Naira Maintains Stability at I&E, P2P, Parallel Market

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Modupe Gbadeyanka The first ever SWIFT Business Forum West Africa slated for November 8, 2016, will have representatives from the Central Bank of Nigeria (CBN) and the Bank of Ghana speak at the event, the organisers have disclosed. The forum is expected to bring together over 200 high-level financial representatives from across West Africa for a day of keynote speeches and interactive panel sessions. It will feature several senior speakers and strategic thinkers from both Nigeria and Ghana. Mr Adelabu Adebayo, Deputy Governor, Operations at the Central Bank of Nigeria, and Mr Millison Narh, the First Deputy Governor of

By Christopher Samuel That the ravaging COVID-19 which has since the beginning of the year spread rapidly around the globe could leave a very serious public health crisis in its wake is no longer news. In many parts of the world, attention is shifting to how to concretize local, regional and continental health partnerships that focus on not just how to successfully contain or tackle the virus, but, more importantly, to ensure that life-saving and essential health delivery services are sustained and maintained to entrench a robust system that maximizes the learnings gained from the current pandemic. Like other developing

By Adedapo Adesanya The United States government has announced it will provide a $5 million grant to the African Development Bank (AfDB) to support efforts to abate methane gas emissions, across Africa. Methane accounts for about half of the net rise in global average temperature since the pre-industrial era. The grant, subject to the completion of US domestic procedures and approvals, will go to the multi-donor Africa Climate Change Fund, which is managed by the African Development Bank. The Fund supports a broad range of activities covering climate resilience and low-carbon growth. US special presidential envoy for climate, Mr John

By Dipo Olowookere The exchange rate of the Naira to the Dollar at the foreign exchange market in Nigeria closed in mixed directions at the various segments on Tuesday. While it deteriorated at interbank segment of the market, it appreciated at the parallel market, Investors and Exporters’ (I&E) and the Bureaux De Change (BDC) windows. Business Post reports that the Naira/Dollar exchange rate closed N1 lower in favour of the American currency at the Central Bank of Nigeria (CBN) window yesterday, trading at N361/$1 in contrast to N360/$1 it was sold on Monday. However, the local currency appreciated by 0.06

By Modupe Gbadeyanka The sum of $417.46 million has been paid to the Nigeria Bulk Energy Trading Company Plc (NBET) following the expiration of a four-year investment term. The payment was made by the Nigeria Sovereign Investment Authority (NSIA) in three tranches; $8 million in May 2016, $5.5 million in August 2016 and $403.96 million in July 2018. Confirming this last Thursday in a statement was the Managing director of NBET, Dr Marilyn Amobi, who was quoted as saying that, “NBET is pleased with the management of the fund over the last four years. “NSIA as a competent fund manager

By Adedapo Adesanya The African Development Bank (AfDB) has approved a $120 million loan to fund the construction of a 50 megawatts hydropower plant in western Tanzania, the bank has said. The Malagarasi hydropower project will provide reliable renewable energy to households, schools, clinics and small and medium-sized enterprises in Kigoma region, the AfDB said in a statement. The project’s overall cost is estimated at $144.14 million while the bulk of the $120 million will be sourced from the bank group’s sovereign window, with an additional $20 million contributed by the Africa Growing Together Fund. The government of Tanzania will

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange depreciated by 0.20 per cent on  Tuesday, May 23, after the share price of a market bellwether, FrieslandCampina WAMCO Nigeria Plc, depreciated at the close of business. Business Post reports that the milk producer closed the session at N65.00 per unit compared with the previous day’s value of N66.00 per unit, indicating a decline of N1.00 yesterday. As a result, N1.96 billion was chopped off the market capitalisation of the NASD OTC exchange on Tuesday, as it ended the session at N988.50 billion compared with Monday’s closing value of N990.46 billion.

By Modupe Gbadeyanka Financial powerhouse, FBN Holdings Plc, has announced the redemption of the bonds one of its subsidiaries, First Bank of Nigeria Limited, issued to investors five years ago. In a disclosure to the Nigerian Stock Exchange (NSE) today, it was stated holders of the debt instruments were paid the amount they bought in 2014. In 2014, the financial institution issued notes worth $450 million to investors at a coupon rate of 8 percent, with maturity at 2021. “First Bank of Nigeria Limited, the largest subsidiary of FBN Holdings Plc today, Tuesday, July 23, 2019, called the $450 million