Naira Closes Flat at P2P as Binance Coin, Others Gain

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Adedapo Adesanya The Nigerian currency appreciated by N1 against its American counterpart at the parallel market on Thursday, October 8 to close at N457/$1 in contrast to N458/$1 it quoted on Wednesday. At the same segment, the domestic currency gained N2 against the Pound Sterling to settle at N595/£1 versus the previous day’s rate of N597/£1 and on the Euro, it grew stronger by N3 to close at N537/€1 as against the preceding session’s N540/€1. At another window of the foreign exchange market yesterday, the Investors & Exporters’ (I&E), the value of the Naira became stronger than the US

By Dipo Olowookere A committee to fine tune a proposed bill to harmonize revenue collection by local government councils in the state has been constituted by the Edo State government. Addressing journalists on Friday after a meeting with the Edo Governor, Mr Godwin Obaseki, at the Government House in Benin City, Chairman of Edo Internal Revenue Service, Mr Oseni Elamah, said the Committee will work out a bill for the State Local Government uniform levies, rates, fees and Charges law 2017. Speaking further, Mr Elamah explained that the bill will seek to eliminate cash as a means of revenue collection

By Dipo Olowookere Chairman of Cement Company of Northern Nigeria (CCNN) Plc, Mr Abdulsamad Rabiu, has said the company was now in control of the cement market in North West Africa. Mr Rabiu, while addressing shareholders at the company’s Annual General Meeting (AGM) last Thursday in Abuja, said the firm was able to dominate the market over there as a result of its merger with Kalambaina Cement, which has increased the installed capacity to two million metric tons per annum. He said this combination also helped the cement manufacturer deliver an impressive 2018 financial year, which led to the payment

By Dipo Olowookere A physically challenged man was on Tuesday, February 7, 2017, brutalised by two soldiers in Anambra State. It was gathered that the unfortunate incident precisely happened on the New Market Road in Onitsha, Anambra. The crippled man was accused by the military men of dressing in a camouflage, which is against the law. It was learnt that while the soldiers were passing along the road, they sighted the man wearing a camouflage on his wheelchair and then descended on him. One of the soldiers dragged the crippled man away from his wheelchair, while the other flung it

By Bliss Okperan An $800 million loan has been secured by Oando Plc from the African Export-Import Bank (Afreximbank) at the ongoing Intra-African Trade Fair in Cairo, Egypt. The syndicated duel credit facility is to be used by the Nigerian energy firm for a 20 per cent participating interest in the Nigerian Agip Oil Company (NAOC) Limited. The lender, in a statement through its official X handle on Wednesday, said the loan comprises a $500 million Senior Secured Reserve Based Lending facility and a $300 million Receivables Backed Term Loan facility. Recall that a few months ago, Oando, headed by

By Dipo Olowookere All is not well with the Nigerian Naira in the black market segment of the foreign exchange (forex) market. This is because the exchange rate of the nation’s legal tender has further weakened against the United States Dollar. One of the reasons for this plunge is the incessant scarcity of FX in the Nigerian financial system. The crisis has failed to end despite the efforts made by the Central Bank of Nigeria (CBN). To boost the value of the local currency, the central bank introduced various forex policies like defending the Naira in the market through the

By Adedapo Adesanya The Naira depreciated heavily against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Tuesday, August 1, by N32.14 or 4.25 per cent to settle at N789.08/$1, in contrast to the preceding day’s rate of N756.94/$1. This came as the daily turnover published on FMDQ Securities Exchange witnessed no significant change, with the value of FX transactions marginally growing to $67.33 million from $67.21 million. Also, in the parallel market, the local currency shed N7 against the Dollar during the trading session to trade at N872/$1 compared with Monday’s exchange

By Adedapo Adesanya The federal government has inaugurated the Nigeria Gas Transportation Network Code (NGTNC) to deepen the growth of the gas market in the country. In a statement, it was disclosed that the Minister of State for Petroleum Resources, Mr Timipre Sylva, disclosed this at the virtual launch of The Go-Live of the Nigerian Gas Transportation Network Code, in Abuja on Monday. He said that following the declaration of 2020 as a year of gas, President Muhammadu Buhari’s administration was driving key policy and regulatory initiatives that would enhance gas reserves growth to support domestic and export project. Mr