Naira Crashes to N574.15/$1 at P2P Market, N416.67/$1 at I&E

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

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 The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Nkem Ndem Every Nigerian who owns a small business understands that the customer is the major source of sustenance for his/her trade. These days in Nigeria though, no one wants to be sold to and so most small business owners are now finding it extra hard to attract customers,. Some of them now find that they have to consistently to eventually get business, especially those who run a professional service business. To make things easier for these small business owners as regards attracting customers, Jumia travel shares 4 that will not only lure in new customers, but will also

By Adedapo Adesanya The Apapa Customs Command of the Nigeria Customs Service (NCS) generated a total of N227.3 billion in revenue between January and June, indicating an increase of 11 percent above its 2019 half-year earnings. The Area Comptroller, Mr Mohammed Abba-Kura, said the command also recorded an export trade volume of more than N52 billion in the first half of the year. Speaking of the Apapa Customs Command’s revenue generation and anti-smuggling activities, Mr Abba-Kura noted that despite the impact of the COVID-19 on global trade, the command’s revenue earnings from January to June 2020, surpassed what it generated

By Dipo Olowookere Last Friday, Mrs Kemi Adeosun resigned her appointment as Minister of Finance after admitting being in possession of a forged National Youth Service Corps (NYSC) exemption certificate. After her exit, President Muhammadu Buhari drafted Minister of State for Budget and National Planning, Mrs Zainab Ahmed, to the Ministry of Finance. On Monday, September 17, 2018, Mrs Ahmed resumed office and was welcomed by the Permanent Secretary in the ministry, Mr Mahmoud Isa-Dutse, and other staff. While addressing members of staff of the Ministry of Finance, Mrs Ahmed said the main task before her and the team is

By Modupe Gbadeyanka The positive investor sentiment recorded last Friday was retained at the market on the first trading day of this week. The Nigerian Stock Exchange (NSE) finished 0.30 percent higher as bargain hunting activities continued on Monday from last Friday, leaving the year-to-date returns closing at -4 percent from -4.29 percent recorded last Friday. Business Post reports that the stock market recorded 20 price gainers at the close of transactions today versus 18 price losers. Dangote Cement emerged the highest price today after adding N1.30k to its share value to close at N236 per share. It was followed

By Adedapo Adesanya Brent Crude went close to $35 per barrel on Friday after traders renewed hopes in the oil market, with talks of a cut in the work when oil producers meet on Monday. Brent crude oil rose by 16.7 percent or $5.01 to $34.95 per barrel on Friday night while West Texas Intermediate crude oil rose 14.1 percent or $3.57 to $28.89 per barrel. Prices started making upward movement on Thursday on indications that Saudi Arabia and Russia may end their oil price war following US intervention. US President Donald Trump said he expected the two sides to

By Bliss Okperan The election of Mr Hyacinth Alia as the Governor of Benue State has been affirmed by a Court of Appeal sitting in Abuja. The appellate court upheld the victory of Mr Alia, a Catholic cleric, in a judgement delivered on Monday by a three-member panel led by Justice Onyekachi Aja Otisi. The judge held that the candidate of the Peoples Democratic Party (PDP) in the March 18 governorship election, Mr Titus Uba, could not prove beyond reasonable doubt the allegations of forgery against the Governor’s deputy, Mr Samuel Ode. Mr Uba had approached the appeal court to

By Adedapo Adesanya Nigeria’s Gross Domestic Product (GDP) contracted by 6.1 per cent in the second quarter of the year, a report from the National Bureau of Statistics (NBS) said on Monday morning. In the Q2 2020 GDP Report published today, the agency said the country’s real GDP, which measures the value of economic output adjusted for price changes, contracted by over 6 per cent. In the first quarter of this year, the nation’s economy grew by 1.87 per cent and also appreciated by 2.12 per cent in the same period last year. The Q2 2020 growth rate indicated a

By Modupe Gbadeyanka Investors in Nigeria can now heave a sigh of relief as the International Chamber of Commerce (ICC) has now taken a drastic step against piracy and counterfeiting in the country. The global body has commissioned a working group that would give the fight against the social vices an effective backing in Nigeria. The ICC delegation drawn from France; Middle East, Africa, Pakistan, UAE; Sweden and Nigeria converged at Eko Hotel, Lagos on Wednesday, where the dangers of counterfeiting and piracy were again examined and solutions proffered. In his address to the forum, Mr Babatunde Savage, Chairman, International