Naira Falls at Interbank, Investors Segments

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

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Adedapo Adesanya The Investors & Exporters (I&E) window of the foreign exchange market recorded a significant increase in turnover on Thursday, April 8. However, the Naira came out stronger against the United States Dollar unlike the previous session, where it closed weaker despite a decline in FX demand by customers at the market segment. Yesterday, transactions valued at $93.69 million were recorded in contrast to $11.85 million achieved at the preceding trading session, indicating an increase by 690.6 per cent or $81.84 million. Despite this, the Naira was strengthened against the greenback by N1.35 or 0.33 per cent to

By Modupe Gbadeyanka It was a good day for the Naira at the parallel segment of the foreign exchange market on Tuesday as it appreciated against the Pound Sterling. The local currency had traded flat on the first day of 2018, but yesterday, it soared against the British currency. Business Post reports that the Nigerian legal tender gained N2 against the Pound to close at N482 against the N484 to a Pound it traded on Monday. However, the Naira stayed unchanged against both the Dollar and the Euro at the black market yesterday. Our correspondent gathered that while the Naira

By Adedapo Adesanya The Nigerian Naira weakened against the US Dollar at the various segments of the foreign exchange (FX) market on Wednesday amid renewed pressure triggered by a slight disruption in the supply of forex to the market. The value of the Nigerian currency depreciated against the Dollar at the Peer-to-Peer (P2P), the parallel market, and the Investors and Exporters (I&E) segments of the FX market. In the P2P window, the local currency lost N19 against the greenback to settle at N775/$1 in the midweek session compared with the previous day’s rate of N756/$1. In the parallel market, the

By Dipo Olowookere Profit-taking in the shares of MTN Nigeria and others on the floor of the Nigerian Stock Exchange (NSE) plunged the market into a 0.16 percent loss on Monday, September 30, 2019. The actions of the investors ensured that the last trading day of the month closed bearish after going up in the two previous sessions. Business Post reports that the market was impacted yesterday by the poor performance of MTN Nigeria, which at a point went down to N125 per unit at the session, but managed to close at N130.50 per share against N136 per share it

The three-day work and two-day farming for workers policy introduced by the Imo State Governor, Rochas Okorocha, has been kicked against by president of the Nigeria Labour Congress (NLC), Ayuba Wabba. Speaking with the News Agency of Nigeria (NAN) in Abuja on Sunday, Mr Wabba said the policy was against the International Labour Organisation Convention and also against the rules and procedures in service. He said sending workers to farm by force should be rejected by all in strong term. “First, we have condemned in very strong terms what the Imo State governor tries to do by forcefully sending workers

By Dipo Olowookere In order to make the private sector more involved in the provision of federal road infrastructure across the country, a tax relief scheme has been approved by the Federal Executive Council (FEC). At its meeting held on Thursday in Abuja and presided over by President Muhammadu Buhari, the council said this initiative will allow private firms operating in the country collectively fund road provision in exchange for tax credits, while will complement Federal Government’s budgetary allocation to roads. Addressing newsmen after the meeting, Minister of Finance, Mrs Kemi Adeosun, noted that the approval of the tax relief

By Aduragbemi Omiyale Investors in the stock market have been advised to embrace the strategy of diversification of portfolios in order to get a better return on investment (RoI). The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, while reacting to the current uptrend rally in the equity market, stressed that diversification of portfolios would go a long way to reduce risks, explaining the need for investors to re-balance their stock basket. So far this year, the local bourse has been buoyant with the NGX-All Share Index (NGX-ASI) Year-to-Date (YTD) returned at 26.62 per cent as of

By Dipo Olowookere The United Nations Children’s Fund (UNICEF) has disclosed that more than 25 million children between 6 and 15 years old, or 22 percent of children in that age group, are missing out on school in conflict zones across 22 countries, including Nigeria. In a report released on Monday, the agency’s Chief of Education, Josephine Bourne, stated that, “At no time is education more important than in times of war,” asking, “Without education, how will children reach their full potential and contribute to the future and stability of their families, communities and economies?” The report noted that at