Dollar Crashes Against Naira at Black Market to N740/$1

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

Traders Union (TU) recently took an interest in ChatGPT, a chatbot by OpenAI. Think of ChatGPT as a super-smart robot friend who loves to chat about almost anything! It’s famous for giving detailed answers to loads of questions. But, like every friend, it might get things wrong sometimes. There’s a free version everyone can chat with, and a fancier version called ChatGPT Plus for those who want more. Some even call it the “ChatGPT trading bot” because of its extensive knowledge about trading. ChatGPT’s trading capabilities Without a doubt, ChatGPT has carved a niche for itself in the automated trading

By Adedapo Adesanya The Lagos State Government has said that plans have reached an advanced stage, with only approval from the Federal Executive Council (FEC) for the construction of the Badagry Seaport. This was made known by the governor of the state, Mr Babajide Sanwo-Olu, at the All Markets Conference 2022 (AMC’22), organised by the Ndigboamaka Progressive (Markets) Association. Speaking in relation to the theme Development and Sustainability of the nation’s economy, Mr Sanwo-Olu said that the new seaport would be sited in the Badagry area of the state to reduce congestion at the Apapa Seaport. The governor noted that

By Modupe Gbadeyanka Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has inaugurated the Museum of the Future installation at the 5th annual World Government Summit, taking place in Dubai on February 12-14, 2017. The exhibit proposes three ideas for how countries can deal with the consequences of climate change. The UAE’s Ministry of Economy predicts the cost of importing food to quadruple to 60% of GDP by 2025 unless local, sustainable food sources are provided. According to the OECD, the global supply of potable water is projected to fall

By Adedapo Adesanya  The result of the United Kingdom general election that saw Mr Boris Johnson return as Prime Minister and the Conservative Party dominate the House of Parliament drove the Naira/Pound exchange rate as high as N480 on Friday at the parallel market. But later in the afternoon, the rate moderated to N476 against the British currency at the black and closed at the same rate when market activities were wrapped up in the evening. Also, at the same market window, the Naira extended its fall against the US Dollar, depreciating during the session by N1 to close at

Risk control is one of the dominant aspects to consider when trading. Of course, if you choose to trade with Exness MT4, the risks get reduced to a minimum. In any case, let’s cast a look at the key steps to take to minimize the risks and calculate their probability when you get into trading. What’s Risk in Trading and Why You’d Control It Every Second A trading risk (aka risk in trading) is presented by certain events in the forex market, to subsequently negatively affect the trader. There may be some changes in the exchange that will ultimately lead

By Aduragbemi Omiyale The wholly-owned financial technology subsidiary of Stanbic IBTC Holdings Plc, Stanbic IBTC Financial Services Limited, has commenced operations after securing all required regulatory approvals and licenses. Stanbic IBTC disclosed in a statement that the fintech firm would operate as a Payment Solutions Provider (PSP), focusing on developing innovative technology solutions to enhance its existing financial services offerings. It will operate as a separate legal entity under the Stanbic IBTC umbrella, with its management team and dedicated resources to drive innovation and growth. The subsidiary will work closely with the group’s existing teams to identify new opportunities and

By Dipo Olowookere The long term and short term national scale Issuer ratings of BBB(NG) and A2(NG) respectively have been assigned to Eterna by Global Credit Ratings (GCR). Eterna Plc is an integrated energy company with operations focussed on the downstream sector of the oil and gas industry. Although, Eterna has a relatively small market share for petroleum products, its significant assets across the value chain (including storage facilities and a lubes plant) positions it well to take advantage of opportunities in the industry. Eterna also leverages upon extensive technical expertise, linkages with well-established international partners, and off-take arrangements with

By Dipo Olowookere The COVID-19 pandemic in 2020 has no doubt disrupted the status quos and many governments and individuals have come to realise that things may no longer remain as usual. For governments of the third-world countries, there must be other ways to generate funds to provide for the numerous needs of the citizens and Nigeria is not an exception. The African giant has largely relied on one major item for revenue generation, which is crude oil, but the contagion has stressed the need to raise funds from other sources. On Monday, it was reported that the federal government

By Adedapo Adesanya The Naira appreciated at both the Peer-to-Peer (P2P) and Investors and Exporters (I&E) segments of the foreign exchange (forex) market on Friday, July 8 despite the biting FX supply crunch. The value of the Naira to the Dollar was bolstered by N4 or 0.64 per cent at the P2P market window yesterday, trading at N621/$1 compared to the N625/$1 it was traded the previous session. Also, the local currency gained 41 Kobo or 0.1 per cent against the US Dollar at the I&E to close at N427.75/$1 in contrast to Thursday’s exchange rate of N428.16/$1. During the