NASD OTC Market Ends Week Flat, Volume Rises 1,069% on Friday

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Dipo Olowookere Inflation in the month of September 2017 moderated to 15.98 percent from 16.01 percent in August 2017. This is according to the data released by the National Bureau of Statistics (NBS) on Tuesday, October 17, 2017. According to the stats office, the Consumer Price Index (CPI), which measures inflation increased by 15.98 percent (year-on-year) in September 2017. This was 0.03 percent points lower than the rate recorded in August (16.01) percent making it the eighth consecutive decline in the rate of headline year on year inflation since January 2017. The NBS said increases were recorded in all

By Adedapo Adesanya The oil market dropped by almost 4 per cent on Wednesday, extending the previous session’s sharp losses, as recession shadowed a report that showed US crude inventories fell more than expected. Brent crude settled at $77.69 a barrel after losing $3.08 or 3.8 per cent, while the U.S. West Texas Intermediate crude settled at $74.30 a barrel after shedding $2.77 or 3.6 per cent. The Energy Information Administration (EIA) reported an inventory draw of 5.1 million barrels for the week to April 21 compared with another draw of 4.6 million barrels for the previous week and an

By Modupe Gbadeyanka The management of the Nigerian Stock Exchange (NSE) says plans have been concluded to hold the 4th edition of its annual NSE Corporate Challenge tagged ‘eRace Cancer 2.0’ on Saturday, July 1, 2017, at the Onikan Stadium, Lagos. This initiative was established in 2014 as a response to the staggering statistics on cancer. Annually, over 100,000 Nigerians are diagnosed with cancer, and about 80,000 die (approximately 10 deaths every hour) with a dismal survival rate of 1:5. Survival is even lower for other types of cancer such as blood cancers. The NSE Corporate Challenge is an annual,

By Adedapo Adesanya A court in the United Kingdom has ruled in favour of Nigeria in the P&ID case, squashing the $11 billion award against the African country, a decision that ends a five-year legal battle. In a judgment delivered by email on Monday, Mr Robin Knowles, Justice of the Commercial Courts of England and Wales, upheld Nigeria’s prayer on the ground that the ill-fated gas processing contract was obtained by fraud. For context, P&ID had agreed with Nigeria in 2010 to build a gas processing plant in Calabar, Cross River State, but the company said the deal collapsed because

Fidelity Bank Plc has been applauded for providing free medical outreach to 1,000 people in Misau Local Government Area (LGA) of Bauchi State as part of its Corporate Social Responsibility (CSR) initiatives. This commendation was given by wife of Bauchi State Governor, Hajiya Aisha Bala Mohammad, who urged the beneficiaries to regularly check their health status in order to reduce cases of diabetes, cancer, hepatitis, high blood pressure, amongst other ailments. The outreach was organised by the Al-Muhibbah Foundation in collaboration with staff members of Fidelity Bank and was held from June 20 – 21, 2019 at the Misau Secretariat

By Adedapo Adesanya The Naira fought back against recent headwinds, appreciating against the US Dollar across the major segments of the foreign exchange (FX) market on Friday, July 30. At the Investors and Exporters (I&E) window of the market, the local currency appreciated by 0.06 per cent or 23 kobo to close at N411.44/$1 compared with the previous rate of N411.67/$1. During the trading day, the domestic currency was able to withstand the FX demand pressure as a result of the sufficient supply of foreign currency to the market. The turnover for the session, according to data from the FMDQ

By Adedapo Adesanya The Actors Guild of Nigeria (AGN) has backed the ongoing war on drugs abuse in Nigeria, promising to join the crusade against the scourge. The actors gave this assurance on Monday during a meeting with the Chairman/Chief Executive of the National Drug Law Enforcement Agency (NDLEA), Mr Mohamed Buba Marwa, at the national headquarters of the agency in Abuja. While commending the Nollywood actors and the entertainment industry for projecting the image of Nigeria, Mr Marwa expressed confidence that the campaign against drug abuse in the country will go far with the offer of partnership and support

By Dipo Olowookere A multinational youth entrepreneurship group called the G20 Youths Entrepreneur Alliance (YEA) has promised to work with the Oyo State Government to create employment opportunities for the teeming youths in the State. The Director General, Citizens Enterprises, Mr Jean-Louis Gregoire, who led the Youths Entrepreneur Alliance members on a courtesy visit to the state Governor, Mr Abiola Ajimobi said the group was in the state to foster sustainable ways that would help to set up youths empowerment schemes to reduce poverty among the young ones. According to Mr Gregoire, “Our objective is to look into how to