IN line with its mandate to promote price discovery and transparency in the Nigerian financial markets, FMDQ OTC Securities Exchange has revised the methodology of the daily market Spot Foreign Exchange, FX, closing rate to reflect the last executed trade on the designated FX Trading System at 2:00 PM.

INVESTORS woes worsened last week following dismal performance sustained across all sectors on the Nigerian Stock Exchange, NSE, leading to a loss of N218 billion at the close of activity in the week.

ECOBANK Nigeria has embarked on sensitization exercise of mass and conventional markets of its innovative global digital payment system, MasterPass QR, which was launched in Lagos recently. The Ecobank MasterPass QR allows people to pay for services using mobile phones. It also enables micro, small and medium enterprises (MSMEs) to receive digital payments from millions of their customers.

OPERATORS and analysts in the financial market have warned the Federal Government against discouraging foreign investment in the country following the continuous drop in Foreign Portfolio Investment, FPI, which fell to N24.41 billion in the month of September this year.

Ans: It is not appropriate in the first place for CBN to either define the exchange rate or to determine what rates are applicable in the market. The wide disparity between official and parallel market rates is the result of CBN’s reluctance to relinquish its oppressive monopoly on the foreign exchange market. Invariably, monopolists will distort market prices in any sector.