CBN Cancels Interest Rate Limits for Mortgage Finance

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

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  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Investors Hub Asian stocks ended Wednesday?s session on a mixed note as Chinese manufacturing data disappointed and investors remained focused on the U.S. Federal Reserve’s monetary policy decision due later in the day. The Fed is widely expected to leave interest rates unchanged, but the accompanying statement may offer clues about the outlook for U.S. interest rates. Traders also digested news that the Trump administration is considering more than doubling its planned tariffs on $200 billion in Chinese imports. China?s Shanghai Composite Index tumbled 51.87 points or 1.8 percent to 2,824.53 after the release of weak data. Hong Kong’s

By Dipo Olowookere A partnership agreement has been between American University of Ras Al Khaimah (AURAK) and the UAE Space Agency. The deal caters for research-based cooperation and knowledge-sharing between the two parties, with the intention of support the space sector through collaboration in space science, education, research, technology and applications. It is envisioned that the agency’s satellite program will be utilized to observe impacts of various environmental phenomena occurring in the UAE. The agreement is particularly relevant to AURAK whose School of Engineering consists of a total of ten undergraduate programs and a master’s program. The university’s programs in

By Adedapo Adesanya  It was a mixed outcome for the Naira at the various segments of the foreign exchange (forex) market on Wednesday, January 15, 2020. Business Post reports that at the Bureaux De Change (BDCs) segment, the local currency moved in different directions, closing flat at the Kano and Port Harcourt BDC markets, while appreciating at the Lagos and Abuja markets. In Lagos, the Naira gained 30 kobo to close at N360.70k to a dollar compared with N361 it traded on Tuesday, while it appreciated by 90 kobo at the Abuja market to sell at N360.80/$1 in contrast to

By Modupe Gbadeyanka A leading global collaboration platform, Dropbox, has become one of the first firms to qualify for the Ultrastarâ DC HC650 20TB, host-managed, shingled magnetic recording (SMR) hard disk drives (HDD) designed by the world’s most essential data infrastructures, Western Digital. This has placed Dropbox at the forefront of leveraging data centre capacity, efficiency and scalability for meeting the increasing demands of cloud storage and services by businesses, teams and individuals around the world. With Western Digital SMR HDDs serving as the storage foundation for its custom-built, multi-exabyte storage platforms, Dropbox continues its strategic path, taking advantage of

By Modupe Gbadeyanka Mr Salihu Abdulhamid Dembos has been appointed as the Director-General/Chief Executive Officer of the Nigerian Television Authority (NTA). Mr Dembos was appointed to the position by President Muhammadu Buhari, a statement issued on Wednesday by Mr Segun Adeyemi, the media aide to the Minister of Information and Culture, Mr Lai Mohammed, disclosed. Mr Adeyemi quoted his boss as saying that the appointment of the new DG is for a tenure of three years in the first instance. Until his appointment, Mr Dembos was the Executive Director in charge of Marketing at the NTA. His career as a

By Dipo Olowookere One of the major telecommunications firms in the country, 9mobile, has announced a 150 percent data bonus to customers on its Moreblaze daily data subscription packages. Moreblaze is 9mobile’s mobile broadband data portfolio available in a range of options that afford subscribers the opportunity to choose their preferred data plan. It comes in variants of daily, weekly or monthly subscription, smartpaks, and video streaming plans. Any of these plans enables data-dependent businesses and individuals to do more through reliable, consistent and superfast internet connection. A statement issued by the company disclosed that this new offering was designed

By Modupe Gbadeyanka More than 1000 employees of Ecobank Nigeria have been promoted by the management of the top lender in the country. Managing Director of Ecobank Nigeria, Mr Charles Kie, who made this known in Lagos explained that the elevation was part of the bank’s roadmap to leadership targeted at making Ecobank one of top three banks in Nigeria within the next five years. It was gathered that this latest promotion exercise, which affected about 30 percent of core employees of the bank, was also in line with its commitment to recognizing and rewarding excellence and exceptional performance. The

By Adedapo Adesanya Oil prices settled higher by more than $2 on Wednesday as a report of lower crude inventories in the United States and cuts in Russian gas flows to Europe excited the markets. Brent crude rose by $2.22 or 2.1 per cent to $107.82 a barrel while the US West Texas Intermediate (WTI) crude gained $2.28 or 2.4 per cent to settle at $98.67 per barrel. The US Energy Information Administration (EIA) inventory data published showed that crude oil stockpiles in the world’s largest oil producer shrunk by 4.5 million barrels in the week ending July 22, in