Naira Appreciates at P2P, I&E, Black Market Amid FX Pressure

By Dipo Olowookere Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Dipo Olowookere Shareholders of Fidelity Bank Plc will have something to savour this year as the board of the lender has proposed the payment of 35 kobo as a dividend for the 2021 financial year. The bank confirmed this in its financial statements for the year ended December 31 filed to the Nigerian Exchange (NGX) Limited. The cash reward is for investors on the company’s register of members at the close of business on May 5, 2022, and is subject to the approval of the shareholders at the Annual General Meeting (AGM). “In respect of the 2021 financial year,

By Adedapo Adesanya The value of the Naira to the US Dollar maintained stability in the official foreign exchange (FX) window and the peer-to-peer (P2P) segment of the market on Thursday, January 19, but crashed at the black market arm at the close of transactions. Data obtained by Business Post showed that in the Investors and Exporters (I&E) segment, the exchange rate of the Nigerian currency to its American counterpart remained unchanged at N461.25/$1. Also, at the P2P side of the currency market, the Naira closed flat against the United States Dollar yesterday at N760/$1. Equally, at the interbank market, the

By Adedapo Adesanya The price of the international crude benchmark, Brent crude, climbed to $73.17 per barrel on Monday, June 14 after it appreciated by 46 cents or 0.63 per cent. This is the highest level it has reached since October 2018. One of the major drivers of this is the demand recovery boosted by the rollout of coronavirus vaccines in Europe and the United States. Also, the waning fears over the return of Iranian crude supply to the market supported the growth posted by the commodity yesterday as the West Texas Intermediate (WTI) crude also improved by 32 cents

By Dipo Olowookere Gambian President, Mr Yahya Jammeh, has lost the country’s presidential election to his opponent, Mr Adama Barrow. Gambia’s electoral commission boss, Mr Alieu Momar Njie Njie, on Friday, announced Mr Barrow winner of the poll. He said Mr Barrow won more than 45 percent of the vote. According to him, Mr Barrow polled 263,515 votes in the Thursday exercise, while Mr Jammeh garnered 212,099, representing 36.7 percent. The President-elect was born in 1965 in a small village near the eastern market town of Basse. In 2000s, Mr Barrow moved to London and worked as a security guard

By Modupe Gbadeyanka Trading activities resumed for the week on Monday on the Nigerian Stock Exchange (NSE) bearish with the market doing down by 1.72 percent on a day Access Bank released its financial results for last, declaring a rise in profit of 8.4 percent. It was observed that sell-offs in blue chip stocks like Dangote Cement, 7up and Guinness resulted in the stock market losing a whooping N148.9 billion at the close of trading, reversing last Friday’s marginal gain. Business Post reports that bears dominated the trading session with 19 stocks depreciating, while 15 advanced. Dangote Cement led the

By Modupe Gbadeyanka The fifth edition of the quarterly business forum set up by the presidency has been slated to hold on Monday, September 11, 2017. Mr Laolu Akande, spokesman of the Vice President, Mr Yemi Osinbajo, said in a statement on Friday that the event will take place at the Old Banquet Hall, State House, Abuja, by 10am. Since inception, the forum has held four times, assessing the progress made by the present administration in implementing its economic agenda. The forum was established to provide an opportunity for the Economic Management Team to interact with members of the organized

By Olubori Oduntan If information reaching us is anything to go by, it might be easier for a camel to go through the eye of a needle than Senator Attai Aidoko returning to the National Assembly in 2019. This is because youths in Kogi East Senatorial District, where he represents at the parliament, have rejected his re-election ambition as the 2019 general elections approach. They condemned the social media propagandists, who they said spin lies and launder the image of Aidoko for political make over for 2019. “Their propaganda reflects a depressed and despondent, sad, confused, and a lost generation

By Dipo Olowookere Federal Government has reviewed the list of pioneer industries and products as well as release fresh guidelines for the application for Pioneer Status Incentives (PSI). Minister of Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, who disclosed this in Abuja, explained that this was done to encourage and attract investments into critical sectors of the Nigerian economy which will significantly impact development and deliver key benefits to the country. According to Mr Enelamah, at the Federal Executive Council (FEC) meeting held last Wednesday, the council approved the lifting of the administrative suspension on processing PSI applications.