Forex Inflow Drops By $447m On Oil Facility Attacks

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

A recent report from TU experts offers deep insights into Nigeria’s Forex trading scene, with a special focus on the importance of the New York session Forex time. In the first quarter of 2023, the US Forex Market witnessed a surge in daily volume, reaching $966.7 billion. The growth is an impressive 27% jump from past years, further solidifying the global Forex market’s role as a bustling currency trading center. With the FX market in operation 24 hours a day, transactions worth billions of dollars are made. Building on this global trend, Nigeria, with its robust economy boasting an annual

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

The 2017/18 Premier League top scorer and the 2018 PFA Player of the Year, Mohamed Salah, does a lot for his compatriots. With rising unemployment and political unrest in Egypt, the attacker is an icon and an example of a young man who has worked hard to achieve his dreams. Although his life hasn’t always been enviable, he has worked his way into Liverpool’s starting line-up, whose matches you can follow on the 1xBet app with fast bets and withdrawals at any time. Mohamed Salah was born in June 1992 in the small village of Nagrig, located in the Gharbia

By Ahmed Rahma The European Union (EU) may be left with no other choice than to use the COVID-19 vaccine produced by Russia called Sputnik V. The regional bloc had paid €336 million for guaranteed orders for vaccines manufactured by AstraZeneca, but after the drugmaker said it may no longer supply the jabs as the time earlier agreed, the EU became and threatened to sue. “We want our contract to be fully fulfilled,” the EU Health Commissioner, Ms Stella Kyriakides, had told AstraZeneca, emphasising that, “This new schedule is not acceptable to the European Union.” As part of efforts to

By Dipo Olowookere The Nigerian Exchange (NGX) Limited made a quick return to the bulls’ zone on Friday, rising by 0.17 per cent on the back of interest in banking stocks. The sector witnessed a significant increase as well as transactions at the final session of the week and this was mainly due to cross deals, especially in Sterling Bank, GTCO and Stanbic IBTC Holdings, according to data sourced by Business Post. This pushed the level of activities higher yesterday as the trading volume rose by 72.21 per cent to 277.0 million units from the previous day’s 160.9 million units.

By Modupe Gbadeyanka Senior citizens residents in Abia State may soon start to enjoy free healthcare services courtesy the Abia State government. At a celebration to mark the World Health Organization Day for the aged at the Michael Okpara Auditorium, wife of the Governor, Mrs Nkechi Ikpeazu, disclosed that this service would be available in all Community Health Centres in the state. During the event, the senior citizens were celebrated by the government and were given free medical screening and others. An Mrs Ikpeazu said it has been the desire of Governor Okezie Ikpeazu for a long time to bring

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange slid 0.01 per cent on the back of bearish price movement from FrieslandCampina WAMCO Nigeria Plc on Wednesday, November 2. The marginal loss reduced the market capitalisation of the unlisted securities bourse by N90 million to N948.92 billion from N949.01 billion, as the NASD Unlisted Securities Index (NSI) also decreased by 0.08 points to wrap the session at 720.83 points compared with 720.91 points recorded in the previous session. Business Post reports that the share price of FrieslandCampina WAMCO Nigeria Plc went down by 5 Kobo in the midweek to close at

By Adedapo Adesanya Oil prices continued to climb to their highest in almost three years on Friday, pushing the global crude benchmark, Brent, and the United States’ crude benchmark, West Texas Intermediate, to their fifth week of gains in a row on expectations that demand growth will surpass supply. The Brent crude was sold at $76.18 per barrel after it rose by 62 cents or 0.82 per cent, while the WTI crude traded at $75.05 per barrel after it went up by 75 cents or 1.02 per cent. Oil prices have received supports from different directions in recent weeks, benefiting

By Ahmed Rahma Following the retirement of Mr Godwin Abimbola Samuel as Company Secretary, UAC of Nigeria Plc has appointed Ms Nkem Agboti to occupy the vacant position. After 23 years of working with the company, the former scribe would be retiring on December 31, 2020, while Ms Agboti will resume duty on January 1, 2021. Ms Agboti, who holds a Bachelor of Laws degree from the University of Lagos, has close to two decades of experience in the practice of business law. She is an accredited mediator and well rounded in corporate affairs. She has worked at the law

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed the week in the flat territory on Friday, August 21 as the total market value and the unlisted securities index remained at the previous levels it closed on Thursday. Specifically, the market capitalisation and the NASD Unlisted Security Index (NSI) both closed the session at N520.93 billion and 709.17 points respectively. However, the number of deals executed by market participants reduced by 61.1 per cent or 11 deals as seven deals were carried out at the bourse compared with the 18 deals recorded at the previous trading day. The deals