Experts Expect MPC to Hold Rates at 14%

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 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 Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya The Governments of Jersey, Nigeria and the United States of America on Monday, February 3, entered into an Asset Recovery Agreement to repatriate over $308 million of forfeited assets to Nigeria. The disclosure was made in a joint press release posted on the US embassy website on Tuesday and sighted by Business Post. In the statement, it was disclosed that the funds were laundered through the US banking system and then held in bank accounts in Jersey under the name of Doraville Properties Corporation, a BVI company, and in the name of the son of the former

By Aduragbemi Omiyale The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, has attributed the exit of foreign investors to the low performance of the Exchange Traded Funds (ETFs) market in the country. Speaking on Wednesday at a webinar organised by the bourse, he, however, noted that efforts are being made to revive the space to make it attractive to domestic investors. At the ETFs conference themed ETFs in the Nigerian Capital Market: Opportunities and Challenges, Mr Popoola described the West African ETFs market as very shallow because it is worth about N8.87 billion ($19.25m) unlike the

By Adedapo Adesanya  With travel restrictions and quarantines accelerating, major crude futures fell more than 13 percent on Wednesday as the bearish outcome added to fear of a looming recession. Brent crude dropped 6.54 percent or $1.99 to trade at $28.42 per barrel, while the West Texas Intermediate (WTI) crude fell by 16.25 percent equivalent to $4.44 to add more worries to the United States economy at $20.83 per barrel. The coronavirus pandemic has caused global travel to collapse affecting oil which is a major commodity that powers the economy. But as flights have been cancelled. Shipping, transportation, and manufacturing

Looking for online part-time jobs, Nigerians often come across such a thing as Forex. They are promised big earnings with minimal investment, while anyone can trade and earn on this platform, even without experience in trading in the stock markets. Seems like a lie, doesn’t it? But what is Forex trading, and how does it really work? Let’s try to figure it out in this article. What is Forex, in simple words? Forex (foreign exchange market, or FX) is a market where online traders can exchange currencies in real-time. The fact is that currency quotes in relation to each other

By Adedapo Adesanya MTN has valued its mobile money business fondly called MoMo at about $6 billion as it prepares to sell or list a minority stake to draw global investors, according to a report by the Financial Times. This was disclosed by the company’s Chief Executive Officer, Mr Ralph Mupita, that the business should be worth at least $5 billion or $6 billion and should be listed within the next year. The South African telecommunications company has 280 million global subscribers and the mobile money arm accounts for more than 15 per cent (46 million). The plan, which was

By Modupe Gbadeyanka Some shareholders of publicly quoted banks in Nigeria exposed to the $1.2 billion loan obtained by 9mobile, formerly Etisalat Nigeria, are beginning to express joy at news that the telecom firm has commenced repayment of the debt. Some days ago, Teleology Holdings Limited confirmed taking over the debt-ridden 9mobile after a vigorous bidding process, which began in 2017. Etisalat Nigeria had approached a consortium of Nigerian lenders for a credit facility aimed at expanding its operations in the country. However, when it was unable to service the loan, attempts were made by the lender to take over

By Dipo Olowookere Technology giant, Lenovo, has launched the Yoga Book, which is the world’s thinnest and lightest 2-in-1[1] tablet, designed for unmatched productivity while on-the-go. The tablet was built for mobility and to solve the most common challenge among tablet users to achieve productivity and entertainment in one device. The Yoga Book removes that difficulty by taking the fundamental building blocks from the DNA of what makes a great tablet; namely portability, long battery life and a rich app ecosystem – and entwines it into a strand of creativity and productivity through a suite of powerful new hardware and

By Modupe Gbadeyanka Shares of University Press Plc performed well at the Nigerian Stock Exchange (NSE) last week, growing by 31.45 per cent or 39 kobo to close at N1.63 per share in the five-day trading week. The sudden demand for the stock pushed the equity price higher in the week. This was also the cash of FTN Cocoa Processors Plc, which recorded a 20.00 per cent growth to finish at 24 kobo per share. Champion Breweries appreciated in the week by 19.23 per cent to finish at 93 kobo per share, NEM Insurance gained 14.97 per cent to end