At Investors’ Window, Naira Appreciates 0.08%

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Dipo Olowookere The Nigerian Exchange (NGX) Limited bounced back to the green territory on Tuesday a day after it dipped as a result of profit-taking. At the market yesterday, Nigerian equities closed higher by 0.11 per cent on the back of gains posted by Honeywell Flour Mills, Dangote Cement, Fidelity Bank and 13 others, enough to neutralise the losses recorded by GTCO, Zenith Bank, Oando and 13 others. In view of this, the All-Share Index (ASI) moved up by 44.96 points to 39,550.36 points from 39,505.40 points, while the market capitalisation went up by N23 billion to N20.606 trillion

By Dipo Olowookere Airports around the world are now placing a higher priority on IT investments for passenger and airport security with 50 percent rating it a high priority, up from 37 percent last year. This is according to the 2016 Airport IT Trends Survey, the extensive annual study of IT trends within the global airport industry co-sponsored by SITA and Airports Council International (ACI), in association with Airline Business. For many airports, the investment focus has shifted to security in the wake of heightened regional tensions, some of which directly target air travel. While investment in passenger processing technology

By Modupe Gbadeyanka Nigerians have been warned by the Federal Government to stop going to Libya because it is very hostile to migrants. This warning comes as the National Emergency Management Agency (NEMA) begins the evacuation of about 2000 Nigerians from the country. Speaking in a statement, Senior Special Assistant to the President on Foreign Affairs and Diaspora, Mrs Abike Dabiri-Erewa, explained that the plea became necessary because of a video and pictures being circulated on the purported killing of black immigrants in Libya. The President’s aide said, “While the authenticity of the pictures and tapes in question cannot be

By Dipo Olowookere The decline in the shares of UAC Nigeria, Geregu Power and eight others weakened the Nigerian Exchange (NGX) Limited on Thursday by 0.02 per cent. The marginal fall recorded by the exchange came despite an improvement in investor sentiment, which was positive yesterday as there were 13 appreciating equities at the close of transactions. However, the fallers impacted the outcome of the bourse significantly. Consequently, they softened the All-Share Index (ASI) by 7.46 per cent to 47,524.38 points from 47,531.84 points as the market capitalisation depreciated by N4 billion to N25.885 trillion from N25.889 trillion. Business Post

By Dipo Olowookere Not less than 48 Computer-Based Test (CBT) centres across the country have been blacklisted by the Joint Admissions and Matriculation Board (JAMB) for organised examination malpractices during the 2017 Unified Tertiary Matriculation Examination (UTME) held last month. Registrar of JAMB, Prof Is-haq Oloyede, told journalists at a press briefing on Wednesday in Abuja that the 48 centres were also involved in extortion. He said the affected centres would not be able to partake in any examination organised by JAMB. “The delisting of 48 centres from participating in the board’s examination in future is as a result of

By Modupe Gbadeyanka A medical doctor, Ms Fejiro Chinye-Nwoko, has been appointed as the General Manager of the Nigeria Solidarity Support Fund (NSSF). The appointment of the accomplished executive with over 10 years of experience in program management has been described as the right step as she will use her experience to meet the goals of the organisation. The Chairman of Global Citizen Nigeria, Mr Tijani Babatunde Folawiyo, in a statement made available to Business Post, said, “We are delighted to welcome Dr Chinye-Nwoko to steer the NSSF towards its goal of vaccinating one million Nigerians.” “Her wealth of knowledge

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange has reiterated its commitment to continue to make stakeholders happy, especially at this period the country and the world are battling with the COVID-19 pandemic. The exchange, in a statement, promised to continue to offer uninterrupted services to the market, adding that it will continue to provide support through its many channels during the period. “While we have complied by temporarily closing our office in line with the Federal Government’s directive, we wish to assure our esteemed stakeholders that our services continue to run uninterrupted and we will continue to provide

By Adedapo Adesanya The Speaker of the House of Representatives, Mr Femi Gbajabiamila, has said that despite rising tensions in the country as the country anticipates the next president, the nation will remain at peace. He made this comment as the lower chamber resumed plenary on Tuesday, saying that the real test of an advanced democracy is the ability to manage grievances without causing fatal damage to the polity. “Nigeria will be at peace because we will work through the law and due process to resolve differences, settle disputes and ensure the peaceful transition of power,” he said. “I am