Forex Market Segments Stable Amid CBN $210m Support

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya Forty-seven per cent of Nigerians are actively engaged with crypto, a new study shows as the country finds safety in the currency amid worries about the foreign exchange rate. According to insights by CoinJournal shared with Business Post, cryptocurrencies, including Bitcoin (BTC) and various alternatives, are no longer just investments for speculation, “They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.” CoinJournal analyzed the data for the past three years, providing a comprehensive understanding of the current status of cryptocurrency adoption in 2023, as well as

By Adedapo Adesanya Brent crude closed below $75 per barrel on Wednesday, precisely selling at $74.39 per barrel after shedding $2.81 or 3.5 per cent. It was the lowest level for the crude oil grade since June, as a larger-than-expected rise in US fuel inventories added to worries about fuel demand, also pressuring the West Texas Intermediate (WTI) crude futures by $2.74  or 3.8 per cent in the midweek session to $69.58 a barrel. The US Energy Information Administration (EIA) reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has intercepted over 2.3 million tablets of illicit drugs known as opioids and other psychoactive substances meant for distribution in seven northern states. NDLEA spokesman, Mr Femi Babafemi, disclosed this in a statement on Sunday, identifying the states as Borno, Kano, Kaduna, Sokoto, Zamfara, Gombe, and Nasarawa. He said the hard drugs were seized from locations across Kaduna, Kogi, Sokoto, and the FCT in a series of interdiction operations in the past week. In Kaduna, a suspected drug dealer identified as Mr Umar Sanusi was arrested on August 12, during

By Dipo Olowookere The first trading session of the new week on the floor of the Nigerian Exchange (NGX) Limited finished on a positive note by Monday after it closed higher by 0.21 per cent. The NGX posted the growth yesterday following renewed bargain-hunting in some banking and energy equities trading at prices that give room for appreciation in the coming days. This was boosted by news over the weekend that a global rating organisation, S&P Ratings, has upgraded Nigeria’s outlook to stable from negative. Investors reacted to this latest development, showing confidence in the fiscal reforms of President Bola

By Dipo Olowookere Some foreign exchange (FX) traders in Lagos are biting their fingers hard in lamentation over the strengthening of the Naira against the United States Dollar in the parallel market. Business Post reports that on Tuesday, the Naira was exchanged with the American Dollar at the black market at N805/$1 compared with the N870/$1 it was transacted on Monday, indicating an appreciation of N65 in less than a day. This situation is causing some forex traders on the streets to stay away from buying the Dollars at the moment, as they do not know if the US currency

By Modupe Gbadeyanka On Thursday, March 8, 2018, the Nigerian Stock Exchange (NSE) will for the fourth consecutive year join other global exchanges to ring the bell for gender equality in celebration of the 110th International Women’s Day (IWD). The event, themed ‘Press for Progress,’ is slated for the Stock Exchange House, Marina, Lagos and is aimed at motivating and uniting everyone to think, act and be gender inclusive. As part of the activities lined up for the 2018 International Women’s Day celebration, the NSE will organise a half-day symposium which will be headlined by the Deputy British Deputy High

By Adedapo Adesanya One of the essential needs of the Nigerian capital market, especially the stock trading at this moment, is access to trading liquidity. This was the submission of the new president of the Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe, at his investiture on Tuesday in Lagos. According to the leader of the stockbrokers’ institute, “It was liquidity that enabled our stock market to grow in quantum leaps during the historic bull market run of 2005 – 2007. ”And that, in turn, galvanised the primary market where several companies and governments at various levels were able to

By Dipo Olowookere The first trading day of this week at the parallel segment of the foreign exchange market in Lagos ended flat with the Naira closing at the same rate it was transacted in the previous session. Business Post reports that the local currency, which was traded at N361 to a Dollar at the last session, finished at the same rate at the close of transactions on Monday at the black market. Similarly, the Naira, which exchanged at N480 per Pound Sterling last Friday, did not shift ground yesterday despite the political drama in the United Kingdom with the

By Modupe Gbadeyanka A foremost pay-tv service provider in Africa, MultiChoice, has raised an alarm that its over $85 million investments in local content through Africa Magic are under threat from piracy. The Africa Magic channel airs movies produced by local filmmakers across the continent. MultiChoice said it pumped that amount of money into domestic content over the last few years to create opportunities for young creators to earn a living from their work and for Africa to tell its authentic stories. It noted that this was done through the production and acquisition of films promoting the African culture, but

By Modupe Gbadeyanka The warring Labour Party leaders have been advised to quickly close ranks and not allow the influence of external forces, who intend to control the political party and put it in disarray. Two persons are fighting over the control of the party described by some observers as the third force as it disrupted the political scene in the 2023 general elections. The faction led by Mr Lamidi Apapa, which has been accused of being backed by the President-elect, Mr Bola Tinubu of the ruling All Progressives Congress (APC), is claiming to be the authentic leader of Labour