Experts Shed Light On New York Session Forex Time In Nigeria

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

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 Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Dipo Olowookere Some revenue generating agencies of the federal government have been accused of not remitting about N8.1 trillion to the nation’s coffers from 2010 to 2015. This fraud was uncovered after reputable auditing company, Klynveld Peat Marwick Goerdele (KPMG) audited the agencies. These agencies include the Nigeria National Petroleum Corporation (NNPC), Nigerian Customs Service (NCS), Nigerian Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS), Nigerian Petroleum Development Corporation (NPDC) and 10 others. At the National Economic Council (NEC) meeting yesterday in Abuja, Governor Ibrahim Dakwambo of Gombe State, while addressing newsmen, said the council has

By Adedapo Adesanya Oil settled up about $1 a barrel on Friday as China’s economic prospects brightened, boosting expectations for fuel demand in the world’s second-biggest economy. Brent crude settled at $87.63 a barrel after it grew by $1.47 or 1.7 per cent, while the United States crude settled at $81.31 a barrel, as it gained 98 cents or 1.2 per cent. The benchmarks notched a second straight weekly gain as a result. For the week, Brent logged a 2.8 per cent increase, and the US benchmark saw a 1.8 per cent rise. China, which has become the latest mover

By Modupe Gbadeyanka In the third quarter of last year, Nigeria officially entered another recession four years after the first under President Muhammadu Buhari. This was as a result of the decline in the nation’s gross domestic product (GDP) in the second quarter (-6.10 per cent) and in the third quarter (-3.62 per cent) of 2020. But the federal government has expressed confidence that the current economic crisis would be short-lived because of the policies put in place by the administration. The Minister of Information and Culture, Mr Lai Mohammed, while addressing journalists in Lagos on Monday, said very soon,

By Dipo Olowookere Three United Nations agencies operating in Algeria have appealed for continued donor support for refugees from Western Sahara, warning that insufficient funding makes imminent a cut in basic food rations. “For more than 40 years, the Sahrawi refugees have been living under extremely harsh conditions in the Sahara desert in south-western Algeria. Hosted in five camps close to the town of Tindouf, they remain heavily dependent on external humanitarian assistance,” the UN World Food Programme (WFP), together with the Office of the UN Nations High Commissioner for Refugees (UNHCR) and the UN Children’s Fund (UNICEF) said in

By Adedapo Adesanya Infection with the Omicron coronavirus variant can also strengthen immunity against the earlier Delta strain, reducing the risk of severe disease, according to a new paper released by South African scientists. The study, produced by Alex Sigal and Khadija Khan of the Durban-based Africa Health Research Institute, subjects infected with the Omicron variant not only saw immunity to subsequent Omiron infections rise 14-fold but also saw has been shown to be highly transmissible and can evade some antibodies, after two weeks of getting symptoms immunity to subsequent infections from the strain rose 14-fold, but also a 4-fold

By Adedapo Adesanya The Nigeria Civil Aviation Authority (NCAA) has suspended the aircraft leasing operations (Specs Part G) of the Air Operator’s Certificate of SkyPower Express Airways Nigeria Limited due to non-compliance to guidelines. Following the violation of the provision of Nigerian Civil Aviation Regulations (NCARs) Part 9.2.3.4(b), the regulatory body also suspended operations of some private charter aircraft due to non-compliance of the same ops Specs Part G. Referenced NCAA/DG/AIR/11/16/129, the suspension was signed by Mr Musa Nuhu, NCAA director-general and titled Suspension of the Ops Specs Part G (Aircraft Leasing Operations) of your organization’s Air Operator’s Certificate. “Be

By Adedapo Adesanya Nigerian digital insurance company, Casava, has secured $4 million in pre-seed funding to provide affordable and accessible insurance products for millions of Nigerians. The pre-seed funding round was led by Target Global with participation from Entrée Capital, Mr Oliver Jung, Monzo founder Mr Tom Blomfield and Stash founders Mr Ed Robinson and Mr Brandon Krieg. It also has African founders such as Uche Pedro (founder of BellaNaija), Mr Babs Ogundeyi and Mr  Musty Mustapha (co-founders of Kuda), and Mr Shola Akinlade (co-founder of Paystack). Others include Mr Olugbenga “GB” Agboola (co-founder of Flutterwave), Mr Honey Ogundeyi (founder

By Adedapo Adesanya Prices of crude oil went southwards on Wednesday as the Organisation of the Petroleum Exporting Countries (OPEC) revised down its 2021 forecast for global oil demand. At the market yesterday, the Brent crude dropped 60 cents or 0.94 per cent to trade at $63.54 per barrel, while the West Texas Intermediate (WTI) dropped $1.22 or 2.01 per cent to sell at $59.33 per barrel. The Joint Technical Committee (JTC) of the producers’ alliance at the beginning of the monthly OPEC+ meetings to decide how to proceed with the production cuts in May revised down its global demand