CBN Raises N84b from OMO Auction, Records No Bids for 87-Day Bill

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast

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 Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Adedapo Adesanya The Central Bank of Nigeria (CBN’s) eNaira website has gone live ahead of its Independence Day official launch with a promise to provide a unique form of money denominated in Naira. According to the website, www.enaira.com, the eNaira will serve as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. It added that eNaira had an exclusive operational structure that was both remarkable and nothing like other forms of central bank money. “There are several benefits from a central bank-issued digital currency in Nigeria,

By Modupe Gbadeyanka Some medical supplies and equipment worth millions of Naira have been donated to four Primary Health Centres in Oluyole Federal Constituency by the lawmaker representing the region at the National Assembly, Ms Tolulope Akande-Sadipe. The items were given to the healthcare facilities by the parliamentarian in partnership with Amoke Foundation for public use on Monday, December 20, 2021, in Ibadan. The medical supplies, which were received by the matrons-in-charge of the PHCs, will cater for the wellbeing of the people of Oluyole Federal Constituency. The beneficiaries were Odo-Ona Primary Healthcare Centre, Idi-Ayunre Primary Healthcare Centre, Adaramagbo Primary

By Dipo Olowookere A new chief executive officer has been announced by renowned Wall Street financial institution, Goldman Sachs Group Inc and he is Mr David Solomon. Mr Solomon is expected to succeed the long-time CEO of the company, Mr Lloyd Blankfein, from October 1, 2018. “David is the right person to lead Goldman Sachs,” Mr Blankfein said in a statement. “He has demonstrated a proven ability to build and grow businesses, identified creative ways to enhance our culture and has put clients at the centre of our strategy.” “Through the talent of our people and the quality of our

By Dipo Olowookere Skrumble Network (SKM), a communication-centric public blockchain that simplifies the way people contact and contract, last week announced the global Beta release of its first dApp – Ally – on iOS and Android. Currently centralized in Beta, and soon to be decentralized in September 2018, Ally is the first of its kind, multi-purpose mobile media and communication application that enables users around the world to communicate freely, anonymously, and securely. Unlike Facebook, Telegram and WeChat, the new dApp is powered by the Skrumble Network public chain, and therefore uses community-owned storage with no centralized servers. This ensures

By Adedapo Adesanya As part of efforts to decongest the nation’s busiest port, Nigeria’s Minister of Transportation, Mr Sa’idu Alkali, said that the freight wagon haulage on the narrow gauge from Lagos to Kano will begin in the next three months. This was disclosed by the Minister during his visit to the Kajola Wagon Assembly Plant in Ogun on Tuesday, noting that the railway corporation was using the standard gauge to carry cargoes from Lagos to Ibadan but will begin the operation from Apapa to Kano in December. Business Post reported that the Minister inaugurated the first cargo movement from

By Dipo Olowookere Gains recorded by counters in the Industrial Goods space rescued the local bourse from finishing on a negative note again on Thursday after a marginal 0.04 percent loss on Wednesday. Business Post reports that every sectors at the stock market ended in the red zone today with the exception of the Industrial Goods industry, which appreciated by 0.76 percent. The Nigerian Stock Exchange (NSE) increased on Thursday by 0.25 percent with the year-to-date returns expanding to 6.88 percent. Specifically, the All-Share Index (ASI) added 101.83 points to close at 40,874.09 points, while the market capitalisation went up

By Aduragbemi Omiyale The $4 billion Eurobond issued by the federal government of Nigeria has been listed on the FMDQ Securities Exchange, Business Post has learned. The debt securities were issued by the Nigerian government and sold to offshore investors by the Debt Management Office (DMO). In a statement dated Tuesday, January 25, 2022, the debt office noted that the bonds would also be listed on the Nigerian Exchange (NGX) Limited to provide “a diversified pool of financial offerings for investors.” Last September, the DMO sold the $4 billion Eurobond in three tranches of 7 years of $1.25 billion due

By Adedapo Adesanya Niger Insurance Plc has said that it has paid over N1.4 billion claims to its customers in the first nine months of this year. Managing Director of the company, Mr Edwin Igbiti, made this known at press conference in Lagos last week. Mr Igbiti, during the event, stated that other outstanding claims would be paid soonest, expressing appreciation to the firm’s customers for their patience, trust and understanding during this challenging period. He reaffirmed the company’s renewed sense of responsibility and commitment to excellence. The Niger Insurance chief said he shares the company’s growth and transformation plan,