Naira Falls at P2P, Gains at I&E, Stable at Parallel Market

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 Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Aduragbemi Omiyale A leader in the trade and supply chain finance digital ecosystem, Finverity, has appointed a former Investec and Starling Bank executive, Ms Symmie Swil, as its Head of Operations, coming a few weeks after the company raised $5 million. Ms Swil is expected to use her diverse strategy and operational leadership experience gained in both senior fintech and investment banking roles in Finverity. She will focus on building scalable and efficient operations as the business and its clients’ needs grow, supporting the growth of the funding platform for mid-market corporates, the SaaS offering and the wider business

By Modupe Ggbadeyanka To enable Nigerians to enjoy quality, nutritious and affordable foods, a leading agribusiness in food, feed and fibre, Olam Agri, said it is investing in innovative food production processes and food fortification facilities such as Vitamin Premix. The Country Head of Olam Agri Nigeria, Mr Ashish Pande, said this was why the company established the Seeds for the Future initiative, a multi-million naira, multi-year value chain intervention project targeted at driving Nigeria closer to attaining wheat production self-sufficiency. The initiative was initially launched in 2021 but has since been scaled into a full-fledged foundation focusing on supporting

By Adedapo Adesanya  The Naira put up a weak performance against the three major foreign currencies traded at the parallel arm of the foreign exchange (forex) market in the country on Wednesday. Business Post reports that at the close of transactions, the value of the local currency against the United States Dollar, the British Pound Sterling and the Euro currency of the European Union (UN) member states depreciated at the black market. The domestic currency declined by N3 against the British legal tender yesterday to trade at N480/£1, in contrast to N477/€1 it was quoted at two previous sessions in

By Timi Olubiyi, PhD It is no more news that US-based social media company, Twitter Incorporated, has concluded plans to establish a presence on the African continent in line with its growth strategy. Recall, that Twitter’s founder and CEO, Jack Dorsey, visited Nigeria, Ghana, Ethiopia and South Africa in 2019 in anticipation of this major expansion and growth strategy. Sadly, to Nigeria and Nigerians, Ghana was announced to host Twitter’s first Africa office. This was communicated in a statement Twitter described Ghana “as a champion for democracy, a supporter of free speech, online freedom, and the Open Internet.” The social

Global UK technology company Group IMD is transforming the speed and convenience of video advertising management and distribution through its IMD Cloud platform. The IMD Cloud platform has been fully rolled out internationally and is believed to be the fastest TV and video ad distribution service in the world. Clients can now deliver to around 14,000 TV stations globally. Group IMD’s proprietary technology enables clients to quality check commercials and deliver to stations immediately (IMD Cloud’s unique ‘Immediate’ service reaches stations in as fast as just a few minutes). “It’s not just about being able to deliver content quickly” explains

By Modupe Gbadeyanka The federal government on Saturday commissioned the Micro Small and Medium Enterprises Clinics (MSME) shared facilities for Fashion, Style and Shea Butter production in Ibadan, Oyo State. The inauguration ceremony was conducted by the Vice President, Professor Yemi Osinbajo, at the Scout Camp Neighbourhood Market, Molete Ibadan. Oyo State Commissioner for Trade, Investment and Cooperatives, Mrs Taibat Adeyemi-Agaba, explained that shared facilities scheme is a fallout of the activities of the National MSME Clinics which was introduced to help improve engagements between government and MSMEs in the country. The Commissioner said that the Ibadan Shared Facilities was

By Modupe Gbadeyanka Trading activities on the Nigerian equities market closed on a positive note on Friday with the market capitalisation appreciating by N51 billion. Likewise, the all-share index grew by 148.09 absolute points or 0.56 percent to finish at 26,707.10 absolute points. Business Post correspondent reports that the market was very busy on Friday. It was gathered that investors transacted 874.3 million shares worth N4.4 billion in 3,387 deals against the 200 million units sold yesterday at N1.5 billion in 3,313 deals. Also, Union Bank emerged the most transacted equity on the floor of the Nigerian Stock Exchange (NSE)

By Dipo Olowookere Stockbrokers in Nigeria have been charged to always prioritise the interest of investors over theirs so as to boost confidence in the capital market. This charge was given by the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who said the agency would do everything possible to reduce poor market conduct to the barest minimum. Speaking at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers (CIS), Mr Yuguda said the commission will intensify monitoring and surveillance of the market and apply stiff sanctions to any operator who engages in unethical conduct. According