interest rate cuts as inflation eases
Central Bank of Nigeria Governor Olayemi Cardoso indicated that interest rates may be reduced in the coming months if inflation continues to ease. He emphasized that the CBN's significant rate hikes this year were necessary to manage inflation and restore economic stability, assuring that relief is forthcoming.
bloomberg.com
Nigerian Naira Central Bank of Nigeria BANK NGA Olayemi Cardoso
Finance & Economy, News Article
20:35 29.11.2024
Nigerian protests escalate as security forces use deadly force against demonstrators
Nigerian security forces reportedly used excessive force during protests against soaring living costs, with evidence indicating they were "shooting to kill," according to Amnesty International. Demonstrators, expressing their frustrations over high inflation and economic reforms by President Bola Tinubu, marched through various cities from August 1-10, chanting "we are hungry." The protests were fueled by a significant rise in food prices and the naira's devaluation following the removal of fuel subsidies and changes to foreign-exchange controls.
bloomberg.com
United States Dollar Nigerian Naira Amnesty International Ltd. NGA Bola Ahmed Tinubu
Finance & Economy, News Article
12:51 28.11.2024
igeria central bank signals end of tightening with cautious rate hike
The Central Bank of Nigeria has implemented a cautious quarter-point interest rate hike, marking the smallest increase this year. This decision, part of a two-year tightening cycle that has seen rates more than double to 27.5%, has led some economists to speculate that the cycle may be coming to an end.
Bloomberg.com
Nigerian Naira Central Bank of Nigeria BANK NGA Olayemi Cardoso
Finance & Economy, Market Report
13:52 27.11.2024
igeria raises interest rates again to combat rising inflation
The Central Bank of Nigeria has raised interest rates for the sixth consecutive time this year, increasing the benchmark rate by 25 basis points to 27.5%. Governor Olayemi Cardoso emphasized that there is “no going back” in the effort to combat soaring inflation and stabilize the naira.
bloomberg.com
Nigerian Naira Central Bank of Nigeria BANK NGA Olayemi Cardoso
Finance & Economy, News Article
14:04 26.11.2024
Nigerians embrace compressed natural gas amid soaring petrol prices
In Nigeria, a surge in petrol prices has led many drivers to switch to compressed natural gas (CNG), significantly reducing their reliance on petrol stations. The fivefold increase in fuel costs since the removal of subsidies has made CNG a more economical and environmentally friendly alternative.
bloomberg.com
Nigerian Naira N/A NGA
Finance & Economy, News Article
06:00 22.11.2024
nigerian inflation rises unexpectedly prompting potential interest rate hike
Nigerian inflation accelerated to 33.9% year-on-year in October, up from 32.7% in September, according to the National Bureau of Statistics. This increase surpassed the median forecast of 33.4% from seven economists surveyed, raising the possibility of another interest-rate hike.
Bloomberg.com
Nigerian Naira NGA
Finance & Economy, Market Report
12:02 15.11.2024
naira hits record low as liquidity issues persist against dollar
The Nigerian naira has reached a new record low, trading at 1,681 per dollar, marking a 0.6% decline this week. This drop follows a staggering 72% loss in value since the currency reforms in June 2023, despite high fixed-income yields and central bank interventions aimed at stabilizing it.
bloomberg.com
United States Dollar Nigerian Naira FMDQ NGA
Finance & Economy, Market Report
12:33 07.11.2024
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