Naira Crashes to N388/$, Soars to N490/£ at Black Market

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

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

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Modupe Gbadeyanka Minister of Labour and Employment, Mr Chris Ngige, has expressed shock over media reports credited to the National Chairman of the National Association of Joint Health Sector Unions (JOHESU), Comrade Biobeleye Joy Josiah, that the Federal Government should be blamed for the union’s on-going strike, accusing the Labour Minister of travelling the day he was supposed to meet with the union. Mr Ngige, while speaking on Tuesday at the conciliation meeting with JOHESU, which also had the Minister of Health, Prof Isaac Adewole, as well as relevant government agencies in attendance, confronted Comrade Biobeleye over the alleged

By Adedapo Adesanya The National Information Technology Development Agency (NITDA) has issued a Code of Practice for interactive computer service platforms like Twitter, WhatsApp, Tik Tok and others. The agency is mandated by section 6 of the NITDA Act 2007, to standardize, coordinate and develop regulatory frameworks for all Information Technology (IT) practices in Nigeria. In a statement signed by Mrs Hadiza Umar, Head of Corporate Affairs and External Relationship, NITDA, on Monday evening, the agency explained that the code is in accordance with the mandate of President Muhammadu Buhari’s administration to develop a Code of Practice for Interactive Computer

As the day dawned on Saturday, November 5, 2022, there was a palpable buzz in the cool Lagos air as thousands of fitness enthusiasts trooped to the Oniru beachfront, specifically the Landmark Event Centre, venue of the VerveLife 5.0 fitness party tagged Never Stop. Introduced in 2017 by Verve, Africa’s leading payment technology and card and member of the Interswitch Group, VerveLife has grown into a thriving platform, attracting thousands of fitness enthusiasts from Nigeria and beyond. As the event kicked off at 8:00 am, the dancing queen, Kaffy, opened the event with an electrifying performance in celebration of Interswitch

By Aduragbemi Omiyale Cambodia’s largest commercial bank, ACLEDA Bank Plc, has partnered with FSS Technologies Singapore Pte Limited to streamline and consolidate its merchant management systems as it plans to take the business to the next stage. The leading provider of banking and payment technology solutions will deploy its multi-product solution comprising FSS Merchant, FSS ADM (Active Device Monitoring) and FSS Smart Recon to put all the lender’s merchant-related data across multiple systems under one application. The fintech firm will also provide real-time insights into the multi-estate POS network of ACLEDA and reduce downtime as it plans to digitally transform

By Modupe Gbadeyanka One of the major players in the oil and gas sector in the country, Mobil Nigeria Plc, has recorded a growth in its turnover in the first half of the year. In the financial results released today to the public, the firm increased its turnover in the period by 11.9 percent to N56.2 billion from N50.3 billion 12 months ago. However, during the period, its gross profit weakened to N6.8 billion from N9.1 billion a year ago, mainly influenced by high cost of sales. Similarly, its profit before tax nosedived to N3.7 billion as at June 30,

By Dipo Olowookere For the seventh consecutive trading session, the Nigerian Stock Exchange (NSE) recorded a loss on Tuesday, going down by 0.13 per cent on the back of sustained profit-taking. This battered the All-Share Index (ASI) by 45.15 points to 41,510.16 points from 41,564.31 points and weakened the market capitalisation by N28 billion to N21.716 trillion from N21.744 trillion. Business Post reports that the level of transactions yesterday was mixed as the value of traded stocks rose by 49.66 per cent to N4.0 billion from N2.6 billion, while the volume of traded shares decreased by 10.10 per cent to

By Modupe Gbadeyanka The federal government has expressed its intention to put in place a policy framework aimed to address some issues underpinning the nation’s economic growth and development. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who made this known on Thursday, said to achieve this, the government will welcome inputs from various stakeholders, including from the government, the private sector, the academia and others. While addressing newsmen in Abuja ahead of the 26th Nigerian Economic Summit (NES#26) slated for this month, she said the central government will want to carry the state governments along in

By Ebiyonye Akpodigha Registration for bursary and scholarship programmes for students of Delta State origin for 2016/17 academic session has kicked off, Business Post has learnt. This was disclosed in a statement issued by the Delta States Bursary and Scholarship Board. Those eligible for the two programmes have been urged to enter for them online via http://www.dsbsb.dl.gov.ng/eligibility. It was said that applicants for the bursary scheme must be of Delta State origin, must have also registered with National Identification Management Commission (NIMC), and must be a registered full time student only of any public tertiary institutions. Also, it was stressed