Naira Now N782/$1 at Official Market, N927/$1 at P2P, N915/$1 at Black Market

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Adedapo Adesanya President Bola Tinubu has said Nigeria is ready for business in the oil sector, stressing that he is ready to tackle all the issues relating to businesses in the country. He stated this in New York on Monday while playing host to a delegation consisting of the global leadership of an oil and gas transnational giant, ExxonMobil. According to a Tuesday statement by the presidential spokesman, Mr Ajuri Ngelale, the country is no longer settling for crumbs and leftovers on the investment agenda of the world’s most prolific energy conglomerates. “Nigeria has never been more ready for

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Ahmed Rahma The Socio-Economic Rights and Accountability Project (SERAP) has tasked the government to cut salaries and allowances of its top officials for the funding of the 2021 budget. The group, in a statement issued on Sunday, argued that this should be more ideal than the proposed sale of national assets for the purpose of financing the budget. As a result, SERAP has called on the National Assembly under the leadership of the Senate President and Speaker of the House of Representatives, Mr Ahmed Lawan and Mr Femi Gbajabiamila respectively, to stop President Muhammadu Buhari from going ahead with

By Ebitonye Akpodigha Regional Director for Sage West Africa, Mr Magnus Nmonwu, has suggested that providing support for small businesses in Nigeria could be one of the key ingredients to carrying the country through these tough times. He pointed out that this should become a priority for big businesses and the Federal Government. “Nigerian entrepreneurs and business owners are the engines that drive the country’s economy,” says Mr Nmonwu. He added that, “During recessions, big companies are able to adjust by downsizing and cutting costs. Small businesses, however, keep going and carry the losses. They need our support, as they

By Modupe Gbadeyanka The management of BUA Foods Plc has promised to not make shareholders regret their investment in the company as it is well-position to increasingly deliver value to them. This assurance was given by the Group Executive Director of BUA Foods Plc, Mr Kabiru Rabiu, who represented the Chairman of BUA Group Plc, Mr Abdul Samad Rabiu, at the virtual Facts Behind the Listing and Closing Gong Ceremony at the Nigerian Exchange (NGX) Limited on Tuesday, January 18, 2022. BUA Foods joined the nation’s main stock exchange on January 5, 2022, by introduction, boosting the market capitalisation of

By Dipo Olowookere Liquidity squeeze for the foreign exchange wholesale auction debits on Monday caused the average treasury bills yields to face south, Business Post is reporting. It was observed that yields of the debt instrument marginally went down by 0.06 percent at yesterday’s trading session to settle at 12.28 percent by the time market activities wrapped up. For the four maturities tracked during the session, only the one-month tenor had its yield appreciating at the close of transactions. Yield on the 30-day bill went up by 0.07 percent to close at 10.98 percent from 10.90 percent of the previous

By Modupe Gbadeyanka Some educational materials have been distributed to primary school teachers and pupils in the 21 local government areas of Oyo State to improve basic education in the state. The items, comprising customised exercise books, writing and teaching materials, were shared to the beneficiaries on Friday to about 1,200 schools under the Basic Education Service Delivery for All (BESDA) programme. The distribution was witnessed by representatives of the Association of Primary School Head Teachers of Nigeria (AOPSHON), Head Teachers, and pupils from the benefitting schools. The BESDA programme aims to improve literacy and strengthen accountability in basic education.

By Dipo Olowookere The minimum operating capital of insurance companies operating in Nigeria has again come to the fore following an announcement made yesterday by the industry’s regulator, the National Insurance Commission (NAICOM). The regulatory agency said it was raising the minimum paid-up share capital of insurance and reinsurance firms so as to make the sector stronger and better. In a circular to all insurance and reinsurance companies signed by NAICOM’s Director, Policy and Regulation Directorate, Mr Pius Agboola, on behalf of the Commissioner for Insurance, Mr Mohammed Kari, it was said that the new capital regime would take effect

By Dipo Olowookere A Lagos-based maid has been apprehended by security operatives after she allegedly stole her boss’ $10,000, which she later exchanged at a Bureaux de Change (BDC) office at N86 per Dollar, instead of the prevailing rate of N410/$. The house help, identified as Blessing Paul from Benue State, was said to have committed the act in the highbrow Gbagada area of Lagos State. She was paraded before newsmen alongside her accomplices. Blessing Paul, the main suspect, was said to have used a knife to forcibly open her boss’ room while she was at work. Her boss, identified

By Cowry Asset In the just concluded week, Central Bank of Nigeria (CBN) auctioned treasury bills via primary market, viz: 91-day bills worth N23.055 billion (Stop Rate, SR, fell to 13.422% from 13.425%) 182-day bills worth N69.565 billion (SR rose to 17.40% from 17.3989%) and 364-day bills worth N136.522 billion (SR fell to 18.530% from 18.549%) which was more than offset by matured treasury bills worth N314.558 billion. However, NIBOR increased across all the maturities in spite the renewed liquidity ease. This was partly due to demand for the purchase of foreign exchange. NIBOR for overnight funds, 1 month and