Guinness Nigeria Denies Planning to Shut Down Operations Over FX Crisis

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

In the fast-paced world of Forex trading, having the right tools is crucial. Traders Union (TU) experts are here to guide you through Forex trading in 2023, focusing on the MetaTrader 5 (MT5) platform. They will discuss the top MT5 indicators, and different indicator types, and compare MT5 Forex Brokers. Additionally, they will explore the pros and cons of the MT5 platform. With this information, you will be well-prepared to excel in Forex trading. Meaning of Forex indicators Forex trading is complex, and success depends on many factors, with Forex indicators being a key one. TU’s analysts emphasized the importance

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Dipo Olowookere The exchange rate of the Naira to the American Dollar at the parallel market is beginning to worsen again after the initial ease in pressure. Business Post reports that the Nigerian legal tender was traded with its United States counterpart in the unauthorised segment of the foreign exchange (FX) market on Tuesday afternoon at N800/$1 in Lagos, in contrast to N755/$1 it was transacted on Monday, indicating a decline of N45 or 5.96 per cent. There was jubilation last week when the Naira gained strength against the greenback, but this has been short-lived, following a fresh panic

By Investors Hub European stocks have recovered some lost ground on Friday as trade tensions ease and strong Chinese trade data has helped eased concerns over slowing global growth. Media reports suggested that the U.S. Treasury Department has not labeled China as a currency manipulator in an internal report. A meeting between U.S. President Donald Trump and Chinese President Xi Jinping at a multilateral summit in November is “under discussion,” top economic adviser Larry Kudlow told reporters at the White House. Closer to home, Eurostat data revealed that Eurozone industrial production grew more than expected in August. Industrial production climbed

By Modupe Gbadeyanka Chief Financial Officer of MTN Group, Mr Ralph Mupita, has disclosed that the telecommunications company really wants to list its shares on the Nigerian Stock Exchange (NSE), but authorities of Africa’s largest economy were making things difficult for the company. In 2015, the Nigerian Communications Commission (NCC) fined the South African telecoms group the sum of $5.2 billion. But both parties went into negotiations to reduce the fine and the firm was later asked to pay $1 billion with the condition to list its shares on the local bourse before May 2019, according to the sector’s regulator,

By Investors Hub European stocks have moved to the downside on Thursday as the euro has bounced back from four-month lows against the dollar and investors await the outcome of U.S.-China trade talks. While the U.K.?s FTSE 100 Index has edged down by 0.1 percent, the French CAC 40 Index is down by 0.3 percent and the German DAX Index is down by 0.4 percent. The British pound weakened slightly after the release of disappointing services sector data. The IHS Markit/Chartered Institute of Procurement & Supply services Purchasing Managers’ Index rose to 52.8 in April from 51.7 in March. Nonetheless,

By Dipo Olowookere Federal Government has been given a 14-day ultimatum to pay the N45 billion severance package of former workers of the Nigeria Airways, which was liquidated by the government of President Olusegun Obasanjo. This ultimatum was given by three key unions in the nation’s aviation sector in a petition dated March 19, 2018 and addressed to the Minister of State for Aviation, Mr Hadi Sirika, and copied to the Minister of Labour and Employment, Mr Chris Ngige; and the Minister of Finance, Mrs Kemi Adeosun. The three unions are the National Association of Aircraft Pilots and Engineers (NAAPE),

By Modupe Gbadeyanka Some foreign exchange (forex) traders under the umbrella of the Association of Bureaux De Change Operators of Nigeria (ABCON) have commended the Central Bank of Nigeria (CBN) for placing an embargo on cryptocurrency trading in the country. President of the association, Mr Aminu Gwadabe, while speaking with newsmen in Lagos, said the alleged money laundering through the channel was unacceptable, urging the apex bank to punish those found wanting in accordance with the law. According to him, the action of the CBN was to curtail an emerging dangerous trend that was capable of eroding Nigeria’s Anti-Money Laundering

ADDRESS BY H.E. MUHAMMADU BUHARI, PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA ON THE COVID- 19 PANDEMIC SUNDAY 29TH MARCH, 2020 1. Fellow Nigerians, 2. From the first signs that Coronavirus, or COVID-19 was turning into an epidemic and was officially declared a world-wide emergency, the Federal Government started planning preventive, containment and curative measures in the event the disease hits Nigeria. 3. The whole instruments of government are now mobilized to confront what has now become both a health emergency and an economic crisis. 4. Nigeria, unfortunately, confirmed its first case on 27th February 2020. Since then, we have

By FBNQuest FBNQuest, a subsidiary of the FBNHoldings Group and a full-service investment bank and asset manager, recently hosted a webinar themed Achieving Sustainable Growth in Equity–Based Investments on its Leading Conversations with FBNQuest platform. The webinar provided valuable insights into investment opportunities and strategies for achieving long-term capital growth. The session provided an avenue for the panellists to share insights on the potential benefits of equity-based investments. The panel discussion featured industry experts such as Gbolahan Ologunro, Associate Portfolio Manager, FBNQuest Asset Management and Abiodun Adedotun, Sales Trader, FBNQuest Securities, and Solafunmi Sosanya – Lawal, Personal Finance Expert and