CAC Registers Business Names of 245,000 SMEs for Free

A recently unveiled comprehensive report by experts at Traders Union (TU) has outlined the golden hours for Forex trading in India. As the global market wades through waves of unpredictability, Indian traders have been presented with a detailed guide on when to dive in. While it’s a well-known fact that the Forex market operates around the clock, not all hours are equal. As per the Traders Union report, the sweet spot for Forex trading in India lies between 6.00-12.00 GMT and 18.00-0.00 GMT. These windows promise maximum liquidity, tight spreads, and minimal slippage, factors that are crucial for profitable trading.

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 Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

By Modupe Gbadeyanka The management of C&I Leasing Plc has expressed its determination to critically look into the financial error observed in the audited accounts of its subsidiary in Ghana, Leasafric Ghana Limited. The firm, in a notice to the Nigerian Stock Exchange (NSE), disclosed that the board of directors of Leasafric Ghana would review the matter with a view to preventing a similar occurrence in the future. In the disclosure, it was stated that the board of the subsidiary would conduct a special investigation into the circumstances surrounding the likely errors in the Audited Accounts and also notify all

By Dipo Olowookere Nigerians have been informed by the federal government that the proposed hike of the Value Added Tax (VAT) next year will not affect the poor as being feared by many. Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this on Monday at the opening of the 25th Nigerian Economic Summit (NES#25) taking place at Transcorp Hilton Hotel, Abuja. She said at the yearly gathering that the raising of VAT to 7.5 percent from the present 5 percent would affect the wealthy in the society more than the poor in the country. “The proposed VAT

By Dipo Olowookere Minister of Finance, Mrs Kemi Adeosun, has emphasised the need for Nigeria to remain as an indivisible country, contrary to what some agitators want. Mrs Adeosun, while reacting to statements credited to her alleging hate speech against the Igbos, said she can never speak ill against any part of the country. A tweet had gone viral allegedly from the Minister’s verified Twitter page concerning how the Igbos will become insignificant to the Nigerian financial system by the end of 2023. “I’m happy that Igbos are gradually becoming insignificant in Nigerian financial system and before the end of

By Adedapo Adesanya Brent crude returned to the $100 mark on Tuesday after it rose by $3.74 or 3.9 per cent to sell at $100.22 per barrel as Saudi Arabia floated the idea of output cuts to support prices in the case of returning Iranian crude. Also, the price of the United States West Texas Intermediate (WTI) crude closed higher by $3.38 or 3.7 per cent to trade at $93.74 a barrel. This showed that the Brent settled at its highest price since August 2 and WTI logged its strongest settlement since August 11. The Saudi energy minister, Prince Abdulazziz

By Modupe Gbadeyanka Nigeria’s Vice President, Mr Yemi Osinbajo, has said that the damaging of pipelines and oil installations in the Niger Delta is a destruction of facilities meant to help the people of the region. Speaking while receiving a delegation of Urhobo leaders at the Presidential Villa lately, Mr Osinbajo lamented, “So much damage is being done, governments will come and go, but this damages will ultimately destroy people’s livelihoods, aspirations and their future.” “Nobody else anywhere in the world will destroy the facilities meant to help them, there is no benefit whatsoever from the destruction,” the Vice President

By Modupe Gbadeyanka The free fall of the Dollar against the Naira continued on Wednesday at the parallel market when it was sold for N400. This comes a day after the Central Bank of Nigeria (CBN) released the sum of $280 million into the foreign exchange market to boost supply of forex and also increased allocation to authorised Bureaux De Change (BDC) operators to $20,000 from $10,000. The Naira opened for trading today at N407 to the Dollar and remained at that rate in the afternoon before appreciating by N7 to close the day at N400 per Dollar. However, the

By Dipo Olowookere The local stock market closed 0.21 per cent higher on Wednesday on the back of a renewed buying interest in mid and high-cap equities on the Nigerian Exchange (NGX) Limited. For three consecutive trading sessions, Customs Street was in the red territory as a result of profit-taking, but gains across the major sectors of the bourse lifted the spirits yesterday. Business Post reports that the banking index grew at the session by 1.68 per cent, the consumer goods counter gained 0.65 per cent, the insurance space rose by 0.18 per cent, the energy landscape appreciated by 0.09

By Modupe Gbadeyanka Nigeria’s long-term foreign-currency and local-currency issuer ratings, as well as its foreign currency senior unsecured debt ratings, have been downgraded by Moody’s Investors Service to Caa1 from B3. In a statement over the weekend, the rating agency said it has also downgraded Nigeria’s foreign currency senior unsecured MTN program rating to (P)Caa1 from (P)B3. The company said Nigeria’s ratings were lowered due to its belief that the government’s fiscal and debt position will continue to deteriorate as it faces wide-ranging fiscal pressure, with the capacity to respond remaining constrained by the country’s long-standing institutional weaknesses and social