Naira Trades Mixed Across Forex Market Segments Tuesday 

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 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 Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Ayo Ologun Political ignorance in Nigeria is deep and widespread. The current government policies and inactions lays it to bare. Although lots of things has changed and improved, much other recent political controversy, such that allows for solidarity rally for a legislative election meant to take place within the legislative chamber and such that even the would be leaders of Parliament paste posters seeking only what God knows leaves but nothing to desire about the ignorance that permeates the political space. Democracy is the rule of the people, by the people, and for the people. But in order to

By Dipo Olowookere Though the International Monetary Fund (IMF) says it doubts Nigeria will quit recession this year, Minister of Budget and National Planning, Mr Udo Udoma, has stressed that the country was already moving out of its economic crisis with the adoption of the Economic Recovery and Growth Plan (ERGP). Speaking on Thursday in Abuja while inaugurating the Joint Planning Committee for the 23rd Nigerian Economic Summit (NES), the Minister noted that the Federal Government was only concerned about sustaining the present positive momentum. In the last five months, inflation rate has been on a steady decline after it

By Adedapo Adesanya The Chairperson of the African Union Commission, Mr Moussa Faki Mahamat, has strongly condemned the shooting of unarmed #EndSARS protesters in Lagos on Tuesday, October 20, 2020, by government forces. The Chairperson of the regional body’s commission offered his sincere condolences to the families of those who lost their lives and wished those who sustained injuries a speedy recovery. Mr Mahamat used the opportunity to appeal to all political and social actors to reject the use of violence and respect human rights and the rule of law. He further urged all parties to embrace dialogue in order

By Dipo Olowookere Leading oil and gas industry executives and experts from across the East Mediterranean will gather in Beirut this May, to gain invaluable insight to the newly presented opportunities in Lebanon’s energy sector, the challenges and the road ahead for companies and investors in the field. Organizers of the Lebanon International Oil & Gas (LIOG) Summit have confirmed that the event will return 9 -10 May 2017 for its third edition, at the prestigious Hilton Beirut Habtoor Grand Hotel, under the high patronage of Cesar Abi Khalil, Lebanon’s minister of energy and water, and in collaboration with the

By Nneka Okumazie If a country has people whose means of income is street hawking, with stuff on their heads, or in their hands, from street to street, or across roads, shouldn’t it be possible that that country can have people willing to work, at varying conditions to bring lots of productivity to that country? If another country has people who cling to buses, leaping out and on, seeking those heading to their destinations, shouldn’t that country also have people with very open work willingness? There are lots of unanswered questions about many places in the world, with the kinds

By Aduragbemi Omiyale The rules for listing on the NGX Technology Board of the Nigerian Exchange (NGX) Limited have been approved by the Securities and Exchange Commission (SEC). The approval, according to a statement from the bourse, was obtained on Thursday, December 15, 2022, with the chief executive of the exchange, Mr Temi Popoola, describing it as “a landmark achievement that will position the exchange as an attractive destination for capital formation by companies within the technology sector. It also attests to NGX’s dedication to deepening the Nigerian capital market.” “On behalf of the board and management of NGX, I

By Adedapo Adesanya The upward trend recorded on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Monday was stretched to Tuesday, partly as a result of gains printed by Niger Delta Exploration and Production Plc (NDEP) at the trading session. Business Post reports that at the close of transactions yesterday, the market capitalisation rose by 1.02 percent or N5.7 billion to N513.74 billion from N508.57 billion recorded at the previous session, while the NASD Unlisted Security Index (NSI) also appreciated by 1.02 percent equivalent to 7.2 points to close at 715.08 points in contrast to 707.88 points it

By Dipo Olowookere The National Drug Law Enforcement Agency (NDLEA) says in the last four years, it has arrested 34,499 persons in connection with drug related offences across the 36 states of the federation and the Federal Capital Territory (FCT), Abuja. The agency said these arrests were made between 2012 and 2015. In the report obtained by the Economic Confidential in Abuja, Kano State in the Northwest geo-political zone is number one among the states in the federation with highest cases of drug-related offences within the period under review, just as the zone is also number one among the six