FX Supply Crunch Weakens Naira to N415.10/$1 at I&E

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

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 Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

By Modupe Olowookere As part of his efforts to make the Abia State an agro-based economy in the nearest future, Governor Okezie Ikpeazu, has kicked off the oil palm revolutionary agriculture programme to develop two million nursery at Ayaba Umueze in Osisioma Ngwa local government area of the state. This, Business Post learnt, is part of the 10 million oil palms Mr Ikpeazu plans to plant before the end of 2019. Performing the flag off ceremony of the Tenera species of the palm nuts on behalf of the Governor, Commissioner for Agriculture in the state, Mr Uzor Azubike, said the

By Modupe Gbadeyanka Analysts at Zedcrest Research have predicted that the treasury bills market will likely trade cautiously today as market participants keep an eye on the outcome of the sale of treasury bills by the Central Bank of Nigeria (CBN) via primary market auction (PMA). During the exercise, the central bank will auction N9,54 billion worth of the 91-day bills, N69.57 billion worth of the 182-day bills and N136.52 billion worth of the 364-day bills. “We expect rates to clear between 10.00 percent-10.20 percent, 10.30 percent – 10.50 percent and 11.40 percent-11.60 percent for the 91, 182 and 364

By Modupe Gbadeyanka A Yoruba Youth socio-cultural group called Igbimo Odo Yoruba has rejected plans by the Federal Government to establish cattle colonies across the country for herdsmen. Leader of the group, Comrade Olufemi Lawson, in a statement on Monday, emphasised that the position of the Yoruba youth was in reaction to a statement credited to the Minister of Agriculture, Mr Audu Ogbeh, that the cattle colonies were to curb increasing cases of clashes between farmers and herdsmen in the country. Mr Lawson said the youths will vehemently resist any attempt by the Federal Government to introduce the cattle colonies

By Dipo Olowookere Residents of three communities in the Oluyole Federal Constituency of Oyo State have commended the lawmaker representing them at the lower chamber of the National Assembly, Mrs Tolulope Akande-Sadipe, for brightening their lives. The member of the House of Representatives had facilitated the installation of transformers to the communities, giving the inhabitants of the areas to enjoy power supply. This is part of the commitment of the lawmaker on electrification and in fulfilment of her vow that Oluyole constituency would witness more developments from the federal government. “In fulfilment of my commitment to my constituency, the good

By Adedapo Adesanya The Naira depreciated against the American Dollar by 4.1 per cent or N30.26 at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, August 15, amid a continued liquidity crisis. Business Post reports that the Naira was transacted against the greenback at N774.77/$1, in contrast to the N744.51/$1 it was traded on Monday. This came as the daily forex turnover for yesterday closed at $95.79 million, 40.2 per cent or $64.43 million lower than the $160.22 million achieved a day earlier. In the Peer-2-Peer (P2P) window, the Nigerian currency appreciated against the US

By Adeniyi Ogunfowoke It is January and this is the time to start saving early for your next vacation if you are a travel freak. Maybe you have a dream destination, but you can’t quite save up enough for travel costs. Or maybe you can get yourself there, but you’d have to live on bread and water for the entire trip. If your vacation expenses are just out of reach, a few adjustments can help you put aside more cash and reach your goal. Jumia’s hotel & flight marketplace, shares ways to start saving early for your upcoming vacation. Figure out how much money

By Dipo Olowookere In line with the spirit of Valentine, one of the biggest e-commerce websites in Nigeria, KiliMall, has commenced its 2017 Valentine campaign tagged #ShareYourLove. The campaign is an ideal avenue for couples to express their love and affection with each other in the season. It commenced on January 28, 2017. To participate, couples will have to share their audio/visual contents professing their love for each other via the Kilimall social media channels. This is a viable avenue for the Nigeria couple to share their love. Also, in the spirit of love, Kilimall is offering a 50 percent

By Adedapo Adesanya Brazil has suspended the WhatsApp digital payments service in the country over trust concerns. In a statement, the Central Bank of Brazil said it was taking the decision to “preserve an adequate competitive environment” in the mobile payments space and to ensure “functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap.” Banks in the nation have asked Mastercard and Visa, which are among the payments partners for WhatsApp in Brazil, to suspend money transfer on the WhatsApp app. It was added that failure to comply with the order would subject the payments companies