FG To Borrow N120b From Local Debt Market

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

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 Modupe Gbadeyanka A total of 26 African YouTube creators, including 10 Nigerian creators, have been selected to join the 2022 #YouTubeBlack Voices Fund initiative. They were chosen to join a global cohort of 135 from around the world, who will have the opportunity to get funding support to help them create fresh and authentic stories. The list was dominated by South African content creators with 12, followed by Nigeria with 10 and Kenya with 4, all from different professional, social and academic backgrounds. This is the second class of African creators in the #YouTubeBlack Voices Fund which is now

By Nneka Okumazie Overthinking is a major threat in any relationship: doubts, thoughts of the intentions of others, presumptions, weighing efforts and sacrifices, results, attention, benevolence, patience, etc. are common intuitive propensities. The mind is a major interpreter. It can say what it is for what it’s not, or say what should be for something else. The mind is influenced by so much, and the scriptures often talks about: guarding the heart with all diligence, renewing the mind, sound mind, and that double-mindedness is same as being unstable. There is so much coming at the mind that if a sound

By Dipo Olowookere The Nigerian Exchange (NGX) Limited has announced the lifting of the suspension placed on Mutual Benefits Assurance Plc on July 1, 2022. For nearly two months, investors could not buy and sell shares of the underwriting company because of the action of the exchange. The insurance firm had failed to file its financial statements to the bourse for the perusal of the investing public and after efforts to make the organisation comply with the listing rules failed, the company was prohibited from trading its stocks on the platform. Mutual Benefits was among the nine firms suspended by

By Adedapo Adesanya The Ministry of Mines and Steel Development has said that it would place necessary measures and strategies to generate up to N20 billion from the ministry industry by the end of the year. This was disclosed by the Minister of Mines and Steel Development, Mr Olamilekan Adegbite, while receiving the draft report on Revenue Optimisation from Mineral Resources Sector in Abuja, which contained developed strategies that would put in place According to the Minsiter, strategies that would reshape and enhance the efficiency of the collection system are being developed so as to increase the sector’s contribution to

By Modupe Gbadeyanka A brand new Toyota Hiace ambulance vehicle and 1,400 cartoons of bottled water have been donated to the Rivers State government. The donation was made by the Capital Market Support Committee on COVID-19 (CMSCC) to help the government combat the spread of the virus in the state. Presenting the items to the government recently, the Head of Port Harcourt zonal office of the Securities and Exchange Commission (SEC), Mr Obi Adindu, stated that, “The Nigerian capital market, upon outbreak of the pandemic, set up the COVID-19 support committee which has a mandate to raise a billion Naira

By Dipo Olowookere Six nominees of Lagos State Governor, Mr Akinwunmi Ambode, for both the Lagos State Public Procurement Agency and the State Teaching Service Commission (TESCOM) have undergone screening. The exercise was conducted on Tuesday by the Lagos State House of Assembly. Nominated and screened for the position of General Manager, Lagos State Public Procurement Commission was Mr Onafowote Fatai Idowu, who was born on January 16, 1957. He attended University of Ibadan and studied agriculture, biochemistry and nutrition. And started working at the Lagos State Agriculture Development Project. He later became Programme Secretary, State Food Security Programme Mr

By Dipo Olowookere Fun-seekers in Uyo, the Akwa-Ibom State capital, are already anticipating the “33” Export Friendship Experience party slated to hold on Sunday, May 14, 2017. The “33” Export connects and engages with its target consumers by celebrating friendship and friends across the country. It would be recalled that the brand commenced this year’s Experiential Parties in March, and has hosted several top DJs and Comedians in the entertainment industry to thrill consumers with the best of music, games and comedy experiences. The experiential parties are targeted at bringing to live the values of the brand, and deepening the

By Modupe Gbadeyanka Treasury bills market remained broadly bearish on Monday despite the significantly buoyant level of system liquidity with yields trending higher across the curve. According to Zedcrest Research, this came on the back of continued selloffs across the short and mid tenured bills, as market players anticipate higher stop rates at the forthcoming Primary Market Auction (PMA) for T-bills. Most bids were set as high as 13 percent on the short and mid-tenured bills by market players. During the market yesterday, the Central Bank of Nigeria (CBN) floated an OMO auction to manage the excessive system liquidity levels.