Nigerian Naira Down at Spot Market, Black Market, P2P

By Modupe Gbadeyanka Nigeria’s business activity improved in September despite cost pressures limiting demand, according to the latest Purchasing Managers’ Index (PMI) released by Stanbic IBTC Bank Plc. The lender said in the period under review, the private sector had a reading of 51.1 points compared with the 50.2 points achieved in August 2023. It was the rise in business activity in the country was influenced by the growth in order, though the rates of expansion in each were only modest. New orders increased for the sixth month running in September as some firms signalled an improvement in demand. While

By Adedapo Adesanya Three scientists will share the Nobel Prize in Physics as the Royal Swedish Academy of Sciences recognised Pierre Agostini, Ferenc Krausz and Anne L’Huillier as this year’s recipients for experimental methods that generate attosecond pulses of light for the study of electron dynamics in matter. The three Nobel Laureates in Physics 2023 were recognised for their experiments, which have given humanity new tools for exploring the world of electrons inside atoms and molecules. BREAKING NEWSThe Royal Swedish Academy of Sciences has decided to award the 2023 #NobelPrize in Physics to Pierre Agostini, Ferenc Krausz and Anne L’Huillier

By Adedapo Adesanya Nigeria plans to increase the net contribution of the telecommunications sector to the gross domestic product (GDP) by 22 per cent by the end of 2027. This is part of efforts announced by the Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, in the ministry’s 31-page Strategic Blueprint document titled Accelerating our Collective Prosperity through Technical Efficiency, seen by Business Post. In the document, the ministry noted that “As telecommunications continues to evolve in line with new technology and associated opportunities, it is critical to revamp our national approach to account for changing imperatives and

By Modupe Gbadeyanka Small and Medium Enterprises (SMEs) in Nigeria recently had the opportunity to gain more knowledge on how to scale their operations at a training organised by the Fate Foundation Alumni Conference. The event, in its 8th edition, was bankrolled by one of the leading financial institutions in the country, Union Bank of Nigeria Plc. It was gathered that at the programme, participants, including chief executive officers of major businesses, SME and MSME owners, exhibitors, and Fate Foundation Alumni shared knowledge on crucial topical subjects essential for entrepreneurial growth and success from seasoned entrepreneurial leaders and influencers. At

By Dipo Olowookere Transactions worth N30.379 billion were recorded at the Nigerian Exchange (NGX) Limited last week, which had four trading sessions due to the public holiday observed last Wednesday for Eid-el Maulud. Data obtained by Business Post showed that the stock market posted these trades from the sale of 3.911 billion shares in 38,536 deals. When compared with the preceding week, which had five trading days, the value of transactions weakened by 36.00 per cent, as investors bought and sold 2.933 billion shares valued at N47.449 billion in 44,654 deals. A breakdown indicated that the financial services industry led

In recognition of Customer Service Week 2023 (October 2 – 6), Schneider Electric shares valuable insights on improving customer satisfaction. Ajibola Akindele, Country President, Schneider Electric, West Africa, shares strategies and insights on how Schneider Electric has built long-lasting customer relations over the years through customer satisfaction. How would you describe Customer Service? The heart of Schneider Electric is its customer service. It represents our guiding principles and is essential to how we conduct business every day. At Schneider Electric, we consider providing exceptional customer service to be more than just a department, but rather a part of who we

By Adedapo Adesanya The Nigeria Deposit Insurance Corporation (NDIC) has disclosed playing N16.18 billion in liquidation dividends to depositors, creditors, and stakeholders of 20 banks in liquidation. According to a statement from the corporation’s Director of Communication and Public Affairs, Mr Bashir Nuhu, this follows impressive recoveries from debtors and the realisation of assets of banks in liquidation. As a result, the NDIC, which is responsible for protecting depositors and guaranteeing the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, said it had commenced verification and payment of stakeholders covered by the declarations

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed Week 39 mixed as the unlisted securities index rose by 0.83 per cent, while the market capitalisation depreciated by 2.63 per cent after VFD Group Plc finally delisted after three years of trading on the platform. According to data from the bourse, the NASD index went up by 6.70 points to 815.65 points from 808.95 points, while the value of the exchange shrank by N30 billion to N1.110 trillion from N1.140 trillion. In the week, Nipco Plc improved its value by 9.8 per cent to close at N95.00 per share

By Aduragbemi Omiyale A Norwegian start-up, Empower New Energy, has injected about $13 million into a Nigerian hybrid solar solutions provider, WATT Renewable Corporation, to reduce the country’s carbon footprint through innovative technologies. A statement from WATT said the funds would be used to improve the renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria. The firm stated that this is set to make a substantial impact on the availability and reliability of clean energy in the region and reduce the consumption of diesel

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) wing of the foreign exchange market on Monday, October 2, as the official market, the Investors and Exporters (I&E) window closed for the Independence Day holiday. In the P2P segment, the Nigerian Naira appreciated against the American currency by N3 to sell at N998/$1 compared with the preceding session’s value of N1,001/$1. In the same vein, the local currency improved its value against the US Dollar on Tuesday by N1 to sell at N1001/$1 versus the previous session’s exchange rate of N1002/$1. During the Independence Day