Naira Falls at I&E, P2P, Gains at Black Market on New CBN Leadership

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya The Nigerian Naira maintained its stability against the United States Dollar at the interbank and black market segments of the foreign exchange (FX) market on Friday. Data obtained by Business Post from AbokiFX, a platform for tracking FX transactions at the unregulated window of the market, showed that the value of the Nigerian currency closed flat against its United States counterpart yesterday at N485/$1. It was further observed that the domestic currency also traded flat against the British Pound Sterling at the same market window at N670/£1. Britain is currently in a mourning mood as it lost

By Dipo Olowookere The Nigerian Exchange (NGX) Group Plc will on Tuesday, May 18, 2021, launch a campaign called The Stock Africa is Made of. This campaign comes on the back of the successful transformation of the defunct Nigerian Stock Exchange (NSE) to the NGX Group and its three subsidiaries – Nigerian Exchange (NGX) Limited, NGX Regulation (NGX RegCo) Limited and NGX Real Estate (NGX RelCo) Limited. The Stock Africa is Made of was designed to project the NGX Group’s new positioning and commitment to the African financial markets as a leading capital market infrastructure provider, connecting Nigeria, Africa and

By Dipo Olowookere There is anxiety in the Voice Nigeria atmosphere as the blind auditions slowly wind down, with the tempo rising as coaches jostle to fill the vacant positions within their teams, even as more brilliant performances make this a hard task. Sunday’s episode saw Patoranking getting the most talents as Ebube Ebioma, Emuejoroke Efiokpene and Chukwuemeka Chike-Ezekpeazu, the brother of season one finalist and fellow #teampatoranking member Chike, joined his team. Efezino Akpo and Chuks Aniebonam got to join #TeamWaje, while Grace Udoh joined #TeamTimi. #TeamYemiAlade scored the talented duo of Favour Johnson and Yimika Akinola. As the

By Dipo Olowookere A whopping N600 million has been set aside by Diamond Bank Plc to reward its loyal customers in the DiamondXtra Season 9 bonanza. Activities planned for the season include extra ordinary draws that will produce 3164 lucky winners throughout Q3 2017. According to information made available to the press, the Bank stated that in the months of July, August and September, N137 million will be given out to lucky customers that will emerge from the draws: 8 millionaires in July and September while 24 millionaires will emerge in August as N1 million will be won by a

By Adedapo Adesanya The President of the United States, Mr Donald Trump, has tested positive for the coronavirus alongside the First Lady, Mrs Melania Trump. This was disclosed by the American President this morning in a tweet. He said, “Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!” Later, the first lady wrote on Twitter that she and her husband were “feeling good.” In a memo, the President’s physician, Dr Sean Conley, wrote that he received confirmation of the positive tests on Thursday evening. “The President

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed Week 39 mixed as the unlisted securities index rose by 0.83 per cent, while the market capitalisation depreciated by 2.63 per cent after VFD Group Plc finally delisted after three years of trading on the platform. According to data from the bourse, the NASD index went up by 6.70 points to 815.65 points from 808.95 points, while the value of the exchange shrank by N30 billion to N1.110 trillion from N1.140 trillion. In the week, Nipco Plc improved its value by 9.8 per cent to close at N95.00 per share

By Modupe Gbadeyanka The process of issuing state of origin certificate individuals would soon be reviewed, the Lagos State government has said. This, according to the Commissioner for Special Duties and Intergovernmental Relations, Mr Tayo Bamgbose-Martins, is because of “verified reports that non-indigenes procure state of origin documents from different unauthorised sources in Lagos, sometimes at the Local Government level or even from some traditional rulers as attested to by the Federal Character Commission.” The Commissioner described this as “unfortunate,” wondering how “people can descend so low to commit such despicable acts.” He said in the new process to be

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) but weakened at the Investors and Exporters (I&E) and the parallel market windows of the foreign exchange (FX) market on Friday, April 28. In the P2P wing of the market, currency traders exchanged the Naira to the Dollar at N749/$1 during the session versus N750/$1 a day earlier, indicating that the local currency appreciated by N1 in 24 hours. But it was a different story in the black market, where the domestic currency depreciated against its American colleague by N2 to sell at N739/$1 compared with