Nigerian Currency Falls After Court Cancels Naira Redesign Policy

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Dipo Olowookere Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Modupe Gbadeyanka The ‘B’ long term and ‘B’ short term global scale counterparty credit ratings have been assigned by Standard and Poor’s (S&P) to the United Bank for Africa Plc (UBA). S&P explained that UBA’s market position is supported by its good franchise in the corporate and retail segments in Nigeria as well as geographic diversification, with operations in nineteen African countries (Nigeria inclusive). These ratings on the pan African lender are at par with S&P ratings on the Nigerian Sovereign. More so, S&P’s ‘B’ rating is the highest rating currently assigned to any Nigerian-based financial institution, thus reinforcing

By Dipo Olowookere The Joint Operations Manager of License Management & Compliance for LUKOIL, Mr Bruce Falkenstein, has tasked Africa to begin to map out long-term strategies to make life better for its people by making judicious use of its numerous resources. He gave this charge while reacting to a new book written by a leading African energy attorney, NJ Ayuk, titled Billions at Play: The Future of African Energy. Mr Ayuk is the founder and CEO of Pan-African corporate law conglomerate, Centurion Law Group; Founder and Executive Chairman of the African Energy Chamber; and co-author of Big Barrels: African

By Kestér Kenn Klomegâh In this snapshot interview conducted by our media executive Kestér Kenn Klomegâh with Professor Zenebe Kinfu Tafesse, a Senior Lecturer at the Moscow International University, President of the Union of African Diasporas (UAD) and Leader of the Ethiopian Community in Russia, he discusses the current Russia-African relations, the significance of the emerging new world order, the forthcoming Russia-Africa summit planned for July 2023 as well as the Russia-Ukraine war, which enters its first year on Friday, February 24. Here are the interview excerpts: How would you characterize the emerging new global order or alternative called a

By Dipo Olowookere Mr Hakeem Baba Ahmed has been announced by the Senate President, Mr Bukola Saraki, as his new Chief of Staff. A statement issued on Tuesday by the Senate President’s media aide, Mr Yusuph Olaniyonu, disclosed that Mr Ahmed’s appointment takes “immediate effect.” The appointee, a columnist with the Daily Trust newspapers, was Permanent Secretary at various times in the Presidency and later Ministry of Commerce and Industry. He further became Secretary of the Independent National Electoral Commission (INEC) and holds the national honour of Officer of the Federal Republic (OFR). The 61-year-old Saraki’s new Chief of Staff

The Marine Bridge Road Inward Ijora in Lagos State has been shut down ahead of the commencement of repair works by the contractors of the Federal Ministry of Works. The Lagos State Government said the emergency and immediate closure was to also allow the Federal Ministry carryout studies to determine the state of the Bridge and effect appropriate repairs. The state government pointed out that it is committed to putting in place effective traffic management strategies that will mitigate the impact of the closure, while the Federal Ministry of Power, Works and Housing has assured of immediate action towards repairing

By Dipo Olowookere Top Nigerian financial institution, Guaranty Trust Bank (GTBank) Plc has informed customers of its intention to close early on Friday, June 28, 2019. In a notice to customers on Monday, the lender said this Friday, banking services at its branches would end earlier than usual. For GTBank customers in Lagos, they won’t be attended to from 3pm on Friday and those outside won’t be attended to from 2pm. The reason for this early closure of is to allow the financial institution carry out its audit exercise in preparation of the release of its half-year results. “Dear customer,

By Adedapo Adesanya Fears by investors that the rising COVID-19 cases could affect the demand for crude oil at the global market put the prices of the commodity under pressure on Tuesday. Also, traders worried about a possible rise in the supply of crude oil to the market as Libya prepares to begin production in full after slowing down output since the start of the year. Yesterday, the Brent, which is the international crude benchmark, dropped 56 cents or 1.34 percent to trade at $41.15 per barrel, while the US West Texas Intermediate crude lost 35 cents or 0.88 percent

By Bliss Okperan The Nigerian National Petroleum Company (NNPC) Limited has disclosed that since it acquired the downstream business of Oando Plc in October 2022, its retail business has witnessed a surge in profitability. The chief executive of the NNPC, Mr Mele Kyari, disclosed this while addressing the ad hoc committee of the House of Representatives on the acquisition of OVH. At the gathering in Abuja on Friday, he informed the lawmakers that in the first quarter of 2023, NNPC Retail posted a profit of N18.4 billion compared with the N6.93 billion achieved in 2021. The acquisition of OVH has