Nigeria’s foreign exchange reserves have hit a new milestone, reaching $34.7 billion according to recent data from the Central Bank of Nigeria.

This marks a notable increase of $110 million from the previous day’s figure of $34.5 billion.

The reserves have seen steady growth over the past week, with a total surge of $316 million since July 1.

This surge is attributed to several factors including rising oil prices, increased diaspora remittances, and proactive measures by the Central Bank aimed at stabilizing the currency.

Economic analysts view the expansion of reserves as a positive development for Nigeria’s economy, providing a buffer against external economic pressures and supporting the country’s financial commitments.

READ ALSO: https://biztellers.com.ng/controversy-as-jp-morgan-counters-cbn-on-nigerias-fx-reserves/

Fitch Ratings recently upgraded Nigeria’s economic outlook to positive, recognizing significant reforms that have restored macroeconomic stability and improved policy coherence.

Fitch said, “The positive outlook partly reflects reforms over the last year, which have reduced distortions stemming from previous unconventional monetary and exchange rate policies.”

The Central Bank’s strategic initiatives in managing the foreign exchange market, such as the establishment of the Investors’ and Exporters’ window, have proven instrumental in attracting foreign investment and bolstering reserves.

These reforms have resulted in substantial inflows into Nigeria’s official foreign exchange market and a notable increase in foreign portfolio investments.

However, Fitch Ratings has highlighted lingering short-term challenges, including persistent high inflation and volatility in the FX market.

Despite these obstacles, the agency anticipates ongoing efforts towards monetary policy tightening and enhancing the transmission of monetary policy.

These measures are aimed at fortifying Nigeria’s economic resilience and fostering greater stability in the financial markets.

Fitch stated “The reforms have contributed to the restoration of macroeconomic stability and enhanced policy coherence and credibility.

“However, we see significant short-term challenges, notably high inflation, and the FX market has yet to stabilize, and the durability of the commitment to reform is to be tested.

The Corporate Affairs Commission (CAC) has granted a significant extension to the registration deadline for Point of Sale (POS) Operators, originally scheduled for July 7, 2024.

The new deadline is now September 5, 2024, providing an additional sixty days.

This decision, announced by CAC management in a statement released on Sunday, aims to accommodate operators who faced technical glitches during the initial registration period.

READ MORE: https://biztellers.com.ng/pos-operators-set-to-challenge-cac-in-court/

According to the CAC’s statement, this extension is particularly beneficial for operators in remote areas who encountered network challenges while attempting to register.

The Commission emphasized the importance of compliance, warning that failure to register by the revised deadline could result in the loss of business privileges and potential legal consequences for non-compliance with regulatory requirements.

The statement reads, “The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales (POS) Operators that the initial deadline of 7th July, 2024 given for the registration of sole Agents, Super Agents and Agents has been extended for a period of sixty days beginning from 7th July, 2024 to the 5th September 2024.

“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses,”

“Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities.” It added

The Nigerian Exchange Group Plc (NGX Group) is pleased to unveil the appointment of Jude Chiemeka as the Chief Executive Officer of the Nigerian Exchange Limited (NGX), its operating exchange subsidiary, effective July 1, 2024.

A statement from the NGX under the signature of its Head, Group Communications and Partnerships, Clifford Akpolo has it that the announcement follows approval from the Securities and Exchange Commission (SEC).

Biztellers reports that since January 1, 2024, Chiemeka has been serving as the acting CEO of NGX, succeeding Temi Popoola, who transitioned to the role of Group Managing Director and Chief Executive Officer of NGX Group.

READ MORE: https://biztellers.com.ng/sec-ngx-group-restate-commitment-to-capital-markets-digital-transformation/

Chiemeka brings close to three decades of experience in African securities trading and asset management to his new role.

His career includes serving as Executive Director of Capital Markets at NGX and MD/CEO at United Capital Securities Limited.

He also worked at leading investment banking firms in Nigeria such as Chapel Hill Denham Securities and Rencap Securities (Nigeria).

A Fellow of the Chartered Institute of Stockbrokers, Chiemeka is an alumnus of the University of Lagos, Lagos Business School, and the University of Oxford, UK.

The Group Chairman, NGX Group, Alh Umaru Kwairanga, stated, ‘‘This strategic appointment aligns perfectly with our succession plan and reinforces the synergy we continuously foster across our group operations. Mr. Chiemeka’s extensive experience and proven leadership qualities are invaluable assets that will propel NGX towards long-term success. Under his leadership, I am confident that NGX will play an even more pivotal role in contributing to the sustainable growth for both Nigeria’s and Africa’s economies”.

On the appointment, Chairman of Nigerian Exchange Limited, Ahonsi Unuigbe, said, “The Board of NGX is pleased to confirm Mr. Chiemeka’s appointment as CEO of The Exchange. It is our hope and expectation that he will drive growth and innovation, enhance our operational perspectives, democratize investment in the capital market, and unlock opportunities for investors’’.

On his part, GMD/CEO, NGX Group, Temi Popoola, noted, “I am delighted to see Mr. Chiemeka step into the role of CEO of NGX. His extensive experience and deep understanding of our markets will be crucial in driving NGX’s growth while aligning with our broader group strategy. I look forward to working closely with him to unlock value and to create new opportunities for stakeholders across the entire NGX Group ecosystem”.

According to Chiemeka, “I am honored to be appointed as CEO of NGX at this critical period of The Exchange’s history and my sincere appreciation goes to the Boards of NGX Group and NGX. As we aim to build on our achievements and maximize value for all stakeholders, I look forward to forging strong collaborations with NGX’s exceptional team and the broader capital market community. We are committed to creating a more dynamic and inclusive exchange that fuels Nigeria’s economic growth and competes on the global stage”.