Naira Crashes to N758/$1 at P2P, N742/$1 at Parallel Market

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Dipo Olowookere Globally recognised rating agency, Standard and Poors, has said it foresees the stable operating conditions of Togo-based Ecobank Transnational Incorporated to help it achieve its revenue growth prospects. In a statement issued recently to announce the affirmation of ‘B-/B’ and ‘B/B’ long- and short-term issuer credit ratings the lender and its Nigerian subsidiary, Ecobank Nigeria Ltd, S&P pointed out that the diverse shareholder structure of the pan-African lender, combined with its strong management team, will ensure the group’s adequate positioning and enable it to benefit from the supportive economic conditions in the West African Economic and Monetary

By Dipo Olowookere Less than 72 hours after it was attacked by some hoodlums, Lagos-based television station, Television Continental (TVC), is back on air. On Wednesday morning, the broadcast media platform was attacked by some thugs who believed that the company is owned by a chieftain of the ruling All Progressives Congress (APC), Mr Bola Ahmed Tinubu. The attack followed the shooting of some unarmed #EndSARS protesters at the Lekki Toll Gate on Tuesday night by people believed to be soldiers from the Nigerian Army. Some youths in the country had been protesting against police brutality and on Tuesday, Governor

By Modupe Gbadeyanka For the third consecutive time in August 2017, the Nigerian Stock Exchange (NSE) opened trading for the week in the red zone. The stock market only opened the week on a positive note this month precisely on Monday, August 7, 2017, and it only appreciated by 0.3 percent. Business Post reports that the equity market closed 0.98 percent today, reversing the 0.19 percent rise recorded last Friday. Losses posted on Monday by Mobil, Nigerian Breweries, Guinness Nigeria and 27 other stocks dragged the NSE southward. While Mobil lost N6.55k to close at N186 per share, Nigerian Breweries

By Dipo Olowookere Managing Director of the Nigeria Inter-Bank Settlement System Plc (NIBSS), Mr Folashodun Adebisi Shonubi, has been appointed as Deputy Governor at the Central Bank of Nigeria (CBN). Mr Shonubi, who heads the financial payments, facilitation and settlement platform, was appointed by President Muhammadu Buhari on Friday. The platform headed by the appointee has been very instrumental to the growth in electronic payments in the Nigerian financial industry. A statement issued yesterday by the Presidency disclosed that the appointment of Mr Shonubi is subject to a confirmation by the Senate. Mr Shonubi is an expert in the financial

By Modupe Gbadeyanka The Senator representing Ogun East District at the National Assembly, Mr Buruji Kashamu, has concluded plans to put smile on the faces of people across the state. Business Post correspondent learnt that the lawmaker has purchased some items to be distributed to people in his constituency in Ijebu Igbo, Ogun State to celebrate the Eid el-Kabir with next week. Muslims in Nigeria will join others across the world to mark the celebration and the Federal Government has already declared Monday and Tuesday next week as public holidays to celebrate Eid el-Kabir. It was reliably gathered that the

By Adedapo Adesanya President Muhammadu Buhari is seeking an 800 per cent increase in the provision for petrol subsidy for 2022 from N442 billion to N4 trillion. This was contained in a letter written to the House of Representatives for a review of the 2022 fiscal framework. The Speaker of the House of Representatives, Mr Femi Gbajamila, read the letter titled Submission of the Revised 2022 Fiscal Framework during plenary on Thursday. Mr Buhari in the letter dated April 5 cited the rising market price of crude oil heightened by the Russian-Ukraine war as the reason for the hike in

Real estate valuation is the process of making a report which contains information about the present monetary value of a landed-property, the size of the building and the structure on it, the general and technical details, the physical status (especially if there are structural flaws) and the cost of properties with similar attributes in the same area. The position of a real estate property remains the same in every part of the world – An Asset with fluctuating value. Since assets rarely have a fixed value, the burden lies on the holder of the asset to constantly be abreast with

By Modupe Gbadeyanka An employee of Diamond Bank Plc has been remanded in prison custody by Justice Oluwatoyin Taiwo of the Special Offences Court, sitting in Ikeja, Lagos, pending the fulfilment of his bail terms. The fraud suspect, Mr Oladimeji Balogun, was arraigned on Monday, March 04, 2019, by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Office. The banker was brought before the judge on a four-count charge bordering on stealing to the tune of N81.720 million. “That you, Oladimeji Balogun, sometime between May 30 and June 2018 in Lagos, within the jurisdiction of this honourable court, dishonestly