Investors Trade N20.5trn FX Derivatives, Bonds, T-Bills, Others

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

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 Dipo Olowookere Trading on the Nigerian Stock Exchange ended on a positive note on Thursday with the market capitalisation closing at N9.471 trillion from N9.454 trillion the previous day. This, Business Post learnt, was due to appreciation in the share prices of not less than 23 firms listed on the NSE. This showed that the market capitalisation rose by N17 billion at the close of trading. Also, the NSE All-Share Index appreciated to 27,574.09 basis points from 27,522.62 basis points. The maximum index point attained during trading on Thursday trade was 27,756.67 basis points, while the lowest and average

A recovery in domestic demand, particularly private consumption, is forecast to sustain Egypt’s economic growth at 5.2 per cent in 2019, according to the United Nations World Economic Situation and Prospects (WESP) 2019, which was launched yesterday. For 2019, the monetary policy stances are expected to be neutral to tightening in North Africa, including Egypt, following the trend of the United States and the euro area, the 224-page report estimates. While the report notes that external demand that drove the Egypt economy’s growth rate to 5.8 per cent in 2018, is forecast to stay mostly favorable, it also warns that

By Adedapo Adesanya The Naira appreciated against the US Dollar by 0.28 per cent or N1.17 at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday, April 22. Business Post reports that investors exchanged their local currency for the dollar yesterday at N418.33/$1 compared with the preceding session’s exchange rate of N419.50/$1. The Nigerian currency may have gained strength during the trading day on the back of an improvement in forex supply to the market by the Central Bank of Nigeria (CBN), which has promised to intensify its intervention in the space despite calls from

By Modupe Gbadeyanka Several important personalities have been invited to speak and grace the 50th anniversary celebration of the International Institute of Tropical Agriculture (IITA) in Ibadan, Oyo State. According to Chairman of the Planning Committee of event nicknamed IITA@50, Dr Kwesi Atta-Krah, the 50th celebration would give the institute the opportunity reflect on its achievements since its creation and also highlights the challenges faced so far with a view to solving them and plan for the future. At the event slated for Monday, July 24, 2017, business moguls like Mr Aliko Dangote, Mr Tony Elumelu and others have been

By Dipo Olowookere Kaduna State Governor, Mr Nasir El-Rufai, has announced raising the salary of teachers of public schools in the state by 32.5 percent. The gesture comes weeks after the teachers called off their industrial action to protest the sacking of over 20,000 teachers in the state who failed competency test conducted by government. Speaking at a media briefing on Thursday in Kaduna, the Commissioner for Education, Science and Technology, Mr Ja’afaru Sani, said the state government has put in place some other incentives to motivate the teachers. He disclosed that some of these incentives include five percent extra

Registration has commenced for the second edition of the InterswitchSPAK National Science competition. The second season of the competition, tagged ‘InterswitchSPAK 2.0’ is a CSR initiative of the Interswitch Group. InterswitchSPAK 2.0 is open to secondary school students in SS2, aged 14 to 17. It will kick off with a National Qualifying Examination from which 81 finalists will emerge to compete at the InterswitchSPAK TV Quiz Show. The InterswitchSPAK programme includes a Masterclass, an Innovation Challenge and a TV quiz competition around STEM subjects. Registration for the qualifying examinations is already on and will close on April 7, 2019. To

By Bliss Okperan The federal government has been asked by the House of Representatives to make a provision for rubber farmers in the country in the 2024 budget estimates expected to be submitted to the National Assembly in the coming weeks. At the plenary on Tuesday, the lawmakers said the importance of rubber smallholder farmers to the nation’s economy cannot be underestimated. The lower chamber of the parliament made this submission after one of its members, Mr Chris Nkwonta, raised a motion on the need to address the challenges of the Rubber Research Institute of Nigeria (RRIN). The central government

By Jerome-Mario Utomi In the words of a British author and journalist George Orwell: “We are all capable of believing things which we know to be untrue, and then, when we are finally proved wrong, impudently twisting the facts so as to show that we were right. Intellectually, it is possible to carry on this process for an indefinite time: the only check on it is that sooner or later a false belief bumps up against solid reality, usually on a battlefield  Certainly, if there is any new statement in Nigeria’s political history that captures the above feelings, spreads out