Cashless Policy: CBN Exempts Govt Agencies, Banks, Others

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 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 Adedapo Adesanya Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Kestér Kenn Klomegâh The Eastern Economic Forum (EEF) is held annually in cooperation with the Far East regional administration in the city of Vladivostok. Three years of COVID-19, followed by Russia’s ‘special military operation’ and the current geopolitical situation, have adversely affected this corporate business event, as Russia looks towards the East and makes the main focus on developing the Far East. Russian President Vladimir Putin said at the opening session that the government would not allow the pace of development to slacken in the Russian Far East as it is a strategic region for the country. “We will

For its Formula E series car for the 2019/2020 season, luxury German automaker, Porsche, will make use of lubricants and fluids produced by ExxonMobil. This followed an agreement signed between the two companies as the energy firm looks to expand its global business and technical partnership by making its first entry into electric motorsports. It was gathered that starting from the first race in Saudi Arabia at the end of this year, ExxonMobil will provide Mobil-branded high-performance electric powertrain fluids to Porsche, developed specifically to meet the specialized demands of electric vehicles. “Our entry into Formula E with Porsche not

By Adedapo Adesanya The local currency closed flat against the US Dollar at both the Investors and Exporters (I&E) and the interbank segments of the foreign exchange (forex) market on Friday, November 26. At the I&E segment of the market, the domestic currency retained the preceding session’s rate of N415.07/$1 amid an upshoot in the turnover for the trading session, according to data from the FMDQ Securities Exchange. At the market window, the turnover achieved at the final session for the week was $215.47 million, 119.7 per cent or $117.4 million higher than the $98.07 million recorded the day before.

By Ahmed Rahma In order to strengthen trade with the African continent and discuss partnership opportunities to build demand for United States soy, the US Soybean Export Council (USSEC), the American Soybean Association’s World Initiative for Soy in Human Health (ASA/WISHH) and the US Grains Council (USGC) co-hosted the African Trade Exchange. The two-day virtual conference took place on November 9 and 10, showcasing globally renowned and highly regarded speakers on the international grain trade, the future of the African feed industry and long-term commercial trade development. In general, nearly 300 US Soy customers and soy industry representatives from more

By Dipo Olowookere Mr Paul McGrath has been announced as the new Chairman and Managing Director of ExxonMobil Nigeria. A statement issued Friday by the company’s Manager of Media and Communication, Mr Ogechukwu Udeagha, disclosed that the appointment of Mr McGrath takes effect from Wednesday, March 1, 2017. It was revealed that Mr McGrath is taking over from Mr Nolan O’Neal, who retires after 34 years of service. According to the statement, Mr McGrath was a senior executive in charge of project execution for ExxonMobil Development Company, based in Houston, Texas. He joined ExxonMobil in 1999 and had held a

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Dipo Olowookere The nation’s external reserves are gradually swelling again after shrinking for several days, giving managers of the economy something to worry about. This is because the price of crude oil, the major commodity Nigeria earns foreign exchange from, was going up in the international market and it was expected that the reserves should be going up as well. Recall that when the foreign reserves were recording upward trajectory, the present administration of President Muhammadu Buhari went to the roof top to let Nigerians know things were going on fine, but since the reserves had been going down,

To attract more foreign investments into the Nigerian economy, the policy environment needs to be strengthened by the implementation of more liberal and clearer policies.  This call was made by Cobus de Hart, Chief Economist for North and West Africa, Oxford Economics, who was a guest speaker at the ICAN/ICAEW Joint Economic Insight event held in Lagos on Friday, April 26, 2019. Speaking on the theme: ‘Nigeria: The African Giant Crawling Back on its Own and its Untapped Technological Potential’, Hart stated that the Nigerian business environment is still seen as very unfriendly, especially since the wrong policies were implemented