Naira Appreciates Against Dollar at Unregulated FX Market

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 Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Dipo Olowookere In order to remain in business and be able to fly its numerous passengers to their various destinations, the management of Air Peace has taken a “very painful but rightful decision” to sack some of its members of staff, including pilots. In a statement issued on Monday, the airline operator said the present global health crisis has badly affected its operations and was threatening its finances, making it unable to meet some of these obligations, including payment of salaries. According to the firm, “The pandemic has hit every airline worldwide, so badly that it has become very

By Modupe Gbadeyanka The Lagos State House of Assembly on Tuesday held a public hearing on the proposed amendments to the land use charge recently signed into law by the state governor, Mr Akinwunmi Ambode. Shortly after the bill was signed into law in February 2018, it generated controversies with some people asking for its immediate repeal because of the astronomical hike in the land use charge rate. This month, the Ikeja branch of the Nigerian Bar Association (NBA) staged a protest, calling on government to revoke the law. However, some hours after the demonstration by the lawyers, the state

By Adedapo Adesanya  The Naira closed flat against the United States Dollar at most of the segments of the foreign exchange market on Friday, April 3, 2020. Business Post gathered from the Association of Bureaux De Change Operators of Nigeria (ABCON) that the Naira only depreciated against the greenback, Pound Sterling and the Euro at the Port Harcourt BDC market. The local currency lost N1 at the location against the Dollar to sell at N410/$1 compared with N409/$1 of the previous session. The Nigerian currency depreciated by N5 against both the Pound and the Euro to close at N500/€1 and

By Dipo Olowookere The Ba1 corporate family rating (CFR), Ba1-PD probability of default rating (PDR) and the Aa3.za national scale corporate family rating of MTN Group Limited have been placed on review for downgrade by renowned rating agency, Moody’s Investors Service. A statement issued last week by Moody’s further said it has also placed the Ba1 rating on all the senior unsecured notes issued by MTN (Mauritius) Investments Limited on review for downgrade. On August 30, 2018, MTN announced that MTN Nigeria received a letter from the Central Bank of Nigeria (CBN) alleging that Certificates of Capital Importation (CCI) issued

By Modupe Gbadeyanka The House of Representatives has adjourned the plenary to Wednesday, December 28, 2022, to debate the passage of the 2023 appropriation bill presented to the National Assembly by President Muhammadu Buhari. At the plenary today, Thursday, December 22, 2022, the lower chamber of the parliament could work on the 2023 budget passage as expected because of some other matters, including the briefing of the House on the recent cash withdrawal limit policy of the Central Bank of Nigeria (CBN). The green arm of the legislative arm of government had asked the governor of the CBN, Mr Godwin

By Dipo Olowookere The resignation of one of the directors of Evans Medical Plc, Mr Lawrence Anga, has been announced by the medical firm. Mr Anga served on the board of Evans Medical as one of its non-executive directors before bowing out. A statement signed by Mrs Adesua Akintemi of Cautious Services Limited, scribe of Evans Medical, did not however explain the reason for Mr Anga’s action. “Evans Medical Plc would like to announce that one of its non-executive directors, Chief Lawrence Anga, has resigned as Director from the board of the company with effect from October 20, 2017, and

By Modupe Gbadeyanka **Threatens to Seize Beer Parlour Violating Sit-at-Home Order Governor Nyesom Wike of Rivers State has threatened that the state government will not hesitate to acquire any beer parlour or public drinking joint caught operating. On Thursday, March 26, 2020, the Governor in a television broadcast directed closure of all businesses in the state and ordered residents to sit at home. This was part of efforts to protect the state from the coronavirus pandemic, which eventually found its way into the state some hours after the televised address. On Monday (today), Mr Wike, in another broadcast, expressed his

By Adedapo Adesanya The joint military task force operating in the Niger Delta region with the codename Operation Delta Safe has affirmed its commitment to eliminate crude oil theft, illegal refining and illegal oil bunkering activities in the country, in line with the directive of President Bola Tinubu. The Commander of Operation Delta Safe, Rear Admiral Olusegun Ferreira, affirmed this in Port Harcourt, Rivers State, on Wednesday, during his maiden visit and familiarization tour to units under OPDS. Mr Ferreira said the visit was imperative to assess the operational tempo of the joint task force in line with its mandate