Naira Crashes to N502/$1 at Parallel Market

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya The Naira closed flat against the Dollar at N608/$1 at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market on Wednesday and at the parallel market, it appreciated by N1 against the greenback to sell at N598/$1 compared with N599/$1 it was traded on Tuesday. The appreciation recorded yesterday at the black market was due to the gradual influx of Dollars into the system after the initial mopping up by politicians for the presidential primaries of the Peoples Democratic Party (PDP) last weekend. Those who allegedly received Dollars as delegates are beginning to convert their money

By Modupe Gbadeyanka Getting educational services in Nigeria has always been a herculean task, leaving many to wonder why not much has been done to address the pressing challenges in the sector. However, that seems to be a thing of the past with the introduction of a new platform by a self-funded and fast growing edtech startup in Nigeria. The firm, TeachersAroundMe, focuses on digital distribution of professional teachers, linguists, counsellors and skill trainers with clients. It was launched mid last year in Nigeria and is currently one of the most independent in the industry, offering quality services to clients.

By Adedapo Adesanya English top-flight football club, Manchester United, and Netherlands giants, Ajax, have reached an agreement for the transfer of Donny van de Beek for a five-year contract, with an option to extend for a further year. The transfer to the English club is effective immediately. Van de Beek was under contract with Ajax until June 30, 2022. Under the agreement, Ajax will receive a transfer fee of €39 million, with the possibility to rise to €44 million through variables. Commenting on the deal, Ajax Director of Football Affairs and former Arsenal player, Marc Overmars, stated that, “This is

By Dipo Olowookere The All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) on Friday reached the level it last attained about eight weeks ago. Business Post reports that the local bourse, which appreciated yesterday by 0.45 per cent, had its benchmark index closing at 25,041.89 points after adding 111.55 points to the previous day’s 24,930.34 points. The last time the ASI was in this region was on Thursday, June 11, 2020, when it finished at 25,182.67 points, a day before the June 12 public holiday. It was observed that the growth sustained yesterday was because of the positive performance

By Adedapo Adesanya Clubs in the English Football League (EFL) will be permitted to make five substitutions in matches from November 20 to combat the congested schedule brought on by the COVID-19 pandemic. Clubs were allowed to increase the number of substitutes from three per match when the 2019-20 campaign resumed after a prolonged hiatus due to the outbreak of the novel coronavirus. The football rule-making body, IFAB, gave leagues the option of continuing to use up to five substitutes this season but left it up to individual federations and leagues to decide. “Following consultation with clubs, the EFL board

By Adedapo Adesanya Before now, the only way to carry out a financial transaction was to visit the banking hall, stay in the queue and pray that the cashier is in a good mood. But technology has changed the game. Someone does not have to leave his/her space to execute a financial transaction and in fact, some digital banks have sprung up in Nigeria in the last five years, offering not to only complement the traditional, brick and mortar banking structure but to disrupt its entire structure with its offerings. Business Post takes a look at some digital banks and

By Ashemiriogwa Emanuel Four Nigerian entrepreneurs are among the 26 African business owners selected for the Anzisha Prize Fellowships 2021. They will receive $5,000 each and over $15,000 worth of venture building support services over a three-year period. The lucky Nigerian entrepreneurs, who are between the ages of 18 and 22 years, are Mr Eneyi Oshi, the 19-year-old founder of Maatalous Nasah in poultry farming; Ms Esther Akin-Ajayi, also 19 and founder of Jemai Interiors for architectural solutions; Mr Oluwadamilola Akinosun, 22 years old, co-founder of Grant Master, an online marketplace funding; and 22-year-old Grace Okezie owner of Royal Graced

By Modupe Gbadeyanka One of the top lenders in Nigeria, the United Bank for Africa (UBA) Plc has announced its audited half year financial results ended June 30, 2017, showing remarkable performance across major metrics. UBA grew its gross earnings for the period by 34.5 percent to N222.7 billion, as against N165.6 billion reported in June 2016. This impressive performance, which reflects the strong momentum of UBA’s business and its increasing share of customers’ wallet, was driven by the 44.3 percent and 16 percent growth in interest income and non-funded income respectively. The group’s operating income stood at N161.8 billion,