Naira to Dollar Exchange Rate Stable on Friday

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

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 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 Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Modupe Gbadeyanka The credit ratings of a leading underwriting company in Nigeria, AXA Mansard Insurance Plc, have been affirmed by a reputable rating agency, AM Best. The ratings affirmed were the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good), with the outlook stable. AM Best explained that the ratings reflect the strength of AXA Mansard’s balance sheet, which it said was strong. “The ratings also reflect rating enhancement, in the form of lift, from AXA Mansard’s ultimate parent, AXA S.A,” a statement from AM Best said. “AXA Mansard’s balance sheet strength is

By Dipo Olowookere Leading retail solutions and services company providing business intelligence (BI) to the retail sector, banks, museums, airports and casinos, and serving more than 400 retailers in over 38 countries, Sàvant Data System (SDS), is unveiling its subscription-based platform for business intelligence at the 36th GITEX Technology Week, being held between October 16 and October 20 at Dubai World Trade Centre. Founded in the year 2000, SDS helps organizations to develop new insights into making their business more efficient and successful. The company is a pioneer in focusing entirely on optimizing the shopper experience. Its analytics software and

By Modupe Gbadeyanka Monday, January 23, 2017, has been scheduled for the first meeting of the Monetary Policy Committee (MPC) for the year. The MPC meeting is organised by the Central Bank of Nigeria (CBN) and it is used to take decisions concerning monetary policies that affect the economy. In the last two of such meetings, the apex bank, against expectations, had left the interest rates at 14 percent. It is not certain if this would be reviewed downward or upward this time, but the Monday’s meeting, according to a circular released by the CBN, will hold for two days,

By Kestér Kenn Klomegâh With rising cases of Monkeypox, not only in Africa but also in the United States and Europe, the world is now experiencing shivering fears for the next tremendous negative impact similar to Covid-19. It all began the same way, as the first case of Covid-19, and rapidly spread throughout the world. Soon to forget the worldwide border closures, self-isolation and other restrictions. After documenting more than 7,000 cases in early July, World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus has said about the plans on reconvening a meeting of his organization’s Emergency Committee to critically assess

By Adedapo Adesanya Oil eased on Monday on worries that rising coronavirus cases around the world could reduce crude demand as new doubts emerged about the effectiveness of vaccines against the Omicron variant. Brent crude dropped 1.0 per cent or 76 cents to settle at $74.39 per barrel while the West Texas Intermediate (WTI) crude moderated by 0.5 per cent or 38 cents to $71.29 per barrel. The World Health Organisation (WHO) hit the market with a fresh round of scaring news as it said that the Omicron variant, reported in more than 60 countries, poses a very high global

By Adedapo Adesanya Nigeria is looking at the possibility of reducing its double-digit inflation rate to a single digit in the region of 9 percent in the near future, Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, hinted on Tuesday. Mr Emefiele dropped this hint during an interview with Bloomberg TV in London. He, along with other delegates from Nigeria, are in the United Kingdom for a legal battle between the Federal Government of Nigeria and Process and Industrial Developments Ltd (P&ID) over a court judgment of $9.6 billion against Nigeria. Mr Emefiele stated that the apex

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) opened the week on Monday, January 16, 2017, on a bullish note with the major market indices ending green. This was against what was posted on the last trading day on Friday when the market closed in negative territory. The all-share index closed today at 26,373.83 points after advancing by 47.9 points or 0.18 percent, while the market capitalisation finished at N9.07 trillion after increasing by N16.5 billion. The volume of shares bought and sold by investors on the NSE on Monday went higher by 25.4 million. The chart showed that a

By Adedapo Adesanya The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has said that the country would stop importing petroleum products by 2023. Mr Kyari disclosed this at the State House Ministerial Briefing organised by the Presidential Communications Team, on Tuesday in Abuja, saying the combination of output from the Dangote refinery scheduled to begin next year and state-owned refineries would eliminate any importation of petroleum products into the country. He noted that the NNPC had the right to 20 per cent of production from the Dangote refinery. “The NNPC owns 20