Naira Trades N755/$1 at P2P, N461.33/$1 at I&E, N748/$1 at Black Market

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

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By Dipo Olowookere A 0.83 per cent growth was recorded at the Nigerian Stock Exchange (NSE) on Wednesday propelled by the gains printed by 35 equities. During the midweek session, investors continued to put their funds in stocks because of the low-yield environment in the fixed income market, especially after the Central Bank of Nigeria (CBN) on Tuesday resolved to retain the benchmark interest rate in the country unchanged at 11.5 per cent after its first Monetary Policy Committee (MPC) meeting in Abuja. As a result of the sustained buying pressure, the All-Share Index (ASI) moved up by 345.79 points

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

The sum of $61.8 million has been approved by the governing committee of the Women Entrepreneurs Finance Initiative (We-Fi) for African Development Bank (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) programme. We-Fi is a partnership among 14 donor governments, eight multilateral development banks, and other public and private sector stakeholders, established in October 2017 and hosted by the World Bank Group. “This substantial support from the Women Entrepreneurs Finance Initiative, We-Fi, will help us scale up our actions and achieve greater results for women entrepreneurs across the continent. Our ambition with AFAWA goes beyond regular assistance to women

By Aduragbemi Omiyale Over the weekend, Nigeria’s Securities and Exchange Commission (SEC), led by its Director-General, Mr Lamido Yuguda, signed a renewed Memorandum of Understanding (MoU) with its counterpart in Ghana. The agreement was sealed to encourage market integration between both nation’s being the largest markets in the West African sub-region and provide better opportunities for economic prosperity. Mr Yuguda recalled that both countries had enjoyed a long period of progressive and mutually beneficial brotherhood and partnership with the same applying to both institutions, resulting in the first MoU in 2003. “It is worthy of note that this brotherhood, had

By Adedapo Adesanya The federal government has formally declared bandit groups operating in the country as terrorists as it now recognises banditry as an act of terrorism. The declaration was contained in the federal government’s Gazette proscribing their existence and restraining any person or group of persons from participating in activities of bandit groups. This is coming after the Federal High Court in Abuja declared bandits as terrorists following an ex parte motion the federal government filed before it through the Ministry of Justice. On November 26, 2021, Justice Taiwo Taiwo of the Federal High Court in Abuja granted an

By Dipo Olowookere Federal Government has rubbished claims by some commentators in the country that the 2018 appropriation bill contains suspicious items embedded in it. According to the Ministry of Budget and National Planning, items in the budget were well conceived and provided for by the respective MDAs. It was alleged that some line items and projects in the budget are suspicious, but a statement issued by Mr Akpandem James, Special Adviser on Media to the Minister of Budget and National Planning, Mr Udoma Udo Udoma, said such claims are not true. He pointed to some of the items like

By Modupe Gbadeyanka Governor Rotimi Akeredolu of Ondo State has presented the 2017 budget of the state to the Ondo State House of Assembly. In the budget proposal, Mr Akeredolu plans to spend about N170 billion in the 2017 fiscal year. According to the Governor, he plans to spend N95 billion for recurrent expenditure and N58 billion for capital expenditure. The precise amount proposed for approval is N169.7 billion. The 2017 budget was sent to the state lawmakers with a cover letter signed by Secretary to the State Government (SSG), Mr Ifedayo Abegunde. Speaker of the House, Mr David Oleyeloogun,

By Dipo Olowookere The Nigerian Stock Exchange (NSE) closed the last trading day of the week on a positive note with the 0.37 percent growth recorded on Friday, reducing the year-to-date loss to 16 percent. Gains recorded by stocks in the banking sector as well as those in the oil and gas industry contributed to the bullish session. At the close of business, the All-Share Index (ASI) went up by 118.29 points to close at 32,124.94 points, while the market capitalisation rose by N43 billion to end at N11.728 trillion. But despite the uptrend, the volume of transactions reduced by