Nigeria-EU Trade Volume Hits €19.9b

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Adedapo Adesanya The confirmation of the new Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and four deputies, generated mixed reactions in the foreign exchange (forex) market on Tuesday. Business Post reports that while it did magic in the Investors and Exporters (I&E) window, it could not replicate this in the Peer-to-Peer (P2P) and the black market segments. After his confirmation on Tuesday, the new CBN governor said the immediate plan to stabilise the Naira would be for the apex bank to settle some financial obligations and make “transparent rules”. “Number one is what I will term an operational

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Modupe Gbadeyanka Last Friday, the Nigerian Stock Exchange (NSE) depreciated by 0.17 per cent following sustained profit-taking by investors. The local equities were under pressure during the session as a result of the poor performance of 12 firms on the exchange as only 10 companies had their share prices closing positive. Nigerian Breweries led the decliners’ chart after losing 70 kobo to close at N30 per share, while GTBank followed with a 50 kobo loss to settle at N21.50 per share. Dangote Sugar declined by 20 kobo to close at N12 per share, NEM Insurance lost 6 kobo to

By Dipo Olowookere The 2017 budget presented to the National Assembly by President Muhammadu Buhari in December 2016 has finally been passed by the House of Representatives. The lower legislative chamber of the National Assembly passed the appropriation bill on Thursday afternoon after working on it for some weeks. However, the green chamber raised the budget to N7.44 trillion from the N7.30 trillion earlier proposed by the President. The 2017 budget was passed after the lawmakers adopted the report presented on the floor of the House by the appropriation committee on the budget.

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market by 0.01 per cent or 3 kobo on Wednesday, October 27. The local currency sold for N415.07/$1 yesterday, according to data obtained from FMDQ Securities Exchange and at the previous trading day, the exchange rate was N415.10/$1. It was observed that the decline in the demand for forex at the segment supported the appreciation the domestic currency recorded at the midweek trading session. The turnover for the day stood at $147.44 million in contrast to the $200.74

By Adedapo Adesanya The Naira suffered a heavy loss against the United States Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Thursday, July 7. Business Post reports that the value of the Nigerian currency was down by N5 or 0.81 per cent during the session to settle at N625/$1 in contrast to the N620/$1 it was exchanged with the greenback a day earlier. Also, in the Investors and Exporters (I&E) window of the forex market, the Naira depreciated against the American currency by 41 or 0.1 per cent to trade at N428.16/$1 compared with the

By Dipo Olowookere Dubai’s diverse and vibrant hospitality sector is forecast to experience strong, sustained growth over the coming years, with occupied room nights set to reach 35.5 million annually in 2019, representing a robust 10.2 percent compound annual growth rate (CAGR) over the next 24 months. According to a comprehensive study of the market by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism), the emirate’s room supply is set to reach 132,000 by the end of 2019, growing at a 2-year (2017-2019) CAGR of 11.1 percent. Meanwhile, occupancy levels are forecast to remain at an extremely healthy 76-78

By Dipo Olowookere The several efforts being made by the Nigeria Extractive Industries Transparency Initiative (NEITI) to ensure that the nation’s extractive industry is viable has been commended by the Senate. Chairman, Senate Committee on Federal Character and Inter-Governmental Affairs, Mr Tijjani Yahaya Kaura, while speaking recently in Abuja, noted that the agency has done well to save the sector from imminent collapse. He praised management of NEITI and urged them to continue with the good work. The lawmaker said the monumental corruption that characterized the oil and gas industry since inception has resulted in a situation where the natural

By Adedapo Adesanya The Naira depreciated against the Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Thursday by N3 or 0.4 per cent to trade at N756/$1 compared with the previous day’s N753/$1. Also, the Nigerian currency lost N4 against its American counterpart to close at N747/$1 in contrast to Wednesday’s closing price of N743/$1. However, in the Investors and Exporters (I&E) window, the local currency appreciated against the greenback yesterday by 8 Kobo or 0.08 per cent to sell for N441.13$1 compared with the preceding session’s N441.25/$1. Data obtained from the FMDQ Securities Exchange indicated

By Dipo Olowookere Gambian President, Mr Yahya Jammeh, has lost the country’s presidential election to his opponent, Mr Adama Barrow. Gambia’s electoral commission boss, Mr Alieu Momar Njie Njie, on Friday, announced Mr Barrow winner of the poll. He said Mr Barrow won more than 45 percent of the vote. According to him, Mr Barrow polled 263,515 votes in the Thursday exercise, while Mr Jammeh garnered 212,099, representing 36.7 percent. The President-elect was born in 1965 in a small village near the eastern market town of Basse. In 2000s, Mr Barrow moved to London and worked as a security guard