FG Pegs Exchange Rate at N410.15/$1 for 2022 Budget

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, has been directed to appear before the House of Representatives within 24 hours to answer questions relating to an alleged breach in the engagement of contractors for the pre-shipment inspection and monitoring of crude oil and gas export. A member of the House, Mr Babatunde Kolawole, called attention of his colleagues to an order given by President Muhammadu Buhari in 2015 to the Ministry of Finance to process engagement of pre-shipment inspectors through selective tendering approved by the Bureau for Public Procurement (BPE). But Mr Kolawole alleged that in December 2015,

By Dipo Olowookere The trading indices of the Nigerian Exchange (NGX) Limited closed higher by 0.21 per cent on Friday following renewed bargain hunting activity. This came mainly from the interest of investors in shares in the banking, energy and industrial goods sectors, which closed higher by 0.99 per cent, 0.39 per cent and 0.01 per cent respectively. They outweighed the 1.04 per cent decline and 0.09 per cent loss suffered by the insurance and consumer goods counters respectively. At the close transactions, the All-Share Index (ASI) increased by 80.28 points to 37,947.18 points from 37,866.90 points and expanded the

By Dipo Olowookere Some foreign portfolio investors, who sold off their Naira investments before and shortly after the lockdown in Nigeria in high hopes of repatriating their funds, but got trapped, are already re-investing their money in local investment tools, an investigation by Business Post has revealed. In March 2020, the Central Bank of Nigeria (CBN) practically stopped the sale of foreign exchange (forex) to authorised traders. Since the lockdown in Lagos, Abuja and Ogun State, Dollar sales at the Investors and Exporters (I&E) window have reduced drastically. The I&E segment of the forex platform was created by the apex

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss on Tuesday and it was the fourth consecutive time this was happening. During the trading session, the unlisted securities market ended in negative territory as a result of the 0.49 per cent slide it closed with. This battered the NASD Unlisted Security Index (NSI) by 3.48 points to 707.24 points from the 710.72 points recorded at Monday’s trading session. It equally depleted the market capitalisation of the bourse by N2.50 billion to N507.45 billion from N509.95 billion achieved the preceding day. The bearish environment was activated by a

Two new acquisitions have been completed by Rahi Systems. The two firms acquired by Rahi Systems are Serro and PiTek. Rahi Systems said the acquisition of the companies augment its Integrated Environment strategy, a holistic approach that encompasses all the devices and applications users interact with and the supporting technology behind the scenes. They also expand Rahi’s ability to deliver highly efficient data centre infrastructure solutions to customers worldwide. Rahi’s acquisition of Serro LLC brings additional expertise in network design, automation, orchestration and cloud infrastructure. The Serro team provides consulting and implementation services and 24×7 managed services through its Network

By Dipo Olowookere On Monday, October 16, 2017, United Bank for Africa (UBA) Plc released details of its financial statements for the third quarter of this year. The lender, in the 9-month earnings, showed it was still one of the biggest banks in the country. Business Post is serving its readers with some of the key highlights of the financial institution’s results as released yesterday. In the period under review, the bank posted a strong growth of 25 percent in gross earnings mainly influenced by improved income in interest and non-interest income. It was observed that UBA’s interest income improved

A multinational oil and gas company, Sterling Global Oil Resources Limited, on Thursday, donated relief materials worth millions of Naira to victims of flood in the oil producing local government areas of Imo State. Presenting the relief materials, Community Relations Officer of the company, Mr Louis Jideofor, explained that the gesture is part of the company’s commitment to assisting their host communities, while reciprocating the state government’s gesture of ensuring an enabling environment for their operations in the state. He commended the Governor Emeka Ihedioha-led administration in the state for what he described as a responsive and responsible style of

Call vetting firm, Truecaller, has announced the global launch of its Truecaller SDK solution exclusively for the mobile web platform. With this, Truecaller SDK now supports all the key mobile platforms across Android, iOS, React and now mobile web including Progressive Web App support. Developers can access the mWeb SDK from Truecaller’s global developer portal. Across emerging markets like India and Africa, mobile web based experiences on smart phones are proving to be the first point of discovery for users trying to access products and services online. One of the key challenges in these markets has been to on-board users