Nigerian Currency Depreciates Further to N520/$1

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

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 It was a negative outcome for the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday, January 13 as the unlisted market environment was dampened by 0.06 per cent on the back of a loss suffered by UBN Property Company Plc. The properties investment subsidiary of Union Bank Nigeria Plc recorded a 6 kobo or 4.8 per cent depreciation to close at N1.20 per share in contrast to N1.26 it closed on Monday. This was responsible for the decline at the unlisted securities market at the second trading session of the week as the market capitalisation went down by

By Modupe Gbadeyanka It was a special moment for a leading player in the media monitoring and measurement industry, P+ Measurement Services, recently in Lagos. At the 13th Nigerian Media Nite-out awards (NMNA) held in Lagos State, this agency, which commenced operations few years ago, was rewarded for putting the budding industry on the map again. Before its existence, there was little or nothing known about media measurement in the country, but P+ Measurement Services opened the eyes of many to this vital sector of the economy. At the event, which had governors, prominent personalities, media experts and publishers in

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange opened the new month in the bearish territory on Thursday, July 1 following a negative movement in the equity price of Central Securities Clearing Systems (CSCS) Plc. The shares of CSCS Plc, which recorded a 16 kobo depreciation to sell at N18.34 per unit compared to N18.50 per unit of the previous session, overshadowed the gains posted by two other unlisted stocks. Nigerian Exchange (NGX) Group Plc appreciated by 16 kobo to close at N17.28 per unit versus N17.12 per unit of the previous day, while Niger Delta Exploration and Production

By Jerome-Mario Chijioke Utomi The greatest problem of man is that man is the problem, Anonymous. Aside from the time-honoured belief that the poverty (intellectual, economic, social, psychological and cultural) of any country is felt by the quality and quantity of its citizens, this piece primarily stemmed from a barrage of intra, inter, trans and cross-reactions that trailed my recently posted intervention entitled The Man Ortom; His Politics and Leadership Style. Out of many, this piece will as a guide cite/highlight two. While the first comment appears objective and emphasizes why followers should nimble in adopting, adapting and disseminating new

By Adedapo Adesanya Crude oil declined on Tuesday after rising in an earlier session as the possibility of interest rates hike in the United States outweighed concerns about supply. This slowed the Brent crude by 36 cents or 0.41 per cent to $87.84 per barrel and crushed the West Texas Intermediate (WTI) by 52 cents or 0.61 per cent to $85.08 per barrel. The US Federal Reserve is expected to signal at its meeting this week of the possibility of raising the rates in March and will consider other policy tightening, reversing the easy policies it put in place to

By Adedapo Adesanya In its quest to support agricultural value chain across Africa, the African Development Bank (AfDB) has approved $300 million to the Federal Ministry of Agriculture and Rural Development to implement the Special Agro-Industrial Processing Zones (SAPZ) project in Nigeria. Expected to commence in July, the SAPZ project worth $500 million will be a collaborative effort by the bank, the Ministry, and other investors designed to concentrate agro-processing activities within areas of high agricultural potential across the country. According to the AfDB President, Mr Adewumi Adesina, through his Senior Special Adviser on Industrialisation, Mr Oyebanji Oyelaran-Oyeyinka, the agro-processing

By Modupe Gbadeyanka Heritage Bank Plc is fast stimulating economic diversification through support for the Nigerian creative industry towards sustainable, persistent growth as alternative to crude oil. The MD/CEO of the bank, Ifie Sekibo yesterday stated this at the Exhibition Gallery of National Museum Benin by the National Commission for Museums and Monuments (NCMM) in collaboration with the Edo State Government, and the Smithsonian Institute, United States of America, which Heritage Bank was the lead sponsors. The exhibition focused on photographic works of Chief Solomon Alonge, photographer to Royal Court of Benin kingdom during the reign of Oba Akenzua II.

By Dipo Olowookere Seven of the 14 agencies at the sea ports in Nigeria have been expelled by management of the Nigerian Ports Authority (NPA). This move, we gathered, is in line with implementation of the new executive order signed recently by the Acting President, Mr Yemi Osinbajo, as part of efforts to improve the ease of doing business in Nigeria. Those asked to leave the sea ports immediately were the National Agency for Food and Drug Administration and Control (NAFDAC), the National Drug Law Enforcement Agency (NDLEA), Standard Organisation of Nigeria (SON) among others. Managing Director of NPA, Ms