Crude Oil Slides as US Output Returns Gradually

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Modupe Gbadeyanka For the second time since President Muhammadu Buhari assumed office on May 29, 2015, the country foreign reserves have hit the $30 billion mark. The last time the reserves crossed the $30 billion mark was in July 2015, and went as high as $31.63 billion in August of the same year before it began to decline. According to latest data from the Central Bank of Nigeria (CBN, the reserves closed the trading week above $30 billion. It has been observed keenly that since January 5, 2017, the reserves have experienced a steady day-on-day increase of between 2.30

By Modupe Gbadeyanka Momentum on the trading floor of the Nigerian Stock Exchange (NSE) was pushed to the 14th consecutive session on Tuesday, July 25, 2017 as the All Share Index (ASI) grew 1.19 percent or 412.95 points to 35,065.47 points, crossing the 35,000 mark, and further expanding the Year-to-Date return to 32.22 percent. Today’s performance was largely driven by gains recorded by blue-chip stocks led by Nestle, Forte Oil and others, leaving the market breadth positive with 27 advancers against 18 decliners. Nestle chalked up N8 to settle at N910 per share, while Forte Oil appreciated by N5.40k to

By Modupe Gbadeyanka Another feather was added to the already-beautifully decorated cap of Comviva as its banking suite designed by mobiquity was given a mention in research from Omdia. Omdia, formerly known as Ovum, is one of the world’s leading research and consultancy companies and in its report, it emphasised the role being played by Comviva’s mobiquity banking suite in the global digital banking ecosystem. In the study titled Omdia Universe: Selecting a Digital Banking Platform, 2020–21 Comviva was ranked high on “customer experience” and its mobiquity® Banking Suite judged to be a “very innovative solution” based on recommendations from

By Adedapo Adesanya Coronation Merchant Bank has announced plans to launch its podcast series on December 31, which will cover economic and market development trends. This was disclosed by Mr Banjo Adegbohungbe, the Managing Director/Chief Executive Officer, Coronation Merchant Bank, in a statement, explaining that the podcast series was part of the Coronation Conversations platform, an ongoing engagement medium, which includes blogs, thought leadership articles, videos and events. He said that it would feature thought leaders, industry experts, and leading professionals. Mr Adegbohungbe said the series would be launched across platforms such as the Coronation Merchant Bank website, www.coronationmb.com/podcast, Apple

By Dipo Olowookere Mr Frank Mba, an Assistant Commissioner of Police (ACP), has been appointed as the new spokesman of the Nigeria Police Force (NPF) with immediate effect. Mr Mba, a lawyer and intelligent police officer, was a former spokesman of the Lagos Command of the NPF, where he performed excellently well. His appointment as the Police Public Relations Officer (PPRO) was confirmed in a statement issued by the Deputy Force Public Relations Officer, CSP Aremu Adeniran. It was disclosed that the Acting Inspector General of Police, Mr Abubakar Adamu Mohammed, asked Mr Mba to take over the position from

By Dipo Olowookere The equities market posted a marginal growth of 0.02 per cent on Tuesday to put an end to the four consecutive losses caused by profit-taking. Though cautious trading remained at the ecosystem, gains recorded in the consumer goods, insurance and the energy sectors contributed to the return of the bulls to the Nigerian Stock Exchange (NSE) at the session. Business Post reports that the growth achieved by the consumer goods, insurance and the energy indices by 0.88 per cent, 0.34 per cent and 0.11 per cent respectively erased the 1.18 per cent loss printed by the banking

By Modupe Gbadeyanka Kano State Governor, Mr Abdullahi Umar Ganduje, has presented the 2017 budget to the State House of Assembly for approval. According to the budget, capital projects will gulp over 100 percent of the amount earmarked for recurrent expenditures. The N210 billion appropriation bill has about N131 billion set aside for capital projects, while the recurrent expenditures would take N79 billion. Presenting the proposal themed ‘Budget of Sustainable and Self Reliance’ to the state lawmakers, the Governor explained that it would be funded from the Federation Account as well as Internally Generated Revenue (IGR). According to him, N99.990