E-Financial
Capital Market Operators Trek Lazily to FIX Software Upgrade

Stock brokering firms and investment banks in the country are lazily marching to adopt Financial Information Exchange (FIX) protocol software, even as the deadline for the completion has expired, Nigeria Communicationsweek has learnt.
The FIX Protocol is a free, open and non-proprietary messaging standard that was developed in 1992 by Fidelity Investments & Salomon Brothers to facilitate bilateral communications framework for equities trading.
Since its conception, its usage has significantly expanded in response to evolving industry needs and today it is the predominant messaging standard for pre-trade and trade communication globally within the equity markets.
FIX has metamorphosed many times over in a bid to satisfy investor taste complexities. With growing local supports now expanding, the Nigeria space will leapfrog from local support vendors’ investments in FIX to ensure the proposed FIX platforms succeed.
Amos Emmanuel, chief executive officer, Programos Software Limited- a major player in the capital market space, said that the market is already due to commence the use of the FIX OMS technology as some stockbroking firms are already at different certification stages on the process using their recommended infrastructure.
“Virtually every major stock exchange and investment bank uses FIX for electronic trading, as do the world’s largest mutual funds and money Managers and thousands of smaller investment firms. Leading futures exchanges offer FIX connections and major bond dealers either have or are implementing them.”
He added that: “Though challenges ranging from power, infrastructure, regulatory may impede smooth take off, many organizations have complied by acquiring the required software and communication technologies adequate for the FIX implementation. The good signs include that investor confidence will return to most implementing turbulent markets who may have previously experienced painful recessions, and that market transparency will improved tremendously.”
“The bad signs are that it may take players more time to tinker most efficient ways to optimize the benefits of the FIX Protocol for the advancement of the economic developments in line with the overall post-2015 sustainable development goals (SDGs); and that fresh government policies will cause a shift in the intense interest of operators to adopt the beautiful global technological introductions of the Fix Trading Community not-for-profit organization
Yele Okeremi, chief executive officer, Precise Financial Systems, said that the mandate to adopt the global standard of FIX protocol is a step in the right direction as it will allow indigenous software providers in the capital market to compete with foreign providers and as well give the local operators more opportunity to play on a global level.
He however, cautioned against some stock broking firm using the mandate to show preference for foreign software against the local ones. He noted that it is security risk to allow foreigners control the country financial data now that they have taken control of our national data in the National Identity card scheme.
The software expert, urged capital market software providers to be intelligent and scale up their product to meet the adopted FIX protocol in order to consolidate their dominance in the capital market space.
Nigeria CommunicationsWeek investigations also revealed that Security and Exchange Commission’s (SEC) mandate to stock broking firms to recapitalize to the tune of N300million by the end of December this year has also affected the effort of broking firms to upgrade to FIX protocol.
E-Financial
Naira Gains Strength, Hits N1,600/$ in Parallel Market

The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
E-Financial
CBN Spending on Naira Printing, Distribution up by 306 Percent

Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
E-Financial
PalmPay Reaffirms Commitment to Advancing Contactless Payments

PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
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