Naira Stable Against US Dollar at Black Market, P2P

By Dipo Olowookere The online stock trading platform of Morgan Capital Securities Limited, iTrade, is now back online. The iTrade service went offline on Monday due to a technical glitch, which the company confirmed has been resolved, allowing its numerous clients to buy and sell shares and other securities without hassle. “Thank you for your patience and understanding. “This is to inform you that the trading platform (iTrade) is now fully up and running to enable you to trade seamlessly. “Our sincere apologies for any inconvenience caused as a result of this,” a statement from the company, which was sighted

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

Cryptocurrencies, including Bitcoin and various alternatives, are no longer just investments for speculation. They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems. According to a report by CoinJournal, which analysed owners of cryptocurrencies between 2020 and 2023, 47 per cent of Nigeria’s population are actively engaged with crypto, with Turkey experiencing a notable 31 per cent jump in cryptocurrency ownership from 2020 and currently shares the top spot with Nigeria, while 31 per cent of the people in the United Arab Emirates (UAE) own digital currencies in 2023. Nigeria

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

By Adedapo Adesanya The Naira recorded an 8 kobo or 0.02 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday, trading at N416.75/$1 compared with N416.67/$1 it was traded on Thursday. This occurred despite the I&E FX market window recording a low turnover as the value of transactions declined by 49.6 per cent or $62.99 million to $64.03 million from the $127.02 million achieved at the previous session. The story was different with the Pound Sterling as the Naira depreciated by N2.46 to close at N567.14/£1 compared

By Aduragbemi Omiyale The Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmad, has expressed her displeasure about redesigning the Naira notes by the Central Bank of Nigeria (CBN). At the 2023 budget defence session with the Senate Committee on Finance, the Finance Minister said it was not the thing to do now, informing the lawmakers that her ministry was never consulted by the apex bank concerning the issue. Mrs Ahmed said she only heard about the policy in the media, just like every other Nigeria, despite being in charge of the country’s fiscal policy team, urging the committee,

By Dipo Olowookere A Memorandum of Understanding (MoU) has been signed between the Niger State government and Zenith Bank Plc for the setting up of a 100-capacity Information and Communications Technology (ICT) centre in the northern state of Nigeria. Niger State Governor, Mr Abubakar Sani Bello, while speaking at the signing ceremony on Friday, disclosed that project would go a long way to boost the Internally Generated Revenue (IGR) of the state. He said further that when completed, the facility would be used to empower youths in the state, which would go a long way to boost the state’s economy.

By Modupe Gbadeyanka Zenith Bank Plc says it will no longer go on with its plans to raise about N100 billion from the capital market through public hearing, rights issue or any other method deemed fit by the board in local or international market or combination of both. This comes barely 24 hours after shareholders at the company’s Annual General Meeting (AGM) in Lagos approved the board’s request to raise the amount to boost its operations. In a statement issued in Lagos on Thursday, Zenith Bank said it decided to suspend the exercise due to weak capital markets and struggling

For the first time this week, transactions on the floor of the Nigerian Stock Exchange (NSE) ended on a positive note. This was due to the gains posted by Nestle Nigeria and some other high-cap equities trading on the local bourse. The market closed 0.47 percent higher on Thursday to put a halt to the negative trends at the exchange in the past days. The main barometers of the NSE, the All-Share Index (ASI), went up by 140.35 points yesterday to finish at 29,749.35 points, while the market capitalisation increased by N62 billion to settle at N13.110 trillion. Despite the

By Modupe Gbadeyanka Mr Josh Wade, an estranged lover of a Nigerian movie star, Empress Njamah, has reportedly released some private videos of the woman he formerly professed love to. Empress recently made a video where she claimed that Mr Wade, a Liberian, made her go through emotional torture in the relationship that lasted months. Starting and Managing a Profitable Catfish Farming Business in Nigeria She further alleged that while he was living in her apartment, the former loverboy made videos of her not putting on clothes, especially in the bathroom and had threatened to release them online. According to

By Adedapo Adesanya For the third consecutive trading session, the NASD Over-the-Counter (OTC) Securities Exchange finished in the bearish zone as it lost 0.02 per cent on Wednesday, May 18. The woes of the NASD OTC bourse were further compounded by the decline in the price of Capital Bancorp Plc by 34 kobo or 9.86 per cent to N3.11 per unit compared with the N3.45 per unit it traded in the previous day. In the absence of securities to upturn the weak sentiment, the market capitalisation of the exchange closed relatively flat at N1.06 trillion, while NASD Unlisted Securities Index (NSI)

By Adedapo Adesanya A new report from Climate Policy Initiative (CPI) has said that Africa is getting just 12 per cent of the finance it needs to manage the impact of climate change. It, however, raised pressure on rich nations to do more in the run-up to global climate talks at COP27 in November. CPI said that around $250 billion is needed annually to help African countries move to greener technologies and adapt to the effects of climate change, yet funding in 2020 was just $29.5 billion. Wealthy countries have faced growing criticism for failing to meet a pledge made