Local Currency Crashes to N584/$1 Amid FX Scarcity

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya The market environment at the NASD Over-the-Counter (OTC) Securities Exchange was further weakened last week as a result of the 0.49 per cent decline recorded at the eighth trading week of 2021. In the week, NASD investors lost N7.37 billion to reduce the market capitalisation of the exchange to N512.24 billion from N514.76 billion it finished in the seventh trading week. In the same vein, the NASD Security Index (NSI) decreased by 3.52 points to settle at 713.91 points as against 717.43 points it ended a week earlier. Business Post reports that the dominance of the bears

By Dipo Olowookere The eligibility criteria for adding companies trading their shares on the Nigerian Stock Exchange (NSE) to the NSE Pension Index has been reviewed. The new requirements, which take effect from Wednesday, July 1, 2020, according to the exchange, are in line with changes in the regulatory and market requirements. In 2015, the exchange, in order to deepen the market, introduced the Pension Index to the investing public. The index provided benchmarks tracking mechanisms for Pension Fund Administrators and other users that follow the PENCOM guidelines. The NSE pension tracks the top 40 companies in terms of market

Today, one of the fastest growing financial service providers in Nigeria, Heritage Bank Plc, is celebrating 7 years of its existence. Established with an excellent service culture hinged on partnering with customer to create wealth, the lender has continued to provide seamless banking experience, accurate and relevant information to its customers across Nigeria. For Heritage Bank, it’s been seven years of creating, preserving and transferring wealth to its teeming customers across the country. The Beginning A story began on March 4, 2012; a story of hard-work and determination when IEI Investments Ltd acquired Societe Generale Bank of Nigeria license from

By Ahmed Rahma The five-day huge discounts offered to customers of Africa’s largest food retailers, Shoprite, will come to an end on Sunday, November 29, 2020. The company put this together to celebrate this year’s Black Friday sales, giving customers of the firm the opportunity to shop for items at cheaper prices. The early Black Friday deals, which started on Wednesday, November 25, will climax tomorrow with big discount on everyday essentials. “In response to COVID-19 pandemic, Shoprite will for the first time offer early Black Friday deals and keep the deals valid for longer, to allow customers more time

Momentum is gathering ahead of the meeting between the Federal Government and members of the Nigeria Union of Petroleum and Natural Gas Work, (NUPENG) today by 11:30am. The parties are meeting to discuss the industrial declared by the United Labour Congress (ULC), in which NUPENG is an affiliate of. Business Post gathered from a statement signed by the Deputy Director, Press, in the Ministry of Labour and Productivity, Mr Samuel Olowookere, that the meeting is scheduled to take place at the office of the Minister, Mr Chris Ngige. Our correspondent reports that today’s meeting between the government and NUPENG, according

By Adedapo Adesanya The NASD Over-the-Counter (OTC) recorded another 0.36 per cent appreciation on the back of bullish price movement from FrieslandCampina WAMCO Nigeria Plc on Friday, April 22. FrieslandCampina WAMCO Nigeria Plc, which has been the best-performing stock this month, closed the day as the single price mover as it gained N4.05 or 2.2 per cent to close the week at N185.96 per share compared with the previous closing price of N181.91 per share. The appreciation in this stock pushed the market capitalisation of the bourse higher by N3.61 billion to N1.008 trillion from N1.005 billion, while the NASD Unlisted

The Graduate Management Admission Council (GMAC), a global association of leading graduate business schools, has said 13 leading South African and Nigerian business schools now utilize the NMAT by GMAC™ exam for their graduate business programs. The NMAT by GMAC™ exam has been established as a qualifying assessment utilized by business programs in Africa. The NMAT by GMAC™ exam is also being utilized for the first time by business schools in Nigeria, including: Lagos Business School, Covenant University, Nigeria, Redeemer’s University, Lead City University, and Afe Babalola University. “This is a significant milestone for GMAC in our efforts to standardize

By Adedapo Adesanya In the latest drama emanating from his planned takeover of Twitter, the world’s richest man, Mr Elon Musk, has threatened to withdraw his bid to buy the social media company, accusing it of failing to provide data on fake accounts. Twitter has committed “a clear material breach” of its “obligations under the merger agreement and Mr Musk reserves his right not to consummate the transaction,” according to a document filed with securities regulators in the United States yesterday. The filing marks an escalation of Mr Musk’s prior statements that have highlighted fake accounts as a threat to