DMO Appoints 13 Firms to Purchase, Resell FGN Bonds

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Modupe Gbadeyanka Momentum is already gathering for the 2023 edition of Hackaholics Digital Summit organised by Wema Bank Plc, owners of the foremost digital lending firm, ALAT by Wema. The event is dubbed Africa’s largest gathering of innovators, disruptors, regulators, policymakers, investors & customers in the digital space. A statement from the bank disclosed that this year’s programme will take place in Lagos on Friday, October 6, with attendance by invitation only, though interested customers and technology enthusiasts can secure a spot by registering at https://hackaholics.wemabank.com/digital-summit. The theme, according to the organisers, is Re-Imagine: Disrupting the Ecosystem for Scale,

**Falls to N464/£ After May Survives No-Confidence Vote By Modupe Gbadeyanka The local currency performed well against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Thursday. The Naira was traded at N362.70 against a Dollar at the market window after appreciating by 0.10 percent. This was mainly buoyed by the sufficient supply of the Greenback in the market, thanks to the entry of offshore investors into the Nigerian markets. Also, the regular release of forex by the Central Bank of Nigeria (CBN) to support the local currency has contributed to the recent gains

Music is the universal language of love, and in this month of Valentine’s, it’s definitely setting the scene for romance. The relationship between music and love is profound – music has the ability to touch us emotionally, and those who are in love have always expressed their feelings for one another through the lyrics of a song, or a melody when words alone will not suffice. On Valentine’s Day, love is truly all around, inspiring people to take thoughtful actions, like sending gifts, setting up cosy candle-lit dinners, proposing marriage or renewing their relationship vows. One of the most vital

By Modupe Gbadeyanka **Promotes 5,000, Recruits 4,000 The management of United Bank for Africa (UBA) Plc has approved salary upgrades for its employees with immediate effect this January. A statement issued by the financial institution stated that beneficiaries of this exercise, over 5,000, will receive up to 170 percent increase in their salaries and benefits, whilst a good number have been moved to higher grade levels. The Group Managing Director/Chief Executive Officer of UBA, Mr Kennedy Uzoka, who announced the bank’s new staff improvement initiatives to the excited employees, noted that the bank was continually seeking new ways to improve

By Adedapo Adesanya The value of FX transactions at the Investors and Exporters (I&E) window of the foreign exchange market significantly increased by 45.4 per cent or $49.13 million on Thursday, putting pressure on the local currency. According to data obtained from the FMDQ Securities Exchange, the turnover for the day was $157.46 million compared with the $108.33 million published in the preceding session. The inability of forex traders to meet the demand of their customers, probably because of insufficient supply from the Central Bank of Nigeria (CBN), which intervenes in the market, shrank the value of the Naira against

By Dipo Olowookere Leading global rating company, Moody’s Investors Service (Moody’s) last week announced assigning first-time B2/Not Prime global local- and foreign-currency issuer ratings to Ecobank Transnational Incorporated (ETI), a Pan-African bank holding company incorporated in Togo. According to Moody’s, the long-term ratings carry a stable outlook and as part of its analysis, the rating agency also assigned a notional baseline credit assessment (BCA) and adjusted BCA of b2 and b1, respectively, based on ETI’s consolidated financial statements. Moody’s explained that ETI’s ratings reflect the group’s stable funding and liquidity profile, expansive geographic and business diversification, recovering profitability and Moody’s

By Kester Kenn Klomegah In this interview taken by Kester Kenn Klomegah for Eurasia Review, Dr. Frangton Chiyemura, a lecturer in International Development at the School of Social Sciences and Global Studies, The Open University in the United Kingdom, discusses the impact of African policies on development and realization of infrastructure projects, the possible of running into “debt-traps” and the emergence of “neo-colonialism” in Africa. Here are the interview excerpts: Early December, you held discussions and shared your research on how African leaders influence the modality of engagement and negotiation process with China. What were the key points you discussed