Naira Bounces Back at Black Market With N5 Gain

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Investors Hub European stocks have also moved lower Friday, with Swiss bank UBS Group AG and French car maker Renault SA among the losers following their earnings release. While the French CAC 40 Index has slumped by 1.2 percent, the U.K.’s FTSE 100 Index is down by 0.7 percent and the German DAX Index is down by 0.5 percent. In stock-specific action, the banking sector was in focus with major banks coming out with their earnings reports. UBS shares fell on concerns over client activity and margins in its wealth management division, despite the company reporting 14 percent higher

By Dipo Olowookere A multi-million Naira ultra-modern 2-bedroom apartment has been donated to victims of a devastating inferno. The flat was built by leading telecommunications services provider, Airtel Nigeria, and given to the Aina family in fulfilment of firm’s pledge to the beneficiary in the just-concluded Airtel Touching Lives Season 3. Chief Executive Officer and Managing Director of Airtel Nigeria, Mr Segun Ogunsanya, on Wednesday, led a team of Airtel executives comprising the Director of Corporate Communications & CSR, Mr Emeka Oparah, to commission and hand-over the well-finished apartment to the Aina family in Magboro, Ogun State. The Aina family

By Adedapo Adesanya The World Health Organisation (WHO) has warned that Africa is facing a fast-surging third wave of COVID-19 pandemic, with cases spreading more rapidly and projected to soon overtake the peak of the second wave the continent witnessed at the start of 2021. The Geneva-based organisation explained that COVID-19 cases have risen for five consecutive weeks since the onset of the third wave on 3 May 2021. Providing data as of June 20—day 48 into the new wave—Africa had recorded around 474 000 new cases—a 21 per cent increase compared with the first 48 days of the second

By Adedapo Adesanya The Naira weakened against the US Dollar at the parallel market on Wednesday, November 4 as it lost N1 to close at N464/$1 compared to the previous rate of N463/$1. At the same segment, the domestic currency depreciated by N1 against the Pound to wrap the day at N596/£1 as against N595/£1 it was sold at the previous day but appreciated by N1 against the Euro to sell at N542/€1 versus N543/€1. At the Investors & Exporters (I&E) window, Business Post gathered from the FMDQ Securities Exchange that the exchange rate of the Naira/Dollar remained unchanged yesterday

By Ashemiriogwa Emmanuel Seplat Energy Plc has reiterated its commitment to the federal government in achieving an improved gas utilisation in Nigeria and would continue to invest towards the objective. The chief executive officer, Mr Roger Brown, said this during his contribution at the ongoing 2021 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos. The Seplat boss, who was represented by the executive director of operations Mr Effiong Okon, lauded the federal government effort in initiating projects and programmes to reinforce gas development in Nigeria. According to him, the National Gas Expansion

By Modupe Gbadeyanka The Managing Director of Guaranty Trust Bank (GTBank) Limited, Ms Miriam Olusanya, has described the You Read initiative of the company as a platform designed to nurture talents and reward creative enterprise. She said this at a book reading event organised by the lender on Sunday, October 9, 2022, at the Herbert Macauley Library, Yaba, aimed to champion continuous learning and promote a reading culture across Africa as part of its CSR policy. At the interactive programme, the author of Nearly All the Men in Lagos Are Mad, Ms Damilare Kuku, recited different portions of the book

By Dipo Olowookere Low-income earners in the country who which to enjoy quality dental services can now do so at affordable prices, thanks to Flour Mills of Nigeria Plc. The company, as part of its social investment efforts to promote quality and affordable services in the health sector, recently renovated the dental clinics at the Faculty of Dental Sciences, College of Medicine, the University of Lagos (UNILAG). The clinic has close to 100 dental resident doctors providing subsidized care to the public, especially low-income earners and remains one of the best centres for comprehensive dental care and management in Lagos.

By Modupe Gbadeyanka Activities on the Nigerian Stock Exchange (NSE) ended for the week on Friday on a negative note after the market initially bounced back on Thursday from the three-day losing streaks. The all-share index shed 0.01 percent or 1.52 points to close at 27,596.82 points, while the market capitalisation finished at N9.478 trillion after losing N521 million. The ASI had closed on Thursday at 27,598.34 points, while the market capitalisation ended at N9.479 trillion. Business Post correspondent reports that trading was not too impressive today, which showed in the volume of shares exchanged at the stock market. Investors