Naira Hits All-Time Low of N500 per Dollar

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Adedapo Adesanya The confirmation of the new Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and four deputies, generated mixed reactions in the foreign exchange (forex) market on Tuesday. Business Post reports that while it did magic in the Investors and Exporters (I&E) window, it could not replicate this in the Peer-to-Peer (P2P) and the black market segments. After his confirmation on Tuesday, the new CBN governor said the immediate plan to stabilise the Naira would be for the apex bank to settle some financial obligations and make “transparent rules”. “Number one is what I will term an operational

By Modupe Gbadeyanka Last week, investors on the Nigerian Stock Exchange (NSE) transacted 2.1 billion shares valued at N22.6 billion in 25,187 deals in contrast to the 1.9 billion equities worth N23.6 billion traded in 23,578 deals the previous week. Access Bank, FBN Holding and Zenith Bank were the most active stocks during the week, trading 686.3 million shares worth N7.6 billion in 4,557 deals to account for 33.21 per cent and 33.57 per cent to the total equity turnover volume and value respectively. In terms of sectors, the financial services led the activity chart with 1.6 billion shares valued

By Dipo Olowookere Stakeholders have commended the Nigerian Shippers’ Council, (NSC) for settling 2,000 trade disputes since it assumed the role of the port economic regulator and restructuring for more effective service delivery. The stakeholders stated this in various letters of commendation sent to the NSC on Thursday. The News Agency of Nigeria (NAN) reports that the sum of N20.8 million was also recovered by the NSC from both a foreign-based company and another in Nigeria on behalf of complainants. The stakeholders commended the Executive Secretary of the NSC, Mr Hassan Bello and his management for attending to complaints bothering

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Tuesday announced a drop in the Monetary Policy Rate (MPR) for the first time in over two years. Governor of the CBN, Mr Godwin Emefiele, while addressing newsmen on outcome of the Monetary Policy Committee (MPC) meeting held in Abuja, said members of the committee favoured a temporal cut in the benchmark interest rate in the country. Business Post reports that the committee decided to slash the rate by 0.50 percent to 13.50 percent from 14 percent. However, he said all other rates remain flat; the CRR at 22.50 percent

By Adedapo Adesanya It was a negative outcome for the NASD Over-the-Counter (OTC) Securities Exchange at the final session for the second trading week of the year. On Friday, the unlisted securities market was thrust into a 0.19 per cent depreciation on the back of a loss suffered by Niger Delta Exploration and Production (NDEP) Plc. The share price of the oil and gas investment company depreciated by 4.3 per cent or N15 to wrap the day at N335.00 per share in contrast to N350 per share it ended at the preceding session. This was responsible for the N1.04 billion

By Adedapo Adesanya Crude prices rebounded by 2 per cent on Tuesday as American President Joe Biden’s $1 trillion infrastructure bill did a lot to counter fears of COVID-19 sweeping through China. At the market yesterday, the price of the Brent crude went up by $1.70 or 2.46 per cent to $70.74, while the West Texas Intermediate (WTI) moved up by $1.95 or 2.93 per cent to $68.43 per barrel. The market clung to the assumption that President Biden’s $1 trillion infrastructure bill will boost oil product demand and lift economic performance in the world’s largest oil-consuming nation in the

By Dipo Olowookere The group managing director of Access Bank Plc, Mr Herbert Wigwe, has disclosed that the 5-year business strategy deployed by the management has continued to show effectiveness. Mr Wigwe said this in reaction to the strong performance of the financial institution last year despite a challenging economic and regulatory landscape caused by the COVID-19 pandemic. Access Bank 2020 performance In the year, the lender improved its gross earnings by 15 per cent to N764.7 billion from N666.8 billion achieved in the comparative period of 2019. This was driven by significant improvement in the retail banking arm of

By Adedapo Adesanya The Nigerian Institution of Mechanical Engineers (NIMechE) has launched its Internship and Mentorship online Platform (NIMP). The professional body said it is first of its kind in Africa and it has been designed to equip young mechanical engineers and students with valuable skills that will help them face the realities in the labour market and also contribute meaningfully to the nation’s economic development. Speaking at the launch, the National Chairman of NIMechE, Mr Mohammed Ndaliman, said “this will close the skill-gap for Nigerian Engineers to provide the needed technological leadership to drive the robust continental economic integration

By Adedapo Adesanya ** Queues return as pump prices double  *** Commuters stranded as Transporters Hike Fares. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has opposed the plan by President Bola Tinubu to enforce his predecessor’s decision to remove fuel subsidy by June end. The new President, during his first address to the nation, affirmed that his administration would not continue to pay subsidy on petroleum products as the country didn’t make provisions for it after June 30.  “The fuel subsidy is gone!” Mr Tinubu declared, noting that “Subsidy can no longer justify its ever-increasing costs in the wake