CBN Introduces Price Verification System for FX Transactions

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Aduragbemi Omiyale A smart recycling hub has been unveiled at the Ojoo terminal in Ibadan, the Oyo State capital, courtesy of a waste management consultant, Mottainai Recycling Limited. The facility was opened on Monday at a ceremony attended by the representatives of the state government, the consultant, and the Akinyele Local Government, among others. The Director of Environment of the local council, Mrs Ahmed B.D., said the initiative was aimed to raise awareness among traders, market women, and the general public about climate change, stressing the hazards and consequences of indiscriminate waste disposal, and other undesirable waste management practices.

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Professor Maurice Okoli For the majority of African leaders and delegates, it was a momentous achievement, to participate and contribute speeches with diverse themes at the podium during the 78th session of the UN General Assembly (UNGA) in New York. The UNGA traditionally meets in September, the highest global gathering to make several significant decisions on what the organization, consisting of 193 UN members, is generally expected to do. It has wrapped up its 78th annual session with another huge pack of commitments to engage in reshaping a better life for the entire population and Development paradigms in the

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Adedapo Adesanya A 400-year-old British educational institution, Charterhouse, has commissioned its first African school, currently in progress on a sprawling 70-hectare site located at Ogombo in Lekki, Lagos. The introduction of Charterhouse Lagos marks the convergence of British independent school heritage with cutting-edge educational practices, ushering in a new era of excellence in West African education. Charterhouse Lagos will represent a remarkable educational undertaking in the commercial capital of the country, with the planned $150 million campus expected to be fully delivered in 2028. The school’s development will unfold gradually, with the first intake of primary school students in