Impact of Coronavirus, Oil Price on Nigerian Capital Market Worries SEC

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya  The Nigerian Naira weakened by 17.9 per cent or N144.49 against the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 6 as confidence waned in the Central Bank of Nigeria’s (CBN) ability to boost the market with enough foreign exchange (FX). Yesterday, the exchange rate of the Naira to the Dollar closed at N951.22/$1 in the official market compared with the preceding session’s rate of N806.73/$1. This happened as the forex turnover slightly went down by 4.9 per cent or $7.05 million to $135.58 million from the $142.63 million reported in the

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Dipo Olowookere Notable German firm known as the largest European and international leader in mobile telecoms benchmarking, P3 Communications, has put Nigeria’s innovative and customer-friendly telecommunication network, 9mobile, ahead of other Mobile Network Operators in Nigeria in terms of voice clarity. In its annual mobile network test released recently, the firm said 9mobile also beat other operators in the country in giving the best quality services to customers. The global test was conducted in several countries across the world such as the United Kingdom, Sweden, Germany, Australia, and Netherlands, amongst other key global markets including Nigeria. The test considered

By Modupe Gbadeyanka The Islamic Economy has seen tremendous increase in recent years transcending its traditional geographic boundaries, its entrance into East Africa could revolutionize the region’s finance & banking sector, Tourism, and Hotel sector and Fast moving consumer goods. To explore how East Africa can tap into the Islamic Economy, with an  estimated global value of $2.3 trillion, Kenya will host the 2nd edition of the East Africa Islamic Economy Summit (EAIES 2017) on the 10th & 11th April 2017 (www.EAIFS.com). Another platform endorsed by East Africa’s Private and public sector leadership with speakers drawn from Governments, international experts

By Dipo Olowookere The invasion of the runway of Sultan Abubakar III International Airport, Sokoto State, on Friday by those loyal to Mr Aliyu Wamakko, a Senator of the All Progressives Congress (APC) at the National Assembly, has been condemned by the Federal Airports Authority of Nigeria (FAAN). In a statement issued on Sunday by the General Manager of FAAN in charge of Corporate Affairs, Mrs Henrietta Yakubu, the incident was described as a gross violation of the security and safety arrangements at the airport. The FAAN spokesperson claimed that the loyalists of the politician broke through the airport fence

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have taken to the social media to trade harsh words at each other over the collection of duties. The first salvo in the latest round of grievances was fired by the board chairman of NIPOST, Mrs Maimuna Abubukar, who wrote on Twitter that, “I am worried for NIPOST, having sleepless night because of NIPOST, we need the general public to come to our aid, FIRS stole our mandate.” She alleged further that, “FIRS are (sic) now selling stamps instead of buying from us,” adding that,

By Adeniyi Ogunfowoke Managing Director of Jumia Hotel and Flight Marketplace, Ms Omolara Adagunodo, has urged the federal government through the Nigerian Immigration Service to extend visa on arrival (VOA) to international tourists trooping into the country for leisure. Ms Adagunodo made this known at a recent tourism conference in Lagos, stressing that, “Foreign investors or business persons of international repute, executives of multinational companies and members of government delegations are all eligible to apply for Visa on Arrival but not international tourists who are coming to explore Nigeria’s rich destinations and spend money.” Ms Adagunodo, who commended the efforts

By Dipo Olowookere The Nigerian Stock Exchange (NSE) appreciated by 0.45 per cent on Monday, which was the last trading session in November 2020. The growth was boosted by a renewed interest in insurance stocks, though the market breadth ended negative as a result of the 29 price losers and 17 price gainers. The benchmark index, the All-Share Index (ASI), which started the day at 34,885.51 points, inched up by 156.63 points to settle at 35,042.14 points. Likewise, the market capitalisation, which measures the total value of equities on the exchange, closed at N18.310 trillion after adding N82 billion to

By Modupe Gbadeyanka One of the most digitalised banks in the country, Keystone Bank, has entered into a partnership deal with the Edo State government. The collaboration, according to information reaching us, is one the management of waste generated in the ‘Heart Beat of the nation’. Managing Director of Keystone Bank, Mr Obeahon Ohiwerei, was at the office of the state Governor, Mr Godwin Obaseki, to seal the deal. During the visit, Mr Ohiwerei presented some sweepers’ jackets made by the bank to the Edo State Governor. The jackets would be worn by waste management officials in the state as

By Adedapo Adesanya Oil rose on Tuesday on hopes that the US Federal Reserve might ease up on its policy tightening, with Brent crude futures up by $1.43 or 1.7 per cent to $85.61 a barrel, as the US West Texas Intermediate (WTI) futures increased by $1.79 or 2.2 per cent to $81.53 a barrel. Investors were more optimistic that the US Federal Reserve was getting closer to ending its cycle of interest rate hikes, making Dollar-priced oil cheaper for buyers holding other currencies. The US inflation report for the month of March will be released on Wednesday, and it