FEC Okays Trade Deals Between Nigeria, Singapore

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Dipo Olowookere The interest in equities in the banking sector is beginning to wane at the nation’s stock market and some investors have begun to offload them from their portfolios in order to reduce their exposure. Business Post reports that at the Nigerian Stock Exchange (NSE) on Friday, the banking index emerged the biggest decliner as a result of selloffs in tier-one lenders. At the close of transactions yesterday, the banking index went down by 1.59 percent, while the other loser, the consumer goods index, depreciated by 0.14 percent. However, the insurance index appreciated by 1.21 percent, the industrial

By Dipo Olowookere Minister of Health, Mr Osagie Ehanire, has called for more investment in oxygen generators, saying situations have showed that they are more needed in the management of Coronavirus disease (COVID-19) than ventilators. Last week, Mr Ehanire inspected the 063 Nigeria Air Force COVID-19 Observation, Treatment Centre located at a side of the 063 NAF Hospital along the Nnamdi Azikwe International Airport Road, Abuja. The facility is about 25-bed COVID-19 Observation and Treatment Centre with a Small Operation Theatre (when that becomes necessary) and sections to treat serious symptomatic COVID-19 cases, observation and treatment of mild and asymptomatic

By Adedapo Adesanya The Nigeria Centre for Disease Control (NCDC) has said it is on high alert amid global concerns over new strains of COVID-19. This was made known yesterday at a press conference in Abuja, where the health body said over 663 million confirmed cases and over 6.7 million deaths had been reported globally. Speaking at the event, NCDC Director General, Dr Ifedayo Adetifa, said: “Globally, more than three million new cases and ten thousand deaths have been reported in the week of December 26, 2022, to January 1, 2023. This represents a reduction in weekly cases and deaths

By Dipo Olowookere There are indications that the value of Naira may depreciate against the Dollar this week at the foreign exchange (forex) market due to situations at the global market for crude oil. In recent times, the United States and China have been having it rough, with both economic powers of the world slamming different tariffs on each other, affecting the global economy. In its report at the weekend, Lagos-based investment company, Cowry Asset, said with the unstable nature of the price of the black gold, the local currency should suffer for it this week. “In the new week,

By Adeniyi Ogunfowoke The holidays are over and it’s time to return to work. Many of us have spent innumerable days waking up late, watching your favorite TV shows, and lounging at your favorite hotel in Lagos with friends and family. Jumia Travel understands that transiting from vacation mode to work mode may not be something you look forward to, but whether you like it or not you have to return to work especially in this New Year. Here are 5 tips to help you return back to work after your vacation and get things done. Organize your workspace The

By Modupe Gbadeyanka Transactions on the floor of the Nigerian Stock Exchange (NSE) finished on Wednesday in the upward trend as bulls continued hold on the market for the second straight day. Business Post reports that the market breadth also closed positive today with 27 stocks appreciating compared with 19 stocks that depreciated, while the year-to-date return inched up to 5.25 percent. Furthermore, the market capitalisation rose by N67 billion to end at N9.779 trillion, while the All-Share Index (ASI) increased by 193.13 points to finish at 28,286.43 points. At the close of trading activities on the floor of the

Veteran Nollywood actress, Joke Sylva, has said Africa Magic heralded a paradigm shift in the entertainment industry when it launched in Nigeria in 2003. The actress in an interview with The Guardian Newspaper, said the platform raised the bar through huge investment in equipment and technology for movie production, which spurred the development and growth of talents in the industry. According to her, the popular series, Tinsel, upped the ante for storytelling and production standards in Nollywood. “There was a comment I sent to Mr Odugbemi recently where I said Tinsel was almost envisioning the future of Nollywood because when

By Adedapo Adesanya  Nigeria is set to retain its 1.7 million barrels per day quota as the Organisation of the Petroleum Exporting Countries (OPEC) and its allies have hinted that the Africa’s largest oil producer may be allowed to maintain its existing oil output cuts until June 2020. This came as a result of OPEC ally and non-OPEC oil producer, Russia backed Saudi Arabia’s push for stable oil prices following the listing of Saudi Aramco as the alliance is expected to meet on December 5 at its headquarters in Vienna. This followed talks with a group of other oil producers,