Forex Traders Receive $210m from CBN

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya The duo of NASD Plc and Central Securities Clearing System (CSCS) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, November 23. They caused the NASD Unlisted Security Index (NSI) to lose 0.35 points at the close of transactions, ending at 845.81 basis points compared with Wednesday’s closing value of 846.16 points. Also, the market capitalisation of the exchange went down by N460 million to remain relatively flat at N1.147 trillion. During the session, NASD Plc shed 65 Kobo to end the day at N12.65 per share versus the midweek session’s N13.30

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Aduragbemi Omiyale Nigerians, especially subscribers of Airtel Nigeria, can now purchase an affordable digital health package to have access to basic health care consultation and minor treatment, thanks to a partnership with AXA Mansard Health. The bundle plan has three forms of healthcare services, including telemedicine, pharmacy, and hospitalization reimbursement, and can be accessed by dialling *141*44# on an Airtel line. Business Post gathered that Airtel customers with data-enabled smartphones could purchase N700 for 1GB of data to enjoy 7 days of medical insurance, N1,700 for 2GB of data for 30 days of medical insurance, and 3,500 for 10GB

By Adedapo Adesanya The value of the Naira to the United States Dollar has started to decline in the different segments of the foreign exchange ((forex) market as a result of renewed scarcity of FX in the system. In the past week, the Central Bank of Nigeria (CBN) had tried to improve the situation, but counter policies have reignited the flames and they could burn down the system. On Tuesday, the domestic currency depreciated against the greenback at the black market, Peer-to-Peer (P2P), and the Investors and Exporters (I&E) windows of the market. The demand for forex as the market

By Dipo Olowookere The stock market in Nigeria grew by 0.98 per cent on Wednesday following buy interest in the shares of Stanbic IBTC Holdings Plc and 19 others. Yesterday, the financial institution posted its results for 2020 and apart from recommending a final dividend of N3.60, it proposed the issuance of bonus shares to shareholders. This pushed bargain hunters, especially dividend investors, into action and resulted in the 9.99 per cent rise in the value of the stock, closing at N48.45. Business Post reports that also during the session, the price of NPF Microfinance Bank appreciated by 9.60 per

By Modupe Gbadeyanka About R6 billion ($499.3 million) has been contributed to the South African economy by the Cape Town Film studios, the chief executive has Mr Nico Dekker. Mr Dekker made this disclosure during a site visit to the Cape Film Studios in Cape Town by the Portfolio Committee on Trade and Industry. The Motion Picture Association of America (MPAA) invited the Portfolio Committee to the set of the Warrior television series which is currently shooting at the Cape Town Film Studios in an effort to showcase their high-profile project. Mr Dekker said since December 2010 the direct investment

By Aduragbemi Omiyale Senior officials of the federal government in Ministries, Departments and Agencies (MDAs) have been advised to desist from the manipulation of the budget or risk being punished. Speaking at a one-day forum in Abuja, the Director-General, Budget Office of the Federation (BOF), Mr Ben Akabueze, reminded the officials that budget is a matter of law and, therefore, infractions in this regard are punishable by law. Business Post reports that the event, themed Transparency and Fiscal Discipline in Budget Implementation, was organised by BOF in partnership with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has warned unsuspecting Nigerians against fraudulent messages and videos targeted at loan seekers and owners of small-scale businesses purportedly facilitated by the bank. The apex bank in a statement signed by the Acting Director, Corporate Communications, Mr Osita Nwanisobi, noted that while the CBN has several development finance intervention programmes from which different categories of businesses had benefitted from, it emphasized that, “it does not do so through direct interaction with prospective applicants.” It explained that there are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through

By Modupe Gbadeyanka Trading activities resumed on Tuesday on the floor of the Nigerian Stock Exchange (NSE) after two trading days of public holiday to mark the Good Friday and Easter Monday celebrations. As investors settled for business, the stock market kicked off on a bearish trend, resulting into a loss of N105 billion at the first day of trading after the break. The All-Share Index depreciated by 302.94 points or by 1.19 percent to close at 25,207.07 points, while the market capitalisation dropped N104.8 billion to finish at N8.722 trillion with the year-to-date return ending at -6.16 percent. Though

By Dipo Olowookere Lagos State Governor, Mr Akinwunmi Ambode, has reiterated his administration’s commitment towards pursuing projects and programmes that are driven by the needs of the communities in all the Local Governments and Local Council Development Areas of the State. Mr Ambode, who stated this in Lagos on Monday at the commissioning of Etal Memunat Ayodeji Road, one of the 114 newly constructed roads in the State situated within Onigbogbo Local Council Development Area, explained that his government would always be driven by the needs of the majority in the society. The Governor, represented by the State Head of