Fresh Pressure Mounts on Naira, Trades N482/$1 at Black Market

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 NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Dipo Olowookere The absence of an Open Market Operations (OMO) on Wednesday caused a demand across the entire yield curve of treasury bills. Also, the T-bills market traded on a bullish note as a result of ample liquidity in the money market during the trading day. According to Zedcrest Research, demand was more skewed to the longer end of the curve as investor cherry picked maturities with decent yields. The Central Bank of Nigeria (CBN) is anticipated to float an OMO auction on Thursday to counter inflows from the expected monthly statutory disbursements and OMO T-bills maturity of N46

By Dipo Olowookere Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has advised Nigerian workers to consider investing in the capital market. In her goodwill message to commemorate the 2020 International Workers Day slated for Friday, May 1, the SEC chief said investing in the Nigerian capital market will help workers create wealth and save towards their retirement. According to Ms Uduk, despite of the COVID-19 pandemic, operations at the capital market were still on-going without disruption. She urged workers to take advantage of the various opportunities for wealth creation that abound in the market,

By Aduragbemi Omiyale Customers of Ecobank Nigeria Limited have been assured of excellent service delivery as the bank celebrates the annual customer service week. “For us as a bank, we are inspired by your confidence and support to us in numerous ways. We are proud to celebrate your trust in our products and services and use and reliance on them across our touch points. Indeed, your word-of-mouth recommendations of them make us delighted to serve you better,” the Managing Director of the company, Mr Bolaji Lawal, said in a statement issued by the lender. The financial institution lauded its customers

By Modupe Gbadeyanka Diamond Bank Plc has re-affirmed its commitments to continue to provide quality service delivery to its customers all times. Diamond Bank was among the nine commercial banks barred from foreign exchange transactions in the country by the Central Bank of Nigeria (CBN). The banks were accused by the apex bank of infringement on the Treasury Single Account (TSA) directive last year. Diamond Bank, in a statement issued on Wednesday in Lagos, reassured its customers of enhanced quality service delivery and commitment to meet its banking obligations despite the CBN announcement. The bank stated that as a financial

By Adedapo Adesanya In its bid to strengthen relationship with its partners, the Nigerian National Petroleum Corporation (NNPC) has signed a novation agreement with Nigerian Agip Oil Company (NAOC) on Oil Mining Lease (OML) 60,61,62 and 63. Nigerian Agip Oil Company (NAOC) Limited operates in the Niger Delta, under a joint venture arrangement with NNPC (60 percent), NAOC (20 percent), and Oando (20 percent). The novation agreement transfers the contractual obligations of one party to a third party or replaces a contractual obligation with another one. All parties involved in this type of contract must consent to the changes. According

By Modupe Gbadeyanka HempAmericana, researcher, developer, and wholesaler of industrial hemp products and imminent market share leader in the CBD oil market announced that it has signed two major strategic partnerships with companies in Maine and New York. The Maine partnership will develop a unique CO2, supercritical, low temperature, super fluid oxygen extraction machine. The partnership will invest hundreds of thousands in the new one-of-a-kind extraction machine that will have a 200+ litre capacity. The New York partnership will consist of 650 acres of land for growing hemp, with two acres already planted. The property also includes a 50,000 square

By Adedapo Adesanya Eko Electricity Distribution Company (EKEDC) has signed an agreement with the Niger Delta Power Holding Company Limited (NDPHC) aimed to improve electricity supply to Agbara, Lekki and other areas within its operational network. This was disclosed in a statement issued on Monday in Lagos by Mr Godwin Idemudia, Head, Corporate Communication, EKEDC. He said the deal was signed recently during a visit of the company’s Chairman, Mr Oritsedere Otubu, to the NDPHC’s office in Abuja. It said the agreement signed by the two companies was to ensure the improvement and upgrade of certain distribution infrastructure within EKEDC’s

By Modupe Gbadeyanka A total of 49,465,731 ordinary shares of 50k each have been distributed to shareholders of Stanbic IBTC Holdings. The addition ordinary shares were listed on the trading platform of the Nigerian Stock Exchange (NSE) last Friday. It was gathered that the additional shares arose from the Scrip Dividend Scheme offered by the firm to its eligible shareholders, who chose to receive new ordinary shares in exchange for cash dividends with respect to the 5 kobo final dividend declared for the year ended December 31, 2016. Also, the newly listed shares came from the 60 kobo interim dividend