Naira Weakens at Spot Market to N463.02/$1

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Dipo Olowookere The bond market regained a relatively calm posture on Wednesday with the average yields retracting by 0.28 percent. This was a market players cherry-picked on the 2027s which was sold off significantly higher in the previous session. According to Zedcrest Research, slight interests were seen on the longer end of the curve with yields averaging 14.20 percent. The Debt Management Office (DMO) released its bond offer circular for the month of August with a total of N90 billion of the 3, 5 and 10-year bonds on offer for sale at an auction slated for August 15, 2018.

By Dipo Olowookere Governor Dave Umahi of Ebonyi State has been lambasted by the All Progressives Congress (APC) Youths Renaissance for not allowing the party hold its rally in the state this Saturday. In a statement issued by the group, it described the action of the Governor as irresponsible, declaring him as an enemy of democracy and urged him to resign from the position. “We wonder why a governor who took the oath of office to defend the constitution of Nigeria in Ebonyi State would be the very one violating the same law in which he is a custodian. “Hence,

Texting is more preferred than even calling in recent times. It is becoming an increasingly popular mode and new messaging apps have transformed texts. All the texting apps make it so much entertaining to text.  The year 2020 saw an increase in the usage of texts and messaging. This also brought an increase in search for ‘iPhone hack texts’. With a great demand for iPhone hack apps, there was a lot of competition to cater to it.  So, let’s find out which is the best and most reliable way of hacking texts. Minspy: Best iPhone Hacking App Minspy is an

By Modupe Gbadeyanka In order to offer good working conditions to food couriers and profit to restaurant partners, a leading ride-hailing platform in Africa, Bolt, has launched a food delivery service. A statement from the company said the Bolt Food Delivery will offer customers competitively affordable, efficient food delivery service and help to provide easier access to daily essentials. With over 30 million customers worldwide, Bolt has built its ride-hailing platform efficiently to offer the best service in the sector to drivers and riders, positioning the company as a leader in Nigeria’s mobility sector. The company will now extend its

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has approached a Federal High Court sitting in Abuja to compel President Muhammadu Buhari to ensure the arrest of security operatives involved in the shooting of peaceful #EndSARS protesters at the Lekki tollgate and police brutality cases. SERAP, in a statement on Sunday signed by its Deputy Director, Mr Kolawole Oluwadare, said the lawsuit was filed in collaboration with 116 concerned Nigerians, noting that young Nigerians had converged at the Lekki tollgate on October 20, 2020, demanding good governance in the country and an end to police brutality before they

By Dipo Olowookere The secondary market for treasury bills in Nigeria closed bullish on Monday amid significant increase in the yields on the short end of the curve. Business Post reports that the 30-day bill recorded a 1.52 percent expansion in the yields during the trading session to end at 11.77 percent. This came on the back of an absence of an OMO auction by the Central Bank of Nigeria (CBN), which caused the average yields to fall at the close of business by 0.06 percent to settle at 12.60 percent. The 3-month bill suffered a 0.22 percent decline in

By Modupe Gbadeyanka The mining industry in Nigeria will continue to get more funding support of the Bank of Industry (BOI), the Acting Managing Director of the bank, Mr Waheed Olagunju, has assured. Mr Olagunju, in a statement issued in Abuja, disclosed that the move was to boost the emerging mining industry and promote mining activities in the country. He said that the bank had reached out to other financial institutions both at home and abroad to mobilise funding to promote mining activities in the country. Mr Olagunju said that the current efforts by the government, in collaboration with the

By Dipo Olowookere The FGN bond auction for the month of August 2019 held yesterday suffered a low subscription rate when compared with the previous exercises, Business Post reports. The Nigerian government, through the Debt Management Office (DMO), had approached the local bond market to borrow the sum of N145 billion from investors. However, at the Naira-denominated exercise, traders staked N139.58 billion for both competitive and non-competitive bids, with the former comprising N95.09 billion and the latter N44.49 billion. During the bond auction, the debt office offered N40 billion for the 5-year paper, N50 billion for the 10-year note and