Naira Maintains Strong Performance at FX Market Thursday

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Modupe Gbadeyanka An electronic Tax Clearance Certificate (TCC) system would soon be introduced by the Federal Inland Revenue Service (FIRS). Giving this hint, the Director of ICT in the tax agency, Mr Kola Okunola, explained that it is to reduce the increasing rate of fraudulent certificates in the system. Speaking last Thursday at a programme in Abuja, Mr Okunola said the e-certificate would be introduced next month. According to him, the new system will give FIRS Staff and authorized third parties the opportunity to verify tax clearance certificates. “The TCC will be out in the next four weeks. It

By Adedapo Adesanya Bullish sentiment pushed oil prices up on Friday as a combination of supply disruptions and an apparent compromise between the United States and China gave the markets hope. Brent crude gained $1.34 or 1.88 per cent yesterday as it traded at $72.82 per barrel, while the US West Texas Intermediate (WTI) moved up by $1.49 or 2.17 per cent to $69.78 per barrel. The markets jumped after it was revealed that US President Joe Biden and Chinese President Xi Jinping spoke on Thursday and “had a broad, strategic discussion in which they discussed areas where our interests

By Aduragbemi Omiyale A global investment firm, JP Morgan, has estimated the net foreign exchange (FX) reserves of Nigeria at $3.7 billion. Data obtained by Business Post from the website of the Central Bank of Nigeria (CBN) showed that as of Thursday, August 17, 2023, the country’s external reserves stood at $33.8 billion. But a report issued on the same day by the American multinational financial services company said the net amount in the nation’s buffers 10 per cent of what is quoted on the apex bank’s platform. Recall that the 2022 financial statements of the CBN released some days

By Vetiva Research The Central Bank of Nigeria (CBN) conducted an OMO auction yesterday, offering N5 billion and N20 billion on the 192DTM and 360DTM bills respectively. The apex bank eventually sold N9.5 billion across both bills at respective stop rates of 17.95 percent and 18.55 percent (effective yield: 19.82 percent and 22.70 percent). Interbank Call rate advanced in yesterday’s session, settling at 96.67 percent (Previous: 55.83 percent). On the currency front, the Naira depreciated N1.00 to close at N366.50 at the parallel market and appreciated N2.28 at the I&E FX Window to close at N362.50. Trading in the T-bills

By Dipo Olowookere A consensus has been reached on how to address disability in children as also work on how to make life more meaningful for children living in disabilities. At the first ‘Stakeholders Summit on Disability’ organized by the office of the Special Adviser to the Lagos State Governor on Social Development, stakeholders, including parents and experts, agreed to take concerted efforts against disabilities in children. Governor Akinwunmi Ambode of Lagos State, while speaking at the summit themed ‘Ability in Disability: A Stitch in Time Saves Nine,’ stated that early intervention of disability in the affected children would help

By Modupe Gbadeyanka Moody’s Corporation has announced going into a definitive agreement to acquire Bureau van Dijk, a global provider of business intelligence and company information, for €3 billion (approximately $3.27 billion). The acquisition extends Moody’s position as a leader in risk data and analytical insight. “Bureau van Dijk is a high growth information aggregator and distributor that positions Moody’s at the center of a unique network of global risk data,” said Raymond McDaniel, President and Chief Executive Officer of Moody’s. “This acquisition provides significant opportunities for Moody’s Analytics to offer complementary products, create new risk solutions and extend its

By Adedapo Adesanya The Kaduna State Government and the National Agency for Food and Drug Administration and Control (NAFDAC) have warned residents of the state on the health risk of drugs allegedly looted from a warehouse last week. In a statement issued through the state Commissioner for Internal Security and Home Affairs, Mr Samuel Aruwan, on Sunday, the food and drugs regulatory agency warned that the looted items included expired, prohibited and dangerous drugs. NAFDAC warned that anybody who consumed such drugs and the items looted on Friday, October 24 in a warehouse located at Narayi in Chikun Local Government

By Adedapo Adesanya The federal government has called on multilateral development banks and international financial institutions to help finance $500 million to transform Nigeria’s food system and agro value chain. Vice President Kashim Shettima made this call while chairing a high-level meeting on the first day of the United Nations Food Systems Summit declared open in Rome, Italy, by the United Nations Secretary-General, Mr Antonio Guteress. He said the fund would be used for “innovation finance for food system transformation; development of Nigeria’s agro value chain and Special Agro-Industrial Processing Zones programmes”. Mr Shettima said, “In this event, the Government