Naira Falls to N708/$1 at P2P, N693/$1 at Black Market

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Dipo Olowookere A platform to assist small business owners across the country has been introduced by Diamond Bank Plc. Called SMEZONE, the digital platform based business arena gives room for Small and Medium-scale Enterprises (SME) in Nigeria to easily access relevant initiatives in the sector. It further gives them the opportunity to network and be mentored with and by other entrepreneurs, attend webinars, receive newsletters and participate in competitions that ultimately help position their business for greater success. Diamond Bank is Nigeria’s lead driver in the financial industry, providing enhanced customer experience through innovation and technology and regarded as

By Dipo Olowookere The remains of chieftain of National Union of Road Transport Workers (NURTW) in Shogunle area of Oshodi, Lagos State, Mr Rasaz Bello otherwise known as Hamburger, would be laid to rest on Friday, June 2, 2017 (today). Mr Bello was murdered on Monday, May 29, 2017, during the local council primaries of the All Progressives Congress (APC) in Lagos State ahead of the council polls next month. He was killed by a rival group allegedly led by one Samson Agbetoye, popularly known as Golden, believed to be loyal to Treasurer of the union in Lagos, Mr Musiliu

By Investors Hub The major U.S. index futures are pointing to a mixed opening on Friday, with stocks likely to show a lack of direction following the strong upward move seen over the two previous sessions. Traders may take a breather following the upward trend seen in recent sessions, which lifted the Nasdaq and the S&P 500 to their best closing levels in almost two months on Thursday. Later in the day, traders are likely to keep an eye on Washington, as President Donald Trump is scheduled to deliver a speech on his plan to lower drug prices. Reports say

By Dipo Olowookere The Central Bank of Nigeria (CBN) has expressed its delight over the reduction of non-performing loans in the banking sector. Governor of the central bank, Mr Godwin Emefiele, expressed this excitement on Tuesday while addressing reporters in Abuja after the Monetary Policy Committee (MPC) meeting, where rates were left unchanged. During his presentation of outcome of the meeting, Mr Emefiele said this development will have a positive impact on the results of banks when they release their financial results. According to the apex bank chief, this impact would be felt in the balance sheet of the deposit

By Adedapo Adesanya The Delta State Government has reiterated calls to the federal government to resuscitate the Warri Port in the state to address the prevailing unemployment in the country. Governor Ifeanyi Okowa made the call yesterday at a town hall meeting held with the youth, comprising #EndSARS protesters, civil society groups, students, community leaders among others at the Government House Annex in Warri. “With the congestion of the ports in Lagos, federal government should revive Warri Port and other seaports in Delta to boost the nation’s economy and create employment for the youth,” he said. Mr Okowa said that

By Aduragbemi Omiyale A partnership aimed to help communications service providers (CSPs) to digitally transform and unlock new enterprise and consumer use cases through the development of 5G and Edge solutions has been entered into between Google Cloud and Ericsson. As part of the deal, Google Cloud and Ericsson are also piloting enterprise applications at the edge on a live network with TIM. The project, which will automate the functions of TIM’s core 5G network and cloud-based applications, will use TIM’s Telco Cloud infrastructure, Google Cloud solutions and Ericsson’s 5G core network and orchestration technologies. The joint offerings will help

By Adedapo Adesanya On Friday, the Central Bank of Nigeria (CBN) threw the cryptocurrency market in the country into confusion after it released a circular, directing financial institutions to close the bank accounts of those involved in the exchange of the digital currency. In fact, the issue had been the major topic since yesterday. Already, many investors in the space have been withdrawing their funds in panic, while the cryptocurrency trading platforms are making efforts to douse the tension. On Friday evening, one of the popular cryptocurrency exchanges in the country, Quidax, sent a notice to its customers, assuring them

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) has granted the application filed by the board of International Breweries Plc for the listing of its proposed rights issue on the platform. The breweries giant is planning to raise fresh funds of up to N164.4 billion by selling shares to its existing shareholders at a unit price of N9 per share, N1 lower than N10 it traded on the floor of the NSE on Monday (today). The company had through its stockbroker, Chapel Hill Denham Securities Limited, filed the application to the NSE. The request for approval was admitting the rights