CBN Sells $876.26 Million at N1,495 in Retail Auction to Address Naira Devaluation

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CBN Sells $876.26 Million at N1,495 in Retail Auction to Address Naira Devaluation - In a move to address the ailing naira, the Central Bank of Nigeria (CBN) held a retail auction on August 7, 2024, selling a total of $876.26 million to 26 authorized dealer banks. The auction saw total bids of $1.18 billion, with the CBN approving a cut-off rate of N1495/US$. The sale was aimed at boosting foreign exchange liquidity and promoting price discovery in the market. The decision came amid growing unmet foreign exchange demand and seasonal pressure on the naira due to summer tourism and businesses seeking the US dollar to import goods. The detailed results of the auction will be published on the CBN's website to ensure transparency, and settlement for the successful bids is scheduled for Thursday, August 8, 2024. The CBN's director of the Financial Markets Department, Omolara Omotunde Duke, affirmed the bank's commitment to addressing the exchange rate challenges through this auction process.

Abuja Hosts Major ESRI User Conference West Africa 2024 - Abuja, Nigeria is gearing up for the inaugural ESRI User Conference West Africa 2024 from September 10-11. This key gathering brings together GIS professionals, academics, and industry leaders from across the region.

To register for the Esri User Conference West Africa 2024, please click the link:  https://africabusinessconvention.com/event/esri-user-conference-west-africa-2024/

The conference highlights the growing significance of GIS in areas such as infrastructure, environment, disaster response, and urban planning. Attendees will gain hands-on experience with the latest ArcGIS software, learn from leading experts, and network to foster partnerships and share best practices. With increased accessibility to satellite imagery, GPS devices, and open-source software like QGIS, GIS data is driving innovation throughout West Africa. This conference serves as a launchpad for the future, empowering participants to leverage GIS technology to create positive change. It underscores the region's commitment to harnessing the power of geospatial information to address pressing challenges and shape a better tomorrow. The conference is scheduled to take place at NAF Conference Centre, Abuja. Read more

Nigerian Stock Market Bounces Back After Protest-Induced Slump - After a bear run during the peak of the recent hunger protests, Nigeria's equities market recorded its first gain this week, rising by 0.20% on Wednesday. Investors piled into shares of companies like Oando, United Capital, IMG, Red Star Express, and RT Briscoe, with 27 stocks gaining and 22 recording declines. The market's benchmark index, the NGX All-Share Index, increased from 96,928.52 points to 97,098.98 points, while market capitalization rose by N97 billion to N55.130 trillion. The market's year-to-date return now stands at 29.88%. The trading session saw 636.5 million shares worth N12.76 billion exchanged in 9,744 deals, with top-traded stocks including Access Holdings, United Capital, GTCO, Veritas Kapital, and UBA. The rebound signals a recovery in investor confidence following the recent protests, which had temporarily dampened market sentiment. The gains suggest a return to a more bullish trend in Nigeria's equities market.

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