Naira Gains Strength at I&E, Black Market as Cryptocurrencies Bleed

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya Forty-seven per cent of Nigerians are actively engaged with crypto, a new study shows as the country finds safety in the currency amid worries about the foreign exchange rate. According to insights by CoinJournal shared with Business Post, cryptocurrencies, including Bitcoin (BTC) and various alternatives, are no longer just investments for speculation, “They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.” CoinJournal analyzed the data for the past three years, providing a comprehensive understanding of the current status of cryptocurrency adoption in 2023, as well as

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Modupe Gbadeyanka The chief executive of Guaranty Trust Bank (GTBank) Plc, Mr Segun Agbaje, has attributed the strong performance of the lender in the first half of the year to the quality of the past decisions made by the board and management of the company. He said this while commenting on the audited financial statements of GTBank released to the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE) last week. In the period, the bank further strengthened its position as one of the best managed financial institutions in Africa as it closed the half-year ended June 2020

By Adedapo Adesanya The National Bureau of Statistics (NBS) has said that the number of Electricity Distribution Companies (DisCos) customers in Nigeria increased by 1.4 per cent from 10.37 million in 2020 to 10.51 million in 2021. The report, Nigeria Electricity Report 2021, focuses on energy billed, revenue generated, and customers by DISCOS under the reviewed period. The report said the number of metered customers rose by 36.2 per cent from 3.51 million in 2020 to 4.77 million in 2021, causing the number of estimated billing customers to decrease by 16.3 per cent from 6.86 million in 2020 to 5.74

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.90 per cent on Wednesday on the back of renewed bargain-hunting across the main sectors of the stock market. An improved investor risk appetite contributed to the return of the bulls to the ecosystem in the midweek session as investors were impressed with the Zenith Bank dividend announcement and the return of Oando to profitability, triggering the demand for the stock. As a result, Oando topped the gainers’ chart after it chalked up 9.84 per cent to trade at N4.91, Caverton rose by 8.08 per cent to N1.07, Ikeja Hotel

By Adedapo Adesanya The Nigerian Naira recorded a 25 kobo or 0.06 per cent gain against the American Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Friday, January 7. According to data from the FMDQ Securities Exchange, the Naira was traded at N416.00/$1 yesterday compared with N416.25/$1 it was transacted on Thursday. This happened as the total value of forex transacted by investors stood at $113.65 million, 1.1 per cent or $1.3 million lower than the $114.95 million carried out a day earlier. A look at the interbank segment of the FX market indicated

By Adedapo Adesanya The week opened with a depreciation at the NASD Over-the-Counter (OTC) Securities Exchange on Monday, July 27. The market fell yesterday 0.54 per cent and this was majorly spurred by losses faced by three of the market’s big stocks. The day saw price changes across five securities, but Afriland Property Plc, FrieslandCampina WAMCO Nigeria Plc, and Niger Delta Exploration and Production (NDEP) Plc were the laggards. NDEP Plc led the chart of losers with a 5.4 per cent contraction amounting to N16.65 to close at N290 per share from N306.65 per share. Friesland dropped 33 kobo or

By Dipo Olowookere Mid-level financial institution, Union Bank of Nigeria Plc, has sold bonds worth N30 billion to investors in a bid to raise funds to run its operations. The lender, which confirmed this development during its analyst call, said the exercise recorded a 100 percent success rate. The issuance of the debt instrument was part of the bank’s N100 billion debt programme and details showed that the Union Bank series 3 bond offering was with a 10-year maturity. Business Post gathered that the N30 billion series 3 subordinated unsecured fixed rate notes were offered to subscribers at 16.2 percent

By Aduragbemi Omiyale Some critical stakeholders in the branding industry will converge on Lagos Sheraton Hotels & Towers, Ikeja, Lagos on Friday, August 12, 2022, for the 7th edition of the African Brands Congress. According to the organisers led by its convener, Mr Desmond Esorougwe, the theme for this year is Digital Technology AI & IOT: A Catalyst for Brands Growth. The event is an annual fiesta of the best brains behind the most successful and sought-after African brands. It is meant to stimulate, motivate and excite the creativity in individuals as it is designed to educate, engage and inspire

By Dipo Olowookere One of the leading cement manufacturing companies in Nigeria, Dangote Cement Plc, has commenced the sale of its commercial paper worth N50 billion. The debt instrument is being offered for sale under the organisation’s N150 billion commercial paper issuance programme, Business Post reports. Under this tranche, the cement giant is selling in three different series and subscriptions already opened on Wednesday, November 18, 2021, and will close on Wednesday, November 24, 2021. According to details of the exercise, the series one is with 90 days maturity while the series two has 180 days tenure, with the series