Naira Gains at Official Market, P2P, Stable at Parallel Market

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Investors Hub Asian stocks ended mixed on Wednesday, with the Chinese and Hong Kong markets finishing modestly higher, while markets elsewhere across the region closed mostly lower on worries about corporate earnings and slowing global growth. China’s Shanghai Composite Index rose 0.2 percent to 2,651.51 and Hong Kong’s Hang Seng Index gained 0.5 percent to finish at 25,971.41. Meanwhile, Japanese shares ended modestly lower after reaching three-week lows earlier in the day amid falling oil prices and worries about weak global growth. The Nikkei 225 Index fell as low as 21,243.38 in early trading before recouping most of its

By Ashemiriogwa Emmanuel Following the fresh attack launched by some terrorists usually called bandits by on the Nigerian Defence Academy (NDA) on Tuesday, President Mohammed Buhari has said that the incident will lead to a decisive end to criminality in the country. The President, in a statement issued on Wednesday by his Special Adviser on Media and Publicity, Mr Femi Adesina, emphasised that the NDA attack would accelerate the total uprooting of evil in the state, which members of the Armed Forces of Nigeria (AFN) are determined to achieve in the shortest possible time. In the notice, President Buhari said,

By Adedapo Adesanya The performance of the NASD Over-the-Counter (OTC) Securities Exchange in the month of November 2019 was not impressive, closing bearish for the seventh month. The major market indicators, the NASD Unlisted Security Index (NSI) and market capitalisation both declined by 0.92 percent in the month on the back of the decline in the price of three stock bellwethers and two others. At the close of transactions last month, the market capitalisation depreciated by N4.62 billion to close at N497.75 billion against N502.37 billion it opened the month with. In the same vein, the NSI went down by

By Modupe Gbadeyanka Leading pan-African financial and investment service group, United Capital Plc, has attributed the drop in the revenue generated in the 2019 fiscal year to the challenging operating environment in the period under review. CEO of the firm, Mr Peter Ashade, while commenting on the results of the company for the year ended December 31, 2019, the decline in the interest rate last year mainly caused the lower revenue generated from the company’s investment income, which comprises income from fixed deposits and investment securities. However, he said efforts would be made in the 2020 fiscal year to make

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has warned unsuspecting Nigerians against fraudulent messages and videos targeted at loan seekers and owners of small-scale businesses purportedly facilitated by the bank. The apex bank in a statement signed by the Acting Director, Corporate Communications, Mr Osita Nwanisobi, noted that while the CBN has several development finance intervention programmes from which different categories of businesses had benefitted from, it emphasized that, “it does not do so through direct interaction with prospective applicants.” It explained that there are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through

Africa must digitise its economies, broaden its tax base, prevent further deterioration of fiscal and debt positions, and aim for double-digit growth to achieve the UN 2030 global goals (SDGs), and the AU Agenda 2063 according to the 2019 Economic Report on Africa released today at the Conference of Ministers. This year’s Economic Report on Africa, a flagship publication of the United Nations Economic Commission for Africa (ECA) focuses on fiscal policy. Government revenues account for 21.4%, insufficient to meet countries’ development financing needs. “The Report identifies several quick wins in Africa’s pursuit of additional fiscal space to finance its

By Adedapo Adesanya Oil prices went southwards by 1 per cent on Thursday, May 6 as rising COVID-19 infections in India renewed concerns on the impact of fuel demand. As a result, the price of the Brent crude went down by 75 cents or 1.09 per cent yesterday to $68.21 per barrel, while the United States crude benchmark lost 77 cents or 1.17 per cent to trade at $64.86 per barrel. India posted another record daily COVID-19 infections and deaths, with the virus spreading from cities to villages across the world’s second-most populous nation, dashing hopes that the country’s deadly second wave was

By Modupe Gbadeyanka Intelligent and prolific banker, Mr Anya Duroha, has been appointed as the Acting Managing Director/Chief Executive Officer of NOVA Merchant Bank Limited. NOVA Merchant Bank Limited is a financial institution chaired by the former Group Managing Director of United Bank for Africa (UBA) Plc, Mr Phillips Oduoza. According to a statement issued by the lender, the appointment of Mr Duroha became effective on August 30, 2018, but is still subject to approval of the Central Bank of Nigeria (CBN), the apex regulator of the banking sector in the country. The appointment of Mr Duroha follows the exit