Naira Falls to N773.25/$1, N1.006/$1 at P2P

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

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 Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Adedapo Adesanya As the world moves toward its pursuit of more climate-friendly policies and actions, a new survey has shown that 88 per cent of Africans believe that climate change is already affecting their everyday life. The first African edition of the European Investment Bank’s (EIB’s) 2022 Climate Survey showed that 61 per cent of respondents believe that climate change and environmental damage have affected their income or source of livelihood, while 76 per cent of African respondents say renewable energy should be prioritised. The results of the survey come at a critical moment for Africa, after COP 27,

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday, October 6. Yesterday, the exchange rate of the local currency against the greenback closed at N436.63/$1 compared with the previous day’s value of N437.50/$1, indicating a strengthening of 87 Kobo or 0.02 per cent. Data from the FMDQ Securities Exchange showed that the value of transactions recorded at the spot market during the session increased by 43.1 per cent or $30.32 million to $100.74 million from Wednesday’s $70.42 million. Also, in the black market, the domestic

By Dipo Olowookere GH Capital, a diversified FinTech holding company, has announced that its online payment service subsidiary, ClickDirectPay (CDP), will launch its Bitcoin and alternative coin payment processing service in January 2018. Bitcoin, the world’s newest currency, is used by consumers and merchants around the world as an online-friendly alternative to credit cards. Bitcoin offers a fast and secure way to transfer funds around the world, and many use it as a store of value or portfolio asset. ClickDirectPay’s new Bitcoin support will be rolled out slowly to select merchants already active with CDP services while other companies can

By Adedapo Adesanya The Republic of Korea has disclosed an interest in strengthening collaboration with the Nigerian government under the leadership of President Bola Tinubu in various areas, especially technology, to enhance and lead the fourth industrial revolution. This was the core focus of an engagement with Mr Jang Sungmin, the Special Envoy of the President of the Republic of Korea, Mr Yoon Suk Yeol, in Abuja. He stated that his country was interested in Nigeria “because it is the leader of Africa [and] has the biggest market, largest population, natural resources and biggest arable land.” “Nigeria has all the

By Dipo Olowookere Nigeria has signed three Memoranda of Understanding (MoUs) bordering on mutual assistance in criminal matters, transfer of sentenced persons and an extradition treaty with the Government of the Republic of Italy. This was made known through a press statement issued by Mr Salihu Othman Isah, Special Adviser on Media and Publicity to the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami, on Wednesday November 16, 2016 in Abuja. It was disclosed in the statement that Mr Malami signed the pact in Rome, the Italian capital on behalf of the Federal Government while the

By Modupe Gbadeyanka As part of efforts to create a greener, healthier and sustainable environment, Ecobank Nigeria Limited has initiated the planting of 500 coconut tree seedlings on Victoria Island, Lagos. The trees were planted by the lender in partnership with the Lagos State government with a target to plant not less than 10 million trees by the year 2020. Managing Director of Ecobank Nigeria, Mr Charles Kie, planted the first coconut tree as the exercise kicked off on Ahmadu Bello Way on Victoria Island and terminated at the Bar Beach/Eko Atlantic City end of the road. “Our support to

By Dipo Olowookere A total of 676 foreign direct investment (FDI) projects were attracted by Africa in 2016, out of which Egypt, Kenya, Morocco, Nigeria and South Africa (the key hub economies) collectively attracted 58 percent, an EY Africa Attractiveness report has disclosed. However, the report named South Africa as the largest FDI hub in Africa. The latest Africa Attractiveness, seen by Business Post, provided an analysis of FDI investment into Africa over the past ten years. The 2016 data showed a decline of 12.3 percent from the total of number of FDI projects attracted the previous year by Africa.

By Investors Hub Asian stocks rose broadly on Thursday, though markets in China and Hong Kong ended in the red amid anxiety ahead of crucial meeting between President Donald Trump and Chinese President Xi Jinping on the sidelines of the G20 summit later this week. While a substantive breakthrough is unlikely, the two sides may agree on a communiqué for a de-escalation of trade tensions. Underlying sentiment remained supported across the region after Federal Reserve Chairman Jerome Powell said current interest rates are ?just below? neutral. Chinese stocks fluctuated before closing sharply lower ahead of the much-anticipated meeting between the