Naira Extends Gains on Dollar at Black Market, Now N476/$1

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 Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

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 Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Investors Hub Asian stocks finished on a mixed note Thursday as traders waited for Friday’s OPEC meeting and new developments on global trade. Speculation of imminent monetary policy easing in China helped to limit overall losses to some extent. Chinese shares hit a two-year closing low as trade war woes overshadowed media reports that Beijing will undertake measures to boost credit supply to smaller companies. The benchmark Shanghai Composite Index slumped 40.12 points or 1.4 percent to 2,875.61, while Hong Kong’s Hang Seng Index tumbled 400.12 points or 1.4 percent to 29,296.05. Meanwhile, Japanese shares eked out modest gains

By Dipo Olowookere The demutualisation of the Nigerian Stock Exchange (NSE) has been described as a step in the right direction because it will in the long run benefit the capital market in general. This was the view of the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Muhammad Mamman Nami. The nation’s tax chief, thereafter, commended the leadership of the exchange for doing everything possible within its powers to push for the unbundling of the bourse. Last Friday, the FIRS boss had an engagement with the capital market community through the NSE and he was honoured with

By Dipo Olowookere Governor Nyesom Wike of Rivers State has directed all local government council Chairmen in the state to shut down offices of Caverton Helicopters in their areas for “endangering the lives of Rivers people by its suspicious operations.” The Governor, in a state broadcast on Wednesday, said the company has been declared persona non grata in Rivers State. On Tuesday, two pilots of the company were arraigned in Port Harcourt for flying to the state after a lockdown of the Niger Delta state. They were remanded in prison till May 19, 2020, when their trial is billed to

Naija Super 8 organisers have announced that tickets to the regular section of the Mobolaji Johnson Arena will be free for the fans to watch competition matches from 10-12 July. This was disclosed in a statement by Flykite Productions on Sunday. According to the statement, there will also be free buses at the National Stadium, Surulere, to convey fans to the match venue. “This competition is for the fans because they voted for the teams participating in this competition. We want them to come to watch these teams play live. We also know that Lagos is a busy state, so

By Modupe Gbadeyanka The Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has promised to sustain the tax revolution in Lagos State. The tax administrator gave this assurance last Friday at the New Telegraph Awards 2022 held at the Balmoral Convention Centre, Federal Palace Hotel, Lagos. At the event, he was bestowed with the Most Innovative CEO of the Year Award by the newspaper for his giant strides at the agency since he was appointed as the head. Mr Subair, who dedicated the award to his late father, the governor of Lagos State, the management

By Adedapo Adesanya The Niger Delta Power Holding Company (NDPHC) is seeking the assistance of the Ministry of Water Resources to develop small and medium hydro projects in the country. The Managing Director/Chief Executive Officer of NDPHC, Mr Chiedu Ugbo, sought this support when he led the management team on a courtesy visit to the Ministry of Water Resources in Abuja. Mr Ugbo explained during the visit that the company was looking at setting up small hydro plants on existing dams in the country, especially those in the northern part of the country. He said: “We are here to pay

By Adedapo Adesanya The World Bank in collaboration with the federal government through the Niger Delta Power Holding Company (NDPHC) has commenced the first phase of installation of solar systems in 5,000 households in Abia State. The initiative was introduced to provide 24-hour uninterrupted solar power to 5 million households in Nigeria off the national grid. According to NDPHC representative, Mr Chinonso Ugwueke, an Engineer who led the team for the solar power installation to Abia, the lawmaker representing Aba South State constituency in the Abia State House of Assembly, Mr Obinna Ichita, who attracted the project to Abia had

By Modupe Gbadeyanka Trading activities on the floor of the Nigerian Stock Exchange (NSE) closed 1.84 percent lower on Friday due to profit taking by investors, reversing the two-day gain. Dangote Cement led the losers today with N8.19k drop in the share value to settle at N205.80k per share. It was closely followed by Total Plc, which lost M7.10k to finish at N225 per share, and Nigerian Breweries, which depreciated by N5.55k to close at N175 per share. In the same vein, PZ Cussons fell by 99k to end at N25 per share, while Forte Oil went down by 90k