Fire Razes Balogun Market in Lagos Again

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya Global prices for food commodities were on the highest levels in 2022 after falling for nine months in a row. The United Nations Food and Agriculture Organisation (FAO) attributed this to Russia’s war in Ukraine, droughts, and other factors, which drove up inflation and worsened hunger worldwide. The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, dipped by 1.9 per cent in December from a month earlier, the Rome-based organization said in its latest report. For the whole year, it averaged 143.7 points, more than 14 per cent

By Adedapo Adesanya The Naira closed mixed on Monday, which was the first trading session of the week at the foreign exchange (forex) ahead of the two-day public holiday in Nigeria. The Nigerian Naira, at the black market, closed stronger against the US Dollar by N3 to sell for N503/$1 compared with N506/$1 it traded last Friday. It was observed that there was no rush for the hard currency on the streets yesterday and this contributed to the strengthening of the local currency against the greenback at the unregulated FX market window. Also, at the parallel market, the domestic currency

By Modupe Gbadeyanka Electorates in the Delta South Senatorial District have vowed not to treat the 2019 elections with kid’s gloves, especially as it has to do with their representation in the upper chamber of the National Assembly. Majority of those whose opinions were sampled agreed that they have not been feeling the impact of democratic dividends for a long time, but in 2019, things will be different. To this end, while politicians are making the rounds with marathon consultations and secret meetings, they have already weighed in potential candidates who are aspiring to the position, even as the Independent

By Dipo Olowookere Leading telecommunications company in Africa, MTN Group Limited, is considering selling off some of its majority stake in its Nigerian unit. The local arm of the telecom giant was listed on the Nigerian Stock Exchange (NSE) in May 2019 after years of back and forth with the domestic authorities after it was slammed with a huge fine for failing to disconnect some unregistered subscribers on its network. MTN wants to raise fresh capital to pay down debt and simplify a portfolio of telecom businesses that spreads across Africa and the Middle East, Bloomberg said in a report

By Modupe Gbadeyanka The industrial action earlier planned for Tuesday, November 6, 2018 by the organised labour unions in Nigeria has been called off. The action was cancelled on Monday night after a marathon meeting with representatives of government and the organised private sector. The labour unions had asked Nigerians to prepared for an indefinite strike after government failed to agree to the N30,000 proposed as the new national minimum wage. After the meeting on Monday night, national president of the Nigeria Labour Congress (NLC), Mr Ayuba Wabba, said agreements were reached during the tripartite committee set up to come

By Dipo Olowookere The decision of the National Assembly to appropriate N13 billion for ‘refreshments, travels and welfare’ in the recently passed 2017 budget has infuriated the Centre for Anti-Corruption and Open Leadership (CACOL). Executive Chairman of CACOL, Mr Debo Adeniran, described this as “insensitive, gluttonous and selfish.” Mr Adeniran said, “The demonstration of insensitiveness to the sufferings and very pressing needs of the people is made very manifest by the budget of N13 billion for ‘refreshments, travels and welfare’ for NASS. “These are legislators that are too ‘embarrassed’ by the humongous remunerations such that they have to shroud it

By Dipo Olowookere Mr Abubakar Danlami Sule has been appointed as the acting Managing Director/CEO of Keystone Bank Limited, the fastest growing financial institution in Nigeria. Mr Sule, whose appointment is subject to the approval of the Central Bank of Nigeria (CBN), is taking over affairs of the bank following the resignation of Mr Ohiwerei, who wants to pursue other personal interests. In a statement by the General Counsel and Company Secretary of the bank, Dr Michael Agamah, on Saturday, it was emphasised that the board recognized and appreciated Mr Obeahon’s immense contributions to the growth of Keystone Bank and

By Adedapo Adesanya The unlisted securities market in Nigeria depreciated by 0.98 per cent on Wednesday following the decline in the prices of Niger Delta Exploration and Production (NDEP) Plc and Central Securities Clearing Systems (CSCS) Plc. At the close of business, the market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange went down by N6.1 billion to N609.81 billion from N615.86 billion, while the NASD Unlisted Security Index (NSI) decreased by 7.33 points to wrap the session at 738.11 points compared with 745.44 points recorded at the previous session. During the trading day, NDEP depreciated by N2.50 or 1.0 per