Naira Appreciates on Dollar Across FX Market Segments

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Modupe Gbadeyanka On Friday, October 27, 2017, FMDQ OTC Securities Exchange (FMDQ) held a befitting cocktail reception and dinner party in honour of the immediate past Chairman of the FMDQ Board of Directors, Mrs Sarah Alade, and six other retired Non-Executive Directors, who served the OTC Exchange until April 28, 2017. The retired Non-Executive Directors who were also honoured at the event were Mr Olabisi Onasanya, Chairman/Chief Executive Officer, The Address Homes Ltd.; Mr Phillips Oduoza, Chairman, Nova Merchant Bank Ltd.; Mr Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC; Alhaji Muhammad Nda, Commissioner/Deputy Chairman, Niger State Planning Commission;

By Adedapo Adesanya The value of the National Association of Securities Dealer (NASD) Over-the-Counter (OTC) Securities Exchange is getting closer to the N1 trillion valuation and this is being driven by the sustained rush for the stocks of FrieslandCampina WAMCO Nigeria Plc on the platform. Many investors want to be part of the cash reward proposed to shareholders by the board of directors of the leading dairy company in Nigeria. The firm is planning to pay N4.23 as a dividend for the financial year ending December 31, 2021, and this has triggered a high demand for the shares, causing it

By Adedapo Adesanya The United Kingdom has officially entered a recession after its gross domestic product (GDP) plunged in the second quarter of the year by 20. 4 per cent. This makes it the first time this is occurring in 11 years after the effects of the 2008-2009 financial crisis. The second-quarter plunge is the worst on record and follows a 2.2 per cent contraction in the first quarter. Two consecutive periods of contraction mean the British economy is now in a technical recession. This was primarily caused by the coronavirus-induced lockdowns which affected activities especially in the month of

By Dipo Olowookere On Thursday, October 13, 2016, leading global technology company, Philips, launched its brand of hair clippers in Nigeria at a ceremony held in Lagos. Business Post correspondent at the event gathered that the clippers were designed to ensure they caused no bumps to users. Philips is a known and dependable brand in the world of electronics and healthcare segments of the market. Speaking at the launch, which took place at Protea Hotel in Ikeja, the General Manager, Personal Health Care West Africa, Mrs Chioma Nweke, stated that the barbing clippers business remains a huge market valued at

By Adedapo Adesanya There was no price gainer or loser at the NASD Over-the-Counter (OTC) Securities Exchange on Monday as the bourse closed flat on the first trading session of the week. As a result, the key performance indicators at the unlisted securities remained unchanged from the previous session, with the market capitalisation static at N1.006 trillion and the NASD Unlisted Securities Index (NSI) rooted at 764.41 points. Despite the stalemate, the activity chart recorded movements as the value of shares exchanged by the market participants appreciated by 3900.2 per cent to N293.9 million from N7.3 million. However, the volume

By Adedapo Adesanya  Nigeria intends to recoup over N553 billion in unremitted taxes from international petroleum shipping companies operating in the country, says the Federal Inland Revenue Services (FIRS) This was posited by the Director of International Tax of the agency, Mr Abdullahi Aliyu, at a virtual summit organised by the Nigerian Chamber of Shipping (NCS) on Wednesday, themed Sensitising the Nigerian Maritime Industry on the New Tax Policy and Objectives. He said that recouping the sum which accrued from 2010 to 2019 would help address the nation’s budget deficits. Mr Aliyu said that these unremitted shipping taxes would reduce

By Adedapo Adesanya The Naira depreciated by N1 against the American Dollar at the black market segment of the foreign exchange market on Friday, August 7 on the back of a sustained FX liquidity crisis. As a result of the pressure on the local currency, it closed at N475 to a single unit of the dollar yesterday compared with N474/$1 it traded on Thursday. At the same segment, the local currency fell by N5 against the Euro at N550/€1 versus 545/€1 it previously traded and closed flat against the Pound at N600/€1. At the Investors and Exporters (I&E) market, data

By Adedapo Adesanya Bullish sentiment pushed oil prices up on Friday as a combination of supply disruptions and an apparent compromise between the United States and China gave the markets hope. Brent crude gained $1.34 or 1.88 per cent yesterday as it traded at $72.82 per barrel, while the US West Texas Intermediate (WTI) moved up by $1.49 or 2.17 per cent to $69.78 per barrel. The markets jumped after it was revealed that US President Joe Biden and Chinese President Xi Jinping spoke on Thursday and “had a broad, strategic discussion in which they discussed areas where our interests