Naira Depreciates to N460 Per Dollar at Black Market

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Dipo Olowookere In a matter of weeks, the eventual buyer of 9mobile would be announced to the world, The Cable is reporting. Already, five companies have scaled through the final phase and they are Airtel, Globacom, Helios, Smile and Teleology Holdings Limited. According to the report, Nigeria’s largest telecommunication network provider, MTN Group, did not make it to the top five. About 16 companies had tendered expressions of interest (EoIs) to Barclays, 9mobile’s financial advisor. The firms were MTN, Airtel, Ntel, Virgin Mobile from the United Kingdom, Vodacom of South Africa, BUA Group, Morning Side Capital Partners, Obot Etiebet

By Modupe Gbadeyanka At the close of transactions at the foreign exchange parallel market yesterday, Nigeria’s local currency appreciated against the British Pound Sterling. Business Post reports that the Naira chalked up N2 on Tuesday to finish at N475 compared with N477 to the Pound Sterling it traded on Monday. This occurred as the Central Bank of Nigeria (CBN) released $195 million to the forex market on Monday to boost liquidity. However, the local currency closed flat against the two other major foreign currencies, the Dollar and the Euro. Our correspondent reports that at the close of transactions yesterday, the

By Dipo Olowookere Capital Oil boss, Mr Ifeanyi Ubah, has reportedly been apprehended by operatives of the Department of State Services (DSS). He was reportedly arrested by the country’s secret police and detained for questioning. As at the time of filing this report, we were yet to ascertain the reason for his arrest. However, there are strong indications that Mr Ubah was kicked up by the DSS officials based on the missing petrol belonging to the Nigerian National Petroleum Corporation (NNPC) kept in possession of his company, Capital Oil. He was implicated in the mess alongside other petrol firms, which

By Dipo Olowookere The Nigerian National Petroleum Corporation (NNPC) yesterday said it has reached a settlement agreement with Taleveras Group of Companies and two other companies involved in the $184 million crude oil swap. The others are AITEO Energy Resource Limited, Ontario Oil. NNPC commended Taleveras and other companies involved in the crude swap for reconciling their accounts and agreeing on a settlement plan to bring this long standing matter to a closure. Taleveras has committed to an initial prompt settlement of $17 million payment and will further make further payments in $10million tranches. Ontario is yet to submit its

By Modupe Gbadeyanka As a way of diversifying the economy in Nigeria and adequately tap into the creative industry, which has contributed to the Gross Domestic Product (GDP) of the country, the Bank of Industry (BoI) has approved the sum of N300 million for the sector. Acting Managing Director of BoI, Mr Waheed Olagunju, expressed optimism that the move would positively change the face of the arts and culture industry in Nigeria. In recent times, the showbiz sector in Nigeria has created several millionaires and boosted the economy of the nation. The industry has also grown to employ several thousands

By Adedapo Adesanya It was a positive outcome for the Nigerian Naira against the US Dollar in the Investors and Exporters (I&E) arm of the foreign exchange (FX) market on Tuesday, June 27. Amid renewed faith in the forex operations after the new Nigerian government unified the exchange rates in less than one month in office, the Naira gained 0.67 per cent or N5.17 against the greenback yesterday in the official market or the spot market, selling at N763.00/$1 compared with the preceding day’s rate of N768.17/$1, according to data obtained from FMDQ Securities Exchange. It was observed that the

Ever since the start of PwC last April 2016, the gaming industry in Nigeria changed over the last few years. Since then, the gaming industry and every sector that came with it has expanded thanks to a huge population of youngsters. With that they are considered as key to the improvement of internet infiltration and greater access to devices that can support internet. Likewise, the betting industry, especially in sports, is gradually proving itself to be a lucrative sector that leverages the large demand of football in Nigeria and its culture. There are a number of huge leagues – for

By Dipo Olowookere Deposit Money Banks (DMBs) operating in the country have been told they risk sanctions if they fail to adhere to payment system rules. A circular issued by the Central Bank of Nigeria (CBN) warned that operators in the National Payments System would get a sanction of N10,000 per day for the infractions. According to the apex bank, any operator who fails to apply for the renewal of an operating licence three months before its expiration would be punished. Furthermore, any operator who fails to regularize and respond to observations/exceptions noted by the CBN in the course of