MasterCard Extends Applications for Start Path Global 2017 Class

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

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

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Adedapo Adesanya The European Commission has proposed a deal to accelerate natural gas imports from Egypt in a bid to reduce its reliance on Russian gas. With Egypt ramping up efforts to become a major liquefied natural gas (LNG) player through increased exploration, production and infrastructure build-up and modernization, the North African country is well-positioned to expand energy exports to Europe while addressing African energy demand. Owing to its strategic location in close proximity to European markets as well as its success as a gas exporter, Egypt has emerged as an ideal supplier for Europe in the wake of

By Adedapo Adesanya The exchange rate of the Naira to the US Dollar was in favour of the latter on Monday at the Investors and Exporters (I&E) window of the foreign exchange (forex) market amid a rise in demand for FX during the trading session. According to data obtained by Business Post from FMDQ Securities Exchange, the value of forex transactions in the official FX market in Nigeria stood at $132.77 million, 37.1 per cent or $35.96 million higher than the $96.81 million recorded in the preceding session. Its inability to soak this significant FX demand pressure weakened the local

By Modupe Gbadeyanka Data released by the Nigerian Stock Exchange (NSE) revealed that total transactions on its trading platform appreciated by 23.28 percent in the month of November 2018 to N149.72 billion from N121.45 billion recorded in October 2018. It was further disclosed that the cumulative transactions from January to November increased by 10.48 percent from N2.06 trillion recorded in 2017 to N2.28 trillion in 2018. Foreign investors outperformed domestic investors by 12.70 percent in November 2018, while the total foreign transactions increased marginally by 1.05 percent from N83.48 billion in October to N84.36 billion in November 2018. Furthermore, the

By Aduragbemi Omiyale **As Kenyans Sweep Medals at 2021 Ijebu Heritage Half Marathon Rite Foods Limited has been applauded by the Ogun State Government for supporting the development of sports in the state. Last Saturday, the company, which produces Bigi drinks, Naija’s favourite carbonated soft drinks, thrown its full weight behind the 2021 Ijebu Heritage Half Marathon. At the event, the firm provided premium refreshment and hydration for athletes and indigenes and this gesture was noticed by the state government. The Governor of Ogun State, Mr Dapo Abiodun, who was represented by the Commissioner for Youths and Sports, Mr Kehinde

By Modupe Gbadeyanka Transactions on the Nigerian Stock Exchange (NSE) on Wednesday recovered from the 0.88 percent loss it recorded yesterday. Business Post correspondent reports that the recovery was inspired by 19 equities which appreciated in price against the 16 that depreciated at the close of activities. Our correspondents further reports that Okomu Oil emerged the most gaining stock on the floor of the NSE after going up by N4.10k to close at N44.27k per share, while Presco rose by N4.9k to finish at N44.19k per share. Other gainers today were Forte Oil, which leaped by N1.73k to end at

By Adedapo Adesanya The Governor of Lagos State, Mr Babajide Sanwo-Olu has said the blue and red line rail projects across the state would be supervised every quarter until it is completed in the fourth quarter of 2022. The governor gave this assurance during an inspection tour of the projects at Ikeja, Yaba, Ebute Metta, and Marina Stations yesterday. Mr Sanwo-Olu expressed satisfaction with the pace of work at the stations, noting that the contractors were on course and hoped that they would round up this year, promising to intensify supervision and monitoring of the projects quarterly to facilitate speedy

By Adedapo Adesanya The NASD Over-the-Counter (OTC) returned to the bullish zone for the first time in three sessions on Wednesday, recording a 1.27 per cent appreciation as a result of the lifting by Central Securities Clearing Systems (CSCS) Plc. The Nigerian depository company closed the day as the single price gainer, growing by N1.62 or 8.1 per cent to N20.00 per unit compared with the previous closing price of N18.38 per unit. This raised the market capitalisation of the NASD OTC Exchange by N7.93 billion to wrap the session at N630.15 billion compared with N622.22 billion of the preceding

By Dipo Olowookere Worried by the spate of abuse and commercialisation of the Christian faith in the country, the government of South Africa is considering regulate activities of churches. Already, the Portfolio Committee on Women in the Presidency has suggested that legislation is needed to regulate those churches operating outside the law. The committee was briefed by the Commission for the Promotion and Protection of the Rights of Cultural, Religious and Linguistic Communities (CRL Rights Commission) on the commercialisation of religion and the abuse and exploitation of people’s belief systems. The committee said regulations and peer review mechanism as proposed