Local Currency Tumbles in Black, Official Markets, Gains at P2P

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Dipo Olowookere Mr Hamisi Mohamed from Nairobi, Kenya has been announced as winner of the Future Stars programme put together by Arsenal FC and its official online money transfer partner, WorldRemit. Mr Mohamed won the scheme through a public vote against five other youth football coaches from across Africa, scoring over 35 percent of the votes on https://FutureStars.WorldRemit.com. With the win, he will have the chance to train with coaches from Arsenal Soccer Schools through a customized training programme to support him in building a legacy of positive social impact through football in Kenya. Mr Mohamed, known locally as

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has remained consistent in its support for the operations of the OTC FX Futures market by continuing to provide quotes for open contracts for the past 25 maturities, replacing matured contracts and actively refreshing its quotes on the existing 1-to 11-month contracts on a monthly basis. The 25th OTC FX Futures contract, NGUS JUL 25 2018, with notional amount of $405.66 million, matured and settled on FMDQ on July 25, 2018. This maturity brings the total value of matured Naira-settled OTC FX Futures contracts on FMDQ, since the inception of the

By Adedapo Adesanya The major performance indicators of the NASD Over-the-Counter (OTC) Securities Exchange closed mixed on Wednesday, December 23. During the session, the NASD Unlisted Security Index (NSI) rose by 0.04 per cent or 0.29 points to end the day at 722.01 points as against 721.72 points it recorded at the previous session. However, the market capitalisation depreciated by N18.39 billion or 3.43 per cent to close at N518.06 billion in contrast to N536.45 billion it finished the preceding day. The drop in the value of the securities admitted on the exchange was caused by the delisting of Allianz

Kids’ savings accounts normally give parents joint ownership. That means mummy and daddy can manage the finances until the children are ready to do so on their own. Before opening an account, take some time to find the best bank, or an online-only bank for parent and their child. Keep an eye on the following: No minimum balance requirement or monthly maintenance fees: Children should see saving as a good thing. A good interest rate: parents should look for an account that can attract interest rates. Online or in-person access: Walking into a branch office is a good way to

By Adedapo Adesanya The crude oil market was relatively stable on Monday after reaching the $90 mark last week for the first time in 10 months following fresh Saudi and Russian production output cuts. Brent was marginally down by 1 cent yesterday to close at $90.64 per barrel and the US West Texas Intermediate (WTI) crude depreciated by 22 cents to close at $87.29 per barrel. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day until the end of the year. Saudi Arabia’s plan to extend its

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to give back ground after trending higher in recent sessions. The downward momentum on Wall Street comes as traders react to earnings news from home improvement retailer Home Depot (HD). Shares of Home Depot are moving notably lower in pre-market trading after the company reported first quarter earnings that beat analyst estimates but weaker than expected sales. Despite this, when comparing Home Depot vs. Lowes, Home Depot continues to showcase positive strengths. After failing to sustain an early move to the

By Modupe Gbadeyanka Notable rating agency, S&P Global Ratings, has affirmed its ‘B/B’ long- and short-term sovereign credit ratings on the Federal Republic of Nigeria. In a statement issued by the agency on Friday, September 15, 2017, it also said the outlook is stable, adding that it further affirmed its long- and short-term Nigeria national scale ratings at ‘ngBBB/ngA-2’. S&P explained in the statement that the stable outlook signals its assessment that the oil sector improvements will support higher economic growth, fiscal revenues, and higher current account receipts over the next 12 months. “We may lower the ratings if we

By Adedapo Adesanya The Major Oil Marketers Association of Nigeria (MOMAN) has lauded the autogas scheme of the federal government, saying it will bring long-term economic benefits to the country if sustained. This was disclosed by the Chairman of the association, Mr Tunji Oyebanji, following the unveiling of the Natural Gas Expansion Programme (NGEP) and Auto-gas initiative in the country with the inauguration of gas-powered Mass Transit Buses by President Muhammadu Buhari on Tuesday. The President also inaugurated over 10 Liquefied Petroleum Gas-powered vehicles for various government agencies and users as part of the flagging off exercise. Mr Buhari called