Naira Stays Firm Against Dollar, Euro, Pound at Black Market

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Adedapo Adesanya The Naira appreciated against the Dollar in the Peer-2-Peer (P2P), black market, and the Investors and Exporters (I&E) windows of the foreign exchange (forex) market on Friday, May 12. In the peer-to-peer, the local currency gained N2 against the US Dollar during the session to sell at N756/$1 versus the previous day’s value of N758/$1. Also, in the parallel market, the Nigerian currency improved its value by N1 against the greenback to trade at N741/$1 compared with Thursday’s closing rate of N742/$1. It was the same outcome at the I&E segment of the market as it domestic

By Sodeinde Temidayo David Software Technology company, Crown Interactive, has offered grants of up to N400 million in value in products and support to 20 medium-sized Nigerian manufacturers, distributors of fast-moving consumer goods and raw materials suppliers. This was announced by the company as part of its ongoing Automate and Collaborate campaign. In addition, it is offering its CICOD Supply Chain Software at no charge for one year to the companies in the Nigerian market that meet specified criteria. The promotion represents a value of N20 million delivered to each firm in terms of the technology offered and support service

By Modupe Gbadeyanka Transactions on the floor of the Nigerian Stock Exchange (NSE) remained bearish on Friday, pointing south by 2.45 percent at the close of the market. The All-Share Index (ASI) shed 806.3 absolute points to settle at 32,122.14 absolute points, while the market capitalisation depressed by N279 billion to close at N11.11 trillion. Furthermore, the YTD Return shortened to 19.53 percent, while the market breadth stayed negative as 33 stocks declined in contrast to 21 advancers. Dangote Cement emerged the biggest loser with N9.40k loss to close at N195.60k per share, while Nigerian Breweries shed N6.13k to end

By Adedapo Adesanya The National Pension Commission (PenCom) has resumed its pension transfer window suspended in April due to the disruptions brought about by the coronavirus pandemic on its operations. The national pension regulator made the disclosure in Abuja, explaining that the transfer window was created to enable pension contributors who are dissatisfied with the services of their current Pension Fund Administrators to transfer their Retirement Savings account to any Pension Fund Administrator (PFA) of their choice. PenCom explained that the process, which is line with Section 13 of the Pension Reform Act of 2014, would enable PFAs to slug

By Dipo Olowookere As part of efforts to make businesses in Nigeria securely request and receive payments directly from their customers without any hassles, PayU Nigeria has released an innovative and secure product called PayU Receive. PayU Receive is a secure payment solution that facilitates business-to-business and business-to-consumer payments easily via email or SMS. It allows businesses to make use of PayU’s safe and secure payment services by allowing them to send payment requests via email or sms to their customers. Customers then have the flexibility of paying via their bank cards or their bank accounts. This is a convenient

By Modupe Gbadeyanka A group known as the Progressives Yoruba Youth Congress (PYYC) has cried out to the international community over a alleged plot by the United States of America’s backed self-styled human rights watchdog, Amnesty International, to use fictitious reports to create tension in the country. It said the report was targeted at discrediting the Nigerian military on its fight against insurgency and then called on AI and its agents to come out clean on their plots to heat up polity in the country through its conjured report. Comrade Akintola Festus, national leader of the group, while addressing newsmen

By Modupe Gbadeyanka An entrepreneur, Ms Jumoke Akinsanya, has narrated how the collateral-free loans she obtained from an e-commerce giant, Jumia, influenced the expansion of her business. Ms Akinsanya, the owner of Deeski.com who also sells groceries and home essentials on Jumia, disclosed that the platform has helped her company achieve a lot in the last five years. According to her, she now has an opportunity for direct access to big companies, facilitated bulk purchase, and improved her business workforce from six to 12. Business Post reports that Jumia lending is a small business loan open to sellers on the

By Dipo Olowookere The inaugural edition of the Africa Data Revolution Report (ADRR 2016) will be launched on July 19, 2017, in Accra, Ghana, as part of activities marking the 2nd Africa Open Data Conference, which will take place from July 17 – 21, 2017. Jointly published by the Economic Commission for Africa (ECA), the United Nations Development Programme (UNDP), the World Wide Web Foundation and the Open Data for Development Network (OD4D), ADRR is a biennial report that maps the data ecosystem in Africa with reference to the production, distribution and use of data by public, private and civil