Dollar Nears N400/$1 at I&E, Trades N415/$1 at Black Market

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Dipo Olowookere Transactions on the Nigerian Stock Exchange (NSE) continued to be bullish on Monday. By the time the market closed for the day, the main indices appreciated further by 1.38 percent. The market capitalisation increased by N179 billion to close at N13.199 trillion, while the All-Share Index (ASI) appreciated by 370.89 points to settle at 27,339.68 points. Gains posted by Dangote Cement boosted the overall market performance yesterday as stocks of the cement firm increased by N4 to finished at N146 per share. Flour Mills appreciated by N1.25 to settle at N21 per unit, NASCON rose by N1

By Dipo Olowookere Acting President, Mr Yemi Osinbajo, on Friday, paid an unscheduled visit to Garki market in Abuja, where he interacted with them. The traders were happy when the Acting President stormed the market. It was gathered that the joyous traders used the occasion to express what they feel about the country’s economy to the Acting President.

By Dipo Olowookere The Nigerian market sustained its positive momentum on Tuesday as investors hunt for stocks in the mid and high-cap categories they believe would fetch them higher returns in the coming days. There was a special interest in Oando shares at the Nigerian Exchange (NGX) Limited during the session due to the news that the company has bought some assets of a popular Italian energy firm, Agip. It was not a surprise that Oando finished as one of the best-performing equities at the close of transactions, helping the NGX improve by 0.08 per cent. Sunu Assurances, Beta Glass,

By Dipo Olowookere Mr Nornah Awoh has been appointed as an independent director on the board of a leading Nigerian media outfit, DAAR Communications Plc. The appointment of Mr Awoh was approved by the board at its meeting held on June 21, 2018 at the company’s corporate headquarters located on Ladi Lawal Drive, Asokoro, Abuja and took effect on August 1, 2018. Mr Awoh is the founder and Chief Equity Analyst/CEO of Palesa Capital Markets Associates, a research firm with competency in securities and equity market. He has over three decades experience in business journalism, having worked as an erstwhile

By Adedapo Adesanya The federal government has confirmed the receipt of a $750 million World Bank loan as an intervention towards helping Nigerians quickly recover from the effect of coronavirus disease (COVID-19). This was disclosed by the Minister of State for Finance, Budget and National Planning, Mr Clem Agba, at the appraisal meeting of the proposed Nigeria Cares (N-CARES) programme organised by the Community and Social Development Project (CSDP), an initiative of the federal government. He urged states to leverage on both the N560 billion and N462 billion available for MSMEs and Agriculture sectors to mitigate the effect of coronavirus

By Modupe Gbadeyanka The Nigeria Customs Service (NCS) has surpassed its N770.6 billion target for 2017, generating N1 trillion during the year. A statement issued in Abuja by the National Public Relations Officer of the NCS, Mr Joseph Attah, disclosed that the amount was the highest revenue collected ever by the service. In 2016, customs raked N898.7 billion as revenue. It was gathered that despite the economic recession experienced earlier in the year with low volume of imports, occasioned by restriction placed on 41 items from accessing forex, the Comptroller-General of Customs, Mr Hameed Ali, undertook some strategic measures in

By Dipo Olowookere Chief Executive Officer of Aqua Group, Mr Raju Samtani, has disclosed that his company is presently being faced with some operational challenges. However, he has assured that the company would effectively manage the challenges such that they would not affect its operations or obstruct its progress. Mr Samtani made this known at the weekend when management of Heritage Bank led by the Managing Director, Mr Ifie Sekibo, paid a visit to the firm. Triton Group is a conglomerate with diversified business interests in the field of Nutrition. It consists of several companies in the business of farming,

By Dipo Olowookere Recently, the Nigerian Communications Commission (NCC) directed telecommunications companies operating in the country to make it possible for their customers to rollover any unused data within seven days of expiration of their subscriptions. But operators in the industry have kicked against this, claiming it would badly affect their revenue and could kick them out of business if care is not taken. Speaking on the matter, President of the Association of Telecommunication Companies of Nigeria (ATCON), Mr Olusola Teniola, stressed that the directive would ensure full utilisation of data purchased by telecoms consumers. “Currently, the annual operating levy