Bank Stocks Drive N37bn Gain at Local Bourse Friday

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 Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

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 The Open Forum on Agricultural Biotechnology (OFAB), a biotechnology informative platform, has advised the federal government to position itself to achieve $638 million through cowpea export in six years. This came as the platform called for the adoption of Biotech treatment for cowpea production and export by the federal government. Mrs Rose Gidado, OFAB Country Coordinator said the figure was based on a study conducted by Programme for Biosafety Systems (PBS) and International Food Policy Research Institute (IFPRI), under Biosafety and Biotechnology Rapid Assessment and Policy Project (BioRAPP). Mrs Gidado said that the adoption of Pod-borer Resistant

By Zohra Yermeche The COVID-19 crisis and the impact, which it has had on learning across the world, has highlighted many of the digital disparities which exist in today’s world. At a time when many of the world’s students shifted from physical to digital, we were also faced with the hard truth that today there are still 3.6 billion people in the world who are unconnected. For students in the connected half of the world, the story is much different. While 1.2 billion children were affected by school closures across much of the world, our recent Consumer COVID-19 report found that students were able

By Dipo Olowookere The Central Bank of Nigeria (CBN) has announced changes to the dates for maturity of the bills it sells to market participants via the Open Market Operations (OMO). Business Post reports that the CBN regularly auctions the debt instrument to investors as part of its function to monitor the level of cash in the financial system as well as curb inflation. When these bills are sold, they are usually redeemed or paid back to subscribers on Thursdays, but the apex bank has changed dates for payment of the OMO bills at their full cycle. At the market

By Adedapo Adesanya After three days of wallowing in the danger zone this week, the NASD Over-the-Counter (OTC) Securities Exchange recorded its first growth on Thursday. This was mainly boosted by the positive performance put up by one of the market’s bellwethers, FrieslandCampina WAMCO Nigeria Plc. As the session came to a close, the NASD Unlisted Securities Index (NSI) rose by 0.97 percent or 6.63 points to finish at 689.69 points compared with 683.06 points it finished on Wednesday. In addition, the market capitalisation equally appreciated by 0.97 percent or N4.85 billion to settle at N506.62 billion in contrast to

By Dipo Olowookere The local stock market marginally closed in the green territory on Tuesday despite the awful performances of some large cap equities. The Nigerian Stock Exchange (NSE) closed 0.09 percent higher yesterday to consolidate gains recorded in the previous session. Market heavyweights like Dangote Cement, Zenith Bank, Nestle and other posted losses on Tuesday, but despite this development, the Nigerian bourse remained positive. Business Post observed that apart from the consumer goods index, which declined by 0.71 percent, every other sector finished on a high note. The banking index rose by 0.21 percent, the industrial goods by 0.22

By Dipo Olowookere The management of the Nigerian Stock Exchange (NSE) has said it did not list the Lagos State Government’s N4.85 Billion, 15.75% Series 1, Tranche B, Environmental Note (Municipality Note) on its trading platform. It was reported that the N4.85 billion bond issued under a N50 billion Medium Term Note Programme by Municipality Waste Management Contractors Limited, a privately owned company promoted by Visionscape Sanitations Solutions Limited, was not paid to subscribers on the due date of March 5, 2019. Worried that the issue may dampen investors’ confidence in the Nigerian capital market, the NSE released a statement

By Adedapo Adesanya The Naira closed weaker against the greenback in the Investors and Exporters (I&E) window of the foreign exchange market on Friday, July 28, as liquidity issues continued to affect supply. During the last trading day of the week, it lost 0.93 per cent or N7.16 against the United States currency to quote at N775.76/$1 versus the N768.60/$1 it was traded on Thursday. The local currency performed badly in the official market yesterday as a result of the inability of FX traders to meet the demand of their customers, affecting the turnover posted at the close of business.