Naira Strengthens Against US Dollar at Peer-to-Peer, Black Market

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) maintained its positive momentum on Wednesday, gaining 0.55 percent at the close of trading activities. The bullish trend was mainly influenced by gains recorded by stocks in the banking and consumer goods sectors. At the close of business in the midweek trading, the All-Share Index (ASI) rose by 205.47 points to finish at 37,709.20 points, while the market capitalisation increased by N71.6 billion to settle at N13.13 trillion, and the year-to-date return ended at 40.32 percent. Business Post reports that the market breadth ended positive today as the stock market recorded 32 price gainers

By Adedapo Adesanya The Port Harcourt Electricity Distribution Company (PHED) has lamented that the loss of 30 per cent of its anticipated revenue to meter bypass in its franchise states of Rivers, Bayelsa, Cross River and Akwa Ibom. The Managing Director of the company, Mr Henry Ajagbawa, affirmed this, vowing that his organisation will arrest and prosecute any person, group of persons or corporate body found to be engaged in energy theft. Describing the situation as unacceptable, the PHED boss revealed that meter bypass was a criminal offence punishable under the law, as enshrined in section 94 (3) of the

By Adedapo Adesanya The Nigeria Mining Cadastre Office will be partnering with the World Bank to upgrade its system for foreign investors to apply online for mining licences in Nigeria. This was disclosed by the Director-General of the Mining Office, Mr Obadiah Nkom, in a statement, when he received a delegation of Optiva Resources Limited, a London-based investment organisation, alongside its investment advisers, NPL Advisors. The statement read in part, “He said that the government collaborated with the World Bank to upgrade the Agency’s system and it is compatible with the rest of the world, adding that with electronic Mining

By Aduragbemi Omiyale All is now set for the implementation of the social protection programme aimed to address the issues of lack of access to education and healthcare for children in Oyo State. This Oyo State Social Protection and Implementation Plan is being put in place in collaboration with the United Nations International Children’s Emergency Fund (UNICEF). According to the Commissioner for Budget and Economic Planning in Oyo State, Professor Musibau Babatunde, the idea of this scheme is to strengthen social protection among the vulnerable people in the state. Speaking during a four-day stakeholders’ meeting in Oyo town, the Commissioner

By Modupe Gbadeyanka Treasury bills worth N809.4 billion would be offered to investors in the third quarter of 2019, the Central Bank of Nigeria (CBN) has disclosed. In a circular, which shows the Nigeria Treasury Bills Issue programme, the apex bank said the debt instruments would be offered in three maturities; 91-day, 182-day and 364-day. The exercise has been planned to begin from June 13 to August 29, 2019, but the stop rates should be determined by the prevailing market conditions. Business Post reports that as at the last exercise, which took place yesterday, the 91-day bill cleared at 10

By Modupe Gbadeyanka Last week, a fire incident occurred at the Aba, Abia State factor of Guinness Nigeria Plc, one of the brewery companies operating in the country. The inferno reportedly destroyed some properties at the premises. Though some investors and shareholders do not know the full extent of the damage or the remote cause of the inferno, the management of Guinness Nigeria has assured that the fire incident will not affect its performance and numbers. “While awaiting the outcome of an assessment of the incident, we do not expect any material impact to our numbers,” a statement signed by

By Aduragbemi Omiyale The value of the Nigerian Naira will further remain low against the American Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market this week. Also, the Naira will struggle against the greenback at the black market in the week as politicians prepare for the 2023 general elections, according to analysts at Cowry Assets. Already, those who intend to govern the nation next year have started to buy their nomination forms both in the ruling All Progressives Congress (APC) and the opposition Peoples Democratic Party (PDP). The presidential form in the APC goes