Naira Continues Fall, Trades N775/$1 at P2P, N752/$ at Black Market

By Modupe Gbadeyanka Nigeria’s business activity improved in September despite cost pressures limiting demand, according to the latest Purchasing Managers’ Index (PMI) released by Stanbic IBTC Bank Plc. The lender said in the period under review, the private sector had a reading of 51.1 points compared with the 50.2 points achieved in August 2023. It was the rise in business activity in the country was influenced by the growth in order, though the rates of expansion in each were only modest. New orders increased for the sixth month running in September as some firms signalled an improvement in demand. While

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Dipo Olowookere The Nigerian Exchange (NGX) Limited closed flat on Tuesday despite the busy nature of the market during the second trading session of the week. Business Post reports that the activity level improved yesterday as investors bought Access Bank for its interim dividend as well as others, while the others offloaded a few equities like FBN Holdings. This pushed the trading volume higher by 68.73 per cent to 355.9 million units to 211.0 million units, raised the trading value by 107.55 per cent to N2.9 billion from N1.4 billion and lifted the number of deals by 6.32 per

Embattled Nigerian artiste, Azeez Adeshina Fashola, otherwise known as Naira Marley, has been remanded in prison custody pending the hearing of the bail application. The singer was arraigned on Monday, May 20, 2019, before Justice Nicholas I. Oweibo of the Federal High Court sitting in Ikoyi, Lagos on an 11-count charge bordering on cybercrime by the Economic and Financial Crimes Commission (EFCC). The defendant was arrested on May 10, 2019, following intelligence report received by the EFCC about his alleged involvement in internet fraud. At the court today, the EFCC said, “That you, Azeez Adeshina Fashola, aka Naira Marley, and

By Dipo Olowookere Activities at the stand of Nigerian Breweries considerably scaled up the fun and excitement at the on-going maiden edition of the Nigeria Beer Festival in Lagos. The company, which is the foremost brewer in Nigeria, revved up the atmosphere as its leading brands became the toast of the teeming crowd who had thronged the Atlantic Water Front, venue of the festival. Consumers at the festival affirmed that Nigerian Breweries has the most visible and exciting branding with its products available for exhibition and tasting. Mr Kufre Ekanem, Nigerian Breweries’ Corporate Affairs Adviser, noted that as the nation’s

By Adedapo Adesanya The Nigerian Content Development and Monitoring Board (NCDMB) is set to host the African Local Content Investment Forum (ALCIF) in Lagos on March 7, 2022. This was disclosed by the Executive Secretary of the Board, Mr Simbi Wabote in a statement, on Saturday in Abuja. He said the event will foster sustainable funding of African oil and gas projects, noting that the current energy transition agenda was posing new challenges to Africa. Mr Wabote said the forum would also provide a platform for African leaders in the oil and gas industry, financial sector, regulators, and regional bodies

By Dipo Olowookere The sum of N647.39 billion has been shared to the federal, states and local governments from the federation account. The amount was the money generated as revenue in the month of February. This information was made known at the end of the Federation Accounts and Allocation Committee (FAAC) meeting on Wednesday. The meeting was declared inconclusive yesterday after issues with the money from the Nigerian National Petroleum Corporation (NNPC). It was gathered that the revenue figures presented by the Accountant General of the Federation (AGF) was adopted at the meeting today and shared among the three tiers

By Dipo Olowookere The Nigerian government has threatened to release list of tax defaulters in the country before the end of this month. Chairman of the Federal Inland Revenue Services (FIRS), Mr Babatunde Fowler, dropped this hint on Wednesday after the weekly Federal Executive Council (FEC) meeting held in Abuja. Mr Fowler, who was addressing newsmen on update of the Voluntary Assets Income Declaration Scheme (VAIDS), which ended on June 30, 2018, said the next step will be to release the list by the middle of July 2018. The VAIDS was launched on July 1, 2017 by Vice President Yemi

By Modupe Gbadeyanka Leading digital payment solutions provider, Mastercard, has been unveiled as the headline sponsor of the 6th Edition of the CashlessAfrica Conference and Expo. The event is organised by Mobile Money Africa and is scheduled for March 22 to 23, at the Oriental Hotel, Lekki in Lagos, Nigeria. The CashlessAfrica Conference and Expo is a platform for technology companies, FinTech’s and other financial institutions to come together and share best practices in order to build a strong economy in Nigeria. The event looks at the importance of rethinking current models and gaining valuable market insight to introduce relevant

By Adedapo Adesanya Despite witnessing a rise in the prices of six stocks at the NASD Over-the-Counter (OTC) Securities Exchange, transactions closed bearish by 0.67 per cent in the 29th week of trading in 2022. The NASD Unlisted Securities Index (NSI) went down by 5.16 points to wrap the week at 766.92 points compared with the 772.08 points recorded in the previous week, while the market capitalisation depleted by N10 billion to N1.010 trillion from N1.020 trillion in the preceding week. The negative outcome was triggered by the loss posted by FrieslandCampina Wamco Nigeria Plc in the week, losing 8.2