Naira Now N617/$ at Peer-to-Peer, N605/$1 at Parallel Market

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor and the resumption of Mr Olayemi Cardoso as the next head of the apex bank, albeit in an acting capacity. The apex bank’s Director of Corporate Communications, Mr Isa AbdulMumin, said Mr Cardoso will act as governor pending his confirmation by the Nigerian Senate, which is away on recess until Tuesday, September 26. This also confirms the exit of Mr Folashodun Shonubi, who was acting in that position following the ousting of Mr Emefile three months ago. “Dr Olayemi Michael

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

By Adedapo Adesanya  Seplat Energy Plc has disclosed that it remains committed to purchasing ExxonMobil’s Nigerian assets, with its sight set on completing the deal that the administration of former President Muhammadu Buhari halted. The oil company hopes President Bola Tinubu, sworn in a month ago, will adopt a different approach than his predecessor, Mr Buhari, who reversed an initial decision to approve the transaction. “We’re still interested in the assets,” Seplat Chief Executive Officer Roger Brown said in an interview at the firm’s UK offices. “We still like the company we’re buying. We think it’s a game-changing operation.” Under

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By Dipo Olowookere A member of the three-time reigning NBA champion, Golden State Warriors, Andre Iguodala, has been appointed to the board of directors of leading e-commerce platform in Africa, Jumia. A statement from the company emphasised that as Jumia’s ambassador charged with promoting business development and technology in Africa, Mr Iguodala will bring his network in the technology industry, interest in Africa and vast experience as an athlete on one of the most successful teams in NBA basketball history.  “Because of my Nigerian heritage, Jumia’s use of technology to deliver innovative online services to consumers and improve the quality

By Aduragbemi Omiyale There are strong indications that dealmaking activity in Africa will increase by the time the African Continental Free Trade Area (AfCFTA) agreement is deeply implemented. The trade deal officially commenced on January 1, 2021, after it was moved from the former date of July 1, 2020, due to the coronavirus pandemic. At the moment, the agreement is struggling to begin to yield the expected results because many nations are still dealing with the global health crisis. Last year, dealmaking activity in sub-Saharan Africa (SSA) dropped in the second half when compared to the second half of 2019.

By Adedapo Adesanya The amount disbursed to the federal government, the 36 states and the 774 local government councils as well as other relevant agencies in Nigeria in September 2021 dropped 8.4 per cent. The Federation Accounts Allocation Committee (FAAC) said it shared N696.9 billion from the revenue generated in August 2021 to the three arms of government this month compared with the N760.7 billion it distributed last month. This information was contained in a statement issued by the Office of Accountant General of the Federation after the monthly FAAC meeting for September 2021 held virtually on Thursday. In the

By Adedapo Adesanya The Nigeria Immigration Service (NIS) has raised the alarm about the increased use of ECOWAS Travel Certificates (ETC) by human traffickers to evade suspicion and arrest. Speaking in Bayelsa, the service also said in line with the directive of the Comptroller General of Immigration Service, Mr Isa Jere Idris, a trafficked victim by the name of Miss Maureen Ekpe, was rescued and released to the family, while the alleged trafficker was at large. NIS observed the sudden increase in the rate at which young people obtained ECOWAS travel certificates. It said this necessitated a risk analysis and

By Adeniyi Ogunfowoke Surveys are very key to the effective and smooth running of any business. Intermittently, you want to know what your customers think about you and at the same time improve your product and services. The benefits of conducting a research are infinite. Unlike in the past where you have to distribute questionnaires, now, there are so many online tools you can use to conduct your survey. Interestingly, these tools are free and anyone can use it. Jumia Travel identifies some of these survey tools. SurveyPlanet SurveyPlanet is a fast and easy tool for designing any numbers of

By Modupe Gbadeyanka The National Bureau of Statistics (NBS) has disclosed that it would release the Gross Domestic Product (GDP) figures of Nigeria in the second quarter of 2019 on Tuesday, September 3, 2019. This information was announced by the Statistician General of the NBS, Mr Yemi Kale, on Thursday, August 29, 2019, via a post on his Twitter page. “Q2 2019 GDP to be published in line with data calendar on Tuesday, September 3, 2019 by 8am,” the nation’s chief statistician said in the tweet. Business Post reports that in the first quarter of this year, the economy grew