Brent Hits 3-Year Peak of $81 as OPEC+ Keeps Output Cut

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By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

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By Dipo Olowookere Sustained bargain hunting activity on the floor of the Nigerian Stock Exchange (NSE) pushed the market indices higher by 0.81 percent on Friday. This left investors N97 billion richer as the market wrapped up for what was supposed to be the last trading day before the presidential election. Unfortunately, the electoral umpire, the Independent National Electoral Commission (INEC), in the early hours of Saturday (today), announced the postponement of the polls till next Saturday. The All-Share Index (ASI) appreciated yesterday by 261.51 points to settle at 32,715.20 points, while the market capitalisation increased by N97 billion to

By Dipo Olowookere In a bid to deepen financial inclusion in Nigeria, Clickatell has made it possible for First Bank to launch Chat Banking on WhatsApp. With this development, the lender will unlock the opportunity for millions of new consumers to experience an improved way to initiate day-to-day secure banking activities and digital product purchases from within the chat application. It will also enable First Bank customers to manage their banking needs within their WhatsApp chat with the same efficiency as USSD. Customers can add First Bank’s published WhatsApp phone number or a direct link access the First Bank’s “Verified”

By Adedapo Adesanya President Bola Tinubu, on Saturday in Nairobi, Kenya, called on African leaders to respect democracy, the rule of law and ensure political stability. In his statement at a high-level event organized by the United Nations Development Programme (UNDP) on the margins of the Fifth Mid-Year African Union (AU) Coordination Meeting, the President urged African military institutions and states to recognise and respect the need for democratic renewal. The Nigerian president, who is also the Chairperson of the ECOWAS Authority of Heads of State and Government, said coups d’état should be discouraged in the continent, especially in the

By Modupe Gbadeyanka Reports have it that in order to meet the deadline for new minimum capital requirements requested for by the National Insurance Commission (NAICOM), LASACO Assurance Plc will raise the sum of N11 billion from some strategic investors. NAICOM had in May 2019 asked insurance companies in the country to increase their capital base on or before June 30, 2020 (within 13 months) if they wish to continue to remain in business. For those in the life insurance segment, they were asked to raise their minimum paid-up share capital from N2 billion to N8 billion, while operators in

By Modupe Gbadeyanka Capital Market Operators (CMOs) in Nigeria have been directed by the Securities and Exchange Commission (SEC) to update their registration information with the commission. In a message posted on its website, the capital market regulator in Nigeria explained it was giving this directive “pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007.” SEC noted that the current registration information of all CMOs has been sent to their respective e-mails, to assist them in filling the forms. It advised them to click through the ‘CMOs’ Registration Update Form’ on its portal. “All

By Paul Nyakazeya United Arab Emirates’ (UAE) DP World Limited and its subsidiaries have taken legal action against China for building an international free zone on a terminal being disputed with Djibouti. The lawsuit was filed in the High Court of Hong Kong for unlawfully procuring and inducing the Republic of Djibouti to breach various agreements between the African country and DP World. In the lawsuit, DP World sought damages, interest, and a declaration that China Merchants unlawfully procured and/or induced Djibouti’s breaches of its agreements with DP World. When the contract between DP World Limited and the Republic of

By Adedapo Adesanya Crude oil prices were hit on Tuesday night as expectations of a huge crude oil inventory in the United States pulled prices down as demand worries caused by the coronavirus continued to pressure the market. Brent crude, the global benchmark, dropped $1.18 or 3.57 percent to trade down at $31.87 per barrel. As for the US benchmark, the West Texas Intermediate (WTI) crude, it plunged by $2.45 or 9.4 percent to $23.63 per barrel. The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory build of 11.9 million barrels for the week ending April

By Adedapo Adesanya  The Naira prevented a fourth consecutive depreciation at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, February 6, 2020. For the first time this week, the local currency recorded its first gain against the United States Dollar at the market window, appreciating by 36 kobo or 0.10 percent against the Dollar to trade at N364.17/$1 against N364.53/$1 it traded at the mid-week session. This came despite a rise in the market turnover at the I&E segment during the session as data from FMDQ showed that transactions worth $310.62 million were achieved