Adeosun Bows to Pressure, Resigns as Nigeria’s Finance Minister

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

Forex trading is an exciting and money-making venture, whether you do it as a hobby or a full-time job. In this article, Traders Union (TU) experts will talk about becoming a full-time trader and its advantages and disadvantages. They will also explain how much you can earn. Main steps to become a full-time trader So how to become a full-time trader? There are different options. TU’s analysts will explain each one: Forex prop company Pros: Access to funding: you can get funding from the company to increase your capital. Zero risk: your risk is low because the company provides the

By Dipo Olowookere The Minister of Justice and the Attorney-General of the Federation (AGF), Mr Abubakar Malami, has directive security operatives and others to arrest and prosecute anyone found violating the ban on the use of Twitter in Nigeria. On Friday, the federal government announced the ban on the operations of the micro-blogging platform in the country, claiming the social media website was being used to threaten the corporate existence of the nation. The shutting down of Twitter in Nigeria followed the deletion of a tweet of President Muhammadu Buhari by the platform for violation of one of its rules.

By Dipo Olowookere Saying that the COVID-19 pandemic dealt a huge blow on Nigeria is stating the obvious. The contagion affected almost every facet of the nation’s life, including the economy. The little gains the federal government was making in the area of export of agricultural products to Europe and other parts of the world, including Africa, was almost ruined. Recently, the National Bureau of Statistics (NBS) released figures of the nation’s foreign trades and from the analysis done by Business Post, the value of goods and services exported between July and September 2020 reduced on a year-on-year basis. According

By Aduragbemi Omiyale An accelerator programme designed to boost the development and adoption of digital solutions for the insurance sector has been launched by FSD Africa and Nigeria’s National Insurance Commission (NAICOM). The initiative, BimaLab Accelerator Programme, according to a statement, will support the nation’s vision to meet the rising demand for innovative insurance products This is because it will address gaps in the insurance market by educating, nurturing, and promoting innovators and Insurtech start-ups. The programme will borrow from Kenya’s BimaLab I, BimaLab II and global best practices with a focus on local experience to provide Nigeria with the

By Dipo Olowookere From Thursday, December 15, 2016, the product of the joint rice venture entered between Lagos and Kebbi States earlier this year called LAKE Rice would hit the market. When the rice finally hits the market from next week, it would go for N13,000 per 50kg, the Lagos State government has disclosed. At the Lagos Chamber of Commerce and Industry (LCCI) National Agriculture Stakeholders Summit on Thursday, Special Adviser on Food Security to the Governor, Mr Sanni Okanlawon, explained that government decided to roll out the rice for residents to enjoy the Yuletide celebrations. He said the rice

By Adedapo Adesanya The Italian parliament has voted for the slashing of the number of representatives in both upper and lower houses by 37 percent. This came as the lower house approved a law to reduce the number of Members of Parliament (MPs) from 630 to 400 and Senators from 315 to 200. The reform was a manifesto promise of the populist Five Star Movement, the main party in Italy’s governing coalition, which had pledged the cut noted that the measure would streamline parliament and save an estimated €1 billion in 10 years. It was reported that each MP and

By Dipo Olowookere Last week, treasury bills worth N226.68 billion were sold by the Central Bank of Nigeria (CBN) via the Open Market Operations (OMO) to refinace the matured T-bills worth N226.68 billion. As a result, according to analysts at Cowry Asset, NIBOR for all tenor buckets rose on renewed liquidity strain: NIBOR for overnight, 1 month, 3 months and 6 months tenor buckets rose w-o-w to 3.59% (from 3.38%), 12.05% (from 11.31%), 14.00% (from 12.57%) and 15.84% (from 13.56%) respectively. Elsewhere, NITTY rose for most maturities tracked on renewed sell pressure: yields on the 1 month, 3 months and

By Jerome-Mario Chijioke Utomi Similar to history, which according to historians, is an unending dialogue between the present and the past through a continuous process of interaction between the historian and his facts to assist the anxious enquirer improving the present and future based on a clearer understanding of the mistakes and achievements of the past, the conversion on electricity power supply challenge in the country has like history, become neither unending nor abating. Essentially, the first half of this recurring circle was captured recently in my piece titled FG’s Assurance on Generation of 25,000MW Electricity, as it explains why