Dangote Refinery Will Boost Nigeria’s FX Inflows—Obi

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

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

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Dipo Olowookere The demutualisation of the Nigerian Stock Exchange (NSE) has been described as a step in the right direction because it will in the long run benefit the capital market in general. This was the view of the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Muhammad Mamman Nami. The nation’s tax chief, thereafter, commended the leadership of the exchange for doing everything possible within its powers to push for the unbundling of the bourse. Last Friday, the FIRS boss had an engagement with the capital market community through the NSE and he was honoured with

By Modupe Gbadeyanka Shares of University Press Plc performed well at the Nigerian Stock Exchange (NSE) last week, growing by 31.45 per cent or 39 kobo to close at N1.63 per share in the five-day trading week. The sudden demand for the stock pushed the equity price higher in the week. This was also the cash of FTN Cocoa Processors Plc, which recorded a 20.00 per cent growth to finish at 24 kobo per share. Champion Breweries appreciated in the week by 19.23 per cent to finish at 93 kobo per share, NEM Insurance gained 14.97 per cent to end

By Adedapo Adesanya The Central Criminal Court, otherwise known as the Old Bailey in London, has denied bail to Nigeria’s former Deputy Senate President, Mr Ike Ekweremadu, ahead of his trial set to begin in late January. The court, in a pre-trial hearing on Tuesday, December 20, gave its verdict denying the bail on the grounds that the lawmaker would flee the country. In the bail application, Mr Ekweremadu’s lawyer had argued that the Nigerian High Commissioner to the United Kingdom and the Attorney-General of the Federal had written to the court that Mr Ekweremadu was not a flight risk.

By Modupe Gbadeyanka One of the few challenges some Africans have encountered in trading digital assets is safety and an American financial technology company, Yellow Card Financial, is filling the gap. The firm has introduced a technology platform that empowers consumers in African countries to buy and sell the world’s leading digital assets. In a statement, the organisation noted that it came up with this system because of its concerns about providing space for consumers in Africa to trade digital assets in a safe environment. The company follows the American and international Know Your Customer (KYC) and Anti-Money Laundering (AML)

By Modupe Gbadeyanka A mobile application designed to track and report animal disease outbreaks has been launched by the federal government in collaboration with the Oyo State government. The new platform, known as the National Animal Disease Information System (NADIS), was unveiled on Tuesday and will be used by animal health workers to report cases of disease outbreaks in their environment. A statement on Wednesday from the Co-ordinating Director for the Ministry of Information, Culture and Tourism in Oyo State, Mr Gideon Alade, said training was organised for private and public animal health workers at the Conference Room of the

By Dipo Olowookere Over N6.71 trillion has been raised by the federal government, corporate organisations and others from the capital market through the sale of investment tools like bonds, equities in 2021, with the Nigerian Exchange (NGX) Limited providing the platform for this. This amount is about to the expanded with the raising of fresh capital by MTN Nigeria, which is offering for sale up to 575 million ordinary shares in MTN Nigeria held by the MTN Group. This would be done by selling to institutional investors by way of a bookbuild to assist the firm to determine the price

By Dipo Olowookere For the third consecutive trading sessions, the Central Bank of Nigeria (CBN) refused to sell treasury bills through the Open Market Operations (OMO) to interested investors. This left the T-bills market bullish on Tuesday with most demands observed on the short end of the curve (March–May maturities). However, the average yields trended downwards by 0.15 percent and barring a resumption in OMO issuance, the yields are expected to continue to trend downward as market players anticipate inflows from N57 billion worth maturing OMO bills tomorrow. However, the lack of OMO sale by the central bank has left

Remote prop firms and traditional prop firms indeed represent two distinct approaches to Forex trading. Traditional prop firms typically operate from physical office spaces where traders work in a shared environment, collaborating and interacting with fellow traders and firm employees. On the other hand, remote prop trading firms allow traders to work from anywhere, leveraging technology and internet connectivity to execute trades and manage their trading activities. In their article, the Traders Union experts answered the question “Remote prop trading firms vs traditional prop firms – which is better?”. What is a remote prop trading firm? A remote prop trading