Hapag-Lloyd Opens Lagos Office As Part of West African Expansion

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

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 Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Dipo Olowookere Reports say the Nigerian National Petroleum Corporation (NNPC) is on the verge of sealing $6 billion oil swaps deal with both local and foreign investors. The agreement, when finalised, would allow the investors bring into the country petrol and diesel in exchange for about 330,000 barrels per day (bpd) of crude oil from the state oil firm. The deal would have been signed in April, but it was delayed to allow the NNPC and the oil traders negotiate the fuel specifications, among other issues. This development is under the Direct Sale-Direct Purchase Agreements (DSDP) formerly known as

By Adedapo Adesanya The bears extended their presence on the floor of the NASD Over-the-Counter (OTC) Securities Exchange for a second consecutive day by 0.29 per cent. This weakened the market capitalisation of the exchange by N1.58 billion to N541.90 billion from N543.48 billion and depressed the NASD Unlisted Security Index (NSI) by 2.23 points to 762.37 points from 764.60 points. The day’s woeful performance was caused by the decline in the prices of Nigerian Exchange (NGX) Group Plc, FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc. The NGX Group depreciated by 10 per cent or N1.98 to

By Adedapo Adesanya Bumpa has raised $4 million in seed funding to build the future of commerce for African sellers and boost retail automation with payments, socials, logistics, credit, and analytics that will spur the growth of small businesses. The round was led by Base10 Partners, the largest black-led fund in the world, with participation from Plug & Play Ventures (through their commerce fund) and SHL Capital (Sahil Lavingia, CEO of Gumroad). Others included Magic Fund, Jedar Capital, DFS Labs, FirstCheck Africa Angel Program, E62 Ventures, Club14, and Fast Forward Ventures. With over 42 million small and medium enterprises (SMEs)

When looking for an online trading platform, you’ve likely come across finq.com. Making the right choice in a sea of online brokers is critical for your trading success. Traders Union compiled the Finq.com review to guide you in navigating the complex world of online trading. To help you make an informed decision, this finq.com review presents an in-depth analysis of the platform’s features, performance, and offerings. What is Finq.com? According to TU experts, finq.com is a trading platform managed by Dilna Investments Ltd and regulated by the FSA of Seychelles under license number SD007. Finq.com provides access to CFD trading

By Modupe Gbadeyanka To enable a seamless experience, enhanced security features and greater functionality, Wema Bank Plc has upgraded the ALAT for Business app. The updated version of the mobile application will allow users to access their accounts from any device with ease. The ALAT for Business 2.0 was unveiled by the innovative lender at its Digital Week activities themed Changing The Digital Dynamics In Nigeria, organised to celebrate its anniversary. The Product Owner, Mr Samuel Robson, while speaking at the event on May 3, 2023, disclosed that the corporate digital banking application has a new look, making it more

By Edwin Uhara I read the scurrilous remarks contained in the letter addressed to the Minister of Interior, retired Lieutenant General Abdulrahman Bello Dambazau (CFR) by one Tope Oriola with amusement. I tried to locate the central theme of the letter but could not because apart from the fact that it was laced with many lies, unfounded claims and imaginative assumptions, the letter also betrayed logic and lacked coherence, substance and clarity of ideas and facts. For Example, Mr Oriola claimed in his letter of infamy that he contemplated having General Dambazau (PhD and Associate Professor) invited to the University

By Dipo Olowookere The nation’s main opposition party, the Peoples Democratic Party (PDP), has kicked against the recent hike in the price of Premium Motor Spirit (PMS), otherwise known as petrol. It was reported on Friday that Nigerians will now begin to pay N170 per litre for petrol following the increase in the depot price of the product to N155.17 per litre from the initial N147.67 per litre. Reacting to the increment, the PDP, which ruled the country for 16 years from 1999 to 2015, described the action as wicked, unbearable and unacceptable, emphasising that there was no justification to

By Adedapo Adesanya The value of the Naira to the Dollar crashed by N3 or 0.53 per cent at the peer-to-peer (P2P) market segment of the foreign exchange (forex) market on Thursday. At the market window, the exchange rate of the Nigerian currency to its American counterpart closed at N574/$1 compared with N571/$1 it traded at the midweek trading day. The P2P market is a marketplace where buyers and sellers exchange their currencies through different means, including bank transfers and others. The rate is mostly affected by the price of cryptocurrencies and yesterday after inflation figures from the United States