More Trouble for FX Speculators as Dollar Falls to N430 at BDC Market

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 Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Dipo Olowookere Today, Thursday, June 15, 2017, the Tobacco-Free Campaign would be launched by the Federal Government in Abuja. The campaign, an initiative of the Federal Ministry of Health, is a 6-months national tobacco control communications campaign in the country. The exercise follows an announcement by the Minister of Health, Prof Isaac Adewole, of 9 provisions of the National Tobacco Control Act 2015 to be enforced by the Federal Government. The ‘Tobacco-Free Nigeria’ campaign, aims to educate Nigerians on the NTC Act 2015 and raise awareness on the dangers of tobacco smoke. The World Health Organisation (WHO) estimates that

By Bliss Okperan Seven suspects have been remanded in the Correctional Custodial Centre by a court in Enugu State after they were arraigned by the police. A statement by the spokesman for the Enugu State Police Command, Mr Daniel Ndukwe, a Deputy Superintendent of Police (DSP), disclosed that the accused persons “all confessed to the crime” they allegedly committed. Mr Ndukwe said the seven persons were picked up during a raid by security operatives on Friday, October 27, 2023. According to him, the police, while conducting a stop and search operation, recovered two wheel spanners, one serviceable Dell laptop, nine

By Dipo Olowookere The Nigerian Stock Exchange (NSE) continued its downward movement on Friday as the equity market sank deeper by 3.38 percent with the year-to-date gain shrinking to -3.73 percent. Business Post reports that the All-Share Index (ASI) suffered its heaviest loss this year after going down by 1288.25 points to finish at 36,816.29 points, while the market capitalisation depreciated by N466.6 billion to settle at N13.336 trillion. Also, the volume of equities transacted by investors at the market decreased by 68.05 percent, while the value declined by 89.89 percent. A total of 516.8 million shares were sold on

By Aduragbemi Omiyale The management of Ibadan Electricity Distribution Company (IBEDC) Plc has expressed commitment to contributing its best to national development through excellent service delivery, improved power supply, prompt response to customers’ complaints and bridging the metering gap across our franchise. The interim managing director of the energy firm, Mr Kingsley Achife, gave this assurance in a message to congratulate Nigerians on the 62nd anniversary of being an independent nation. To celebrate the day, October 1, the federal government declared Monday, October 3, as a public holiday. Because of its desire to make the work-free day enjoyable, he assured

By Investors Hub Asian stocks turned in a mixed performance on Thursday, as bond yields rose and the dollar stood near a one-week high against a basket of major currencies after the minutes from the Federal Reserve’s January meeting showed the central bank plans to raise interest rates three times in 2018. According to the Fed minutes, policymakers expressed rising confidence on inflation while agreeing that the strengthening in the near-term economic outlook increased the likelihood that a gradual upward trajectory of the federal funds rate would be appropriate. Japanese shares fell sharply to close near a one-week low as

By Modupe Gbadeyanka The outlooks on the Long-Term Issuer Default Ratings (IDR) of four Nigerian banks have been revised to negative from stable by Fitch Ratings following the downgrading of the country’s economy by the agency nearly two weeks ago. Fitch said the affected financial institutions are Zenith Bank, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA) and the Bank of Industry Limited (BOI). The first three are listed on the Nigeria Stock Exchange (NSE). They are the highest-rated commercial banks in the country, with their ratings driven by their standalone creditworthiness, as defined by their respective Viability Ratings

**Backs Amotekun The national executive of Okun Development Association (ODA) has distanced itself from a group known as Okun Development Association, South West Branch. The national body of the association, in a communique issued after its quarterly meeting held on January 18, 2020 in Isanlu, Yagba East LG of Kogi State, said it has nothing whatsoever to do with the group, which claimed to be the South West arm of ODA. ODA is the umbrella body representing the Yoruba people of Kogi State and in the communiqué signed by the National President, Barrister Femi Mokikan; the National Secretary, Pastor Ayo

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has assured that it has sufficient stock of currency notes as it allays fears that the country is experiencing a cash shortage. In a press statement on Thursday night signed by Mr Isa AbdulMumin, the Director of Corporate Communications at the apex bank, it said its attention has been drawn to reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (BDCs) in some major cities across the country. “Our findings reveal that the seeming cash scarcity in some locations is