Nigerian Naira Depreciates to N493/$1 at Black Market

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

 By Adedapo Adesanya The Onion Producers and Marketers Association of Nigeria (OPMAN) have inaugurated documented onion exports through Illela land border in Sokoto State. At the launch of the programme yesterday, the Area Controller of Nigeria Customs Service (NCS), Mr Abdulrahameed Ma’aji, in charge of Sokoto and Zamfara states, urged producers and marketers to utilize the opportunity for enhanced production and trading. Mr Ma’aji commended President Muhammadu Buhari for reopening the land borders for legitimate businesses, and lauded the efforts of the Comptroller General of NCS, Mr Hameed Ali, for keeping in tune with international best practices in customs’ responsibilities.

By Adedapo Adesanya The Chief Executive Officer (CEO) of the NASD over-the-counter (OTC) Securities Exchange, Mr Bola Ajomale, has said companies cannot trade stocks simultaneously on the platform and the Nigerian Exchange (NGX) Limited. Mr Ajomale made this disclosure at an event organised by the regulatory agency for the unlisted securities market in Nigeria in collaboration with a brokerage firm, Capital Bancorp. When asked at the webinar attended by Business Post about the possibility of a public limited company (PLC) trading its shares on both exchanges at the same time, Mr Ajomale said it is not possible. “Can a company

By Aduragbemi Omiyale The United Kingdom’s Development Finance Institution and impact investor, CDC Group, has approved a $50 million trade finance facility for Ecobank International (EBI SA), the Paris based member of the Ecobank Group. The loan would enable the lender to provide further support for African trade, especially at a time the businesses need funds to be able to unlock the several opportunities in the African Continental Free Trade Area (AfCFTA). But the facility was given to Ecobank to support businesses across the continent, which have been affected by the COVID-19 pandemic. The global health crisis has had a

By Okechukwu Keshi Ukegbu Abia state government said it has completed design for a 17 kilometre of road within Enyimba Economic City, which will be done by China Civil Engineering Construction Corporation (CCECC) and Group Five of South Africa. Senior Special Assistant to Abia State Governor on Job Creation and Youth Development, Chinenye Nwaogu, disclosed this during the recent launch of Google Digital skills programme, for manufacturers in Aba. He also revealed that the construction work on the project will start at the last quarter of this year, adding that the Federal Government has paid for its 20 percent share

By Dipo Olowookere Francophone West Africa leads in intra-regional trade with trade hotspots around Dakar, Abidjan, Cotonou and Lomé, analysis by Ecobank Research has revealed in its new website, AfricaFICC. The research team has updated Ecobank’s flagship Africa Fixed Income, Currency and Commodities Guidebook (FICC) and made it available as an online resource at https://Ecobank.com/AfricaFICC. The website provides key facts for businesses and investors on the economies of Sub-Saharan Africa and the key sectors of activity. The first regional section of the website to go live is Francophone West Africa, one of the most diverse regions of Sub-Saharan Africa. Stretching

By Dipo Olowookere The All-Share Index (ASI) of equities on the trading platform of Africa’s largest economy depreciated to its lowest level in 5 weeks on Monday after closing below the 28,000 psychological mark. Business Post reports that the benchmark indicator went down yesterday by 294.90 points to settle at 27,772.19 points in contrast to the previous session’s 28,067.09 points. The last time the ASI was in the 27,000 region was on January 7, 2020, when it ended at 27,586.93 points and moved to 28,562.48 points the next day after growing by 3.54 percent. It was observed that the market

By Aduragbemi Omiyale Former Pope Benedict XVI has died at the age of 95, a statement from the Vatican on Saturday has announced. The late pontiff was the first to resign from the position in about 600 years. The first in the history of the Vatican was Gregory XII in 1415. In 2005, Pope Benedict, born Joseph Ratzinger in Germany, became the oldest pope ever elected at 78, but in 2013, he stepped down on health grounds and remained at his Vatican residence, precisely at the Mater Ecclesiae monastery. “With sorrow, I inform you that the Pope Emeritus, Benedict XVI,

By Modupe Gbadeyanka A seasoned business magnate, corporate administrator and philanthropist, Mr Nnaeto Orazulike, has been appointed to the board of Ecobank Nigeria Limited as a non-executive director. A statement from the financial institution disclosed that the appointment of the founder and Group Managing Director of Genesis Group took effect from April 2022. Genesis Group is a Nigerian conglomerate with interests in restaurants, cinemas, hotels, food production and oil & gas services and production. The businessman would be expected to the board his wealth of experience from similar positions in the past as he had previously served on the board