Climate Disclosure Guidelines for Nigerian Stock Market Underway

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya The Brent crude neared $70 per barrel on Thursday, May 27 as positive data from the United States eased recent worries about a potential addition of Iranian oil to the market. During the session, the price of the international crude benchmark increased by 33 cents or 0.48 per cent to trade at $69.79 per barrel, while the United States crude benchmark, West Texas Intermediate (WTI), rose by 34 cents or 0.51 per cent to sell at $67.19 per barrel. Data from the world’s largest economy and highest oil-consuming nation, the US, showed that the economy is improving.

By Modupe Gbadeyanka The first trading week of 2018 on the floor of the Nigerian Stock Exchange (NSE) ended positive with the All-Share Index and market capitalization appreciating by 1.78 percent to close the week at 38,923.26 points and N13.851 trillion respectively. Similarly, all other indices finished higher during the week with the exception of the NSE Premium, NSE ASeM and NSE Lotus II indices, which depreciated by 0.58 percent, 1.44 percent and 0.82 percent respectively. During the four trading sessions in the week as a result of the public holiday declared by the Federal Government in commemoration of the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) returned from a two-day break with a 2.1 per cent appreciation to push its market capitalisation to N666.06 billion on Thursday. At the previous trading day, which was on Monday, the total value of securities on the alternative bourse stood at N652.58 billion, indicating that it increased by N13.48 billion yesterday. Also, the NASD Unlisted Security Index (NSI) improved by 15.5 points to wrap the session at 766.31 points compared with 750.81 points recorded at the previous session. The growth witnessed during the session was boosted by Central Securities Clearing Systems (CSCS) Plc

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have seized no fewer than 1,205,260 pills of opioids in two interdiction operations in Kogi and Gombe states. This is just as anti-narcotic officers at the Murtala Muhammed International Airport, Ikeja Lagos, disrupted the activities of a drug syndicate that operates between Nigeria, East Africa, and Europe, with the arrest of two members of the cartel. Operatives at the Lagos airport had on Monday, March 13, intercepted a suspected member of the drug syndicate, Mr Ejezie Vitus Ifeanyi, during the screening of inward passengers on an Ethiopian Airline

By Adedapo Adesanya Brent crude returned to the $100 mark on Tuesday after it rose by $3.74 or 3.9 per cent to sell at $100.22 per barrel as Saudi Arabia floated the idea of output cuts to support prices in the case of returning Iranian crude. Also, the price of the United States West Texas Intermediate (WTI) crude closed higher by $3.38 or 3.7 per cent to trade at $93.74 a barrel. This showed that the Brent settled at its highest price since August 2 and WTI logged its strongest settlement since August 11. The Saudi energy minister, Prince Abdulazziz

By Adedapo Adesanya  The Nigerian Naira closed mixed at the major segments of the foreign exchange (forex) market in the country at the last trading day of 2019. During the session on Tuesday, December 31, 2019, the local currency maintained stability against the United States Dollar at the interbank segment, exchanging at N307/$1 at the close of business. In the same vein, the domestic currency remained unchanged against the American currency at the parallel market, trading at N362/$1 at the New Year eve trading day as it did at Monday’s session. However, the Naira put up a poor performance against

By Dipo Olowookere The bond market regained a relatively calm posture on Wednesday with the average yields retracting by 0.28 percent. This was a market players cherry-picked on the 2027s which was sold off significantly higher in the previous session. According to Zedcrest Research, slight interests were seen on the longer end of the curve with yields averaging 14.20 percent. The Debt Management Office (DMO) released its bond offer circular for the month of August with a total of N90 billion of the 3, 5 and 10-year bonds on offer for sale at an auction slated for August 15, 2018.

By Investors Hub The major U.S. index futures are pointing to a lower opening on Thursday following the rebound seen over the course of the previous session. Lingering trade concerns may weigh on the markets following President Donald Trump?s recent comments downplaying expectations for a trade deal with China. Potentially adding to the trade concerns, Commerce Secretary Wilbur Ross has initiated an investigation into whether imports of automobiles and parts threaten to impair U.S. national security. ?There is evidence suggesting that, for decades, imports from abroad have eroded our domestic auto industry,? Ross said in a statement. He added, ?The