Nigerian Currency Firms Against Dollar at Black Market, P2P, I&E

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Dipo Olowookere The last trading session of this week ended positive as investors continue to select some equities selling at very low prices at the market. At the close of Thursday’s session, the Nigerian Stock Exchange (NSE) appreciated by 1.47 percent, shrinking the year-to-date loss to 20.33 percent. The positive performance of the bourse was boosted by stocks in the banking, consumer goods, energy and insurance sectors as their respective performance indicators closed higher by 3.96 percent, 5.03 percent, 1.36 percent and 0.32 percent. Only the industrial goods counter closed bearish by 0.57 percent. Business Post reports that the

By Investors Hub The major U.S. index futures are pointing to a lower opening on Tuesday, with stocks likely to move back to the downside following the rebound seen in the previous session. Renewed skepticism about a trade deal between the U.S. and China may weigh on the markets following President Donald Trump?s comments in an interview with the Wall Street Journal. In the interview published Monday, Trump told the Journal it was “highly unlikely” he would delay an increase in tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent. Trump also suggested the U.S.

The mining industry in Ghana and the entire West African Sub region will soon receive a major boost following the establishment of a world-class Geochemical Laboratory at Tarkwa in the Western region of Ghana by SGS Ghana Limited. The facility will complement the existing facilities available in the country by ensuring that clients receive full scale geochemical analytical services at the highest quality and promptness that is required. The Client Liaison Manager of SGS Ghana at Tarkwa, Wilfred Appiah who made the announcement at the just ended maiden edition of the Ghana Gold Expo held in Takoradi said, the facility

By Adedapo Adesanya The prices of food globally dropped to 121.4 points in August, 2.1 per cent lower than the 123.5 points from July, reversing the rebound registered last month and pushing the index as much as 38.3 points (24.0 per cent) below its peak reached in March 2022. This is according to the latest figure by the Food and Agriculture Organisation (FAO) on Friday, which showed that the drop reflected declines in the price indices for dairy products, vegetable oils, meat and cereals, while the sugar price index increased moderately. The FAO Cereal Price Index averaged 125.0 points in

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has taken President Muhammadu Buhari’s government to the ECOWAS Court of Justice over his alleged inaction on illegal pipelines and oil theft in the country. In a statement on Sunday, the organisation said it filed a lawsuit against the current administration over “the failure to probe the operations of illegal oil pipelines between 2001 and 2022, to name and prosecute those suspected to be involved, and to recover proceeds of crime.” SERAP Deputy Director, Mr Kolawole Oluwadare, said the suit was filed by the group, Chief Eric Dooh, (who is

By Dipo Olowookere Shares of BUA Cement recorded the first loss after joining the Nigerian Stock Exchange (NSE) on Thursday, January 9, 2020. At the listing, the stock exchange admitted a total of 33,864,354,060 ordinary shares of 50 kobo each of BUA Cement Plc at a unit price of N35, boosting the market capitalisation of the NSE by N1.2 trillion to N15.164 trillion from N13.787 trillion before the admission. This also made the firm become the third largest company on the local bourse, behind Dangote Cement in first position and MTN Nigeria in second place. On its first day on

By Dipo Olowookere The raising of the monetary policy rate (MPR) by 50 basis points to 18.00 per cent by the Central Bank of Nigeria (CBN) on Tuesday did not deter the Nigerian stock market from closing in the green territory. Business Post reports that the Nigerian Exchange (NGX) Limited rebounded by 0.03 per cent yesterday on the back of fresh bargain-hunting in financial and industrial goods equities. The energy sector remained flat during the session, as the consumer goods counter lost 0.12 per cent, while the insurance, banking and industrial goods sectors appreciated by 1.30 per cent, 0.36 per

By Modupe Gbadeyanka A promo aimed to reward movie lovers in Lagos and Abuja will commence on Friday, December 24, 2021, Rite Foods, makers of Bigi drinks has confirmed. The campaign tagged Watch and Win will enable customers to win prizes through a raffle draw slated for March 19, 2022, a statement from the company disclosed. It was explained that fun-seekers who watch any movie at any Silverbird Cinema in Lagos and Abuja will win a raffle ticket which is redeemable at any of the participating Silverbird movie outlets for a chance to win incredibly exciting prizes which include a