CBN Mops up N78b as Interbank Rate Falls to 10.83%

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Modupe Gbadeyanka The management of News Express has disclosed that its 5th Anniversary Lecture will hold in Lagos next month. Publisher of the news platform, Mr Isaac Umunna, said in a statement that several dignitaries in Nigeria would attend the event. The News Express Anniversary Lecture is an annual programme that is always anticipated by many, especially news gatherers because of the array of personalities and issues discussed. Mr Umunna promised that this year’s lecture would not fall short of expectations, but said the precise date “would be made public in the next few days.” He also assured that

By Dipo Olowookere Lagos State Commissioner for Finance, Mr Akinwunmi Ashade, has disclosed that about N57.5 billion has been received by the state government from bonds it issued to investors about seven years ago. According to Mr Ashade, the state government sold Naira-dominated bonds to investors in 2010 to fund some infrastructure projects. He said since the bonds were sold to investors, the state government has so far paid N57.5 billion to the bond holders to give room for more. He said this would give the government the opportunity to issue more bonds to raise funds for additional infrastructure investments.

By FBNQuest Many Nigerian investors may think that investing in a foreign currency asset is an exotic venture for ultra-high-net-worth investors. On the contrary, diversifying into foreign currency assets may be easier than you think and offers both short-term and long-term benefits. Over the past few years, a growing number of savvy investors are putting their money into vehicles that offer exposure to low-risk dollar assets. This allows them to better manage the currency risk associated with a volatile exchange rate. They are doing this by investing in instruments like Eurobonds. Eurobonds are debt instruments that are denominated in a

By Dipo Olowookere The Federal Government has disclosed that it was planning to reduce the income tax being paid by Small, Micro and Medium Enterprises (SMMEs) in the country. This, the government said, is to encourage more start-ups in the sector. According to the FG, the new incentives for SMMEs were part of the recommendations presented to the Minister of Finance, Mrs Kemi Adeosun, by the 12-member committee she established. The committee, chaired by Professor Abiola Sanni, was to review the current National Tax Policy (NTP). A statement by the Federal Ministry of Finance, which disclosed this, further said the

By Adedapo Adesanya  Oil prices rose on Friday as the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to deepen output cuts to 500,000 additional barrels per day as the two-day meeting concluded in Vienna, Austria on Friday. This new deal reached means the production cut will move from 1.2 million to 1.7 million less production per day. On the back of this, the international oil benchmark, the Brent crude futures, traded up at $64.36 per barrel after gaining 97 Cents or 1.53 percent, while the WTI crude rose by 72 cents equivalent to 1.23 percent to

By Kester Kenn Klomegah On March 19, under the Chairmanship of Yury Ushakov, an aide to the Russian President Vladimir Putin, the Organizing Committee on Russia-Africa, held its first meeting in Moscow. The Organizing Committee, established by a presidential decree, has been given the responsibility of preparing for and holding the Russia-Africa summit in October 2019 in Sochi. The meeting was attended by representatives of the Administration of the President of the Russian Federation, the Russian Ministry of Foreign Affairs, the Russian Ministry of Finance, the Russian Ministry of Economic Development, the Russian Ministry of Industry and Trade, the Administration

By Adedapo Adesanya Crude oil edged higher on Tuesday as investors wait to see if the United States diplomatic efforts and a trip by President Joe Biden to Israel will prevent the conflict in the Middle East from widening. At the market yesterday, Brent moved up by 25 cents to $89.90 a barrel and the US West Texas Intermediate (WTI) was relatively unchanged at $86.66 per barrel. Mr Biden’s visit to Israel on Wednesday will seek to balance showing support for Israel’s war on Hamas and trying to rally Arab states to help prevent a regional conflict. This is coming

The 2023 elections in Nigeria are already here, with the presidential and parliamentary elections scheduled to kick off on February 25, 2023. These elections are a critical time for Nigerians, as they present an opportunity for citizens to have their voices heard and to shape the future of their country. To help you stay informed and engaged, we’ve put together a list of five essential online resources that you can use during the election season. These tools will help you stay up-to-date on the latest election trends, find information on the candidates and their policies, and get directions to your