Forex Market Gets Fresh $210m from CBN

By Dipo Olowookere The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities. The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season. Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Adedapo Adesanya  Appreciation in the stock prices of Newrest Airline Services & Logistics (ASL) Plc, Food Concepts Plc, and UBN Property Plc saw the NASD Over-the-Counter (OTC) Securities Exchange extend its gain by 0.47 per cent on Tuesday, December 5. Data showed that Newrest increased its price by N1.61 during the session to settle at N17.71 per unit compared with the previous day’s price of N16.10 per unit, Food Concepts Plc (owners of Chicken Republic) gained 15 Kobo to close the day at N1.65 per share versus N1.50 per share, and UBN Property Plc rose by 13 Kobo to

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Adeniyi Ogunfowoke Women entrepreneurs are actually becoming more successful and ambitious in today’s business world. However, there are still a whole lot of efforts that still need to be invested in boosting and accelerating female entrepreneurship especially in an emerging nation like Nigeria. In line with this, we discuss ways to boost female entrepreneurship in Nigeria. Better access to capital There’s still much inequality in terms of providing women with loans and other financing that they need to start and grow businesses. When it comes to finance women face particular hurdles, from a lack of collateral to discriminatory regulations

By Adedapo Adesanya Nigeria-born New Zealand professional mixed martial artist, Israel Adesanya, suffered his first career defeat when he lost to Jan Blachowicz in the early hours of Sunday. The defeat of Adesanya by the Polish fighter sees him retaining the light heavyweight title. The Last Stylebender, as Adesanya is popularly called, suffered his first career loss in Ultimate Fight Club (UFC) at the UFC APEX in Las Vegas, USA. The Polish fighter defeated Adesanya via a unanimous decision of 49-46, 49-45, 49-45. After a tight opening three rounds, Blachowicz took over in the fourth and fifth as big takedowns

As with most developing countries, micro, small and medium enterprises (MSMEs) are the backbone of economies in West Africa. They account for the majority of businesses, are important contributors to job creation and have evolved to become key suppliers and service providers. Despite their importance, access to capital is a key constraint to SMEs realising their full potential. SMEs are less likely to be able to obtain bank loans compared to large firms. Their sources of financing mostly include internal funds, or cash from friends and family, to launch and initially run their enterprises. This limits their potential to grow

By Adedapo Adesanya All the 18 local government areas in Edo State have been won by the Peoples Democratic Party (PDP), cementing its top position in the politics of the state. The polls were held last Saturday. According to results released by the state independent electoral commission, the party that produced the governor of the state, Mr Godwin Obaseki, defeated oppositions, including those of the All Progressives Congress (APC) and the Labour Party (LP). The election was held in all 18 local government areas of the state covering Edo North, Edo Central and Edo South senatorial districts. The election for

By Adedapo Adesanya With the premise of tough times ahead for the Nigerian economy due to the recent $9 billion court ruling in favour of an Irish firm, Process and Industrial Developments Limited (P&ID), Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has appealed to investors to remain calm over the country’s foreign reserves. The CBN Governor disclosed this while speaking at the retreat organised for ministerial designates in the Presidential Villa in Abuja on Monday. This arose as a result of British court ruling which granted Process and Industrial Developments Ltd (P&ID) the right to seize

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 Adedapo Adesanya Brent crude continued its steady rise on Thursday as an expected recovery in the demand for the commodity outweighed concerns about higher COVID-19 cases in Brazil and India. Yesterday, the international benchmark futures gained $1.28 or 1.9 per cent to trade at $68.55 per barrel while the United States crude benchmark, the West Texas Intermediate (WTI) crude futures, rose by $1.09 or 1.7 per cent to sell at $64.95 per barrel. Demand is expected to improve in the coming weeks as top economies like the US, China and the United Kingdom go into the summer season, which