BDCs: Local Currency Falls Against Dollar in Lagos, Abuja

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 Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

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 Modupe Gbadeyanka The Chairman of DAAR Communications, Mr Raymond Dokpesi, is dead. The media entrepreneur reportedly died on Monday after he suffered from a stroke. It was said that he was admitted to a hospital in Abuja and was being looked after, but he gave up the ghost today. He was aged 71 and was survived by his wives and children. Until his demise, Mr Dokpesi, who hailed from Edo State, was a chief of the opposition political party, the Peoples Democratic Party (PDP). He was also a close ally of the PDP’s presidential candidate in the 2023 general

By Modupe Gbadeyanka If the prayers of a firm known as Greenwich Trust Limited are granted by Justice Saliu Saidu of the Federal High Court sitting in Lagos, then the Group Managing Director of United Bank for Africa (UBA) Plc, Mr Kennedy Uzoka, may have to cool off in prison for a couple of days. This is because the company has asked the court to jail Mr Uzoka and the Legal Adviser of the financial institution, Mr Samuel Adikamkwu, for contempt. The firm claimed the duo have failed to honour a court judgement, which directed the bank to release the

By Adedapo Adesanya The worsening Dollar shortage in Nigeria is beginning to cause panic in the country’s foreign exchange (FX) market, especially in the unregulated segment. This is putting pressure on the Central Bank of Nigeria (CBN) as some observers and stakeholders, including manufacturers and investors, are waiting for the apex bank to quickly look into its forex policies to save the Naira from totally losing its value. On Thursday, September 9, 2021, the Nigerian currency set a new low at the black market after it depreciated against the United States Dollar by N5 or 0.94 per cent to trade

By Adedapo Adesanya Crude prices closed mixed on Friday, December 3 after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could reduce global oil demand. Brent crude gained 21 cents or 0.3 per cent to trade at $69.88 per barrel while on the other hand, the United States West Texas Intermediate (WTI) crude lost 24 cents or 0.36 per cent to sell at $66.26 per barrel. Both benchmarks declined for a sixth week in a row for the first time since November 2018. Oil prices had witnessed one of the most troubled weeks

By Dipo Olowookere The board of Fidelity Bank Plc has been reorganised as the financial institution prepares for life after its current Managing Director, Mr Nnamdi Okonkwo. Mr Okonkwo will retire from the company this week and would be succeeded by the current executive director of the bank in charge of its Lagos and Southwest Directorate, Mrs Nneka Onyeali-Ikpe, from Friday, January 1, 2021. As Mr Okonkwo is handing over to Mrs Onyeali-Ikpe, Fidelity Bank, which wants to meet the targets set for the next phase of its growth trajectory, has shopped for some of the best brains in the

By Modupe Gbadeyanka Lagos State Government at the weekend charged investors in the Lekki Free Trade Zone (LFTZ) corridor to step up their Corporate Social Responsibilities (CSR) to the host communities as that is one of the ways to secure the multi-billion dollars investment in the corridor. The Government said the administration of Governor Akinwunmi Ambode was passionate about the investment in the corridor as it is the future hub of commerce and industry in Africa. Executive Director, Finance and Administration, Lekki Worldwide Investments Limited, Mr Popson Jaiyesimi who spoke at a 3-day workshop on “Communication and Team Skills in

By Modupe Gbadeyanka One of the major challenges faced by West Africa countries is electricity. For year, Nigeria, which is the region’s largest economy, has been unable to provide electricity to its citizens despite having resources to do so. One company that has taken it upon itself to solve the problem is Daystar Power, a leading solar energy firm in West Africa. The company recently partnered with a Swedish investment platform known as Trine to finance solar power systems in West Africa. The partnership opens up investments in Daystar Power’s solar power installations, previously limited to large-scale investors, to the

By Investors Hub The major U.S. index futures are pointing to a higher opening on Thursday, with stocks likely to rebound following the modest pullback seen over the two previous sessions. A report from the Labor Department showing bigger than expected decreases in U.S. import and export prices may add to recent optimism that tame inflation will lead the Federal Reserve to cut interest rates in the near future. After helping to lead the markets lower in the previous sessions, energy stocks may rebound along with the price of crude oil. Crude for July delivery is jumping by more than