E-Financial
NGX, SEC Strengthen Alliance to Enhance Market Development

The Nigerian Exchange Limited (NGX) has deepened its collaboration with the Securities and Exchange Commission (SEC) to undertake innovative initiatives that will drive the development of the Nigerian capital market.
Flowing from a shared mandate to deepen liquidity in the market, increase domestic and foreign participation, and position the Nigerian capital market for global relevance, NGX, SEC and other capital market stakeholders held a strategic meeting in Abuja yesterday to discuss viable initiatives to further develop the market.
Speaking at the meeting, Mr. Temi Popoola, the Chief Executive Officer, NGX, expressed gratitude to The Commission for its unwavering support of the market under the leadership of Mr. Yuguda. He stated, “If you look at the trajectory of the market over the past year, there has been significant increase in market interactions with issuers, intermediaries and operators like NGX.
It is not lost on us how much investment this takes and we have seen results from these engagements. It is our hope that this session will bring to bear opportunities for further development particularly in the areas of technology, digitization of our markets, attracting listings, collaborating across the ecosystem and product origination.”
On his part, Mr. Lamido Yuguda, the Director-General, SEC, in a statement noted: “The past two years have been challenging for the Nigerian capital market, which is largely a reflection of pandemic-related challenges in global markets.
However, NGX has continued to deploy capable resources to tackle elements militating against the market’s growth including Smart Surveillance System and X-Mobile App for retail trading; upgrading of the X-Issuer Platform to further enhance market integrity; and electronic offer platforms.
It can however be agreed that the efforts made and gains achieved in this regard are as a result of the collective efforts of various stakeholders in the capital market, including The Commission and NGX.
“Consequently, as the apex regulator, the SEC will continue to support all efforts aimed at making our markets fairer, more efficient and more transparent, particularly in the areas of regulation and technology.”
Evidently, NGX continues to implement on its strategic objectives to democratize finance in Nigeria and create a market that is attractive for issuers, intermediaries and investors alike. In light of engagements such as the NGX TechNovation Conference and the NGX Capital Markets Conference, and the most recently held meeting with the SEC, The Exchange appears to have exciting plans for the market and stakeholders are eager to see traction in the new year.
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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