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https://www.dailymaverick.co.za/arti...w-record-high/
The All Share Index rose 1.9% at 2.30 p.m in Lagos, the most since July 10, to 70,581.76, the highest on record, according to data compiled by Bloomberg. The Nigerian index outperformed the MSCI Emerging Markets Europe, Middle East and Africa Index, which advanced 0.6%.
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Originally Posted by Valuegrowth
The All Share Index rose 1.9% at 2.30 p.m in Lagos, the most since July 10, to 70,581.76, the highest on record, according to data compiled by Bloomberg. The Nigerian index outperformed the MSCI Emerging Markets Europe, Middle East and Africa Index, which advanced 0.6%.
Yep, Tinubu following through on his promises:
Nigeria Seeks Approval to Borrow $7.9 Billion (externally) , Daily Trust Says
https://www.bloomberg.com/news/artic...says#xj4y7vzkg
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When a country get IMF or other funds stock markets react strongly.
Originally Posted by beacon
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Naira (NGN USD) Jumps on Nigeria Streets, Crypto Trade After Forex Cleared
https://www.bloomberg.com/news/artic...er-crypto-gain
Nigeria’s naira jumped against the dollar on the parallel market and on crypto exchanges on Friday, a day after authorities said they took steps to clear a backlog of matured foreign-currency forward contracts that have hampered dollar inflows.
The local currency soared 10% to 1,035 a dollar on the parallel market (from below 1300 just days ago), according to Abubakar Mohammed, chief executive officer of Forward Marketing Bureau de Change Ltd., which compiles exchange-rate data.
It was quoted at 819.10 on Binance Holdings Ltd.’s platform, a 28% gain from the previous day, as of 2:15 p.m. local time.
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https://www.arise.tv/double-honours-...ns-two-awards/
I came to know about this Nigerian bank, the Africa’s largest bank when I was in a UK based forum. Its one-year return is over 40%. If I had bought this and kept at least for 3 years; capital gain could have generated nearly 300% (three bagger). Thing is still it’s trading much below the book value while having low PE ratio.
Last edited by Valuegrowth; 05-11-2023 at 08:59 PM.
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Originally Posted by Valuegrowth
https://www.arise.tv/double-honours-...ns-two-awards/
I came to know about this Nigerian bank, the Africa’s largest bank when I was in a UK based forum. Its one-year return is over 40%. If I had bought this and kept at least for 3 years; capital gain could have generated nearly 300% (three bagger). Thing is still it’s trading much below the book value while having low PE ratio.
Yea, Nigeria has had serious challenges, but some have made serious money there - despite Buhari's mule headedness.
Interestingly, there is more money to be made in Africa (especially Nigeria - because of its economics, location and demographics) this decade, than there was in the last one.
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Few developing markets have outperformed all other markets.
https://nairametrics.com/2023/12/29/...ith-45-9-gain/
"On the final trading day of 2023, the NGX has rallied to a new high, as the All-Share Index appreciated by 0.36% to close at 74,773.77 points.
Achieving a year-to-date growth of 45.90% in 2023, the NGX closed the year on an impressive note, its best return since 2020, when the ASI grew by 50.03%"
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More development expected
Nigerian Senate has approved ~90% of President Bola Tinubu’s ~$8 billion external borrowing plan covering 2022-2024.
The funds are earmarked for the development of critical areas such as infrastructure, agriculture, health, education, water supply, security, and employment, as well as financial management reforms.
https://nairametrics.com/2023/12/31/...-loan-request/
Nigeria, Africa’s most populous nation and biggest economy, aims to join BRICS within the next two years, as stated by Minister of Foreign Affairs Yusuf Tuggar in November.
https://nairametrics.com/2023/12/29/...anuary-1-2024/
Cryptocurrency, old Naira notes, other protectionist Buhari’s policies reversed by Tinubu.
LIFTED BAN on cryptocurrency. Validity of the old currency extended indefinitely to prveent Naira scarcity, Lifted 8-year ban on 43 items (incl rice, cement and poultry, etc.) restricted from accessing fx from the official market. Buhari had also shut down land borders for years in order to protect the investment in the agricultural sector, particularly rice.
https://dailypost.ng/2023/12/31/cryp...sed-by-tinubu/
Last edited by beacon; 01-01-2024 at 06:21 AM.
Reason: Spelling
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Tinubu goes after corruption
N44bn fraud: EFCC freezes N30bn moved from NSIPA accounts
Economic and Financial Crimes Commission, EFCC, has tracked and frozen N30 billion of the N44 billion moved from the accounts of the National Social Investment Programme Agency, NSIPA. The development comes barely 24 hours after Halima Shehu, the embattled National Coordinator of NSIPA, was detained and arrested by EFCC after her suspension by President Bola Ahmed Tinubu.
https://dailypost.ng/2024/01/04/n44b...sipa-accounts/
Meanwhile, Portharcourt refinery projected to come up in the first quarter of 2024 = 2 refineries in Nigeria, stopping FX drain on fuel imports
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Nigerian financial institutions, fintech, a blockchain firm, and the Africa Stablecoin Consortium have announced February 27, 2024, to unveil a Naira stablecoin known as cNGN.
The cNGN ushers in a new era of financial fluidity, bridging the Nigerian naira with the global market through blockchain technology. Backed 1:1 by Naira reserves held in designated commercial banks, the cNGN Stablecoin transforms the Naira into a dynamic tool for worldwide remittances, commerce, trade and investment.
CBN lifted the ban on cryptocurrency transactions in Nigeria in December last year, but has barred cash withdrawals and issued other guidelines on cryptocurrency accounts.
https://dailypost.ng/2024/01/06/nige...gn-stablecoin/
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