Despite Profit-Taking, Nigerian Equities Gain 0.36% in Five Days

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

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 A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

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 Adedapo Adesanya  Top micro-blogging and social media platform, Twitter, has announced that it will be making a move to stop deceptive photos and videos being posted to the platform. An official statement from the company disclosed that users will no longer be able to share manipulated media that is likely to hurt other users. Also, doctored posts will be accompanied by a label indicating the validity of the content. It was also revealed that tweets that are deemed deceptive will be labelled “manipulated media” starting from Thursday, March 5, 2020, the company stated in the release. “You may not

A low-cost health financing product that offers instant access to health insurance for every Nigerian has been introduced by Guaranty Trust Bank (GTBank) Plc. The new product called Beta Health it the first of its kind in Nigeria and it provides coverage for basic and essential health services such as; general consultations, treatment for malaria, Ante Natal care, amongst others, for a subscription of N500 a month. As at 2018, more than 90 percent of the Nigerian population are not enrolled in any health insurance scheme, according to the country’s Ministry of Health. This is because health insurance is either

By Modupe Gbadeyanka Investors in local equities lost the sum of N97 billion last Friday as they maintained selloffs at the Nigerian Stock Exchange (NSE). This left the bourse down by 0.65 percent and reduced the year-to-date (YtD) gain to 7.46 percent. Also, the market capitalisation went down by N97 billion to close at N14.857 trillion. In the same vein, the All-Share Index (ASI) reduced by 187.40 points to 28,843.53 points from 29,030.93 points. The lukewarm performance of the market was caused by the sustained profit taking in most especially banking stocks, which led to the price depreciation of 24

The Forex and related trading markets are rapidly expanding, reaching a $6.6 trillion daily turnover and a global value of $2.49 quadrillion in 2019. As the market continues to grow, more people are becoming interested in participating. To enhance their trading experience, both beginners and experts can benefit from using trading software and tools in 2023. Traders Union experts will help you to sort out this issue. Trading software: How it can help Trading software offers various ways to assist with your trades. Understanding their functions is essential for selecting the right application. Here, analysts at Traders Union explore different

By Modupe Gbadeyanka The African Trade Insurance Agency (ATI) announced today that Côte d’Ivoire has joined a growing list of African countries who are members of the institution. ATI is a multilateral investment insurer whose specialised investment and commercial risk insurance products are expected to help attract up to USD2 billion worth of inward investments and trade into the country, and to potentially help lower its sovereign borrowing costs by up to 1% annually. The pan-African institution now insures investments equal to approximately 0.6 to 1.4 percent of GDP annually in a majority of its member states and includes support

By Adedapo Adesanya Nigeria is ranked among the top ten countries of the highest payers of company income tax, and this is not helping businesses reach their maximum growth capacity. This was expressed by Mr Taiwo Oyedele, the Head of Tax and Corporate Advisory Services at PwC Nigeria at the Finance Correspondents Association of Nigeria (FICAN) annual workshop over the weekend. Mr Oyedele, while speaking at the event themed Unlocking Opportunities in Nigeria’s Non-Oil Sector stated that, “We pay Company Income Tax (CIT) of 30 percent and education tax of 2 percent. Whatever is left, we pay withholding tax of

By Investors Hub Asian stocks turned in a mixed performance on Monday even as Chinese factory activity data beat forecasts and the White House said nothing has been decided on curbing some U.S. investments in China. China’s manufacturing sector expanded at the fastest pace since early 2018 in September despite the ongoing trade dispute with the United States, survey data from IHS Markit showed. The Caixin factory Purchasing Managers’ Index rose to 51.4 in September from 50.4 in August. However, official data from the National Bureau of Statistics revealed that the factory sector continued to contract in September, although the

By Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone