Naira Sheds 0.42% at Official Market, Gains at P2P, Black Market

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Adedapo Adesanya The President of the Africa Development Bank (AfDB), Mr Akinwumi Adesina, has ruled himself out of the 2023 presidential race in Nigeria. Mr Adesina made his position known in a statement on Tuesday after months of calls for him to join the contest after a group bought the presidential nomination form of the All Progressives Congress (APC) for him at the cost of N100 million. In the statement, the banker emphasised that his current desire is to continue to hold the office of the president of the AfDB which he won reelection for last year. However, he

By Ahmed Rahma A leading nutrition expert, Prof. Henrietta Nkechi Ene-Obong of the University of Calabar has demanded the inclusion of Nutrition Education in the academic syllabus at nursery, primary and secondary level. Speaking at a Protein Challenge Webinar themed Bridging the Knowledge Gap, she informed that by educating students about nutrition in school, they can educate their parents at home, curbing the menace of malnutrition, particularly protein malnutrition in Nigeria. Mrs Ene-Obong said the message about nutrition must be brought to the level of the people across every stratum of the society and where possible, provided in the local

By Adedapo Adesanya Nigeria, Africa’s largest crude oil producer, ended the month of May with the second-highest production drop among countries that make up the Organisation of the Petroleum Exporting Countries (OPEC). In the month under review, Nigeria lost 45,000 barrels per day, making it the largest laggard among the countries not exempted from the 2020 output deal. Nigeria’s worsening crude output happens because the country cannot keep up due to a lack of capacity caused by infrastructural deficits and other security issues. In the month under review, OPEC was not able to lift its production as agreed for the

By Modupe Gbadeyanka At least three persons were feared dead on Wednesday afternoon when armed robbers numbering over 10 raided a branch of Zenith Bank located on Wetheral Road in Owerri, the Imo State capital. Business Post gathered that the gunmen allegedly went away with some undisclosed amount of money during the operation that lasted over an hour. Our correspondent learnt that during the attack, several people were wounded including a police officer, who was at the premises of the financial institution. It was also learnt that when the robbers arrived the bank this afternoon, they shot sporadically into the

By Investors Hub Asian stocks finished broadly higher on Friday, although growth concerns kept Chinese markets under pressure. While easing of U.S.-EU trade tensions supported underlying sentiment, the upside remained limited ahead of U.S. GDP data and the Bank of Japan policy meeting due next week. Chinese stocks closed lower, with the benchmark Shanghai Composite Index ending down 8.63 points or 0.3 percent at 2,873.59. Meanwhile, Hong Kong’s Hang Seng Index inched up 23.14 points or 0.1 percent to 28,804.28. Japanese shares closed higher even as underlying sentiment remained cautious on speculation that the Bank of Japan might signal plans

By Aduragbemi Omiyale **Want Strategies to Tackle Trust Deficit The Federal Inland Revenue Service (FIRS) and other tax authorities in Nigeria have been advised to come up with strategies that will address the trust deficit among taxpayers in the country, which they argued is responsible for the low tax compliance. They submitted that an effective tax communication system and good use of taxes by the governments at various levels would encourage the citizens to pay their taxes without being forced to do so. At the second annual national tax dialogue themed Tax Harmonisation for Enhanced Revenue Generation, which took place

By Jerome-Mario Chijioke Utomi Acting on recent emotional words and compassionate description by a professional colleague of one resourceful 32-year-old Mr Gift Captain Tonmene, a Delta State-born but Lagos-based physically challenged tricycle (Keke) operator in Mile 12 area of the state, I took a trip in the evening of Monday, July 2023 to Mile 12 Motor Park, Lagos, to ascertain my friend’s narrative. Aside from coming face-to-face with the man in question, which of course, satisfied my journalist instinct for social justice as well as nourished my curiosity for bringing to the surface societal ills to where they could be