At Last, Emefiele Resigns as CBN Governor, Cardoso Takes Over

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

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 Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

Copy trading, a popular trend in Forex, enables traders to mirror the strategies of successful peers and improve their trading outcomes. Modern copy trading platforms provide accessible options for experienced and new traders alike. Traders Union experts explored the top platforms, considering features, usability, costs, and regulations. What is copy trading? Copy trading allows individuals to imitate the trades made by successful investors, known as “Master Traders” or “Signal Providers.” While it can lead to profits, it’s important to be aware that losses can also be replicated. TU experts underline that copiers must monitor the signal providers’ performance. Key participants

A while ago, Business Post reported a story of an explosion at Iju-Ishaga under the Ifako Ijaiye Local Government Area of Lagos State. We have now received more updates on the unfortunate incident, which has caused panic in the area and its environs, including Akute, Fagba and others. It was gathered that the explosion, which precisely occurred at Cele Bus stop, Iju Ishaga on Thursday afternoon, was allegedly caused by a truck conveying gasoline. This was confirmed by the Lagos State Emergency Management Agency (LASEMA) through a situation report of the event signed by Mr Olufemi Oke-Osanyintolu, DG/CEO of the

By Modupe Gbadeyanka Acting President, Mr Yemi Osinbajo, has described Nigeria as the most profitable places in the ECOWAS sub-region for business and investment, stressing that with the large population and size, “Nigeria has a prerequisite market for profitable returns on any investment and business.” Speaking on Monday during a meeting with the Foreign Minister of Indonesia, Mrs Retno Marsudi at the Presidential Villa, Abuja, the Acting President said the success of Indomie, one of the products by an Indonesian company in the Nigerian market, has shown that “there is much room to increase the volume of trade between both

By Adedapo Adesanya Nigeria’s inflation hit a near 17-year high in July as the prices of food and services increased in the month by 19.64 per cent on a year-on-year basis, according to the National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) Report. It was noted in the CPI Report for July 2022 released on Monday that at 19.64 per cent, this was 2.27 percentage points higher than the rate recorded in July 2021, which was 17.38 per cent, making it the highest surge for goods and services since September 2005. This shows that the headline

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.06 per cent appreciation on the back of another positive price movement in the shares of FrieslandCampina WAMCO Nigeria Plc on Tuesday, December 20. FrieslandCampina WAMCO Nigeria Plc, which has been the bellwether stock this month, closed the day as the single price mover after it gained 29 Kobo to close at N66.29 per unit compared with the previous day’s value of N66.00 per unit. The appreciation in this stock boosted the value of the bourse by N560 million yesterday to N931.50 billion from the N930.94 billion that it

By Dipo Olowookere Ogun State Governor, Mr Ibikunle Amosun, has extolled the loyalty of his Deputy, Mrs Yetunde Onanuga, saying her selfless service has contributed immensely to the development of the state. Speaking during the weekly state Executive Council meeting, when cabinet members honoured her on her 57th birthday, the Governor said “history will speak of her selfless service towards engendering development of the state.” Mr Amosun urged other members of the council to emulate her and continue to work towards the greatness and glory of the administration as well as the state. Wife of the Governor, Mrs Olufunso Amosun,

By Modupe Gbadeyanka Residents of Lagos State have been urged to remain calm, but observe extreme caution on the roads as torrential rain persists across the state. A statement issued on Saturday by the state government assured the general public of the heavy deployment of environmental sanitation officers and emergency rescue teams, especially in flood-prone areas of the state. In the statement posted on its official Facebook page, the state government urged “residents to stay indoors, either at home or in their places of work, whenever there is heavy downpour, except when the need to commute becomes necessary.” The state