Naira Falls to N391/$ at Black Market

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 Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Modupe Gbadeyanka Young Nigerians, including students and youth corps members on national assignments have been given the opportunity to enjoy exclusive discounts on products and services with over 10,000 merchants’ across the country. This initiative is by UBA Plc in partnership with Bridge Concepts Limited through co-branded discount cards known as the Naija Green Card, the first of its kind discount payment solution. According to both firms, the Naija Green Card is in line with the business objective of enabling young Nigerians and students derive maximum benefits from their limited finances. The Naija Green Card powered by UBA, is

By Dipo Olowookere The Nigerian Exchange (NGX) Limited further depreciated by 0.12 per cent on Tuesday due to sustained sell pressure from the financial services sector. Data from the bourse showed that happenings in the United States banking sector, with the collapse of two major financial institutions, sent shivers down the spines of investors in Nigeria, causing their exposure to equities in the sector. Shares prices of the foremost Nigerian lenders on the stock exchange, GTCO, Access Holdings, and UBA, weakened yesterday due to the sell-down. At the close of business, the insurance index shed 1.91 per cent, the banking

By Adedapo Adesanya The Nigerian Startup Bill 2022, which seeks to create and develop an enabling environment for technology-enabled startups in the country, has been passed by the Senate. The piece of legislature was passed by the upper chamber of the National Assembly on Wednesday, July 20 following a report by the Senate Committee on ICT and Cybersecurity. Presenting the report, Mr Oseni Yakubu, the Chairman of the panel, said that the bill sought to establish the National Council for Digital Innovation and Entrepreneurship. According to Mr Yakubu, the council would create and develop an enabling environment for technology-enabled startups

By Adedapo Adesanya WorldRemit, a leading global digital payments company, has announced the launch of its new zero per cent pricing for international transfers to Nigeria. The new lowered price allows customers to send more to family and friends in Nigeria with absolutely no fees and foreign exchange margins. This major price drop forms part of a new pricing restructure and represents the largest pricing reduction in terms of the number of corridors for the business. The new zero transaction charges are in line with WorldRemit’s commitment to supporting remittance flows to Nigeria and helping the diaspora community to supplement

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By Dipo Olowookere Some operatives of the State Security Services (SSS) also known as the Department for State Services (DSS), on Wednesday took control of various points of the National Assembly. According to information reaching us, the heavily armed DSS officials were spotted at various locations at the parliament wearing face masks. It was not immediately certain why they were at National Assembly but feelers getting to us indicate they the security operatives are there to ensure there was no breakdown of law and order. Recall that few days ago, some thugs invaded the upper chamber of the parliament and

By Dipo Olowookere The Nigerian Exchange (NGX) Limited closed at a level last seen in August 2008 on Tuesday after it recorded a growth of 1.04 per cent. This pushed the All-Share Index (ASI) higher by 486.64 points to 47,111.21 points from 46,624.67 points and raised the market capitalisation by N489 billion to N25.387 trillion from N24.898 trillion. The rise witnessed yesterday was influenced by demand for energy, banking, industrial goods and insurance stocks, causing their respective indices to increase by 5.77 per cent, 2.59 per cent, 0.85 per cent and 0.64 per cent, while the consumer goods sector experienced