Naira Loses 10 Kobo Against Dollar at I&E FX Window

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

In the fast-paced world of Forex trading, having the right tools is crucial. Traders Union (TU) experts are here to guide you through Forex trading in 2023, focusing on the MetaTrader 5 (MT5) platform. They will discuss the top MT5 indicators, and different indicator types, and compare MT5 Forex Brokers. Additionally, they will explore the pros and cons of the MT5 platform. With this information, you will be well-prepared to excel in Forex trading. Meaning of Forex indicators Forex trading is complex, and success depends on many factors, with Forex indicators being a key one. TU’s analysts emphasized the importance

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 Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Wednesday, August 11 tampered with the stop rate of the one-year treasury bills at the primary market auction (PMA). The apex bank, during the exercise yesterday, sliced the rate of the 364-day paper by 0.85 per cent after investors showed a significant interest in the investment tool. According to details of the sales analysed by Business Post, the bank approached the market with N27.0 billion worth of the note but the bids received from market participants stood at N387.1 billion. Investors have continued to show a strong appetite for the

Press release distribution services date back to 1906 when it was first used by Ivy Lee. They have since metamorphosized into an integral part of getting content published online. For most companies, media is a waiting game, while for the smart ones, media is a game won on intentions. If you are trying to position your business for seamless media coverage in 2022, you should consider using press releases as one of your marketing strategies. For most small business owners, learning how to write a press release can be out of their league, and as such, they tend to outsource

By Modupe Gbadeyanka Foremost Nigerian pharmaceutical company, Swiss Pharma Nigeria Ltd, commonly referred to as Swipha, has been acquired by a new investor called Biogaran. Biogaran is a subsidiary of Servier, which is the number two French pharmaceutical group that specialises in generics. Commenting on the acquisition, President of Biogaran, Mr Pascal Brière, said, “Swipha’s know-how, network and reputation immediately convinced us that it was the right partner for us.” Biogaran said it chose Nigeria to realise its first investment in Africa because of the many long-term opportunities offered by the country, which is Africa’s most populous. “Nigeria quickly established

Five winners in the finals of AfricaTech Healthcare Challenges 2020 organised by a biopharmaceutical company, Sanofi, have emerged. The winners were announced at the finals held online on Thursday, June 11 and a Nigerian firm, Mobihealth International, was selected after coming top in its category of challenge. The challenge on How to help healthcare systems leapfrog from manual to smart logistics solutions at point of care was won by Mobihealth International, Africa’s first fully integrated telehealth electronic medical records and video app. Its mission is to use telemedicine to provide people in developing countries with access to quality healthcare services

By Dipo Olowookere Nigeria has so far lost about $200 billion of investments due to its inability to legislate the proposed reform in oil and gas, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has disclosed. The association made this submission in a paper sent to the Senate Joint Committee in the Petroleum Industry Governance Bill in Abuja. PENGASSAN also said Nigeria loses $15 billion annually in investments withheld or diverted by investors. It further noted that from 2010 to 2015, the country has also lost about $100 billion from potential earnings all because the government has

By Modupe Gbadeyanka Fidelity Bank Plc, one of the country’s leading financial institutions, is collaborating with JSK Etiquette Consortium to teach contemporary manners and social skills to children in Nigeria with a training programme which held recently at the Fidelity Bank Private Banking office, in Ikoyi, Lagos. This laudable initiative which is part of the Bank’s Mentorship Program for the Younger Generation, also seeks to enlighten and equip children with the right values at an early age. Children between the ages of nine to 15 years, were also trained on other soft skills such as communication and collaboration to prepare

By Modupe Gbadeyanka An airline in Nigeria, Med-View Airline, was on Tuesday, January 31, 2017, listed on the Nigerian Stock Exchange (NSE). Med-View got listed on the main board of the NSE with the introduction of 9.75 billion (9,750,649,400) ordinary shares at N1.50 per share. Chief Executive Officer of the NSE, Mr Oscar Onyema, in his welcome address, commended Med-View Airline for taking the bold step to list on the Exchange. His words, “We are particularly pleased that Med-View Airline has taken this strategic step to join the prestigious club of quoted companies in Nigeria. “It further reaffirms our belief