I&E: Naira Gains N1.35 Amid 690.6% Rise in FX Demand

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Dipo Olowookere Trading activities on the floor of the Nigerian Exchange (NGX) Limited further ended on a positive note on Wednesday despite investors diversifying their funds to other securities available in the capital market. Yesterday, the Central Bank of Nigeria (CBN) sold treasury bills to investors in the primary market but this did not affect the stock market, which closed higher by 0.78 per cent amid sustained buying pressure. The growth recorded in the midweek session was mainly driven by bargain-hunting in the banking space, which rose by 5.01 per cent at the close of transactions. It was the

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Adedapo Adesanya Forty-seven per cent of Nigerians are actively engaged with crypto, a new study shows as the country finds safety in the currency amid worries about the foreign exchange rate. According to insights by CoinJournal shared with Business Post, cryptocurrencies, including Bitcoin (BTC) and various alternatives, are no longer just investments for speculation, “They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.” CoinJournal analyzed the data for the past three years, providing a comprehensive understanding of the current status of cryptocurrency adoption in 2023, as well as

By Adedapo Adesanya The crisis brewing between Russia and Ukraine seems to be favouring Nigeria and other oil-producing countries battling with low revenue from crude oil sales. This is because the Russia-Ukraine row is pushing prices of the commodity higher at the global market, brightening the revenue prospects of Nigeria and others as there are fears that supply would be disrupted and cause the value to continue to skyrocket. On Tuesday, the price of the Brent crude oil reached a seven-year high of $99.38 a barrel before moderating to $96.43 per barrel later in the day and as for the

By Nkem Ndem If you live in Lagos State and you have not been or heard of Surulere, chances are you live under a rock. A residential and commercial Local Government Area located in the state, Surulere is one of the most exclusive areas on Mainland Lagos. Aside from the fact that Surulere is known as the sports city of Lagos seeing as it houses two international sport venues, some of the most famous streets in Lagos state such as Adeniran Ogunsanya, Adelabu, Ogunlana Drive, Bode-Thomas and Eric Moore, are found within the district. If you are a lover of

Education is, without a doubt, a fundamental human right. Today, digitalisation enables us to improve education and provide equal access to all. But where do we even begin? In a world where everything is online, and any business that isn’t online is losing money, failing to teach our children digital skills for today and tomorrow will only widen our continent’s skills gap. This is because more than half of today’s professions demand technical abilities. So, why is it critical for the technology industry to be involved in education at all levels? Nurture future champions of the industry Technology literacy and

Chelsea, serving as the defender of the title for the Champions League, proved to be the favourite team for betting the 2022 FIFA Club World Cup, a delayed tournament that took place in Abu Dhabi during the 3rd week of February. This champion will return to England with a trophy, which represents the only silverware it had yet to claim for its records. It succeeded in securing the position of world champion thanks to its penalty kick shot on behalf of Kai Havertz, allowing them a 2-1 win over Palmeiras, the South American team. These European participants have now managed

By Dipo Olowookere A new study has disclosed that housing microfinance can and should become a mainstream offering for financial institutions in Sub-Saharan Africa as they respond to growing housing needs in the region, particularly from poor people. The study from Habitat for Humanity released on Thursday entitled ‘Building the Business Case for Housing Microfinance in Sub-Saharan Africa’ argued that housing microfinance, small non-mortgage backed loans for short terms, can become a mainstream offering in the market to address growing housing needs in the region, incremental building patterns, and the land tenure realities of low-income households. The research builds on

By Adedapo Adesanya Prime Minister of the United Kingdom, Mr Boris Johnson, will return to the office after the Conservative Party (Tories) won majority seats in parliament at the winter election held on Thursday. As at the time of this report, the party has won 364 seats, representing 43.6 percent, a majority out of 650 slots available at the parliament. The party needed 326 seats to win, but currently has 364. It was followed closely by its bitter rival, the Labour Party, with 203 seats, representing 32.2 percent. Other parties include: the Scottish National Party with 48 seats (3.9 percent);

By Dipo Olowookere The Ministry of Investment and International Cooperation of Egypt and COMESA Regional Investment Agency have announced holding a high-level forum offering participants an unparalleled platform for promoting trade and investment within Africa. Tagged Africa 2017, the forum, which takes place from December 7-9, 2017, in Sharm El Sheikh, Egypt, would be headlined by President Abdel Fattah El-Sisi. The three-day conference will convene high-level delegations of leaders in business and policy from across Africa and worldwide, including heads of state and some of the most important CEOs of the continent.  Africa 2017 will kick-off with a Young Entrepreneurs

By Dipo Olowookere Foremost Human Rights lawyer, Mr Festus Keyamo, a Senior Advocate of Nigeria (SAN), has been nominated by President Muhammadu Buhari, for a position in the board of Nigeria Deposit Insurance Corporation (NDIC). Mr Keyamo, who was named last month as spokesman of Mr Buhari’s 2019 Campaign Organisation, was nominated for a place in the NDIC alongside six others. President Buhari, before traveling to the United Kingdom for a four-day medical trip today, wrote to the Senate, seeking their confirmation of Mr Keyamo and the six others as chairman and members of the agency. In the letter read