FMDQ Trains Stakeholders on Derivatives Market

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

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 The Nigeria Customs Service (NCS) has deployed technology and scaled up data usage in its operations as part of efforts to boost its revenue generation capacity. This was disclosed by the NCS Comptroller-General, Mr Hameed Ali, on Wednesday, in Abuja, during the 2022 celebration of the World Customs Day (WCD). The theme for the 2022 World Customs Day celebration was Scaling Up Customs Digital Transformation by Embracing a Data Culture and Building a Data Ecosystem. Mr Ali noted that the theme was chosen to build a customs’ data ecosystem based on trust, to recognise the extensive volume

Worried by the various problems associated with the tax system in Nigeria, especially in the business sector, the House of Representatives has moved to revisit various tax laws in the country. A bill has already been moved and a public hearing held to seek public input on the bill. The lawmakers will consider making tax increase an exclusive legislative affair as being practiced in other parts of the world. A member of House of Representatives from Kaduna, Alhaji Garba Muhammad, who sponsored the bill, told Voice of Nigeria (VON) that most of the tax laws being used in the country

By Adedapo Adesanya The federal government is planning to revive three major power projects in Abia North Senatorial District in the first quarter of 2021 to boost electricity in the state. This was disclosed by the Minister of Power, Mr Sale Mamman, on a visit to the project site on Saturday in Abuja, according to a statement issued by his Senior Special Adviser, Media and Communication, Mr Aaron Artimas. He identified the projects to include the 60/40MVA Ampree substation, 132 KVA Ampree transmission lines, located in Arochukwu, Ohafia and the Ubur-Ihechiowa awarded in 2001. The minister, who expressed disbelief that

By Roger Agana Rigworld Training Center (RTC) has successfully signed a partnership agreement with the Aberdeen Drilling School. Through this agreement, the Rigworld Training Center has created a value-added solution, ensuring Ghanaians have greater access to specialized training. As innovation and technology continue to change, we are met with new challenges and opportunities, this means ensuring that both students, as well as current workforce, have a chance to develop the skills needed for the jobs of today as well as the jobs of tomorrow. Steve Taylor, Managing Director of the Rigworld Training Center said, “That our greatest asset as a

By Dipo Olowookere One of the telecommunications giants in Nigeria, Etisalat, has finally launched its 4G LTE network services. This comes barely 72 hours after Glo announced it was offering the same service to its customers in the country. Recall that last month, nTel, a new entrant into the industry in Nigeria, announced that its 4G LTE was compatible with Samsung Galaxy S7 and S7 Edge. Before now, few of the networks were operating on 3G, which made browsing the internet slow. The announcement by Etisalat now leaves Airtel as the only network provider yet to join the 4G LTE

By Adedapo Adesanya In what is the latest scandal in the cryptocurrency industry, Mr Do Kwon, the founder of Terraform Labs, has said that he is not on the run from South Korean authorities after the country’s prosecutors’ office said it had received an international arrest warrant on him. Mr Kwon’s company was behind the algorithmic stablecoin TerraUSD or UST and its sister token Luna which, combined, were worth around $60 billion and in May collapsed to near-to-nothing. The collapse of Terra cryptocurrency (Luna) and the so-called stablecoin TerraUSD (UST) wiped out investors’ money, prompting an uproar that caused the

By Dipo Olowookere The All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) improved by 0.71 per cent or 277.17 points on Monday following renewed buying interests in some mid and high-cap equities. The NSE index, which previously ended at 39,216.20 points, closed yesterday’s trading session at 39,493.37 points. Business Post reports that the gains reported by 28 stocks on Monday, higher than the 12 declining shares, increased the market capitalisation of the exchange by N145 billion to N20.663 trillion from N20.518 trillion. During the session, investors traded 522.2 million stocks worth N10.7 billion in 4,566 deals in contrast to

By Modupe Gbadeyanka A Lagos-based investment firm, FSDH Research, has identified Real Estate Fund (REF) has the solution to the shortage of housing in Nigeria. In its weekly report, FSDH Research said government can use REF as an investment vehicle to address the housing deficit and encourage economic activity in the real estate sector. Housing is a basic need of all human beings. Other basic human needs include food and clothing. Irrespective of their social or financial status, everyone deserves and needs access to quality and affordable housing. Sadly, in Nigeria, there is a significant shortage of affordable housing. The