Business

Speaking on “The Role of the Media in Building a Future-Ready Financial System”, Chima said Nigeria’s financial system was fundamentally different from the one financial journalists covered a decade ago, pointing to banking recapitalisation, tax reform, fintech innovation and the rapid expansion of digital financial services.

Nigeria’s banking sector has emerged from its latest recapitalisation exercise with a stronger capital foundation, but the completion of the exercise marks the beginning of another phase of reform rather than the end of the process.

Gold recovered some ground on Wednesday, September 30, but remained on course to lose more than 5% for the month as expectations of higher US interest rates weighed on demand.

Nigeria’s foreign exchange market recorded a rebound in trading activity in the week ended September 25, with total turnover across the FX Spot and Derivatives markets rising 11.02 percent to $2.63bn.

More than 300 women-led businesses in manufacturing, agribusiness and nutrition are seeking better access to formal capital, with Alitheia Capital calling for financing structures tailored to the needs of growing enterprises.

Nigerian banks’ placements with the Central Bank of Nigeria’s Standing Deposit Facility (SDF) rose to N6.28tn on Tuesday, highlighting the substantial liquidity surplus within the banking system.

Nigeria’s foreign exchange position has strengthened as foreign portfolio investments, private-sector dollar inflows and diaspora remittances provide a larger share of liquidity in the market.

The Nigerian Exchange Group and the Nairobi Securities Exchange have stepped up efforts to deepen cross-border capital-market cooperation, with stakeholders from both markets exploring ways to improve connections between African exchanges.

The All-Share Index (ASI) also fell by 721.91 points, opening at 252,635.11 and closing at 251,913.20, representing a 0.29 percent decline.

Muhammad Sani Abdullahi, Deputy Governor, Corporate Services, said 33 banks had met the revised minimum capital requirements and raised N4.65tn by the end of the two-year recapitalisation programme.