Brent Trades $85 as US Lifts Travel Restrictions

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

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 Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Dipo Olowookere Thirteen Primary Dealers/Market Makers have been licenced by the Debt Management Office (DMO) for the Federal Government of Nigeria (FGN) Bonds. A circular released by the debt office disclosed that the 13 companies were given the licence with effect from August 1, 2018. According to the list, the 13 companies ate Access Bank Plc, Citibank Nigeria Ltd, Coronation Merchant Bank Ltd, Ecobank Nigeria Ltd, FBNQuest Merchant Bank Ltd, First Bank of Nigeria Ltd, First City Monument Bank (FCMB) Plc, FSDH Merchant Bank Ltd, Guaranty Trust Bank (GTBank) Plc, Stanbic IBTC Bank Plc, Standard Chartered Bank Nigeria Ltd,

By Adedapo Adesanya Brent crude fell below $100 per barrel on Wednesday as the Organisation of the Petroleum Exporting Countries and allies (OPEC+) said it would raise its oil output target by 100,000 barrels per day and crude stockpiles jumped in the United States. This lowered the price of the international crude benchmark by $3.76 or 3.7 per cent to $96.78 per barrel and weakened the US West Texas Intermediate (WTI) crude futures by $3.76 or 4 per cent to $90.66 per barrel. OPEC+ on Wednesday said it will add only 100,000 barrels a day of oil in September, giving

By Adedapo Adesanya A grade of crude oil, Brent, rose above $79 a barrel on Friday, supported by tight supplies due to supply curbs ahead of the meeting of the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on Monday. The global crude benchmark appreciated by 1.07 per cent or 85 cents yesterday to sell at $79.15 per barrel, while the US grade, West Texas Intermediate (WTI), moved up by 0.93 per cent or 70 cents to trade at $75.73 per barrel. The group is slowly unwinding record output cuts made last year, although sources say it is considering

By Ahmed Rahma Following the blockade of food items from the northern part of Nigeria to its southern counterpart, the price of onions has crashed in one of Nigeria’s biggest cities, Kano State on Wednesday, The Cable is reporting. Sellers of the food item lamented about the significant decline in the price as a bag of onions, which used to be sold at N35,000, was now selling for N7,000 and there are only fewer buyers in the city. Recently, the Amalgamated Union of Food and Cattle Dealers of Nigeria (AUFCDN) demanded the payment of N4.7 billion as compensation to them

Quantitative Financial Analytics Trading volume in Nigerian Currency Futures Market recorded the highest daily trading volume on Monday, February 20, 2017 with 104.32 contracts changing hands by the end of the day. That is the highest daily trading since 2017. Trading in the currency futures market has been relatively dull in February until Monday. Before yesterday’s trading surge, only 90.23 contracts were traded for the entire month of February, an 8.2 daily average volume. The surge was led by NGUS JAN 31 2018 which recorded 90.74 contracts, the highest daily trade on that contract since it was introduced as a

By Investors Hub The major U.S. index futures are currently pointing to a higher opening on Friday, with stocks likely to extend the strong upward move seen over the two previous sessions. The futures remained positive even though a closely watched Labor Department report showing employment in the U.S. increased by less than expected in the month of August. The report said non-farm payroll employment rose by 130,000 jobs in August after climbing by a downwardly revised 159,000 jobs in July. Economists had expected employment to increase by about 158,000 jobs. Despite the weaker than expected jobs data, the markets

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O) as part of measures to reduce disputes in real estate related transactions and generate more revenue. This was disclosed in a press statement issued by the FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, in Abuja on Thursday. He explained that the new policy was necessary so as to give the instruments the legal backing required and make them legally binding on all parties involved in such transactions. Mr Ahmad asked