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FMDQ Securities Exchange Records N7.43trn Transactions

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9 years ago

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The FMDQ OTC Securities
Exchange says it posted transactions valued at N7.43 trillion in fixed income and currency markets (FIC) in May.
The transactions are contained in the company’s monthly report made available to our correspondent on Tuesday in Lagos.
The report showed that the transactions were lower by 21.22 per cent or N2 trillion when compared with the N9.43 trillion transactions in April.
The decline represented 36.55 per cent or N4.28 trillion.
A further breakdown showed that foreign exchange (FX) market accounted for 13.30 per cent of the total value against 16.69 posted in April.
The report indicated that Treasury Bills (T.bills) transactions continued its dominance, accounting for 43.80 per cent of the total market in contrast to 81.72 per cent posted in April.
The Secured Money Market (Repurchase Agreements (Repos)/Buy-Backs) accounted for 31.16 per cent during the period under review from the 30.47 per cent in April.
The report said that Unsecured Placements/Takingscontributed 2.41 per cent to the total turnover as against 1.39 per cent in the previous month.
Transactions in the FX market stood at 4.09 billion dollars, indicating a drop of 32.96 per cent against 6.10 billion dollars recorded in April.
The report also said that on a year on year basis, FX turnover declined by 65 per cent.
It added that member-member trades recorded 0.62 billion dollars in turnover for May, compared with 0.71 billion dollars recorded in April, indicating a decrease of 12.89 per cent.
Also, turnover in member-client trades stood at 3.47 billion dollars, a decline of 35.59 per cent when compared with 5.39 billion dollars in the previous month.
The report also stated that the exchange rate at the Central Bank of Nigeria (CBN) window remained flat at ¦ 196 per to a dollar.
It explained that the naira opened the month at ¦ 197.33 against the dollar at the inter-bank market and closed at ¦ 198.84 against the dollar, translating to a depreciation of 0.76 per cent.
The report indicated that rates in the parallel market averaged ¦ 334.07 per dollar during the period under review.

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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2 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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