Dollar Trades N445 at Black Market Friday

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

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 The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Dipo Olowookere The demand for value stocks led the local market to a marginal 0.11 per cent growth on Wednesday, with a positive sentiment. This was because at the close of transactions at the Nigerian Stock Exchange (NSE) yesterday, there were 32 price gainers as against the 16 price losers. Mobil Oil was the best-performing equity, rising by N21.50 to settle at N249.50 per share, while Flour Mills gained N1.90 to end at N29.30 per unit. BOC Gases rose by N1.13 to sell at N12.52 per share, Seplat grew by 40 kobo to trade at N496.50 per unit, while

By Adedapo Adesanya Drama ensued on Monday as members of the Nigeria Police Force fired shots and teargas within the Rivers State House of Assembly Complex on Monday amid plans by some lawmakers to begin an impeachment process of  Governor Siminalayi Fubara. The Speaker of the Rivers House of Assembly, Mr Martin Amaewhule, presided over the sitting and resolved to begin the process. The lawmakers also suspended the leader of the House, Mr Edison Ehie, and some of their colleagues believed to be loyal to the Governor, with 24 members of the assembly signing the removal of Mr Ehie and

By Aduragbemi Omiyale Interswitch Financial Inclusion Services (IFIS) has announced the first set of winners in its Quickteller Paypoint Double Up promo expected to end on March 31, 2022. The first set of winners was selected from the six geopolitical zones in Nigeria at the first round of a raffle draw held on March 3, 2022, and have all been contacted to receive their prizes, ​​with presentations conducted across the regions. To ensure that the raffle draw was in strict compliance with regulatory protocols, it was closely monitored by the representatives of the Federal Competition and Consumer Protection Commission (FCCPC),

By Modupe Gbadeyanka The Conference of Nigeria Political Parties (CNPP) has described the decision of the Independent National Electoral Commission (INEC) to declare the Saturday’s governorship election in Osun State inconclusive as “a rape of basic democratic process and rule of law”. In a statement signed by its Secretary General, Chief Willy Ezugwu, the CNPP noted that “garnering a simple majority of valid votes cast is what was required to be declared the winner in the Osun State election. “The decision of the returning officer to declare the election inconclusive, which insiders have noted to be taken after receiving a

By Modupe Gbadeyanka Governor Akinwunmi Ambode of Lagos State has disclosed that his administration was targeting the various business opportunities in waste water management. According to him, efforts would be made to overcome the underlying challenges confronting the sector as the state government continue to thrive hard to achieve its Smart City vision. Mr Ambode said his administration had keyed into requires global best practices in waste water management through the use of modern methods to collect, transport and treat waste water to acceptable standards prior to reuse or discharge into the environment. Governor Ambode, who was represented at the

By Modupe Gbadeyanka Head of the Civil Service of the Federation, Mrs Winifred Oyo-Ita, has said that the Federal Government has commenced plans to pay all outstanding salaries and pension arrears of Federal Civil Servants in the country. Mrs Oyo-Ita disclosed this at an event organised by the Federal Mortgage Bank of Nigeria (FMBN) as part of the activities marking the 2017 Civil Service Week Celebrations held in Abuja. She said the move has reached an advanced stage with the intervention of the Federal Executive Council (FEC). “We are working very hard with relevant government agencies for the release of

By Aduragbemi Omiyale Following the demutualisation of the Nigerian Stock Exchange (NSE) and the creation of a non-operating holding company called the Nigerian Exchange (NGX) Group Plc and its subsidiaries, the exchange now has a new brand identity and website. The new corporate identity and the online platform started running on Monday, with the old www.nse.com.ng inaccessible by stock traders and stakeholders. The new platform is now https://ngxgroup.com/ The leading integrated market infrastructure group in Africa, in a statement on Tuesday, listed its subsidiaries as the Nigerian Exchange (NGX) Limited, the operating exchange; NGX Regulation (NGX RegCo) Limited, the independent

By Dipo Olowookere The Nigerian Stock Exchange (NSE) has vehemently kicked against the granting of access to unauthorised persons to its trading facilities by some brokerage companies. In a circular to stockbroking firms on Monday, the stock exchange reminded those allowing this unlawful act that there is a rule against such, warning them to desist from it or be sanctioned. The NSE said only authorised employees of stockbroking companies are allowed to use its trading platforms and are not permitted to share their log-in details and passwords with any other person. “Further to the circular referenced NSE/LARD/BDR/CIR5/15/03/06, dealing members are