Naira Hits N484/$1 at Parallel Market, N412/$1 at I&E on Rising FX Demand

By Adedapo Adesanya  Appreciation in the stock prices of Newrest Airline Services & Logistics (ASL) Plc, Food Concepts Plc, and UBN Property Plc saw the NASD Over-the-Counter (OTC) Securities Exchange extend its gain by 0.47 per cent on Tuesday, December 5. Data showed that Newrest increased its price by N1.61 during the session to settle at N17.71 per unit compared with the previous day’s price of N16.10 per unit, Food Concepts Plc (owners of Chicken Republic) gained 15 Kobo to close the day at N1.65 per share versus N1.50 per share, and UBN Property Plc rose by 13 Kobo to

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Dipo Olowookere The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities. The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season. Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited will alter how its crude cargoes are priced from January 2024. According to a new circular, the state oil company will start pricing its supplies against the monthly average of Dated Brent, the physical crude benchmark, raising worries that the nation’s barrels may become more risky. Prior to this latest move, Nigeria prices its crude cargoes based on Dated Brent’s average settlement in the five days after loading. NNPC plans to stick with the initial nominated loading dates for pricing purposes, according to the circular. Bloomberg reported that traders said

By Eyitayo Oyelowo Revenue generation is the path to modern development. For government at all levels to meet the demands of its citizenry in terms of basic infrastructure, sustainable revenue is key. For most state governments, these means effective collection and management of revenue. In the light of this, when the Kwara State Governor, Alhaji Abdulfatah Ahmed got re-elected into office in 2015, his first line of action was to reposition the revenue collection process through the change in people, process and technology having realized that the allocation coming to the state from the federal government had dwindled. This repositioning

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange dropped to the negative zone on Wednesday, December 21, as negative price movements from Niger Delta Exploration and Production (NDEP) Plc, Central Securities Clearing System (CSCS) Plc, and FrieslandCampina Wamco Nigeria Plc dragged the bourse down by 0.71 per cent. The oil and gas investment company closed the session N4.90 lower to N170.10 per share from N175.00 per share, CSCS Plc recorded a N1.03 slump to trade at N12.47 per unit compared with the previous day’s N13.50 per unit, while FrieslandCampina Wamco Nigeria Plc depreciated by 29 Kobo to sell at

By Modupe Gbadeyanka The Chartered Institute of Stockbrokers (CIS) has announced the postponement of its Professional Examination for March 2020 Diet earlier scheduled to take place from March 31 to April 2, 2020. In a statement signed by its Registrar and Chief Executive, Mr Adedeji Ajadi, it was explained that the shift in the examination dates was caused by the spread of coronavirus disease (COVID-19) to Nigeria. On Saturday, Nigeria announced that 10 new persons have tested positive for the virus, bringing the total number of cases in the country to 22. However, two persons have so far recovered from

Scientific molding is a method in which the filling, packaging, and holding; three main stages are all managed independently to reduce variances and improve overall uniformity. Decoupled injection molding refers to the separation of the steps. Molders that use scientific injection molding equipment, software, and techniques can shorten cycle times, improve process efficiency, and make so much money in the end. Injection-molded devices are expected to meet strict quality and regulatory requirements irrespectively of the purpose. The top medical device injection molding companies make sure they focus on meeting the strict requirements in order to survive in the field. During

By Modupe Gbadeyanka Last weekend, Fidelity Bank Plc hosted in commemoration of Valentine’s season event tagged The Euphoria, with its customers in attendance. The Euphoria event also had music stars like Johnny Drille, Chike and Fave in attendance and they did not fail to dazzle the audience with sweet melodies. There was no doubt that The Euphoria lived up to its billing as a major A-class event in Nigeria’s entertainment schedule in 2022 as there were interesting games to keep the audience asking for more. The well-attended event, which precisely took place on Saturday, February 19, 2022, saw a host

By Adedapo Adesanya  Oil prices fell more than 10 percent on Monday, opening the week further bearish despite emergency stimulus by the United States Federal Reserve that was meant to ease the hit on the economy. Brent crude dropped 11.37 percent or $4.03 to trade at $31.44 per barrel, while the US West Texas Intermediate (WTI) crude fell by 9.05 percent equivalent to $2.87 to settle at $28.86 per barrel after it fell below $30 per barrel at midday. The Federal Reserve on Sunday slashed its benchmark interest rate to zero and implemented a bond-buying program, known as quantitative easing

By Modupe Gbadeyanka A Lagos-based non-governmental organisation, Chinwe Bode-Akinwande (CBA) Foundation, last Friday distributed food items and cash to some underprivileged widows and children in four communities in the city. This gesture was part of its efforts to ease the hardship of the lockdown order by the Nigerian government in combating the coronavirus pandemic. Founder of the group, Mrs Chinwe Bode-Akinwande, noted that this was to support the state government to provide a means of survival for the less privileged people during the lockdown. She stressed that underprivileged widows and their children occupy a very special and strategic place in

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has emerged as the financial institution that attracted the highest amount of capital investment into Nigeria in the third quarter of 2019. This was contained in the Nigerian Capital Importation report of the Nigerian Bureau of Statistics (NBS) and according to the report, Stanbic IBTC Bank PLC attracted $1.630 billion in Q3 2019, which equates to 30.38 percent of the total capital inflow during the same period. The Nigerian Capital Importation Q2 report earlier released by the Nigerian Bureau of Statistics in September, 2019, also revealed that Stanbic IBTC