BUA Cement, Lafarge, Others Shrink Stock Market by 0.75%

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

Traders Union (TU) recently took an interest in ChatGPT, a chatbot by OpenAI. Think of ChatGPT as a super-smart robot friend who loves to chat about almost anything! It’s famous for giving detailed answers to loads of questions. But, like every friend, it might get things wrong sometimes. There’s a free version everyone can chat with, and a fancier version called ChatGPT Plus for those who want more. Some even call it the “ChatGPT trading bot” because of its extensive knowledge about trading. ChatGPT’s trading capabilities Without a doubt, ChatGPT has carved a niche for itself in the automated trading

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Dipo Olowookere It was a very bad day for the Nigerian currency at the parallel segment of the foreign exchange market yesterday. The Naira suffered a total loss of N10 against the British Pound Sterling and the Euro at the black market. Business Post reports that while N4 was lost against the Pound, the local currency shed N6 against the Euro. The Naira, which traded at N488 per Pound on Tuesday, was exchanged the next day at N492 at the parallel market. Also, the Nigerian legal tender, which was sold for N434 to the Euro at the black market

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) last week auctioned treasury bills worth N74.79 billion to investors at the market. The exercise comprised the sale of N40.95 billion via the Open Market Operations (OMO) and N33.84 billion via the Primary Market Auction (PMA). According to analysts at Cowry Asset, the stop rates of the 91-day, 182-day and 364-day auctioned T-bills moderated to 10 percent from 10.25 percent, 10.50 percent from 10.95 percent and 10.70 percent from 11.15 percent respectively. They noted that the outflows were offset by N330.30 billion in matured T-bills. Consequently, NIBOR fell for most tenor

By Adedapo Adesanya * Cost of other alternatives transport soar in Review Month ** Ripples of fuel subsidy spur rise in food, rent, others *** President Tinubu launches palliative measures to cushion effect The average fare paid by commuters for bus journeys within the city per increased by 97.9 per cent from N649.59 in May 2023 to N1,285.41 in June 2023 as Nigerians grapple with a rise in prices after President Bola Tinubu announced the removal of fuel subsidy. This was contained in the Transport Fare Watch June 2023 released by the National Bureau of Statistics (NBS) over the weekend,

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) beat its expectations for the second quarter as its achieved 101.5 per cent of its target, raking in N1.29 trillion from April to June 2020. The tax collection body had been given a target of N1.27 trillion to achieve in three months. The total collection in the second quarter of 2020 increased by 8.2 per cent compared to N1.19 trillion generated in the previous quarter, and 8.01 per cent decrease compared to N1.4 trillion generated in the corresponding quarter of 2019. This was contained in the Q2 2020 performance report titled

By Dipo Olowookere A Nigerian educator named Mr Zannah Mustapha has been honoured with the 2017 Nansen Refugee Award by the UN Refugee Agency (UNHCR). Mr Mustapha was recognised in Geneva for founding a school in Maiduguri, Nigeria, the epicentre of the Boko Haram insurgency. The school has stayed open throughout the conflict with Boko Haram, which has seen some 20,000 killed across the Lake Chad region, and millions more displaced. The school provides a free education, as well as free meals, uniforms and health care, to children affected and displaced by violence. Those orphaned by the conflict on both

A recent report from TU experts offers deep insights into Nigeria’s Forex trading scene, with a special focus on the importance of the New York session Forex time. In the first quarter of 2023, the US Forex Market witnessed a surge in daily volume, reaching $966.7 billion. The growth is an impressive 27% jump from past years, further solidifying the global Forex market’s role as a bustling currency trading center. With the FX market in operation 24 hours a day, transactions worth billions of dollars are made. Building on this global trend, Nigeria, with its robust economy boasting an annual

By Dipo Olowookere One of the numerous customers of Diamond Bank Plc is asking a Federal High Court sitting in Lagos to compel the bank to cough out the sum of N2.7 billion. The customer, Gitto Costruzioni Generali Nigeria Limited, a contruction company, accused the financial institution of mismanaging its account domiciled in the bank. The firm alleged that the lender overcharged it and in one instant, made it to suffered a huge loss. Consequently, the company wants Diamond Bank to pay for the loss and other things it allowed it to suffer as a result of its actions. In

By Adedapo Adesanya The United States Dollar did not show love to the Nigerian Naira on Valentine’s Day as it battered the local currency in the various segments of the foreign currency market on Tuesday. The scarcity of cash also did not help matters during the session as Nigerians await the outcome of a Supreme Court decision today, Wednesday, February 15, over the suit brought before it by the state government over the Naira redesign policy of the Central Bank of Nigeria (CBN). In the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday, the Naira