Naira Tumbles at Official Market, Strengthens at P2P, Black Market

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

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  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 Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Adedapo Adesanya The prices of the two crude oil grades closed mixed on Tuesday as traders weighed the effect that higher energy costs could have on the global economic recovery. While the Brent crude fell by 32 cents or 0.38 per cent to trade at $83.33 per barrel, the United States West Texas Intermediate (WTI) crude rose by 7 cents or 0.09 per cent to sell at $80.59 per barrel. Energy prices have surged to record highs in recent weeks, driven by shortages in Asia and Europe, with an energy crisis in China expected to last through year-end, raising

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has said the federal, 36 states, 774 local governments and other statutory recipients shared the sum of N3.88 trillion in the first six months of the year. This was contained in the latest edition of the agency’s quarterly report on disbursements by the Federation Accounts and Allocation Committee (FAAC). A breakdown of the disbursements showed that N1.53 trillion went to the federal government, while the 36 states got N1.29 trillion with the 774 local government areas receiving N771.34 billion. A look at the amount received by the highest tier of

By Dipo Olowookere As part of its expansion plans, Ellah Lakes Plc is looking to acquire the entire assets and liabilities of an oil palm processing company in Delta State. The management of Ellah Lakes disclosed this information to the investing public on Thursday via the Nigerian Stock Exchange (NSE), where the company trades its stocks. Business Post reports that Ellah Lakes, which primarily deals in the fishing business, has not been having it good lately. In the third quarter of its present financial year ended April 30, 2020, the company generated zero revenue. This was despite acquiring 100 per

Lounging on Labadi Beach, browsing the shops on Osu’s Oxford Street, ending the day with a meal in a local chop bar: This is Accra, Ghana’s bustling capital city. It’s also where, in 2018, we opened our first AI research centre in Africa. The centre houses research labs that explore how we can use AI to help solve pressing problems affecting millions of people both locally and globally, like mapping buildings in remote locations to provide better electricity. Our local researchers collaborate with research teams across the globe to work on AI-based tools to create change for communities worldwide, including

By Modupe Gbadeyanka Investors have been assured that the process of doing business in Lagos State would be made easier and better. Lagos State Governor, Mr Akinwunmi Ambode, while speaking on Sunday, assured that his administration would continue formulate policies that would support business community in the metropolis. “We shall sustain the existing robust partnership with the private sector in the area of evolving sound policies that will stand the test of time and provide the roadmap in our journey to economic prosperity,” Mr Ambode said at the closing ceremony of the 2017 Lagos International Trade Fair. Represented at the

By Kestér Kenn Klomegâh This article attempts to contribute to the discussions on the evolutionary political confrontations and contradictions between Russia and Ukraine, its impact on and implications for Southern Africa. Historically, both Russia and Ukraine attained their independence after the collapse of the Soviet era in 1991. It has embarked on territorial expansionism, annexing neighbouring former Soviet republics. Its annexation ambitions started with Georgia, then Crimea and now Ukraine. That, however, Russia considered itself a superpower and hopes to lead the emerging new world order. After these several months, Russia’s “special military operation” approved by the Federation Council and

By Investors Hub European stocks have moved mostly lower on Wednesday as the dollar eased somewhat against rivals ahead of the looming Fed rate hike. While the U.K.?s FTSE 100 Index has dropped by 0.6 percent, the French CAC 40 Index is down by 0.4 percent and the German DAX Index is down by 0.3 percent. Adecco Group has moved to the downside after the Swiss employment services group said that the strong cash generation of its underlying businesses underpins its program of strategic investments. Kingfisher has also slumped after the British home improvement retailer warned over ‘uncertain’ trading after

By Dipo Olowookere The federal government has increased the pump price of premium motor spirit (PMS) commonly called petrol to N212.61 per litre. This announcement was made on Thursday night by the Petroleum Products Pricing Regulatory Agency (PPPRA), an organisation established by the government to control the price of petroleum products in the country. Before now, there had been rumours that the government was planning to hike the price of the commodity and this brought about the reemergence of queues at petrol stations in some parts of Abuja and Lagos. However, the government refuted the rumours and consumers were assured