Naira Now N776.60/$1 at I&E, N978/$1 at P2P, N970/$1 at Black Market

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Adedapo Adesanya  Despite projections that the declining Nigeria’s foreign reserves may weaken the local currency at the foreign exchange (forex) market this week, the Naira gained 20 Kobo or 0.06 percent against the US Dollar Monday September 2, 2019, to trade at N362.73 from N362.93 it traded last Friday at the Investors and Exporters segment of the forex market. Business Post observed that the strength gained by the local currency was as a result of the less pressure on the Nigerian currency at the investors’ window yesterday. At the close of business, the daily market turnover was down by

By Modupe Gbadeyanka There was pandemonium inside the banking hall of one of the branches of United Bank for Africa (UBA) Plc in Lagos today. The reason for the commotion was because a security guard attached to the UBA branch around Abule-Egba area of the metropolis allegedly landed a deafening slap on the face of a customer of the financial institution transacting business with the bank. In a viral video of the incident on Thursday, it was heard underground that the cop allegedly brought out a knife to use on the customer. According to eyewitnesses, the sin the UBA customer

By Dipo Olowookere In order to make cheap electricity is enjoyed at the Onne Oil and Gas Free Zone, the Oil and Gas Free Zones Authority (OGFZA) has given a license to a power consortium called PHEDC/ESOP to make this possible. The mandate of the power consortium is to provide gas-fired dedicated power to the free zone at a cost per kilowatt of power that is lower than the going rate of diesel-generated power in the zone. Announcing the key step on the embedded power project to a stakeholders forum during the week, managing director of OGFZA, Mr Umana Okon

By Dipo Olowookere A formidable group in Delta State known as Inspired Youths is drumming support for ex-governor and Delta South senatorial candidate of the All Progressives Congress (APC), Dr. Emmanuel Ewetan Uduaghan to represent the zone in 2019. The group which spoke through their leader, Joy Omodafe reiterated that their support for the former governor was not unconnected with his landmark achievements during his tenure in the state as governor. She disclosed that they were prepared to mobilize thousands of their supporters who are mostly youths and women from across Delta South Senatorial District come 2019 elections especially as

By Adedapo Adesanya The Chief Executive of the National Drug Law Enforcement Agency (NDLEA), Mr Mohamed Buba Marwa, has said that the narcotic agency will make it difficult for drug cartels, traffickers, and barons to operate in Nigeria in the new year, 2022. The retired military officer said this when he had a meeting meeting with the Directors, Zonal Commanders, State, and Special Area Commanders of the agency. At the gathering, four state commands and 25 officers were given cash-backed awards and commendation letters for their outstanding performance in the areas of drug supply reduction, drug demand reduction and diligent

By Modupe Gbadeyanka Mr Babatunde Ajayi has emerged as the new Akarigbo of Remoland, information reaching Business Post has revealed. Mr Ajayi was elected on Thursday after five of the seven kingmakers favoured him at a poll held at the Akarigbo Palace in Sagamu, Ogun State. Nineteen persons had jostled for the exalted position in Remoland, which comprises Sagamu, Ilisan, Iperu, Ikenne, and other towns, but Mr Ajayi emerged winner. He raked five votes from the kingmakers, while his closest rival, Prof Babatunde Ogunmola, only managed two votes, and the other 17 nominees had no vote. “The result of the

By Investors Hub Asian stocks ended mostly higher on Friday, even as Chinese and Hong Kong markets ended on a muted note amid the ongoing mass protests in Hong Kong calling for political freedom and self-determination for the semi-autonomous territory. Underlying sentiment remained supported by signs that the U.S. and China are set to resume trade talks in September. Chinese shares slipped into the red as investors awaited manufacturing data for directional cues. The benchmark Shanghai Composite Index edged down 4.68 points, or 0.2 percent, to 2,886.24, while Hong Kong’s Hang Seng Index gave up early gains to end roughly

By Adedapo Adesanya South African ed-tech startup The Student Hub, has become the fourth startup to secure backing from Naspers Foundry, raising $2.9 million to help expand its service. The Student Hub increases access to vocational education to large numbers of students, whilst reducing the costs of delivery of education and training by partnering with government accredited Technical and Vocational Education and Training colleges to help them deliver their courses online. The startup secured the funding round from Naspers, one of the largest technology investors in the world. Naspers launched Naspers Foundry, a $96 million fund to help South African