Naira Drops to N517/$1 at Parallel Market

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Adedapo Adesanya The Securities and Exchange Commission (SEC) has blamed investors for the increase in the total unclaimed dividends in the Nigerian capital market, Business Post reports. The Director-General of SEC, Mr Lamido Yuguda, speaking at the second post-Capital Market Committee (CMC) virtual news conference last week, lamented the 7.3 per cent or N11.56 billion rise in unclaimed dividends to N170 billion as of December 2020 from N158.44 billion as of December 2019. He attributed the rising figure to identity management and multiple subscriptions of investors, asking why investors would purchase stocks with fake names. “We have problems with

By Dipo Olowookere Owners of unregistered private schools in Lagos are in for a big trouble, the state government has disclosed. From September 26, 2016, the state government will start to fish them out so as to shut them down. Speaking at the third quarterly stakeholders’ forum of private schools owners held at the Secretariat, Alausa, Ikeja on Monday, the Deputy Governor, Dr Idiat Oluranti Adebule, disclosed that this was in a determined effort to ensure that private schools operating in the State conform to the quality standard of education set by the government. Dr Adebule emphasized Lagos State government’s

The PR Measurement Moment in Nigeria, is an annual report that reflects the activities, engagement, education and growth that occur in the PR Measurement space in the Nigeria Market. The measurement and evaluation drive in the Nigeria space has been one that is rapidly evolving, and one of which P+ Measurement Services is at the forefront of pushing and educating its key sectors. To this end, the agency in the year 2019, embarked on a series of educational programs and events to sensitize key players in the various sectors on the acceptance and implementation of Measurement & Evaluation in a

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has said the Nigerian oil and gas industry performed above the global average in the management of the coronavirus pandemic in their areas of operations in the country. The DPR explained that the relative success was the result of the collective sacrifices of industry stakeholders in implementing enhanced measures of the recent circulars issued by it in line with the guidelines of the World Health Organisation (WHO) and the Nigeria Centre for Disease Control (NCDC). This was disclosed by its Head of Public Affairs, Mr Paul Osu, in an updated notice

By Dipo Olowookere Lagos-based socialite, Mr Shina Peller, has declared his intention to represent the people of the Iseyin, Itesiwaju, Kajola, Iwajowa Federal Constituency at the House of Representatives next year. Mr Peller, son of late popular magician, Professor Moshood Abiola Peller, explained in a statement that he decided to contest for a place at the lower chamber of the National Assembly after reflection and extensive consultations from different quarters. The 42-year-old chairman of Aquilla Group and owner of Lagos-based Quilox Club, said he would be flying the flag of the All Progressive Congress (APC) at the poll. “My people,

By Dipo Olowookere A credit facility worth $100 million has been given to Nigerian company known as Indorama Eleme Fertilizer and Chemicals Limited for the production of fertilizers in the country. The loan was granted by the African Development Bank (AfDB) and is expected to address the problem of inadequate fertilizer utilization, which is considered one of the principal constraints to agricultural growth and development in Nigeria, and the entire African continent. The firm is expected to use the loan to double its fertilizer production from 1.4 million tons of urea to 2.8 million tons per annum. Business Post reports

By Jerome-Mario Utomi There is no gainsaying that Nigeria is plagued with development challenges such as widespread poverty, insecurity, corruption, the gross injustice and ethnic politics. Also, evidence abounds that the nation is in dire need of attention/support from interventionist’s organisations (private and civil society organisations) to help unleash economic development,  promotes growth and structural change, with some measures of distributive equity, modernisation in social and cultural attitudes, a degree of political transformation and stability, an improvement in health and education so that population growth stabilizes, and an increase in urban living and employment. What is yet to be uncovered

By Dipo Olowookere From July 13 to 15, the 2017 edition of the Nigeria AgroFood Expo will take place in Lagos at the Landmark Centre on Victoria Island. The Nigeria AgroFood Expo is the meeting point for policy makers, industry professionals, captains of industries and other stakeholders to meet, see and experience first-hand the latest trends and technologies in food and agriculture technologies, therefore discovering new ideas and strengthening business partnerships. This programme is coming at a time the President Muhammadu Buhari-led administration is giving agriculture better attention to drive the economy, after relying on crude oil for too long.