Binance Woos African Blockchain Developers with $30,000

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya The Naira suffered a loss of 25 kobo or 0.06 per cent against the US Dollar at the Investors and Exporters (I&E) segment of the foreign market (forex) on Friday as Nigeria continues to battle an FX supply crunch. At the official exchange platform, the Naira was traded at N419.75/$1 in contrast to the N419.50/$1 it was traded on Thursday despite a significant decline in the forex trades. According to the FMDQ Securities Exchange, the value of transactions at the forex window was $185.85 million in contrast to the $760.2 million recorded a day earlier, implying that

By Aduragbemi Omiyale The Lagos State House of Assembly has passed the 2023 appropriation bill presented by Governor Babajide Sanwo-Olu about six weeks ago. In October, Mr Sanwo-Olu presented to the parliament a budget of N1.693 trillion, but the lawmakers have increased the size of the fiscal spending by N75 billion to N1.768 trillion. At the plenary on Monday, the Speaker of the House, Mr Mudashiru Obasa, said he was impressed with the swiftness with which the committee completed its task for the quick passage of the 2023 budget. He said the passion with which the lawmakers processed the bill

By Modupe Gbadeyanka The Association of Bureaux De Change Operators of Nigeria (ABCON) and the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) have been urged to provide prompt information on illicit deposits as the Central Bank of Nigeria (CBN) tries to control the volume of cash in the financial system. Last Wednesday, the CBN Governor, Mr Godwin Emefiele, said the bank would redesign the higher banknotes; N200, N500, and N1,000 to curb the red-hot inflation and counterfeiting. He said from December 15, 2022, the new notes would be introduced and by January 31, 2023, the old note

By Rahma Ahmed The National Cashew Association of Nigeria (NCAN) on Monday revealed that the country produces 120,000 tonnes of cashew annually. This was stated by the National President of the association, Mr Ojo Ajanaku, at a workshop on cashew apple processing held in Auchi, Edo State. Mr Ajanaku said, “Nigeria is the 6th largest producer of cashew in the world with an annual production of about 120,000 tonnes and a total annual trade worth of N24 billion.” “We are glad to witness the prosperity of cashew farmers in Nigeria. “This shows that NCAN is working and in collaboration with

By Meristem Research Given the MPC’s decision to maintain all policy variables (MPR: 14.00%, CRR: 25.00%, Liquidity Ratio: 30.00%, and Asymmetric Corridor: +200/-500bps), it is expected that the renewed investor confidence witnessed in the market will be sustained in the near term. In the coming week, we envisage buy pressures on large cap stocks which shed some value last week, especially in the consumer goods sector, to drive market performance. Investors are also expected to take positions in stocks with strong fundamentals as we await the commencement of the third quarter earnings season. We therefore expect the market to close

By Aduragbemi Omiyale A portable water disinfection system known as REINLIGHT has been developed by three students of Bayero University, Kano and their invention has won them a third place at the Ericsson Innovation Awards (EIA) 2022. The students entered the competition under the name Team Schrodinger Energy. Their innovation fetched them €5,000 and mentorship opportunities. The judges selected the team because their product aims to reduce numerous health risks associated with water and works in areas lacking electricity. “We are thrilled to have been awarded third place in the Ericsson Innovation Awards 2022. The support and mentorship we received

By Adedapo Adesanya Late on Sunday, 12 teams confirmed they intend to join the European Super League as founders. The Premier League’s Big Six; Arsenal, Chelsea, Liverpool, Man City, Manchester United and Tottenham and will be joined by Spanish giants Real Madrid, Barcelona, and Atletico Madrid, with Italian heavyweights, Juventus, Inter Milan and AC Milan, will all found the new competition. The new format has been put forward as a rival to the UEFA Champions League, not as a replacement to domestic leagues, but there are fears it could have wider ramifications. Criticisms The Union of European Football Association (UEFA),

By Dipo Olowookere Buying interest in some banking and industrial goods equities contributed to the marginal 0.05 per cent growth recorded at the Nigerian Stock Exchange (NSE) on Monday. Business Post observed that investors picked a keen interest in GTBank and Zenith Bank stocks at the bourse yesterday as their qualification dates for interim dividend payment draw closer. Also, shares of Dangote Cement and Lafarge Africa caught the attention of bargain hunters during the day and activities around them supported the upward movement. At the close of transactions, only the industrial goods and banking sectors closed in the green territory