Naira Loses 0.06% at I&E on 13.47% Drop in Transactions

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya The Naira suffered losses against the United States Dollar in the parallel market and the Peer-to-Peer (P2P) windows of the foreign exchange (forex) market on Wednesday as the scarcity of the local currency worsened, sparking violent protests across the country. In the black market, the exchange rate of the Naira to the Dollar in the midweek session was N757/$1 compared with the previous day’s N754/$1, indicating a decline of N3. Also, in the P2P segment, the Nigerian Naira depreciated against the greenback yesterday by N3 to settle at N768/$1, in contrast to the preceding session’s rate of

By Dipo Olowookere Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, may have responded to criticisms over the flooding of his campaign posters in Abuja and a few other places. Over the weekend, the posters of the CBN chief adorned Eagle Square in Abuja, the venue of the national convention of the ruling All Progressives Congress (APC). This sparked reactions from various quarters as Mr Emefiele was accused of getting distracted, especially at a time he should have been more focused on getting the economy back on its feet. The rising cost of items at the market

By Aduragbemi Omiyale New data from the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that in January 2023, the total cashless transactions in Nigeria increased on a year-on-year basis by 45.41 per cent to N39.58 trillion. The significant growth in the use of technology for the payment of goods and services in the country during the period under review may have been influenced by the decision of the Central Bank of Nigeria (CBN) to limit the circulation of cash in the financial system. After the central bank disclosed last October that it was redesigning the N200, N500, and N1,000 notes,

By Modupe Gbadeyanka A private-equity investment firm is looking at putting its money into one of the pension fund administrators (PFAs) in Nigeria. Information has it that the investor, LeapFrog Investments, wants to partner with ARM Pensions Managers Limited to expand its operations in the country. At the moment, ARM Pensions has $1.8 billion in funds under management reaching about 700,000 people through 57 locations across the country. Nigeria’s pension-fund assets have more than quadrupled over the past nine years to N8 trillion ($22 billion), according to data compiled by the National Bureau of Statistics, as the nation of over

By Adedapo Adesanya The United Nations Educational, Scientific and Cultural Organisation (UNESCO) has disclosed that 55 journalists and media professionals were killed in 2021, noting that impunity against journalists is alarmingly widespread. According to the latest UN data, almost nine in 10 killings since 2006 are still unresolved. “Once again in 2021, far too many journalists paid the ultimate price to bring truth to light. “Right now, the world needs independent, factual information more than ever. We must do more to ensure that those who work tirelessly to provide this can do so without fear,” the UNESCO Director-General, Mrs Audrey

By Dipo Olowookere A reputable phone maker, Nokia, has taken a step forward to satisfy its customers by coming up with smartphones with better battery life, improved imaging and durability. In a statement, HMD Global, the parent company of Nokia, said the new series is affordable and easy to repair, as it has partnered with iFixit to make the parts available to customers at affordable prices. According to the disclosure, three Nokia smartphones released to the market are Nokia G22, Nokia C32, and Nokia C22, all offering up to three days of battery life. Nokia G22 is the first Nokia

By Modupe Gbadeyanka Central Bank of Nigeria (CBN) has advised members of the public willing to obtain foreign exchange for BTA, PTA, tuition and medical fees from banks but are being turned down or frustrated to report such financial institution to it (CBN). The apex bank said such customers can call 07002255226 or send an email to [email protected], with the name and branch of the non-cooperating bank. This move followed reports by some customers that they were being frustrated by some banks with claims that the CBN was not allocating enough forex to them for BTA, PTA, tuition and medical

By Adedapo Adesanya The Naira opened the new week in the negative zone at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Monday. The Naira, according to data from the FMDQ Securities Exchange, 32 kobo or 0.08 per cent against the US Dollar to close at N411.07/$1 in contrast to N410.75/$1 it ended last Friday. The domestic currency suffered this decline in value yesterday despite the FX demand pressure easing as the turnover for the day significantly reduced by 34.5 per cent or $79.56 million. During the session, data obtained by Business Post showed that