Naira Falls to N773.50/$1 at I&E, N932/$1 at Black Market, N941/$1 at P2P

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By Adedapo Adesanya President Bola Tinubu has said Nigeria is ready for business in the oil sector, stressing that he is ready to tackle all the issues relating to businesses in the country. He stated this in New York on Monday while playing host to a delegation consisting of the global leadership of an oil and gas transnational giant, ExxonMobil. According to a Tuesday statement by the presidential spokesman, Mr Ajuri Ngelale, the country is no longer settling for crumbs and leftovers on the investment agenda of the world’s most prolific energy conglomerates. “Nigeria has never been more ready for

A recently unveiled comprehensive report by experts at Traders Union (TU) has outlined the golden hours for Forex trading in India. As the global market wades through waves of unpredictability, Indian traders have been presented with a detailed guide on when to dive in. While it’s a well-known fact that the Forex market operates around the clock, not all hours are equal. As per the Traders Union report, the sweet spot for Forex trading in India lies between 6.00-12.00 GMT and 18.00-0.00 GMT. These windows promise maximum liquidity, tight spreads, and minimal slippage, factors that are crucial for profitable trading.

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Adedapo Adesanya The NASD Over-the-counter (OTC) Securities Exchange recorded a 0.06 per cent appreciation on Tuesday, January 31, spurred by higher buying interests. In the session, the bourse, which admits unlisted securities, saw improvement in the prices of Niger Delta Exploration and Production (NDEP) Plc and Geo Fluids Plc. NDEP Plc gained N13.00 yesterday to sell at N200.00 per unit versus Monday’s closing price of N187.00 per unit, while Geo-Fluids grew by 6 Kobo to settle at N1.04 per share compared with the previous day’s 98 Kobo per share. The gains reported by the duo reined in on the

By Dipo Olowookere In order to make cheap electricity is enjoyed at the Onne Oil and Gas Free Zone, the Oil and Gas Free Zones Authority (OGFZA) has given a license to a power consortium called PHEDC/ESOP to make this possible. The mandate of the power consortium is to provide gas-fired dedicated power to the free zone at a cost per kilowatt of power that is lower than the going rate of diesel-generated power in the zone. Announcing the key step on the embedded power project to a stakeholders forum during the week, managing director of OGFZA, Mr Umana Okon

By Dipo Olowookere The latest movie production from top Nigerian actress and producer, Elizabeth ‘Lizzy’ Anjorin titled Owo Naira Bet is to be released and marketed by award-winning films and music marketing company, Okiki Films & Music Production. Owo Naira Bet was written and produced by Lizzy Anjorin, while Seun Olaiya directed the flick touted to be the most expensive movie production in the history of Yoruba movie production. The movie featured stars in the industry like Saidi Balogun, Olaiya IGE, Jumoke George among other talented acts. Owo Naira Bet, which roughly gulped N40 million, will be officially released to

By Dipo Olowookere British conglomerate, PZ Cussons Plc, last Thursday said the closure of land borders by the Nigerian authorities was already impacting negatively on its performance. An arm of the cosmetics and soap making firm, PZ Cussons Nigeria Plc, is listed on the Nigerian Stock Exchange (NSE), where its share price last Friday rose by 25 kobo or 5 percent to N5.25 per unit. In a statement issued by PZ Cussons in the United Kingdom last week in respect of the half year to November 30, 2019, the firm blamed the decline in its first half revenue and operating

By Modupe Gbadeyanka Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been asked to appear before the Senate to explain reason for excess and arbitrary bank charges and illegal deductions allegedly by commercial banks operating in the country. The Senate Committee on Banking, Insurance and other Financial Institutions also asked the Managing Directors of the lenders to appear before it. This followed a motion moved at the plenary on Tuesday by Senator Magnus Abe titled ‘Urgent need to investigate, regularize and amend conflicting, vague and unjust remedies which the Central Bank of Nigeria offers to victims of

By Dipo Olowookere An economic expert has backed the outright privatisation and concessioning of national assets so as to reduce the burden on government and also block leakages. According to the Chief Executive Officer (CEO) of the Nigeria Economic Summit Group (NESG), Mr Laoye Jaiyeola, government was getting too overwhelmed managing public assets spread across the country. This, he was said, was making it impossible for government to adequately monitor how these assets are positively impacting on the lives of citizens. Speaking at the public presentation of the Spring 2018 Issue of the Sub-Saharan African Regional Economic Outlook (REO) in

By Modupe Gbadeyanka Head of Operations and Technical Services at the Oil and Gas Free Zones (OGFZA), which is the regulator of the Onne Free Zone, Mr Adekunle Ajayi, has revealed that the collapse of a section of the East-West Road in Eleme, Rivers State, has paralysed investments estimated to be over $50 billion in the Eleme-Onne axis of the industrial hub of the state. That section of the road had been virtually impassable for about two years but it became a real logistic nightmare two weeks ago following the collapse of the bridge that allows access to the two

By Dipo Olowookere The persistent squeeze in foreign exchange (FX) liquidity in Nigeria has further battered the value of the Naira against the United States Dollar in the black market. The exchange rate of the Naira to the Dollar crashed to N750/$1 on Friday noon, according to data obtained by Business Post from forex traders on the streets of Lagos. “We have not been able to get Dollars from the various sources, which is putting pressure on the Naira. The few with us are being rationed,” a forex trader in the Alimosho area of Lagos State, Mr Abdulahi Musa, told