FX Hoarding Weakens Naira to N670/$1 in Parallel Market

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

Testosterone is a hormone that is often associated with male physical characteristics and behavior. However, research suggests that testosterone levels can also play a significant role in shaping workplace confidence and assertiveness, regardless of gender. Individuals with higher testosterone levels tend to exhibit more self-assurance and competitiveness, traits that can have a significant impact on career success. Thus, we will discuss all of its key advantages in this article. Improvement in One’s Mood Testosterone has been linked to improved mood in both men and women. Studies have found that individuals with higher levels of testosterone tend to report higher levels

By Dipo Olowookere The Nigerian National Petroleum Corporation (NNPC) has expressed its commitment to a zero gas flare regime for every new gas project, even as it trains its sights on commercializing existing gas flare projects for the benefits of the host communities and country at large. Group Managing Director of the NNPC, Mr Maikanti Baru, stated this while receiving in audience the national leadership of Host Communities of Nigeria (HOSTCOM) led by its National chairman, Mr Benjamin Style Tamaranebi, at the NNPC Towers in Abuja. NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, in a release

By Modupe Gbadeyanka A top Nigerian financial institution, Access Bank Plc, has commenced operations in Paris, France, as part of its global expansion drive. A few days ago, Business Post reported that Access Bank was planning to expand its footprint in Europe and the United States, as stated by the chief executive of Access Holdings Plc, the parent company of the lender, Mr Herbert Wigwe. “I think that you would see a lot of expansion across the continent over the next couple of years, but I think beyond that, you would see us do a bit more in Europe, and

By Dipo Olowookere Data about Nigeria’s rising debt and inflation had a minor impact on the Nigerian Exchange (NGX) Limited on Friday, as late bargain-hunting lifted the bourse by 0.09 per cent at the close of business. The National Bureau of Statistics (NBS) said yesterday that inflation rose by 25.80 per cent in August from 24.08 per cent in July, just as the Debt Management Office (DMO) revealed that the country’s debt rose by 75.3 per cent to N87.38trn in the second quarter of this year. Investors shrugged off these concerns, including news that Brent sold at $94 per barrel,

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the parallel market, the Peer-2-Peer (P2P), and the Investors and Exporters (I&E) segments of the foreign exchange market on Tuesday, April 25, after the markets resumed from the Eid al–Fitr break. Traders returned to the market with renewed vigour, and this was transmitted to the Nigerian Naira, which became energised against the greenback yesterday by N3 in the parallel market to close at N736/$1 compared with the preceding session’s N739/$1. In the P2P forex market window, the domestic currency gained N5 against its American counterpart to trade at

By Adedapo Adesanya The Economic Community of West African States (ECOWAS) Parliament has appointed an independent ad-hoc committee to investigate allegations of recruitment malpractice at the parliament. This is as it also directed the suspension of the ongoing recruitment exercises, pending the outcome of the investigation by the independent panel. Nigeria had raised worry earlier and even threatened to withdraw its membership of ECOWAS if the regional body does not suspend the ongoing recruitment exercise as recently directed in the 2022 First Ordinary Session of the ECOWAS Parliament in Abuja. Nigerian representatives at the parliament had issued the threat when

By Nneka Okumazie What does anyone want in the choice of a church? What is the actual standard of Christ, regardless of anything? Where should the separation be, between telling people to come to church as they are, and the church having what they mustn’t fall short of? How much should the church walk in the spirit and not the flesh? If the ministers of God are like a flame of fire, shouldn’t more members catch the fire? How exactly should the church emphasize watch and pray, individually, and for others? When is it clear that a church is no

By Adedapo Adesanya  The Brent Crude, the global benchmark, traded up to $64 per barrel on Thursday, November 21, 2019 as oil price gained following fresh optimism over US-China trade deal as China invites US negotiators. The deal, which was described by US President Donald Trump as the “phase one” deal, would put in motion settlements to a long lasting trade war that had seen both countries place tariffs on goods. Brent crude futures, as at the time of this report on Thursday night, was trading close to the $64 mark after it gained $1.59 or 2.25 percent to sell