FGN Eurobonds Prices Crash on Sell Pressure

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

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 Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya  The Naira fell for the second consecutive day against the Pound Sterling at the parallel segment of the foreign exchange market on Wednesday, December 11, 2019. Voters in the United Kingdom will head to the poll today for the general election. At the black market yesterday, the local currency lost N2 against the British currency to exchange at N472/£1 after going down to N470/£1 on Tuesday at the same market segment. The performance of the British Pound has been pushed by investors on the expectation that the Conservatives led by Prime Minister Boris Johnson, an advocate for

By Dipo Olowookere The SME Finance Forum now has a new member and it is the Development Bank of Nigeria (DBN), a company established by the federal government in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria. The SME Finance Forum is a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs. It was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge centre for

By now, you’ve probably heard a bit about forex. But briefly hearing people talk about it or reading articles about it isn’t enough. If you’ve been exposed to information about forex trading but you still aren’t sure what it is or what it has to offer people who want to invest their money, we’re here to help. The short guide below covers some basics about forex, and once you know more, you can more easily determine if this is a path that you’d like to take to try growing your money. Forex Is Based Around Currencies from All Over the

By Adedapo Adesanya Spanish tennis star, Rafael Nadal, won his 14th French Open and record-extending 22nd Grand Slam title on Sunday with a straight-sets rout of Casper Ruud of Norway to become the oldest male champion at Roland Garros. In the final, 36-year-old Nadal won 6-3, 6-3, 6-0 with victory coming 17 years to the day since he claimed his first French Open as a 19-year-old in 2005. Nadal won the last 11 games of the final and is now two Slams ahead of old rivals Novak Djokovic and Roger Federer with Sunday’s victory coming against all the odds. Nadal,

By Dipo Olowookere Trading on the Nigerian Stock Exchange ended on a positive note on Thursday with the market capitalisation closing at N9.471 trillion from N9.454 trillion the previous day. This, Business Post learnt, was due to appreciation in the share prices of not less than 23 firms listed on the NSE. This showed that the market capitalisation rose by N17 billion at the close of trading. Also, the NSE All-Share Index appreciated to 27,574.09 basis points from 27,522.62 basis points. The maximum index point attained during trading on Thursday trade was 27,756.67 basis points, while the lowest and average

By Sodeinde Temidayo David President Muhammadu Buhari has reaffirmed the government’s commitment to focus and continue to invest massively in food security in the country as a way to enhance agricultural productivity. This was revealed by the Nigerian leader on Thursday at the food system summit in New York, where he stated that national food security, nutrition knowledge dissemination, skills development and information management systems were paramount to his administration. The President said Nigeria had developed a food system focused development agenda that is based on healthy diets and affordable nutrition, noting that it would contribute to rebuilding the economy,

By Investors Hub Asian stocks ended mixed on Friday as oil extended a steep drop from the previous session and investors looked ahead to the release of U.S. Labor Department’s closely watched monthly jobs report. Markets in China and Japan remained closed for holidays. U.S. employment is expected to increase by 185,000 jobs in April following the addition of 196,000 jobs in March, while the unemployment rate is expected to hold at 3.8 percent. Hong Kong’s Hang Seng Index climbed 137.37 points or 0.5 percent to 30,081.55 as the U.S. and China ended their latest round of trade negotiations in

The spotlights were on Airtel Uganda and its technology partner, Comviva, recently at the 2020 Digital Wallet Innovation Award, where they were announced as winners of their respective category. While Airtel Uganda was the overall winner of the Market Adoption, Airtel Uganda and Comviva were declared the grand winner out of the five winning firms presented for the first time this year by Aite Group. The recognition by Aite Group, a global research and advisory firm, was presented virtually during the Mobile Payment Conference held on Monday. Aite Group annually recognizes innovation by digital wallet providers that are changing the