Nigeria Records More Exports Than Imports in Q2 2019

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  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Adedapo Adesanya Aella App, Nigeria’s leading single-point financial service and payment solution provider, is working with Amazon Web Services (AWS) to provide quick access to credit and other financial services to underbanked individuals using Amazon Rekognition for identity verification. Amazon Rekognition is a fully managed computer vision service that enables developers to analyse images and videos for a variety of uses, including face identification and verification, media intelligence, custom industrial automation, and workplace safety. With the lack of application programming interface (API) infrastructure that allows the real-time verification of government identifications in Nigeria, Aella App is changing the fintech

By Investors Hub Asian markets ended on an upbeat note on Monday, with investors indulging in hectic buying amid rising optimism a fresh round of talks between the U.S. and China will help resolve trade disputes between the two countries. Strong U.S. jobs data and the Federal Reserve Chairman Jerome Powell’s remarks last week that the Fed would be patient and flexible in policy decisions also contributed to the gains. Chinese stocks ended the day firmly in positive territory. The Shanghai Composite Index climbed 0.7 percent, while Hong Kong?s Hang Seng Index advanced 0.8 percent. The Japanese benchmark Nikkei 225

By Dipo Olowookere The maiden edition of a talent hunt show organised by Zidora Group has commenced and auditions will hold in major cities in Nigeria. The programme is for those talented in different areas like music, dance, acting, magic, acrobatics, among others. Participants would be aiming to win different fabulous prizes. According to the organisers, auditions will hold in major cities like Lagos, Abuja, Port Harcourt, Calabar and Owerri. At the end of the auditions, successful applicants would be invited to the Zidora Talent Hunt Academy in Lagos for the grand finale and all processes shall be beamed live

In her charismatic way of celebrating youngsters, SPAR hosted Nigerian children to a party across various cities in the country during the 2019 Children’s Day celebration. The event took place simultaneously at the various premises of SPAR outlets nationwide. This memorable event saw children engaged in various games and other exciting competitions during the Kids Fun Day and all participants went home with various freebies courtesy of SPAR. The free event made children experience the hospitality of the brand in a serene and conducive atmosphere. In his comment on the SPAR Children’s Day Party, the company’s Group Marketing Head, John

By Aduragbemi Omiyale The Lagos State government has urged residents not to panic over the enforcement of the ban on commercial motorcycles, popularly known as okada, from Wednesday, June 1, 2022. On May 18, 2022, after the killing and lynching of a sound engineer, Mr David Imoh, by some okada riders in the highbrow Lekki area of the state, Governor Babajide Sanwo-Olu, announced another ban on operations of commercial motorcycles in six local government areas of the metropolis. “After a critical review of our restriction on okada activities in the first six Local Government Areas where we restricted them on

By Adedapo Adesanya The Nigerian Naira went into the election weekend stronger as it appreciated against the United States Dollar in the parallel market, the Peer-2-Peer (P2P), and the Investors and Exporters (I&E) segments of the foreign exchange (FX) market on Friday, February 24. Nigerians will today, Saturday, February 25, elect who will take the mantle of leadership from President Muhammadu Buhari, whose administration has witnessed a difficult time for the local currency at the forex market. Under his administration, the local currency has been devalued more than once and has been exchanged in the black market for almost N800

By Ashemiriogwa Emmanuel The Minister of Water Resources, Mr Suleiman Adamu, has charged the institutions at the area councils and communities in the Federal Capital Territory (FCT) to drive the campaign against open defecation through the provision of adequate resources and awareness. Mr Adamu made the call during his remarks at the official declaration of a State of Emergency in Water, Sanitation and Hygiene in the nation’s capital, Abuja, adding that the country was making steady progress in meeting the objective of ending open defecation among residents by 2025. He said the objective also focuses on improving and promoting sustainable

By Dipo Olowookere Governor Abdulfatah Ahmed of Kwara State has expressed optimism that the newly commissioned land administration secretariat will change the state’s financial fortune if properly managed. The Governor, who dropped the hint in Ilorin when he commissioned the secretariat, said his government initiated the land administration process to enable government exploit opportunities inherent in land management. Mr Ahmed, who expressed satisfaction over the completion of the project, explained that the land administration of the government was to remove bottlenecks surrounding collection of land titles. Also speaking at the commissioning of the KWASU’s Post Graduate School of Governance and