Temi Popoola, Group CEO, Nigerian Exchange Group Plc (NGX Group) reiterated the transformative potential of Africa’s capital markets at the launch of the Ethiopian Securities Exchange (ESX).

Speaking at the event, according to a statement from NGX. Popoola emphasised the need for stronger regional collaboration, government-private sector synergy, and innovative market solutions to unlock the continent’s economic potential.

NGX Group’s strategic investment in ESX underscores its leadership in advancing Africa’s capital market infrastructure. “The launch of ESX represents a pivotal moment for Ethiopia and the broader African financial landscape,” Popoola stated.

“ESX will serve as a crucial mechanism for capital formation and market liquidity, driving sustainable economic growth.”

Expounding on NGX Group’s investment rationale, Popoola highlighted Ethiopia’s immense market potential and the shared vision of fostering economic growth through innovation. “Our partnership transcends traditional investment parameters,” he explained.

“It is about ensuring that ESX evolves into a key player in Africa’s financial ecosystem, enabling cross-border investments and setting benchmarks for market development.”

Popoola also drew parallels with global success stories like India, which has leveraged its capital markets to achieve significant economic transformation. He emphasized the importance of responsible market opening to attract local and continental capital. “By following this path, Ethiopia can become a financial hub in Africa,” he remarked.

Prime Minister Abiy Ahmed lauded the launch of ESX as a transformative milestone in the country’s journey toward economic modernization.

“Today, we have officially rung the bell to launch the Ethiopian Securities Exchange, our nation’s first stock exchange,” the Prime Minister announced on X. “This is a call to global investors: Ethiopia offers immense potential, a fast-growing economy, and a clear trajectory toward shared prosperity.”

Tilahun Esmael Kassahun, CEO of the Ethiopian Securities Exchange, expressed confidence in the partnership with NGX Group. “We are pleased to welcome NGX Group as a strategic partner, building upon the existing support we continue to receive from them,” he said. Kassahun also emphasized the value of NGX Group’s expertise in shaping ESX’s growth and success.

Drawing from NGX Group’s six decades of experience, Popoola shared insights on diversifying financial instruments and expanding access to investment opportunities. “With the right mix of innovation, policy support, and regional collaboration, Ethiopia’s capital market can play a transformative role in driving economic development and establish itself as a leader in Africa’s financial ecosystem,” he concluded.

With the ESX poised to redefine Ethiopia’s financial landscape, NGX Group’s involvement highlights the critical role of partnerships and shared expertise in advancing Africa’s economic narrative.

Value of   eNaira, the digital currency of the Central Bank of Nigeria, CBN rose by 78.8 percent year-on-year (YoY) to N18.32 billion in the first ten months of 2024 (Q3’24) from N11.66 billion in the corresponding period of 2023.

Analysis of data from the Central Bank of Nigeria (CBN), Monthly Economic reports for the review period showed that the value of eNaira was stable in Q1’24 at N13.98 billion in 2024 from the previous quarter Q4’23.

The value grew by 31 percent YoY to N18.38 billion in Q2’24 but fell by 0.16 percent to N18.35 billion in Q3’24.

However, Month-on-Month, MoM,    the value of eNaira fell   by 0.16 percent to N18.32 billion in October.

Introduced by the Central Bank of Nigeria, CBN in October 2021 the eNaira is the digital form of the Naira and used just like the paper money (cash).   The eNaira wallet is a digital storage that holds the eNaira. The eNaira wallet is required to access, hold and use eNaira.

According to the CBN, the eNaira was designed to deepen financial inclusion by bringing more people into the financial space, support a resilient payment ecosystem, reduce the cost of processing cash, enable welfare intervention to citizens, increase transparency in revenue and tax collections, facilitate Diaspora remittances, reduce the cost of financial transactions and improve the efficiency of payments.

Recently, the Governor of CBN, Olayemi Cardoso revealed the apex bank’s Payment System Vision 2025 disclosed that   a comprehensive review of the eNaira implementation    would be made to    enable broad and positive economic impact.

Speaking at the 59th Annual Bankers   Dinner   of the Chartered Institute of Bankers of Nigeria, CIBN, Cardoso said, “To further enhance confidence in the payment system, our Payment System Vision 2025 initiative will drive initiatives to encourage quick and affordable cross border payment, a critical step toward unlocking trade , investment and economic growth. “Additionally, the eNaira, our CBDC, holds significant growth potential.

“We will therefore undertake a comprehensive review of its implementation to optimize broad and positive economic impact.”

Central Bank of Nigeria (CBN) has sanctioned nine deposit money banks (DMBs) for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.

The banks have been fined a total of N1.35 billion for their non-compliance.

Each of the banks received a fine of N150 million.

The affected banks are Fidelity Bank, First Bank, Keystone Bank, Union Bank, and Globus Bank.

Others include Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.

A press release issued on Tuesday by Mrs Hakama Sidi Ali, acting director of Corporate Communications at the CBN, said, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.

“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”