Connect with us

Business

Experts List Gains Of New Forex Policy

Published

9 years ago

on

Some financial experts
have said that the first Naira-Settled OTC FX Futures Market launched by the Central Bank of Nigeria (CBN) and FMDQ OTC Securities Exchange if well implemented would enhance foreign portfolio investment in the country.
They told our correspondent in Lagos that the Nigerian Stock Market and the economy would benefit from the initiative when properly handled.
The President, Association of Stock Broking Houses of Nigeria (ASHON), Mr Emeka Madubuike said that proper implementation of the initiative would boost foreign portfolio investment.
Madubuike said that the product would accord foreign investors the ability to repatriate their funds without any restriction, adding that, it would bring transparency to the foreign exchange market.
“It will be easier for people to move their funds from one place to the other with the introduction of the Naira-Settled OTC FX Futures Market”, he added.
He explained that the stock market would benefit more from the product if it was properly implemented.
Madubuike stated that the country’s productivity level would be efficient importers would be able to continue with their production with enhanced access to forex.
He stated further that the product would enable to country to clear backlog of forex incurred in the past.
The ASHON president said that the backlog was as a result of the nation’s dependent on importation which put pressure on the foreign exchange market.
“We are still watching its implementation process but if well implemented will affect the stock market and the economy positively”, Madubuike said.
The Chief Executive Officer, Stanbic IBTC Nominee, Mr Akeem Oyewale said the product would give certainty to investors especially the institutional portfolio investors to invest in Nigeria.
“It will allow them to get an idea of how much they can get their dollar whenever they so desired.
It allows investors to be more comfortable dealing with equities market in Nigeria.
“So if you are planning to get dividend of certain amount in the next three months and you want to fix your dollar you can go to the futures market to do it based on the offers and quote that you have in the market”, Oyewale said.
Oyewale said that the futures market in Nigeria would be a sustainable and stable market because of the credibility of the institutions driving the products.
The Tide reports that the apex bank and FMDQ have on Monday recorded another feat with the launch of the first Naira-Settled OTC FX Futures Market.

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

18 hours ago

on

September 22, 2025

By

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.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

18 hours ago

on

September 22, 2025

By

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.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

18 hours ago

on

September 22, 2025

By

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.
Continue Reading

Trending