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By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya Nigeria’s e-commerce revenue is expected to rise by 477 per cent to $75 billion in 2025 from the current $13 billion per annum, according to a forecast presented by the Federal Ministry of Industry, Trade and Investment. The projection was given by Mrs Evelyn Ngige, Permanent Secretary of the ministry on Tuesday in Abuja at the second national e-commerce roundtable organised by the ministry. Mrs Ngige, while speaking at the event themed e-Commerce in Post COVID-19 Economy, Potential Change in Business Process Outlook and Shifting Domestic and Global Policies on Commodity Trade, pointed out that Nigeria’s e-commerce

By Modupe Gbadeyanka Customers with newly activated smartphones with Airtel SIM cards will be instantly rewarded with double the value of the data bundle purchased (between N500 and N5000) for a 3-month period, the leading telecommunications services provider has promised. Airtel Nigeria said the new value offering is consistent with its positioning as the smartphone network in the country. Under the new plan dubbed Red Data Plan, a customer who inserts his/her Airtel SIM in a newly purchased smartphone and opts for a 3GB data plan will instantly be rewarded with a 6GB data plan. Customers are only required to

By Modupe Gbadeyanka The debut $450 million Eurobond recently issued by Ecobank Transnational Incorporated was oversubscribed by investors, the company has disclosed. The money was raised to assist the Lomé-based parent company of the Ecobank Group to meet its general corporate purposes and to refinance existing Holdco obligations. The Global Offering is a 5-year unsecured note (144A/RegS) listed on the main market of the London Stock Exchange (LSE) and the bond will mature in April 2024. The lender said it issued the notes with a coupon pricing of 9.5 percent with interest payable semi-annually in arrears. On Thursday, Business Post

By Ahmed Rahma Close to 100,000 business owners in the Micro, Small and Medium Scale Enterprises (MSMEs) sector of the economy in Nigeria have received loans worth N150 billion from the Development Bank of Nigeria (DBN). The loan was disbursed to the beneficiaries since the lender commenced operations in 2017, the federal government disclosed, adding that the funds were shared through 27 participating financial institutions. The central government, in a post on Twitter, a social media platform, stated further that about 52 per cent of loans by the bank in 2019 were allocated to businesses owned by youth and women.

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By Dipo Olowookere Secretary-General of the United Nations (UN), Mr Antonio Guterres, has strongly condemned the series of terrorists’ attacks, which occurred in Borno State on Sunday and Monday. A statement issued on Tuesday by spokesman of the UN scribe said Mr Guterres extended his condolences to the people and government of Nigeria for the loss of life. The press statement said the UN reiterates its support to the government of Nigeria in its fight against terrorism and violent extremism. “He wishes a quick recovery to those injured and hopes that those responsible for this act will be swiftly brought

By Modupe Gbadeyanka Nigerian rating agency, Global Credit Ratings (GCR), has affirmed the national scale ratings assigned to Stanbic IBTC Bank PLC of AA-(NG) and A1+(NG) in the long and short term respectively; with the outlook accorded as Stable. A statement issued by GCR last Friday said explained that the ratings were assigned to Stanbic IBTC Bank Plc because the lender has continued to show it can survive any storm. The rating firm noted that Stanbic Bank has maintained a high liquidity profile in FY16, with the regulatory liquidity ratio ranging between 65.5% and 95.5% and averaging 78.9%, well above

By Adedapo Adesanya The National Insurance Commission (NAICOM) has called on the federal government’s Ministries, Departments and Agencies (MDAs) to domesticate and help in the enforcement of compulsory insurance. The Commissioner for Insurance, Mr Sunday Thomas, made this call at the sensitisation workshop in Abuja for insurance desk officers of MDAs on the need to insure federal government assets and liabilities. Mr Thomas noted that it was now become imperative to put in place measures to guide MDAs on procuring adequate insurances for assets under their watch. According to the Commissioner, this follows the provision contained in Section 7 (d)