Naira/Dollar Exchange Rate Now N865/$1 at P2P

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Modupe Gbadeyanka The General Overseer of Champions Royal Assembly, Abuja, Prophet Joshua Iginla, has been described as a very deep spiritual man who is not all about religion, but after what God has asked him to do. The Ooni of Ife, Oba Adeyeye Ogunwusi, who made this commendation, confessed that he has been monitoring the cleric for a while and realized that he carries the glory of God. The monarch, who was at the church when the man of God celebrated his birthday on Sunday, May 23, 2021, informed the congregation that the meaning of the name of the

By Modupe Gbadeyanka A graduate of microbiology from Godfrey Okoye University, Enugu, has won the Season 4 of the Next Titan, Nigeria’s entrepreneurial reality TV show sponsored by Heritage Bank Plc. The winner, Mr Iyeh Kennedy, is a 22-year-old fledgling entrepreneur, who is the Managing Director of Blue Leaf Herbs and Spices, which is into 100 percent organic cultivation, production and packaging of spices with the objective of reducing importation of spices from outside the country. He beat three other contestants at the grand finale of the season 4 of the Next Titan held in Lagos recently to win the

By Adedapo Adesanya The Brent crude futures edged higher on Thursday by 0.43 per cent or 28 cents to trade at $65.60 per barrel at the global oil market. Also, the West Texas Intermediate (WTI) crude futures moved higher marginally by 0.18 per cent or 8 cents to sell at $61.43 per barrel. One of the factors responsible for the raising of crude oil prices was the lower crude production in Libya, which was enough to offset concerns around the rampant virus resurgence in countries such as India and Japan. Libya, which is one of the world’s top oil producers,

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market by 1.7 per cent or N7 on Friday, assuaging fears that the currency will be devalued again. The local currency sold for N415.07/$1 at the official FX window yesterday in contrast to N422.07/$1 it traded on Thursday, according to data obtained from FMDQ Securities Exchange. The Nigerian currency had suffered a significant loss a day earlier after investors feared that the Central Bank of Nigeria (CBN) may be forced to devalue the Naira again. Speaking at the

By Dipo Olowookere      Some experts have disclosed that one of the most effective ways to fight poverty and boost economic development of any nation is through job creation. They have identified skilled manpower as the main driver of rapid industrialisation and economic development of any nation. The pointed out that in the case of Nigeria, the absence of skilled manpower has led to the loss of millions of naira in capital flight to experts from other countries. The gap in skills has constrained economic and social development, limiting the ability of individuals to get jobs and improve their living

By Adedapo Adesanya Despite the foreign exchange (FX) demand pressure at the Investors and Exporters (I&E) window on Wednesday, the Naira closed stronger against the United States Dollar. During the session, the transactions recorded at the market segment increased by $129.93 or 305.1 per cent to $172.52 million from the previous day’s $42.59 million. However, the availability of FX, supplied by the Central Bank of Nigeria (CBN) to FX dealers at the window to meet the demands of their customers, ensured that the local currency was bullish. At the close of business, the Naira appreciated against the Dollar by 50

By Adedapo Adesanya The Joint Admissions and Matriculation Board (JAMB) has made a remittance of N7 billiion to the federal government as excess funds generated in 2020. Giving a breakdown, JAMB disclosed that it made an interim remittance of N3.5 billion to the federal government’s consolidated account, which was added to an initial N3.5 billion made from the UTME candidates by way of the reduction of the cost of electronic PINs as approved by the Federal Government. In a statement signed by the Head of Media at JAMB, Mr Fabian Benjamin, the Registrar, Mr Is-haq Oloyede, had directed that more

By Dipo Olowookere The fear of being thrown into the already filled labour market in Nigeria is giving employees of InterContinental Hotel in Lagos a lot to worry about. This is because owners of the business, InterContinental Hotels Group, have threatened to pull out of Nigeria by Thursday, January 18, 2018. The firm said it was not happy with Messrs Kunle Ogunba, who was appointed the receiver/manager by Skye Bank, following an interim court order. This displeasure was made known in a notice of termination of the agreement dated January 3, 2018. “We had, on various occasions, engaged the receiver/manager