Naira Trades at N381/$1 at Interbank Forex Segment

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

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By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to abide by the output cut agreement of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies called OPEC+ to stabilise the global oil market. The Group Managing Director of NNPC, Mr Mele Kyari, gave the assurance at the ongoing virtual Gulf Intelligence UAE Global Energy Forum 2021. He said despite the negative effects of the production cuts on government revenues, it was the best step towards redeeming the value of oil on the global market, in the interest of all. Speaking on the topic,

By Adedapo Adesanya The Director General of Nigeria Employers Consultative Association (NECA), Mr Wale Smatt-Oyerinde, has faulted the plans of the federal government to distribute N5 billion to states and the Federal Capital Territory (FCT) over its lack of transparency. Recall that Business Post reported on Thursday, August 17, that President Bola Tinubu approved the allocation of N5 billion to each state, including the FCT, as palliatives to cushion the effects of the removal of the petrol subsidy. According to the FG, 52 per cent of the funds were given to the state governments as grants, while 48 per cent

By Adedapo Adesanya Major oil futures prices are positive ahead of today’s meeting among nations that make up the Organisation of the Petroleum Exporting Countries (OPEC) to discuss a possible end to the oil price war between Saudi Arabia and Russia that has tanked oil prices since last month. The emergency meeting, which will be held via videoconference, could bring about the largest oil production cut deal ever made in history as OPEC states and its allies in addition to Brazil, Norway, and Canada, could cut oil production by 10 million barrels per day. On Thursday morning, Brent crude, the

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has introduced a new tax administration solution called TaxPro-Max to ease tax compliance in the country. According to the Executive Chairman of the FIRS, Mr Muhammad Nami, in a public notice signed by Mr Abdullahi Ismaila Ahmad, the Director, Communications and Liaison Department, this initiative is part of efforts at modernising tax administration, a crucial goal since he assumed the helm of the tax body. “TaxPro-Max enables seamless registration, filling, payment of taxes and automatic credit of withholding tax as well as other credits to the taxpayer’s accounts, among other features.

By Quantitative Financial Analytics Stanbic IBTC Absolute Fund made an 11.5 percent return for the year ended December 31, 2016 and its asset increased by almost a corresponding percentage to N5.33 billion. This information comes from analysis by Quantitative Financial Analytics Ltd, Nigeria’s foremost mutual and pension funds analytics platform. The return however underperforms its 2015 performance of 13.19 percent but it brings its cumulative or inception to date (ITD) return to 60.73 percent. This implies that investors who bought into the fund at its IPO price of N1,500 would have gained N910.9 per unit of the fund as at

By Adedapo Adesanya The Naira appreciated by 25 kobo or 0.06 per cent against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday as it closed at N411/$1 in contrast to N411.25/$1 of the preceding day. The supply of FX to the specialised segment of the market helped the local currency to close stronger as the value of transactions increased by 229.2 per cent or $76.91 million to $110.46 million from $33.55 million recorded on Wednesday. But at the black market, which caters for FX demands of those not met by the

By Modupe Gbadeyanka As part of its efforts to attract foreign capital into the country, the Central Bank of Nigeria (CBN) has further worked with the FMDQ Holdings Plc to introduce a 5-year foreign exchange (FX) futures contracts. According to the apex bank, FX futures contracts, which would be traded over-the-counter (OTC), were to show its commitment towards the development of the local currency market. With this latest development, the total number of open OTC FX Futures contracts at the market at any point has risen to 60. Before now, there were 13 contracts, but on Thursday, February 13, 2020,

By Modupe Gbadeyanka The National Agency for Food and Drug Administration and Control (NAFDAC) has urged members of the public to inform it of any person or restaurant using paracetamol tablets to prepare food or soften meat during cooking. The agency, in a public alert issued on Tuesday, said the use of paracetamol for cooking was not only dangerous and toxic, but unfit for human consumption, warning those involved in such act to desist immediately. In the statement, NAFDAC said it was “seriously concerned” by what it described as not only “dangerous”, but also “illegal,” emphasising that members of the