Naira Coasts To 455 Per Dollar Friday

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

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 Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Investors Hub Asian markets closed mostly lower on Monday after technology stocks led a slide in U.S. stocks on Friday. The dollar held steady against its peers, while oil traded mixed after the release of U.S. GDP data and amid renewed concerns around the U.S.-China trade war. Investor focus shifted to key central bank meetings this week. The Bank of Japan began a two-day policy meeting today, with analysts expecting the central bank to discuss reducing investments in ETFs tracking the Nikkei 225 Index. The Federal Open Market Committee is widely expected to leave interest rates unchanged when it

By Modupe Gbadeyanka A lawmaker from Kwara State, Mr Aliyu Ahman-Pategi, has lamented the poor implementation of the 2018 budget by the executive. The political economist, who is representing Edu/Moro/Patigi constituency at the lower chamber of the National Assembly, said the level of implementation of the 2018 budget was less than five percent, which he described as very poor. Mr Ahman-Pategi, while contributing to the debate on the 2019 budget estimate of N8.8 trillion on Wednesday, said the executive was just making the efforts of the parliament a waste of time if the implementation was poor. “The percentage of implementation

By Adedapo Adesanya The average prices residents of Nigeria across the country paid to refill their 12.5kg cylinder of liquified petroleum gas (LPG) otherwise known as cooking gas stood at N7617.61 in March 2022. According to data released by the National Bureau of Statistics (NBS), the amount was 2.28 per cent higher than the N7447.79 paid in February 2022 and 74.75 per cent higher than the N4359.23 in March 2021. It was revealed that the highest average retail price for 12.5kg cooking gas was recorded in Osun State with N8782.14, followed by Oyo with N8400.00 and Katsina with N8300.00. Conversely,

By Adedapo Adesanya The Naira depreciated by 0.13 per cent or 50 kobo against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday, December 30 to close at N394/$1. This extended pressure felt by the local currency especially as reports indicate that the Naira is expected to depreciate further into the new year, according to a new survey by the Central Bank of Nigeria (CBN). At the previous session, the domestic currency closed at N393.50/$1 but yesterday, investors made a higher demand, causing the value of the currency to drop at the

By Dipo Olowookere Former employees of the defunct Nigeria Airways are planning to hold a protest in Abuja to demand payment of their gratuity. The demonstration, Business Post gathered, is likely to hold in February and from all indications, it would be a sit-out. On September 20, 2017, the Federal Executive Council (FEC) approved the payment of N45 billion severance package to the former aviation employees. However, since the announcement, former members of staff of Nigeria Airways were yet to be called for verification ahead of the payment. The N45 billion is payment of their gratuity for six year instead

By Adedapo Adesanya  – Handed €30m Fine – May also face point deduction in the English Premier League. – To be Absent from 2020/21 and 2021/22 Tournaments Current English Premier League champions, Manchester City Football Club, have been banned from competing in the European competitions, including the prestigious UEFA Champions League for two years. The decision was made by the Union of European Football Associations (UEFA), which also asked the footballing outfit to pay a fine of €30 million (£25 million or $33 million) for breaching Financial Fair Play (FFP) rules. Following an investigation, the Adjudicatory Chamber of UEFA’s Club

By Adedapo Adesanya Prices of crude oil rose more than four percent on Wednesday, May 20 after latest data showed that showed another surprise weekly decline in the United States crude inventories. Brent crude, the international benchmark, went up by 3.64 percent or $1.26 to $35.91 per barrel, while the US West Texas Intermediate (WTI) rose by 5.29 percent or $1.66 to $33.65 per barrel. As countries continue to lift restrictions, data from the Energy Information Administration (EIA) indicated that crude inventories dropped by 5 million barrels last week. Last week, EIA reported a surprise drop in US crude inventories,

The race to rebuild the global economy after the lockdowns is gathering pace. The spike in inflationary trends, disturbing food insecurity levels, failing channel management systems, the sharp increase in the number of businesses going bust, and alarming infrastructure deficit form the recent consequences of the COVID-19 outbreak. Hence, development agencies and state economic managers on global and regional scales have sprung into action to revive the hailing economies. Recovery aids, financing instruments are being sourced to balance up the intervention policies developed across markets to stimulate quick recovery from the various shocks of the viral outbreak. Africa, home to