47% of Nigerians Use Crypto—Survey

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Modupe Gbadeyanka Foremost indigenous management consulting firm, Phillips Consulting, has undergone a change to serve its clients better and effectively. At the October edition of the Nigeria South Africa Chambers of Commerce breakfast meeting at Eko Hotel & Suites, Victoria Island, Lagos on Wednesday, the company unveiled its new brand identity. Also, chairman of the Phillips Consulting group, Mr Foluso Phillips, presented to the business community the new Managing Director of the firm, Mr Robert Taiwo, who has been overseeing its affairs since the beginning of the year. Speaking on the change of logo by the firm, Mr Taiwo

By Dipo Olowookere The price of the Brent crude oil fell below $60 per barrel on Friday at the international market, Business Post is reporting. As at the time of filing this report, the price of the commodity was trading at $59.19 to a barrel, declining by 5.45 percent. This is already giving observers in Nigeria something to worry about because crude oil is the main export of the county, Africa’s largest economy. Business Post reports that in the 2018 budget, the crude oil benchmark was set at $51 per barrel and with the recent decline; the Nigerian government will

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the green zone on Tuesday, October 31 after it closed higher by 1.22 per cent. This was a result of the N49.70 growth posted by Aradel Holdings Plc, closing at N649.70 per unit compared with the preceding day’s N600.00 per unit, and the N1.40 surge in the price of FrieslandCampina Wamco Nigeria Plc, finishing at N76.44 per share versus Monday’s closing price of N75.04 per share. Consequently, the value of the unlisted securities market increased by N13.53 billion to N1.126 trillion from the N1.113 trillion it quoted in the

By Dipo Olowookere The persistent squeeze in foreign exchange (FX) liquidity in Nigeria has further battered the value of the Naira against the United States Dollar in the black market. The exchange rate of the Naira to the Dollar crashed to N750/$1 on Friday noon, according to data obtained by Business Post from forex traders on the streets of Lagos. “We have not been able to get Dollars from the various sources, which is putting pressure on the Naira. The few with us are being rationed,” a forex trader in the Alimosho area of Lagos State, Mr Abdulahi Musa, told

By Adedapo Adesanya Crude oil prices appreciated on Wednesday night after dropping earlier in the day following the United States’ call to the Organisation of the Petroleum Exporting Countries and allies (OPEC+) to increase supply to support the global recovery from the pandemic. This action lifted the Brent crude by 96 cents or 1.33 per cent to $71.57 per barrel and pushed the West Texas Intermediate (WTI) higher by $1.07 or 1.57 per cent to $69.36 per barrel. The White House on Wednesday called on the oil-producing allies to boost production in an effort to combat climbing fuel prices, amid

By Modupe Gbadeyanka A British-Nigerian company known as Quikfix Nigeria Limited has signed a deal with the Edo State government through 1st Man Global to carry out pothole repairs for the next 5 years using its technologically-advanced Instant Road Repair, the world’s leading highway repair product. Instant Road Repair, currently used in over 40 countries worldwide, is ideal for the Nigerian climate, being uniquely capable of application all year round and in all weather. The product provides a once-only permanent repair in minutes which can be driven-over immediately with minimal impact upon traffic flows. Quikfix Nigeria provides a 5-year guarantee

By Dipo Olowookere Managing Director of Jaiz Bank Plc, Mr Hassan Usman, has disclosed that the non-interest lender plans to have at least 40 branches across Nigeria before the end of 2018. Mr Usman disclosed that the bank had commenced a five-year strategic plan to enable it provide better services to its customers. This, he noted, had increased its visibility in Lagos by opening more branches, adding that this would be extended to other regions of the country. “We are having a balance sheet size that is growing by 20 percent year-on-year and our branch network has increased from 27

By Modupe Gbadeyanka The three refineries of the Nigerian National Petroleum Corporation (NNPC) have resumed the production of Automotive Gas Oil (AGO) and Dual Purpose Kerosene (DPK), otherwise known as diesel and kerosene respectively. This move, Business Post gathered, was taken due to the recent scarcity of kerosene, which subsequently caused the price to jerk up, going as high as N500 per litre in some parts of the country against the official N83 per litre. In order to bring succour to consumers, NNPC said its three refineries in Kaduna, Port Harcourt and Warri have resumed production of the commodities. The