Naira Slumps at Black Market as Pound Trades at N510

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Adedapo Adesanya Mercy Corps has urged African leaders to champion homegrown solutions to tackle the rising dangers around climate at the Africa Climate Summit. Speaking on this, Allison Huggins, the organisation’s Deputy Regional Director for Africa, said the continent is experiencing worsening climate catastrophes, which has brought an increase in the frequency and intensity of heavy rain and flooding and an increase in the intensity of strong tropical cyclones, which are associated with heavier rainfall. Scientists have warned that the world must try to cap global warming to 1.5 degrees Celsius above temperatures before industrialization, around 200 years ago,

By Adedapo Adesanya The Naira depreciated by 1.4 per cent or N10 against the United States Dollar on Monday, August 28 at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market. The local currency was exchanged for the US Dollar at the market window yesterday at N710/$1 compared with the N700/$1 it was transacted at the preceding session. Also, in the black market, the domestic currency traded against the greenback on the first trading session of the week at N702/$1 compared with the previous session’s rate of N692/$1, indicating a decline by N10 or 1.45 per cent. However, at

By Dipo Olowookere Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, has disclosed that tax holiday has been granted to 27 new industries and products, including the agro and agro-processing, industrialization, creative industries, power, science and technology. Mr Enelamah, while addressing newsmen on Wednesday after the weekly Federal Executive Council (FEC) meeting, noted that the tax break was to enable players in the sectors to grow and expand their investments. He emphasised that these new industries entered into the pioneer status would enjoy tax holidays for at least three years, with an option to extend for another one or

By Investors Hub European stocks are broadly higher on Thursday as firmer commodity prices have helped lift resource stocks and Italian equities recovered some lost ground as the country looks set to finally get a collation government. While the French CAC 40 Index has advanced by 0.5 percent, the German DAX Index and the U.K.?s FTSE 100 Index are up by 0.3 percent and 0.2 percent, respectively. Daimler has risen while Deutsche Telekom has fallen slightly after they settled a 14-year old truck-toll dispute with the German government. Italian telecom giant Telecom Italia has advanced after its first quarter sales

By Modupe Gbadeyanka A self-acclaimed leader of the Ogboni fraternity, Mr Tajudeen Bakare, has been declared wanted by the Lagos Command of the Nigeria Police Force. A statement issued on Thursday by the spokesman of the Command, Mr Benjamin Hundeyin, was Mr Bakare evaded arrest after some police personnel raided his residence to apprehend him. He was said to have been captured in a video “wielding a pump action rifle and threatening public peace,” which prompted the police to go after him. According to the statement, officers of the Rapid Response Squad (RRS), working on actionable intelligence, carried out a

By Dipo Olowookere A natural-gas-fired power generation facility located in Oyigbo, Rivers State, Afam Genco, otherwise known as Afam Power, has been handed over to Transcorp Plc. The energy company was transferred to Transcorp on Thursday after it was sold to the publicly quoted firm for N105.3 billion by the federal government. Both parties signed the Share Sale Purchase Agreement (SSPA) for the transaction at a ceremony held in at the Aso Rock Villa in Abuja. Vice President Yemi Osinbajo represented the federal government along with the Director-General of the Bureau of Public Enterprise, Mr Alex Okoh, while the Chairman

By Dipo Olowookere The lawmaker representing Oluyole Federal Constituency at the National Assembly, Mrs Tolulope Akande-Sadipe, has called on her colleagues to help seek justice for a hit-and-run accident victim, Mr Raji Idris. At the plenary on Thursday, the legislator narrated that on May 13, 2021, along Olomi Road, Oluyole, Ibadan, the member of her constituency was knocked unconscious by an alleged drunk driver identified as Mr Dele Ayanjompe, who allegedly fled the scene afterwards, according to eye witness accounts. According to her, the victim was taken to the Frontida Clinic where it was confirmed that he had suffered trauma

By Modupe Gbadeyanka As part of its efforts to deepen mobility, the leading auto tech platform, Autochek Africa, has launched a loan services platform to allow users to get the credit facility to acquire brand new vehicles. A statement issued by the firm said users can access the loans for the purchase of the new cars and trucks through a dedicated brand new cars section on the Autochek website and mobile app. It was stated that through this digital financing package, customers can make repayments in 60 months at the lowest interest rates in the market from regional partners such