Naira Loses 75 kobo Amid Slight FX Supply Disruption

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

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 Dipo Olowookere Women in the Delta South Senatorial District of the state have expressed their desire to have Dr Emmanuel Uduaghan, the state’s ex-governor, represent the region at upper chamber of the National Assembly come 2019 for a change in status quo, and for the sake of progress in the area. The women, under the aegis of the Ijaw Women for Good Governance (IWGG), a vocal political pressure group, revealed this in a news conference held recently in Patani, Delta State. According to spokesperson of the group, Mrs Janet Waribogu, there was the urgent need to vote in another

By Adedapo Adesanya Prime Minister of the United Kingdom, Mr Boris Johnson, will return to the office after the Conservative Party (Tories) won majority seats in parliament at the winter election held on Thursday. As at the time of this report, the party has won 364 seats, representing 43.6 percent, a majority out of 650 slots available at the parliament. The party needed 326 seats to win, but currently has 364. It was followed closely by its bitter rival, the Labour Party, with 203 seats, representing 32.2 percent. Other parties include: the Scottish National Party with 48 seats (3.9 percent);

By Dipo Olowookere The Nigerian economy has officially gone into recession, Business Post has learnt. Few weeks ago, South Africa took over from Nigeria as Africa’s biggest economy. According to figures released by the National Bureau of Statistics (NBS), the second quarter of 2016 has shown a contraction of 2 percent in the economy. It further disclosed that Nigeria’s economy shrank by 0.36 percent in the first quarter of 2016, to hit its lowest point in 25 years. Since the price of oil dropped in the international market in 2015, Nigeria’s economy has struggled to breath. Nigeria’s major source of

By Modupe Gbadeyanka Allianz Worldwide Care has announced his support for the Independent Paralympic Athletes team, who are making history in the Rio 2016 Paralympic Games as the first team of independent athletes who are also refugees or asylum seekers. Ibrahem Al Hussein and Shahrad Nasajpour will compete in the games under the International Paralympic flag, and the anthem of the Paralympics will be played for them in lieu of a national anthem. The pair led the parade of athletes at the opening ceremony on September 7. This will be the first time that a team of athletes with official

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Monday, with stocks likely to show a lack of direction in early trading. Traders may be reluctant to make significant moves ahead of the release of quarterly results from a slew of big-name companies in the coming days. Bank of America (BAC), Johnson & Johnson (JNJ), IBM (IBM), Morgan Stanley (MS), PepsiCo (PEP), and American Express (AXP) are among the companies due to report their results this week. Financial giants Citigroup (C) and Goldman Sachs (GS) released their quarterly results this morning and are

By Yvonne-Faith Elaigwu ‘Cashless’ has probably become one of the most popular words in Nigeria in the last few months. While it can be defined in different ways, it has one universal meaning and is characterised by the exchange of funds for goods and services by methods other than the use of cash. This little or no dependence on cash is not forced by an inability to queue for hours at an ATM or an unwillingness to pay an exorbitant fee to a PoS or mobile money agent. No, this little dependence on cash is because of the ability to

By Adedapo Adesanya Oil dipped more than 3 per cent on Monday as the market was faced with weak economic data from China and an oversupply in the United States as a result of lower demand. Consequently, the price of the Brent crude dropped $2.34 or 3.1 per cent to trade at $73.07 per barrel, while the West Texas Intermediate (WTI) lost $2.53 or 3.4 per cent to settle at $71.42 per barrel. In the world’s largest exporting nation, China, factory activity growth slipped sharply in July as demand contracted for the first time in more than a year, in

By Modupe Gbadeyanka Global leader in providing mobility solutions, Comviva, has again emerged winner of the Digital Impact Awards Africa 2018 in the Best Digital Financial Service Platform category for its mobiquity platform. The awards were presented recently at a glittering award ceremony at the Kampala Serena Hotel in Uganda. This is Comviva’s third consecutive Digital Impact Award. The other companies nominated for the award included Ericsson, Huawei, OboPay, Tagpay and Telepin. Mobiquity Money is world’s leading mobile money platform with over 60 deployments in more than 45 countries, providing digital financial services to over 100 million consumers, processes more