Customs Unveils Code for Duty Payment Verification

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Modupe Gbadeyanka The need for businesses to develop risk strategies that promote payment security has been emphasised by the Vice President, Cluster Country Head of Visa, Ms Kemi Okusanya. In this interview, she explained businesses, especially those in the small and medium-scale enterprises (SMEs) sector, are very critical of the economy and must make efforts to remain alive at a time the global health crisis is posing a serious threat to them. Why have you focused on SMEs? According to a study commissioned and published by PWC, SMEs contribute 48 per cent of national GDP, account for 96 per

By Adedapo Adesanya The Naira further depreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Tuesday, September 6. According to data from the FMDQ Securities Exchange, the domestic currency lost 0.29 per cent or N1.25 to sell for N436.00/$1 compared with the previous session’s rate of N434.75/$1. The exchange rate of the local currency to the greenback yesterday was the lowest level it has traded in 9 months as on December 30, 2021, it was exchanged at N435.00/$1. In the second trading session of the week, the FX turnover was

By Adedapo Adesanya  Prices of crude oil further increased at the global market for the third consecutive day on Thursday as major crude futures rose, spurred by the possibility of output cuts as increase in the number of COVID-19 cases in China lowered forecasts for oil demand growth. Brent crude, the international benchmark, gained 36 cents or 0.65 percent to trade at $56.15 per barrel, while the US West Texas Intermediate (WTI) crude gained 17 cents or 0.33 percent to trade at $51.34 per barrel. Market analysts said that the confirmed cases of COVID-19 (or coronavirus) recently rose in China’s

By Aduragbemi Omiyale The President of the African Development Bank (AfDB), Mr Akinwumi Adesina, has warned that about 39 million Africans could fall into extreme poverty in 2021. The respected banker said this in an exclusive interview on CNN’s First Move with Julia Chatterley, recently, noting that the COVID-19 pandemic has further exposed the challenges facing the continent. He, therefore, called on the world, especially the advanced economies, to come to the aid of Africa, which is finding it difficult to vaccinate its over one billion population. “Last year, we had 30 million people went into extreme poverty. This year

By Modupe Gbadeyanka Nigerians have been warned by bankers and judges to be wary of risks involved in transacting their businesses with virtual currencies like bitcoins and others. Speaking in Abuja on Wednesday at a seminar organised by Chartered Institute of Bankers of Nigeria (CIBN), the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, said efforts must be made to protect customers in the banking sector. At the event tagged ‘17th National Seminar on Banking and Allied Matters for Judges,’ the CJN, represented by a Justice of the Supreme Court, Justice Mahmud Muhammad, said the judiciary will continue to provide

By Jerome-Mario Chijioke Utomi There is no doubt anymore that in Nigeria’s leadership corridor, once a direction is chosen, instead of examining the process meticulously and setting the right course; one that will allow us to overcome storm and reach safety before we can progress and achieve our goals, we obstinately persist with the execution of such plans regardless of a minor or major shift in circumstance. An eloquent example of the above assertion is the controversial water resources bill recently reintroduced in the House of Representatives and sponsored by the Chairman of the House Committee on Water Resources, Sada

By Edwin Obune I read the poorly written article by one Mr Odo Ugochukwu where he expressed his animosity, myopic and jaundiced sense of judgements against the government of Enugu State led by Ifeanyi Ugwuanyi (Gburugburu). Ordinarily, I would have maintained my calm knowing full well that the hatchet writer is one of the ungrateful elements in the state who have sworn never to see or admit any good thing coming out of the state for reasons best known to them. But because the writer is on a catastrophic mission of demarketing the state with his shallow and uninformed views

By Adedapo Adesanya  The Naira came under pressure at the Bureaux De Change (BDC) segment of the foreign exchange market on Thursday, June 4. According to data from the Association of Bureau De Change Operators of Nigeria (ABCON), the local currency further depreciated against the the United States Dollar at the Lagos BDC market, selling at N447/$1 compared to N444/$1 it was sold on Wednesday. An analysis by Business Post showed that the Naira, which traded in the morning in Lagos at N445/$1, first depreciated to N446.50/$1 in the afternoon, before crashing to N447/$1 at the close of business. Against