IMF Begins Zero Interest Rates

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya The prices of oil futures pointed north on Tuesday as data indicated expectations of a second straight weekly decline in the United States crude supplies. Brent crude rose 31 cents or 0.75 per cent to $41.75 per barrel while the United States West Texas Intermediate (WTI) crude ticked up by 24 cents or 0.61 per cent to $39.55 per barrel. Analysts expect the US Energy Information Administration (EIA) on Wednesday to report a fall of 4 million barrels in domestic crude inventories for the week ended September 18. However, this is a contrast to another group, the

By Dipo Olowookere Nigeria’s most innovative telecommunications company, formerly known as Etisalat Nigeria, has launched its new brand identity, 9mobile, with an unveiling of the new name and logo. With the migration to a new name and brand, 9mobile promised to sustain and continuously provide innovative and value-adding propositions which it has delivered since inception 9 years ago. At a press briefing held in Lagos, Chief Executive Officer of 9mobile, Mr Boye Olusanya, explained that the new brand identity reflects the bold and creative attributes which the organisation shares with its valued subscribers. The vivacity of the brand will enable

By Dipo Olowookere Another $210 million was on Tuesday released into the foreign exchange market by the Central Bank of Nigeria (CBN). The amount was specifically pumped into the interbank window of the forex market to sustain its fluidity. Acting Director, Corporate Communications at the CBN, Mr Isaac Okorafor, who confirmed the latest intervention, emphasised that the $210 million was to boost liquidity, trade and ease of remittances for legitimate personal commitments. According to him, the apex bank shared the forex to the wholesale, small and medium scale enterprises (SMEs) and invisibles segments of the market. A breakdown of the

By Modupe Gbadeyanka Stocks in the financial services sector of the Nigerian Stock Exchange (NSE) contributed 73.82 percent and 76.20 percent to the total equity turnover volume and value respectively last week. Data obtained by Business Post from the stock exchange revealed the equities in the category dominated the activity chart with 1.0 billion shares valued at N11.8 billion executed in 8,275 deals. Following were shares in the healthcare industry with 170.9 million units worth N49.1 million in 281 deals, and stocks in the conglomerates sector with a turnover of 83.6 million units valued at N205.8 million in 736 deals.

**Expects Tighter System Liquidity, Rise in Interest Rates in 2021 By Dipo Olowookere One of the leading financial institutions in the country, Guaranty Trust Bank (GTBank) Plc, is projecting a further increase in interest rates. In its Nigeria Macro Economic and Banking Sector Outlook for 2021 obtained by Business Post, the lender said the spike in the interest rates would be triggered by “the additional borrowings by the government as well as relatively lower OMO maturities into the system.” GTBank disclosed in the report that it also foresees the Central Bank of Nigeria (CBN) sustaining its “policy stance going into

By Adedapo Adesanya The wavy movement of the Naira at the foreign exchange market, especially at the Investors and Exporters (I&E) window this continued on Thursday. Yesterday, the value of the local currency paired with the United States Dollar appreciated just a day after it depreciated. During the trading session, the Nigerian currency was strengthened by 0.03 per cent or 13 kobo to trade at N408.67/$1 compared to N408/80/$1 it traded the previous day. One of the major factors that supported this was the decline in the pressure on the domestic currency as FX traders had enough supply to meet

By Dipo Olowookere It was a comeback for the bulls on the floor of the Nigerian Stock Exchange (NSE) on Wednesday for the first time this week. The market appreciated marginally yesterday by 0.06 per cent following some bargain hunting activities mostly on banking equities trading at low prices. However, it is not certain how long the bulls will reign on the market before the bears make another attack again to take their place. At the midweek session, the volume of transactions closed flat with 208.2 million units of shares, while the value increased by 66.37 per cent to N1.8

By Dipo Olowookere Minister of Defence, Mr Mansur Muhammad Dan-Ali, has reacted to reports by some online publications (Business Post excluded), claiming that he has sent letters to the Chief of Defence Staff, General Abayomi Gabriel Olonisakin and Chief of the Naval Staff, Vice Admiral Ibok-Ete Ekwe Ibas, directing them to hand over their offices on or before Friday, December 16, 2016. The Minister, in a statement issued on Monday, December 12, 2016, by his spokesman, Colonel Tukur Gusau, emphasised that there was no such communication between his office and the service chiefs directing any one of them to hand