Despite CBN RT200 FX Programme, Forex Scarcity Worsens

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Adedapo Adesanya, Ahmed Rahma The Naira recorded gains at the beginning of the week as the domestic currency appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market. According to data obtained from FMDQ Securities Exchange by Business Post, the domestic currency appreciated by 84 kobo or 0.21 per cent to trade at N393.83/$1 on Monday in contrast to N394.67/$1 it traded previously. The strengthening of the Nigerian currency against its American counterpart at the market segment came despite the spike in the demand for forex. It was observed that the Naira

By Modupe Gbadeyanka A few days ago, the former Governor of Anambra State, Mr Peter Obi, while speaking with Arise Television, said the federal government does not need N400 billion to procure COVID-19 vaccines. The vice-presidential candidate of the opposition Peoples Democratic Party (PDP) in the 2019 general elections had said he would help the ruling All Progressives Congress (APC)-led national government to negotiate the purchase of the jabs for not more than N150 billion. But a group known as the APC Mandate Defenders has lambasted the politician for his comments, describing him as ignorant. The group, in a statement

By Modupe Gbadeyanka The Confederation of African Football (CAF) has accepted the world’s leading blockchain ecosystem and cryptocurrency exchange, Binance, as an official sponsor of the TotalEnergies Africa Cup of Nations (AFCON) 2021. A total of 24 countries are in Cameroon for the biggest football tournament in Africa. The competition started on Sunday, January 9, 2022, and will end on February 6, 2022. Binance said it is bringing its global brand and technology to African football. The sponsorship deal will make Binance the exclusive cryptocurrency and blockchain platform for the AFCON 2021. It will also be the official partner of

By Modupe Gbadeyanka A Nigerian multinational telecommunications company, Globacom, has expressed its readiness to collaborate with the Oyo State government to create robust technology-based education system in the state. The Regional Head of Public Sector Enterprise for Glo in Southwest, Mr Adewale Adiatu, said the company could provide its e-learning packages and school data packs to the state government for the use of pupils in the state. “At Globacom, we believe education is key, and we have come to seek collaboration with your board on e-learning and other school starter packs for pupils,” he said when he visited the chairman

By Adedapo Adesanya The federal government has inaugurated an agency banking platform alongside a debit card system and 27 courier service vehicles for the Nigerian Postal Service (NIPOST) as part of efforts to digitalise and diversify the country’s postal agency. The inauguration was made by the Minister of Communications and Digital Economy, Mr Isa Pantami, on Thursday in Abuja, who noted that the organisation’s debit card and the NIPOST agency banking platform will deepen financial inclusion and boost Nigeria’s digital economy. He explained that the 27 courier service vehicles will make NIPOST and its partner, Speedaf Express, compete favourably in

By Dipo Olowookere Equities in Nigeria lost 0.04 per cent on Wednesday a day after printing the first growth in four sessions. The decline came despite the market breadth closing positive with 13 price gainers as against the 12 price losers. Losses recorded by the insurance (1.03 per cent), banking (0.42 per cent) and consumer goods (0.02 per cent) sectors suppressed the 1.27 per cent growth recorded by the energy sector. The industrial goods counter closed flat during the session. At the close of transactions, the All-Share Index (ASI) shed 14.68 points to finish at 38,706.13 points as against 38,720.81

By Adedapo Adesanya Ikeja Electric Distribution Company (IKEDC) has scored another first in the electricity sector, after bagging three latest International Organization for Standardization (ISO) certifications; ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 in recognition of its effective implementation of Occupational Safety & Health, Environment Management and Quality Management processes. In addition, the DisCo also emerged as one of the runners-up for the Most Responsive Organization to COVID-19 Crisis at the Nigeria Risk Awards 2020, and also bagged the AfriSAFE Merit Award 2020. The management of Ikeja Electric, last week, was presented the ISO 9001:2015 (Quality Management System), ISO 14001:2015

By Investors Hub Asian stocks ended mixed on Tuesday, with Japanese markets closing on a subdued note, while Australian shares skyrocketed following the release of the banking royal commission’s final report. Several markets in the region were closed for Lunar New Year holidays. Japanese shares fell after a Bank of Japan official said the yen could jump to 95 per U.S. dollar in the first half of the year and the central bank is running short on ammo. The downside, however, remained limited after a survey showed the services sector in Japan expanded at a stronger pace in December. The Nikkei 225