Anambra Grows Monthly IGR to N1.5b from N500m

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Dipo Olowookere Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

The 2023/24 club football season promises to produce another ten months of thrilling football action around Europe. The top football players and coaches will entertain the fans with their techniques, skills, and tactical acumen in their pursuit of silverware across different competitions. The new season rave will see football fans eager to watch all the action and share in the joy of victory of their favourite clubs. As we usher in the new football season, here are some interesting facts to know before the action starts: Full-blown football fest on DStv and GOtv: MultiChoice is making the season a special

By Modupe Gbadeyanka An International Monetary Fund (IMF) team has concluded a visit to The Gambia from February 16-22, 2017, where discussions with the new government, which came into office in early 2017, were held. The IMF team was led by Mr Ulrich Jacoby, who expressed his gratitude to the Gambian authorities for their “openness, cooperation and hospitality.” According to the team, “Discussions centred around economic developments and the economic outlook for The Gambia, economic challenges, and the government’s policies and reform priorities going forward.” It was also noted that “discussions will be held during a visit planned for early

By Victor Irechukwu Waving your hand to pay after shopping at a store or simply placing your mobile phone on the checkout counter could seem strange – at least to a number of people in Nigeria. But it is possible and, in fact, already standard practice in some countries. This and other cashless methods can also be possible in Nigeria if the right technologies are adopted. After all, some people already use tollgates where courtesy of something called an e-tag, they are let through without waiting to pay every time. It is a form of cashless technology too. Global cashless

By Adedapo Adesanya The foreign reserves of Nigeria received a boost of $200 million on Tuesday after a Commercial Court in England ordered the release of the guarantee put in place as security in respect of the execution of the much-discredited $10 billion arbitral claims between the country and Process and Industrial Developments (P&ID). The Central Bank of Nigeria (CBN), in an announcement today, said the country has received the money, which is expected to increase the FX reserves. As at the time of filing this report, Business Post gathered that Nigeria’s external reserves stood at $35.7 billion and with

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange slumped by 0.42 per cent on Tuesday, October 11, as Central Securities Clearing System (CSCS) Plc closed the first trading session after the Id el Maulud holiday bearish. CSCS Plc went down by 80 Kobo or 5.7 per cent to settle at N13.20 per share in contrast to N14.00 per share of the preceding session. As a result, NASD investors lost N4 billion at the close of transactions yesterday as the market capitalisation of the bourse finished at N954.33 billion compared with last Friday’s value of N958.33 billion. In the same

By Modupe Gbadeyanka For the first time since the onset of the Boko Haram crisis, hunger has considerably declined in north eastern Nigeria. In the three states ravaged by the violence, the number of people facing acute hunger has halved since June-August – from 5.2 million to 2.6 million people – according to the latest Cadre Harmonisé food security analysis. This is a major step forward thanks to an overall improved security situation, and the scaling-up of humanitarian and longer-term livelihoods assistance by the government and its partners. The report warns, however, that without sustained and timely assistance, all good

By Abdullahi Dambe More facts seem to be emerging concerning the recent controversy over the National Arts Theatre, Lagos. My findings reveal that while it is true that the Central Bank of Nigeria (CBN) is championing a policy to support the creative industries via its Creative Industries Financing Scheme, and in furtherance of that, is working with the Bankers Committee to explore the development of creative hubs and zones in various parts of the country. However, unbeknown to the CBN Governor, Mr Godwin Emefiele, there is an on-going transaction for the concession of the National Arts Theatre and its surrounding

By Adeniyi Ogunfowoke It is January and this is the time to start saving early for your next vacation if you are a travel freak. Maybe you have a dream destination, but you can’t quite save up enough for travel costs. Or maybe you can get yourself there, but you’d have to live on bread and water for the entire trip. If your vacation expenses are just out of reach, a few adjustments can help you put aside more cash and reach your goal. Jumia’s hotel & flight marketplace, shares ways to start saving early for your upcoming vacation. Figure out how much money