Local Currency Falls at I&E, Gains at P2P, Black Market

By Adedapo Adesanya All is not well with the Naira in the parallel market and the peer-to-peer (P2P) segments of the foreign exchange (FX) market in Nigeria, with its exchange rate against the Dollar nearing N1000. At the black market on Thursday, the Nigerian Naira depreciated against the US Dollar by N25 to sell at N995/$1 compared with the preceding session’s value of N970/$1. It was a similar story with the local currency in the P2P wing of the forex market as it lost N22 against the greenback yesterday to quote at N992/$1, in contrast to Wednesday’s exchange rate of

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Modupe Gbadeyanka Pan-African lender, United Bank for Africa (UBA) Plc, has declared its intention to launch about $500 million Eurobond aimed. Proceeds from this is expected to be used for its general banking purposes, the financial institution explained in a statement signed by the Company Secretary, Bili Odum, on Tuesday. Already, the bank has received “no objection” approvals to the transaction from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). However, the commencement of the transaction, UBA said, would be subject to finalizing transaction documentation and prevailing market conditions. The $500 million senior unsecured

By Modupe Gbadeyanka To the astonishment of investing public and shareholders, Conoil Plc released its financial statements for the third quarter of 2018 on Friday, October 12, 2018. The oil firm has always been known to release its financials very late, but this time, it was the first quoted company to publish its results, churning out impressive earnings to set the mood of investors on the right note. In the Q3 financial statements analysed by Business Post, the company, which has billionaire business, Mr Mike Adenuga, as Chairman, grew its earnings per share (EPS) from N1.96k to N2.29k. Also, its

By Aduragbemi Omiyale Some women have undergone meter installation training facilitated by Keystone Bank Limited through its Keystone Bank Women Economic Empowerment Committee (KWEEC). The lender made this possible through a partnership with Momas Electricity Meters Manufacturing Company Limited (MEMMCOL). The aim of this initiative is to train and provide financial independence for young women in line with the directive of the Central Bank of Nigeria (CBN) to commercial banks to support the empowerment of women in the country. In a statement issued by the bank, it was also stated that the scheme was in celebration of the 2022 International

By Adedapo Adesanya Mr Rishi Sunak on Monday became the next Prime Minister of the United Kingdom, the third in three months after Ms Liz Truss resigned after 45 days in office last week, making her the shortest-serving UK PM in history. The former Chancellor of the Exchequer became the only Conservative politician to draw the support of 100 or more party Members of Parliament and qualify to run for the country’s top political job. Mr Sunak was nominated by 193 MPs and his opponent, Ms Penny Mourdant, was unable to hit the support threshold, making him the de facto

By Modupe Gbadeyanka The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has said his team plans to improve the capital market’s contribution to economic growth through the implementation of the Capital Market Master Plan, which is currently under review. Mr Yuguda said this during a meeting with the management team of Financial Sector Deepening (FSD) Africa in Abuja over the weekend. He informed the team that the master plan review has been concluded by PwC and expressed confidence that it will be beneficial to the capital market and the nation at large. “We are glad about

By Modupe Gbadeyanka To further reduce human interaction, improve efficiency and block revenue leakages, the Nigerian Maritime Administration and Safety Agency (NIMASA) has commenced a total digital manifest management regime for all vessels calling at all Nigerian ports. The Director-General of NIMASA, Mr Bashir Jamoh, explained that this new system is to eliminate physical transactions concerning sailing certificates and cargo manifest processing. “In line with the federal government’s Executive Order on Ease of Doing Business, we are committed to improving turnaround time of vessels, reduction of human interface in the majority of our transactions with our stakeholders and this is

By Aduragbemi Omiyale The sum of N907.054 billion, approximately N907.1 billion, has been distributed to the three tiers of government by the Federation Account Allocation Committee (FAAC) in July 2023. The money was from the revenue generated by the country in June 2023, which is shared monthly among the federal, state and local governments to support their respective internally generated revenues (IGRs). Business Post reports that last month, earnings from Companies Income Tax (CIT) significantly rose, as well as Import and Excise Duties, Value Added Tax (VAT), and Oil and Gas Royalties. However, revenue from Petroleum Profit Tax (PPT) and

By Adedapo Adesanya The Nigeria Customs Service (NCS) Murtala Mohammed Airport Cargo Command recorded a 17.6 per cent or N5.163 billion growth in revenue generation in the first six months of 2022. The MMA Customs said it raked in N34.758 billion in the period under review compared with the N29.595 billion it generated in the same period of last year. The Customs Area Controller, Mr Sambo Dangaladima, disclosed these figures while showcasing 16 sacks of donkey male genitals seized by the Command with a duty paid value of N216.2 million. The command intercepted the seven thousand pieces of donkey male