Naira Crumbles to N810/$1 at P2P, N800/$1 at Parallel Market, N446.67/$1 at I&E

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Dipo Olowookere The management of leading manufacturing company and makers of brands like Always and Pampers, Procter and Gamble (P&G) Nigeria, recently engaged select local raw material suppliers in the country to an interactive meeting with the Federal Ministry of Industry, Trade and Investment and representatives from the Manufacturers Association of Nigeria (MAN). The meeting was convened to assess the capability of local businesses and seek their participation in strengthening our raw material localization objectives in line with the Backward Integration Program (BIP) of the Federal Government. This is following the recent commissioning of P&G Nigeria’s Always Production Line

By Dipo Olowookere Friday’s session at the treasury bills market was relatively quiet as constraint in system liquidity was significantly compressed by funding for a Retail FX auction by the Central Bank of Nigeria (CBN). According to analysts at Zedcrest Research, there were very little volumes of the debt instruments traded over the course of the day. The apex bank did not conduct any Open Market Operations (OMO) during the day’s session after it carried out one the previous day, where it sold OMO bills worth over N200 billion. “We expect the market to open next week on a slightly

By Adedapo Adesanya WhatsApp has announced that its latest update will allow users to share Higher Definition (HD) photos through the messaging app. According to an announcement shared by Meta CEO, Mr Mark Zuckerberg, on his Instagram broadcast channel and via a Facebook post on Friday, the HD photos feature is rolling out to global users over the next few weeks, followed by support for HD videos. The feature, which allows users to preserve the high-def resolution of the photos they share with friends and family, was previously in beta testing with select users. To access the new feature, users

By Dipo Olowookere As part of its expansion plans, Ellah Lakes Plc is looking to acquire the entire assets and liabilities of an oil palm processing company in Delta State. The management of Ellah Lakes disclosed this information to the investing public on Thursday via the Nigerian Stock Exchange (NSE), where the company trades its stocks. Business Post reports that Ellah Lakes, which primarily deals in the fishing business, has not been having it good lately. In the third quarter of its present financial year ended April 30, 2020, the company generated zero revenue. This was despite acquiring 100 per

By Modupe Gbadeyanka Bigger and better isothermal delivery bags have been introduced by Kwik Delivery for its bike delivery partners across Lagos. Called the Kwik 2.0 bags, they are designed to carry up to 40kg of load as against the 25kg capacity of the previous bags, a statement from the company said. The new isothermal bags are to replace the first-generation delivery bags used by Kwik Delivery bike riders since its launch in 2019. They are introduced to make deliveries much safer as well as increase the carrying capacity of bikes. This is part of the firm’s efforts to introduce

Choosing a reliable forex broker can be a stressful task, especially if you are a novice trader and have no clue what you should be looking for. In this article, we will share the key characteristics any trustworthy broker should have and what you should focus on when picking the right forex broker for yourself. Regulation Regulation and license are without any doubt the first criteria to consider. The broker must have a license to provide financial and brokerage services and must be regulated by an official organization.  If the activity of your broker is not regulated by any institution,

By Modupe Gbadeyanka On Friday, October 27, 2017, the Central Bank of Nigeria (CBN) auctioned a total of bills worth N92.496 billion at the open market operations (OMO). A breakdown of the sale revealed that the central bank sold the 104-day bill for N105.95 million, while the 202-day bill at N92.390 billion. While the 202-day bill was auctioned at 17.8 percent stop rate, the 104-day bill was sold for 16 percent stop rate. Business Post reports that yesterday, at the same Open Market Operations (OMO), the apex bank sold bills worth N53.01 billion. Details of the exercise showed that the

By Adedapo Adesanya Prices of food in the globe remained unchanged in September 2023, according to measuring indices by the United Nations’ Food and Agriculture Organisation (FAO). The FAO Food Price Index (FFPI) averaged 121.5 points in the month under review, almost unchanged from its value in August, as declines in the price indices of vegetable oils, dairy and meat had offset increases in the sugar and cereal price indices. At this level, the index stood 14.6 points (10.7 per cent) below its corresponding level a year ago and 38.3 points (24.0 per cent) from the all-time high reached in