CBN Fortifies Naira With $210m Pumped Into Forex Market

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 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

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 shares allotted to shareholders and investors who bought the rights issue of Abbey Mortgage Bank Plc have been listed on the Nigerian Exchange (NGX) Limited. The stocks, a total of 3,692,307,692 units, were listed on the exchange on Wednesday, February 16, 2022, and have now increased the total issued and fully paid up shares of the firm to 10,153,846,154 ordinary shares of 50 kobo each from 6,461,538,462 ordinary shares of 50 kobo each. Recall that recently, Abbey Mortgage Bank sold the rights issue to shareholders at 2 kobo per share on the basis of four new

By Modupe Gbadeyanka Many Nigerians are finding it difficult to cope with the rising cost of food items at the market because their sources of income have not been increasing commensurately. In fact, some are struggling to put food on their tables as a result of this issue and in view of this, Ecobank Nigeria Limited is organising a webinar aimed to educate Nigerians on how to survive this trying period. The bank said it would hold a digital conference as part of its commemoration of this year’s Workers’ Day and the event is tagged Inflation and Your Money –

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, as well as Minister of Budget and National Planning, Mr Udo Udoma, have been summoned by the Nigerian Senate. At the plenary on Tuesday, a Senator from Lagos State, Mr Gbenga Ashafa, warned that inadequate releases from the Federal government to Ministries, Departments and Agencies to finance their capital projects might return the country to recession. The lawmaker, in his motion titled captioned ‘Inadequate releases in the 2017 budget and the need to expedite releases in order to stimulate the Economy,’ observed that “while the total size of the 2017 budget

By Adedapo Adesanya The Federal Road Safety Corps (FRSC) has warned automobile owners not to interfere with the Calibrated Speed Limiting Devices installed in their vehicles, saying that indulging in such could lead to impoundment of the vehicles and re-installation of the speed limiters. Speed limiters are electronic devices that determine the top speed at which a moving vehicle can travel and then communicate that information to the vehicle’s engine management systems, where if beyond the limit, the speed of the vehicle is reduced to the pre-set calibrated value. According to the Corps Marshal, Mr Boboye Oyeyemi, in a press

By Dipo Olowookere A total of 8.2 billion shares worth N49.2 billion were bought and sold by investors in 28,622 deals on the floor of the Nigerian Exchange (NGX) Limited last week. It was higher than the 1.3 billion shares worth N17.8 billion transacted in 20,212 deals a week earlier. The significant increase was a result of the over 6 billion units of Honeywell Flour Mills stocks sold last Friday in an off-market deal. A breakdown of the trading data indicated that consumer goods equities led the activity chart in the week with 6.3 billion units valued at N29.3 billion

By Modupe Gbadeyanka Head of Trade and Economic Sector of the European Union, Mr Fillippo Amato, on Wednesday disclosed that the multilateral trade between Nigeria and the member states of the EU remain very strong, pointing out that as at 2016, both parties have recorded transactions worth €19.9 billion. Mr Amato noted that during the period, countries under the regional belt received goods exported from Nigeria from both the oil and non-oil sectors. He said the EU will continue to strengthen its ties with the Africa’s largest economy, revealing that a programme has been fixed for next month in Lagos

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited and the NGX Regulation (RegCo) have been given kudos for fostering sustainability and investor resilience in the capital market. This commendation came from the Securities and Exchange Commission (SEC) on Monday at the closing gong ceremony held in commemoration of the International Organisation of Securities Commissions’ (IOSCO) World Investor Week. The apex regulatory agency in the nation’s capital market said it was impressed with the two organisations, noting that the World Investor Week was a crucial part of its 10-year Capital Market Masterplan. “Financial literacy and investor protection are central to the

By Modupe Gbadeyanka A financial technology (fintech) company operating in Nigeria and the United Kingdom, Kuda, has disclosed that it has continued to give equal opportunity to its male and female employees. According to the Chief People Officer at Kuda, Ms Rosie Hewat, “Over the past year, we have increased the number of female hires by 133 per cent, grown the number of women on our Product team by 87 per cent and increased the female members of our Engineering team by 144 per cent.” She further said, “We’re also proud to announce that the ratio of female-to-male employees at