Naira Trades Mixed as Market Weighs Tinubu Policies

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Adedapo Adesanya  Amidst projections that the Naira might be dealt a huge blow this week with the bearish oil prices and tension caused by U.S and China trade war, the local currency closed for the second day of the week positive, appreciating against the US Dollar at the Investors and Exporters window. The Nigerian currency closed N362.88 against the Dollar compared with the price it was sold on Monday at N362.99/$, indicating that the Naira gained 11 Kobo or 0.03 percent at the Investors segment. A look at the transactions at the market segment showed that a daily market

By Modupe Gbadeyanka Three militants suspected to have been involved in the killing of four soldiers two weeks ago in Bayelsa State have been arrested. The suspects were paraded before newsmen on Tuesday by the Nigerian Army. Also on display was a large weapons cache seized from the militants. The Army said it engaged the militants in a shootout in their creeks on Monday, killing many of them. The military disclosed that it would continue to protect oil facilities in the Niger Delta region of the country.

By Adedapo Adesanya The week opened with continued pressure pilling on the Naira as it sold for N475 per Dollar at the black market segment of the foreign exchange market on Monday. Last Friday, the local currency had closed at N472/$1 at the parallel market, but at the first session of the week, it depreciated by 0.64 per cent or N3. The local currency at the same segment lost N1 against the Pound to close at N583/£1 compared with the previous N582/£1, while against the Euro, the Naira shed N5 to close N535/€1 in contrast to N530/€1 it previously traded.

Organiser of the prestigious Nigerian Breweries’ Golden Pen Awards, Nigerian Breweries Plc, has said submission of entries would end on Friday, August 19, 2016. This was made known by the organiser in a statement issued in Lagos and obtained by Business Post on Saturday. According to Nigerian Breweries Corporate Affairs Adviser, Kufre Ekanem, intending interested journalists can still be part of the awards by submitting their entries ahead of the deadline. He said already, entries have been received from across the country from pen pushers. Mr Ekanem explained that the awards will reward journalists in three categories – the Golden

The intricacies of the foreign exchange market, which commands a staggering daily trade volume of over $5 trillion, have long intrigued traders. Recognized as the world’s most expansive financial playground, its decentralized nature stands in contrast to conventional stock exchanges. Instead of a physical trading floor, forex operates over the counter through interconnected global computer networks. This system grants traders from every corner of the globe, including the Philippines, unrestricted access. Yet, while it remains open 24/7, analysts at Traders Union point out that it’s a misconception that profitability remains constant throughout. This comprehensive guide from TU will shed light

By Adedapo Adesanya The Nigeria Security and Civil Defence Corps (NSCDC) has arrested two suspects over attempted diversion of petroleum products to neighbouring countries without an appropriate licence, as well as taking delivery of 17 suspects and six boats intercepted by the Nigerian Navy for oil bunkering activities. The Rivers State Commandant of NSCDC, Mr Abu Abdu Tambuwal, decried the defiant behaviour of individuals dealing illegally in the sale of petroleum products and sabotaging the nation’s economy, thereby contravening the Miscellaneous Offences Act, the Anti Sabotage Act, the Petroleum Act and its regulation. Mr Tambuwal explained that the arrest was

By Adedapo Adesanya African Export-Import Bank (Afreximbank) and the International Islamic Trade Finance Corporation (ITFC) have signed a $250 million facility to provide funds for the bank to advance procurement of COVID-19 vaccines and drive a trade-based economic recovery. The agreement was signed between Mr Benedict Oramah, President of Afreximbank and Mr Hani Salem Sonbol, CEO ITFC during the official visit of Mr Oramah and the Afreximbank delegation to the ITFC headquarters in Jeddah, Saudi Arabia. The ITFC facility will help advance Afreximbank’s COVID-19 response programme for countries in which both organisations operate, securing vital goods for the health of

By Adedapo Adesanya The Nigerian Rural Electrification Agency (REA) and RMI, an independent nonprofit organisation focused on transforming the global energy system, have launched the Energizing Agriculture Programme (EAP), which aims to boost the country’s GDP, accelerate renewable energy drive, and unlock productivity in the agriculture sector. The EAP is a three-year initiative with the Global Energy Alliance for People and Planet (GEAPP), with funding from The Rockefeller Foundation, that aims to stimulate the use of mini-grid electricity in productive agricultural uses by focusing on enabling market-led solutions and breaking the silos separating electrification and agricultural development. Over the next