Nigeria Grows Q2 2023 Total Merchandise Trade by 5.8% to N12.74trn

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

In the fast-paced world of Forex trading, having the right tools is crucial. Traders Union (TU) experts are here to guide you through Forex trading in 2023, focusing on the MetaTrader 5 (MT5) platform. They will discuss the top MT5 indicators, and different indicator types, and compare MT5 Forex Brokers. Additionally, they will explore the pros and cons of the MT5 platform. With this information, you will be well-prepared to excel in Forex trading. Meaning of Forex indicators Forex trading is complex, and success depends on many factors, with Forex indicators being a key one. TU’s analysts emphasized the importance

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 cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Dipo Olowookere The United Nations Children’s Fund (UNICEF) has said it would carry out a major health campaign in the Lake Chad Basin area in order to vaccinate over 41 million children against polio to contain the recent outbreak of the disease in north-east Nigeria. Populations fleeing conflict are on the move within the sub-region, raising concerns that the virus could spread across borders. Nearly 39,000 health workers are deployed across Nigeria and neighbouring Chad, Niger, Cameroon and the Central African Republic to deliver polio vaccines in areas at high-risk for the virus during five rounds of coordinated vaccination

By Victor Irechukwu In recent years, non-bank providers have been integrating financial services into various products and services. This enables merchants that have these embedded financial services to interact with their customers in new ways. Recall Nigeria’s recent cashless experiment? The main problem was not because the country wanted to go cashless, rather, people were unable to pay for goods and services. Yet, embedded finance could have solved this. There were stories, for instance, in the poultry industry, where thousands of farmers were said to have disposed of their eggs simply because they were dependent on cash. Maybe not individually,

By Nneka Okumazie An individual that does not – particularly – care about a successful marriage will find it easy to be agitated about the discipline applied or advised by another. An individual that has lived or gone somewhere will assert knowledge or experience over another that hasn’t been there. An individual will often judge or see others how they see themselves. Some see themselves as smart, liberated, exposed, special, etc. and they only respect those they think to be like them or above them, but look down on those they think are below them. Seeing self in a way,

By Dipo Olowookere The Nigerian Naira closed mixed at the various segments of the foreign exchange (forex) market on Friday. The local currency witnessed a slight depreciation at the Investors’ and Exporters’ (I&E) forex window against the Dollar. The Naira was exchanged at the special forex market segment at N360.36 to the Dollar against N360.13 it was sold the previous. However, at the Central Bank of Nigeria (CBN) Spot, the local currency was traded at N305.95 per Dollar, the same rate it went for on Thursday. In the same vein, the Naira remained unchanged at the CBN SMIS window, trading

By Modupe Gbadeyanka Regional Director for Sage West Africa, Magnus Nmonwu, has submitted that both Federal and State Governments in Nigeria can enhance tax compliance by encouraging businesses of all sizes to use technology to streamline capturing of transactions and automate payroll calculations. Mr Nmonwu noted that recent comments from the International Monetary Fund (IMF) around Nigeria’s low tax-to-GDP ratio highlight the importance of driving higher levels of payroll and accounting automation among the country’s businesses, especially small, micro and medium-sized enterprises. The IMF had warned that Nigerian governments’ ability to effectively finance infrastructure and services is constrained by low

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has been urged to allow commercial banks participate in its Anchor Borrowers programme aimed at improving agricultural sector in the country. This appeal was made by the Wheat Farmers Association of Nigeria (WFAN) in Kano in an interview with the News Agency of Nigeria (NAN) on Monday. According to the state WFAN Chairman, Mr Faruk Rabi’u, reviewing the policy on 50 percent risk sharing formula will encourage many commercial banks to partake fully in the programme. He told the news agency that, “CBN insisted that all commercial banks wishing to participate

You might not think you’ll ever get a blood clot, but blood clots can form in certain situations, even when they might not be expected. Some surprising times that blood clots could occur include: Working at your desk Most of us sit for hours each day, especially if we’re bound to a desk job. Sitting seems like such a harmless activity, so how can it be bad for you? The problem lies in how much of it, and for how long, we sit each day. According to Dr Helen Okoye, medical expert and spokesperson for the World Thrombosis Day (WTD)

By Adedapo Adesanya Leading retail store chain, Shoprite, has hinted that it could be exiting from the Nigerian market after 15 years of operations. The South African owned grocery retailer made the disclosure in a trading statement for the year ended June released on Monday, August 3, saying it is leaving one of its largest markets. The African biggest grocery retailer also announced that it has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria. In the statement, Shoprite said the results for the year do not reflect any