Brent, WTI Point Downward Despite Drop in Crude Stockpiles

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

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

Welcome to the fascinating world of cryptocurrency wallets, where technology is always developing and innovating. Blockchain technology and cryptocurrencies have revolutionized how we see and utilize money over the last ten years. Cryptocurrency wallets have been crucial in this transition, giving consumers the means to safely access, control, and use their digital assets. Let’s explore the exciting developments and trends that are predicted to completely alter the landscape of crypto wallets as we look to the future. Key Takeaways The environment of cryptocurrency wallets is changing quickly as a result of new trends and technologies. Future crypto wallets will prioritize

By Modupe Gbadeyanka The latest findings from the Africa Trade Barometer Report 2022 have indicated that the macroeconomic stability in Nigeria has improved significantly, and business confidence has been boosted, with several small businesses growing through prudent fiscal and monetary policies. This report was released by Stanbic IBTC Holdings, a member of Standard Bank Group, and it assessed key economic indicators in Africa, highlighting several noteworthy developments across 10 African countries. According to the survey, Nigeria is placed eighth out of the 10 countries on the Africa Trade Barometer (ATB) after dropping one position (sixth to seventh place) on the

By Modupe Gbadeyanka The 41 items restricted by the Central Bank of Nigeria (CBN) from accessing foreign exchange (forex) will not have the opportunity of benefitting from the historic $2.5 billion bilateral currency swap agreement between Nigeria and China, the apex bank has disclosed. Spokesman of the central bank, Mr Isaac Okorafor, made this clarification in an interview with newsmen in Abuja on Sunday. In 2015, the apex bank gave a directive stopping the importation of some goods because they were local substitutes for them. The policy was to stop importers of the items from buying foreign currency from the

By Dipo Olowookere The maritime boundary dispute between Ghana and Cote d’Ivoire has been won by the former after the ruling by a Special Chamber of the International Tribunal for the Law of the Sea (ITLOS). The tribunal adopted the boundary line claimed by Ghana, rejecting the one proposed by Côte d’Ivoire. Ghana was represented by a team of international lawyers led by Professor Philippe Sands Q.C. of Matrix Chambers (London) and Paul Reichler of Foley Hoag LLP (Washington). The case was widely followed because of the abundant oil and gas resources in the Gulf of Guinea off the southern

By Modupe Gbadeyanka Linkage Assurance Plc has received the approval to file its 2016 financial statements unfailingly on or before June 29, 2017. The company had earlier failed to meet up with the filing deadline of March 31, 2017, and consequently wrote to the Nigerian Stock Exchange (NSE) for a 30-day extension to April 30, 2017 to meet up, which was eventually granted. However, the firm could not meet up with this deadline again and quickly ran to the NSE for another 60-day grace, which has now been granted. In a statement, Linkage Assurance Plc explained that the delay was

By Adedapo Adesanya MTN Nigerian Communications Plc has announced that its fintech subsidiary, MoMo PSB Limited, has formally commenced commercial operations in the country. In a notice on Thursday at the Nigerian Exchange, MTN said the development followed a successful pilot initiated on May 16, 2022, in commemoration of the launch of its GSM operations on May 16, 2001, and listing by introduction on the Nigerian Exchange Limited on May 16, 2019. “Indeed, this is a key milestone in delivering the company’s Ambition 2025 strategic priorities,” the notice said. The company said with an expansive agent network of over 166,000

By Modupe Gbadeyanka Transactions on the floor of the Nigerian Stock Exchange (NSE) returned to the green zone on Thursday after Wednesday’s scare. Business Post reports that bargain hunting embarked upon by investors buoyed the gains recorded today by 0.26 percent, pushing the year-to-date return forward to 16.26 percent. When market activities on the NSE closed on Thursday, the market capitalisation went up by N59 billion to settle at N15.955 trillion, while the All-Share Index (ASI) increased by 116.53 points to finish at 44,460.18 points. However, the market breadth closed negative today with 22 price gainers and 34 price losers.

By Adedapo Adesanya A surge in the demand for foreign exchange (FX) at the Investors and Exporters (I&E) window on Wednesday weakened the Naira against the US Dollar. Business Post gathered that the Naira lost N1 or 0.24 per cent to sell at N412/41 in contrast to N411/$1 it traded on Tuesday. As earlier stated, this development was heightened by a rise in the FX turnover at the market segment yesterday as the value of transactions rose by $102.73 million or 132.6 per cent to $180.19 million from $77.46 million of the preceding session. Investors approached the market at the

By Modupe Gbadeyanka President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, has explained the reason behind difference in the exchange rate of Dollar to the Naira in Abuja and Lagos. As at the close of trading activities on the parallel foreign exchange market in Lagos, the Dollar was exchanged at N400, while it was traded at N385 in Abuja. Explaining the reason for the difference, Mr Gwadabe said it is mainly because of the size of the two markets. According to him, the Lagos market is very big and it is where most