Naira Appreciates to N394/$ at I&E Amid 180.6% Spike in FX Demand

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

In the fast-paced world of Forex trading, having the right tools is crucial. Traders Union (TU) experts are here to guide you through Forex trading in 2023, focusing on the MetaTrader 5 (MT5) platform. They will discuss the top MT5 indicators, and different indicator types, and compare MT5 Forex Brokers. Additionally, they will explore the pros and cons of the MT5 platform. With this information, you will be well-prepared to excel in Forex trading. Meaning of Forex indicators Forex trading is complex, and success depends on many factors, with Forex indicators being a key one. TU’s analysts emphasized the importance

By Dipo Olowookere Otunba Gbenga Daniel (OGD) has been elected president of the Nigerian-Finnish Business Council. Mr Daniel, a former Governor of Ogun State, succeeds former occupier of the position, late Ambassador Segun Olusola, who died on June 21, 2012. The new president of the council is the Chairman of Kresta Laurel Limited, a top engineering firm in Nigeria. The Nigerian-Finnish Business Council was established to foster business relationship between Nigerian companies and their counterparts in Finland with the goal of encouraging trade and investment. Mr Daniel governed Ogun State on the platform of the Peoples Democratic Party (PDP) from

By Modupe Gbadeyanka A popular Lagos-based trado-medical expert, Mr Fatai Yusuf, otherwise known as Oko Oloyun, has been assassinated by some unknown gunmen. The herbal guru, who has his office along the LASU/Iba Road around Igando area of Lagos State, was reportedly shot dead by some hoodlums at Igboora. It was further gathered that the popular herbal medicine practitioner, was reportedly shot dead along Abeokuta-Iseyin road in Oyo State. The reason for the assassination is yet to be known just as details surrounding his death are also still sketchy. However, Oko Oloyun, who before his gruesome murder was the President

By Adedapo Adesanya The Naira began the week on a positive note on Monday, appreciating against the US Dollar by N1.25 or 0.32 per cent to close at N388/$1 at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market. At the previous trading session, the domestic currency had traded against its American counterpart at 388/$1 at the same market window. The value of the Naira was boosted against the Dollar yesterday as a result of the ease in the pressure on the local currency at the market. During the day’s trading session, there was an 8.5 per

By Investors Hub European stocks have fallen in cautious trading on Thursday, with renewed U.S.-China trade tensions, weak results from French bank Societe Generale and concerns over the partial government shutdown in the U.S. keeping investors worried. U.S.-China trade tensions resurfaced after media reports suggested the U.S. is pursuing criminal charges against Huawei for alleged theft of trade secrets. While the U.K.?s FTSE 100 Index has slid by 0.7 percent, the French CAC 40 Index is down by 0.5 percent and the German DAX Index is down by 0.3 percent. STMicroelectronics has moved notably lower after Taiwan Semiconductor forecast a

By Adedapo Adesanya Holders of the Nigerian Naira in need of the United States Dollar are not happy at the moment because the local currency is fast losing its value and making them pay more to get the greenback. At the black market yesterday, the domestic currency was exchanged with the Dollar at N595/$1 and at the Peer-to-Peer (P2P) segment of the foreign exchange market, it further declined by 0.5 per cent or N3 to sell for N611/$1 compared with the preceding session’s rate of N608/$1. Also, at the Investors and Exporters (I&E) window of the FX market, the Naira lost 0.3

By Adedapo Adesanya APC Mandate Defenders (APCMD), a support group of the All Progressives Congress (APC), has adopted Mr Frankland Briyai, as its candidate for the August 29 governorship primaries of the party in Bayelsa State. Mr Briyai previously served as the immediate past Residence Electoral Commissioner (REC) for Cross River State. The national publicity secretary of the group, Mr Ifeanyi Emeka, speaking after its emergency meeting in Abuja, noted that it endorsed the former INEC top shot based on his pedigree and competence that they believe will deliver victory to the party in the state governorship election that will

By Adedapo Adesanya The last trading session of the week on the floor of the National Association of Securities Dealers (NASD) Over-the-Counter (OTC) Securities Exchange closed on a positive note on Friday with a further 0.87 per cent. This was buoyed by the gains in the share prices of two stocks, Niger Delta Exploration and Production (NDEP) Plc and FrieslandCampina WAMCO Nigeria Plc. The oil and gas investment company appreciated yesterday by N14.24 or 6.8 per cent to N210.00 per unit from N195.76 per unit of the preceding session, while the milk-producing giant moved higher by N3.36 or 2.8 per

By Dipo Olowookere In order to ease the challenge of buying the right gift for friends, families and business associates during festive seasons, SPAR Nigeria has unveiled a Christmas Gift Card alongside other theme based gift cards to suit every occasion. Marketing Head of SPAR Nigeria, Mr John Goldsmith, while speaking in Lagos about the new product, disclosed that research has shown that many people have challenges in choosing the perfect gift during festive seasons and special occasions like birthdays, weddings, anniversaries etc. “We have created these gift cards as a means of helping people to give valuable and flexible