Naira Settled Currency Futures Open Interest Report @ November 23, 2016

By Aduragbemi Omiyale One of the leading brokerage companies in Nigeria, Meristem Securities Limited, has introduced a new fixed-income investment package known as Meristem Dollar Fund. Business Post gathered that this open-ended mutual fund was designed to help investors hedge against the local currency, especially at a period when the Naira is witnessing high volatility amid rising inflation in the country. Meristem disclosed that funds taken from investors would be invested in investment-grade sovereign and corporate Eurobonds, and other qualifying USD instruments issued by Nigerian entities as may be determined by the investment committee. The company put the offer size

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Bliss Okperan President Bola Tinubu on Monday morning departed Abuja for Maiduguri, the Borno State capital the Nigerian Army Annual Conference as a special guest of honour. Mr Tinubu left the seat of power from the presidential wing of the Nnamdi Azikiwe International Airport, Abuja. It is his first visit to the North-Eastern region of the country since assuming office on May 29, 2023, from former president Muhammadu Buhari. The event will include an address to the troops of Joint Task Force North East Operation HADIN KAI, an inspection of the ongoing Nigerian Army Reference Hospital in Maiduguri, and

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Aduragbemi Omiyale To strengthen its customers’ loyalty and engagement, a leading mobile communication services provider in Tunisia, Ooredoo, is deploying the MobiLytix Marketing Studio platform of Comviva. Both parties agreed to the use of MobiLytix to leverage real-time customer interaction data in conjunction with a rich unified customer profile to enable real-time, contextual digital experience across all customer touchpoints. Through this means, customers would be segmented across various categories and provided with an interactive best-fit offer leading to better value propositions and increased revenue. In addition, Comviva would provide its data science services with pre-built AI/ML models for faster

If information filtering in from Kogi State political circle is anything to go by, the Peoples Democratic Party (PDP) Kogi East senatorial candidate in the 2019 election, who also is the present lawmaker representing the district at the upper chamber,  Senator Attai Aidoko, could as well add “former” to his appellations as his greatest challenge appears to be coming from his party, the PDP, on account of his my-money-can-get-it disposition as well as his notoriety for using and dumping party faithful. A few days ago, we gathered Mr Aidoko allegedly enlisted the Odoma Attah Igala and a few party stalwarts

By Adedapo Adesanya African Export-Import Bank (Afreximbank) and the African Continental Free Trade Area (AfCFTA) Secretariat have announced the commencement of the Pan-African Payment and Settlement System (PAPSS) to facilitate trade across the continent. A brainchild of the African Union (AU), the PAPSS is a financial market infrastructure to enable instant, cross-border payments in local currencies among African markets launched two years ago which was conceived as a necessary option for accelerating regional trade as envisaged by AfCFTA. According to the Cairo-based Afrieximbank in a statement, by simplifying cross-border transactions and reducing the dependency on hard currencies for these transactions,

By Adedapo Adesanya The Solicitor-General of the Federation and Permanent Secretary of the Ministry of Justice, Mr Dayo Apata (SAN), has said that the Nigerian government did not lose its appeal against the order of a British commercial court directing it to deposit $200 million in the case against Process and Industrial Developments (P&ID) Limited. He stated that parties in the suit would appear before the court on Monday for the court’s decision on whether to allow bank guarantee in place of actual payment, adding that there are indications from Friday’s proceedings that the court might accept a bank guarantee.

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) ended last week bearish, closing 1.27 percent lower to widen the year-to-date loss to 4.4 percent. Business Post reports that during the week, investors lost a total of N169.8 billion to profit taking, which reduced the market capitalisation to N13.233 trillion. The weekly loss came despite President Muhammadu Buhari assuring the investing community that his administration will use its second term to improve the economy, security and fight corruption; all which were his main focus during his first term in office. The President, who gave this assurance during his June 12 speech,

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc and Nipco Plc on Tuesday, September 15 ensured that the bulls remained as the NASD Over-the-Counter (OTC) Securities Exchange. The sterling performance of the two securities extended the rally at the unlisted securities market by 1.15 per cent at the close of transactions. FrieslandCampina Plc gained N5.31 or 4.07 per cent to close at N130.31 per share in contrast to N125 per share it closed on Monday. On its part, Nipco Plc recorded a price appreciation of 6.7 per cent or N4.69 to close at N70 per share versus N65.31 per share it

By Adedapo Adesanya The African Development Bank (AfDB), Africa50 and Africa Sovereign Investors Forum (ASIF) have signed a letter of intent to collaborate on developing green and climate resilient infrastructure projects across Africa. The three entities will work together to galvanize financing and drive the development of skills and expertise within the infrastructure sector. The signing took place on June 20, 2022, in Rabat, Morocco, during an event to launch the Africa Sovereign Investors Forum. Under the high patronage of His Majesty King Mohammed VI of the Kingdom of Morocco, 10 African sovereign investors including Nigeria, agreed to set up

By Dipo Olowookere A Nigerian proprietary investment company, Heirs Holdings Limited, has entered into a deal with the African Export–Import Bank (Afreximbank). At the 24th Annual General Meeting (AGM) of the bank taking place in Kigali, the Rwandan capital, the Nigerian firm completed the deal worth $100 million. Both Heirs Holdings Limited and Afreximbank signed a memorandum of understanding (MoU) at the event to solidify the agreement. Business Post learnt that the $100 million is a funding support to be provided by the lender to Heirs Holdings Limited. The fund is to further support Heirs Holdings Limited’s cross border investment