NASD OTC Market Finishes 3.6% Lower

By Adedapo Adesanya Forty-seven per cent of Nigerians are actively engaged with crypto, a new study shows as the country finds safety in the currency amid worries about the foreign exchange rate. According to insights by CoinJournal shared with Business Post, cryptocurrencies, including Bitcoin (BTC) and various alternatives, are no longer just investments for speculation, “They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.” CoinJournal analyzed the data for the past three years, providing a comprehensive understanding of the current status of cryptocurrency adoption in 2023, as well as

By Adedapo Adesanya  The Nigerian Naira weakened by 17.9 per cent or N144.49 against the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 6 as confidence waned in the Central Bank of Nigeria’s (CBN) ability to boost the market with enough foreign exchange (FX). Yesterday, the exchange rate of the Naira to the Dollar closed at N951.22/$1 in the official market compared with the preceding session’s rate of N806.73/$1. This happened as the forex turnover slightly went down by 4.9 per cent or $7.05 million to $135.58 million from the $142.63 million reported in the

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Modupe Gbadeyanka One Ms Ngozichukwu Opara has won a brand new Hyundai I10 car in the #Ihaveeventone2 campaign commenced in May 2017 by Reckitt Benckiser (RB), makers of Dettol. Ms Opara was presented the car on August 4, 2017 at the RB Nigeria head office in Lagos. In 2016, RB introduced the Dettol Eventone Soap, a revolutionary product launched especially for the African skin. The soap kills 99.9 percent of germs and contains apricot seeds which exfoliate, remove excess oil and dirt and removes blemishes to give an even-tone healthy skin feel. Over the years, RB Nigeria has been

By Dipo Olowookere The need for African leaders to engage youths in agriculture and make them see the sector as a profitable business venture and not a sign of lacking ambition has been emphasised by the President of the African Development Bank (AfDB), Mr Akinwumi Adesina. According to this, apart from tackling food security in the continent through this, it would also stem migration of African youths to Europe and the United States of America (USA) in search of greener pastures. AfDB, while commenting on the occasion of the 2017 World Food Day, highlighted how Africa’s food security depends on

By Adedapo Adesanya China has been advised to sustain its Belt and Road Initiative (BRI) in Africa despite the setback caused by the coronavirus, which emanated from the country and has killed many people and infected several others. An influential report produced by top networking forum, the Economist Corporate Network in collaboration with multinational firm, Baker McKenzie, said the Asian giant must keep the BRI if it is to remain a major force in infrastructure development globally. Emerging market nations in Africa alongside Latin America, Central, and Eastern Europe were all fast developing major BRI project pipelines that can be

By Investors Hub The major US index futures are pointing to a roughly flat opening on Wednesday following the July 4th holiday on Tuesday. Traders may stick to the sidelines ahead of the release of the minutes of the latest Federal Reserve Meeting this afternoon. Stocks turned in a mixed performance on Monday, with the major averages closing on opposite sides of the unchanged line for the second straight session. While the Nasdaq slid 30.36 points or 0.5 percent to 6,110.06, the Dow climbed 129.64 points or 0.6 percent to 21,479.27 and the S&P 500 rose 5.60 points or 0.2

By Kester Kenn Klomegah Chairperson of the Southern African Development Community (SADC) and Mozambican President Filipe Nyusi has to make consistent efforts toward addressing the systemic governance deficit, deepening political discontent, and widening socio-economic disparity is the surest possible way to maintain a long-term peaceful environment in Mozambique. That was the message, at least, emerging from discussions via a videoconference held by the Centre for Strategic and International Studies (CSIS) of the United States. Hanna Tetteh, Special Representative of the UN Secretary-General António Guterres to the African Union (AU) and Head of the United Nations Office to the African Union,

By Modupe Gbadeyanka Urgent steps have to be taken to sanitise the real estate industry in Lagos State so as to attract both local and foreign investments into the sector, the Special Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, has submitted. Speaking at a stakeholders’ meeting held at The George Hotel, Ikoyi, on Thursday, she said fraudulent practices by some developers have discouraged genuine investors in the industry, especially from outside the country. According to her, the state government had to come in to restore the confidence of investors, noting that this was why the administration

By Adedapo Adesanya The decline in the demand for foreign exchange (FX) at the Investors and Exporters (I&E) segment of the market gave life to the Naira on Tuesday. According to data obtained by Business Post from the FMDQ Securities Exchange, $29.42 million worth of forex was demanded during the session, lower than Monday’s $68.14 million by $38.72 million or 58.3 per cent. This decrease in the day’s turnover helped the local currency to appreciate against the Dollar at the market window yesterday by 20 kobo or 0.05 per cent, closing at N385.80/$1 versus the previous day’s N386/$1. At the