Leading Experts Reveal Prime Forex Trading Hours For India

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

By Adedapo Adesanya The duo of NASD Plc and Central Securities Clearing System (CSCS) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, November 23. They caused the NASD Unlisted Security Index (NSI) to lose 0.35 points at the close of transactions, ending at 845.81 basis points compared with Wednesday’s closing value of 846.16 points. Also, the market capitalisation of the exchange went down by N460 million to remain relatively flat at N1.147 trillion. During the session, NASD Plc shed 65 Kobo to end the day at N12.65 per share versus the midweek session’s N13.30

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Dipo Olowookere A bail has been granted bail to a former Director General of Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN), Mr Bature Umar Masari. Mr Masari is facing a N104.7 million fraud charge following allegations of money laundering activities and benefitting from proceeds of gratification. He was arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Okon Abang of a Federal High Court, Abuja, on April 9, 2019 on a 17-count charge. His counsel, A. Magaji (SAN), had made an oral application for bail, which was opposed to by the prosecution, prompting the

An Integrated Marketing Campaign (IMC) to promote the use of its Unstructured Supplementary Service Data (USSD) application, with the dedicated code, *909#, has been launched by Stanbic IBTC Bank, a member of the Standard Bank Group. The *909# USSD string affords customers the opportunity to access wallet and banking services such as inter and intra bank transfers, airtime purchase, check balance, account opening and loans, in addition to purchase of mutual funds & pensions. This reinforces Stanbic IBTC Bank’s status as Nigeria’s foremost full-service financial services group. The *909# USSD campaign commenced on Monday, September 9, 2019. However, customers will

By Dipo Olowookere Payment Service Banks (PSBs) operating in the country have been directed not to grant loans to their customers because they are not authorised to do so. This directive was contained in the guidelines for licencing and regulation of PSBs released a few days ago by the Central Bank of Nigeria (CBN). In the guidelines analysed by Business Post, the apex bank said operators in the sector “shall not…grant any form of loans, advances and guarantees (directly or indirectly)” in the country, stressing that “as such, the provisions for the management of credit risk applicable to Deposit Money

By Adedapo Adesanya Guinness Nigeria Plc, a unit of Diageo Plc, has revealed that it is struggling to obtain US Dollars to pay back foreign-currency loans in the country. This is despite the recent liberalisation of the foreign-exchange market by the Central Bank of Nigeria (CBN) as part of efforts to help to revive the Nigerian economy and boost FX supply. Supply of the greenback is still limited relative to demand, and the rates have started widening, reaching more than N100 between the official rate and the black market rate. As a result of this unavailability, Nigerian companies with significant

By Dipo Olowookere The bulls returned to Customs Street on Tuesday following renewed bargain-hunting by investors, lifting the Nigerian Exchange (NGX) Limited by 0.08 per cent. Analysis of the data showed that the gains were almost across all the sectors, except for the consumer goods counter, which witnessed a mild profit-taking, leaving it in the red zone by 0.04 per cent. The insurance sector appreciated during the session by 2.13 per cent, the banking sector grew by 0.46 per cent, and the industrial goods index improved by 0.08 per cent, while the energy sector closed flat. Consequently, the All-Share Index

By Dipo Olowookere Treasury bills worth N49.6 billion would be offered to investors today, Wednesday, May 30, 2018 by the Central Bank of Nigeria (CBN) via the primary market. This exercise is expected to partly offset the maturing treasury bills worth 192.01 billion tomorrow. It is expected that the stop rates of these instruments to be sold today will rise. A breakdown of today’s sales showed that the central bank will offer N4.96 billion worth of the 91-day bills, N24.80 billion worth of the 182-day instruments and N19.84 billion worth of the 364-day bills. Treasury bills are short-term debt instruments

By Modupe Gbadeyanka Nigeria’s fourth largest telecommunications company, 9mobile, formerly known as Etisalat Nigeria, has reacted to news of the exit of Mr Adrian Wood, from Teleology Holdings Limited, the new owners of the telco. Yesterday, news went viral that Mr Wood has been pushed out of the company few months after his firm was announced as the preferred bidder of debt-ridden 9mobile. In a statement signed by the Director of Regulatory and Corporate Affairs at 9mobile, Oluseyi Osunsedo, which was made available to Business Post on Wednesday night, it was disclosed that Mr Wood “allowed the same avarice, rascality,

By Dipo Olowookere Ms Patience Oniha has been announced as the new Director General of the Debt Management Office (DMO). Ms Oniha’s appointment as the new debt office boss was approved by the Acting President, Mr Yemi Osinbajo. She replaces the former DG of DMO, Mr Abraham Nwankwo, who retired from office after spending 10 years. Minister of Finance, Mrs Kemi Adeosun, announced the appointment of Ms Oniha yesterday in Abuja. The appointee had retired as a director in the agency and had also served in the efficiency unit of the Ministry of Finance before her recent post. Mrs Adeosun