Nigeria’s One-Year Treasury Bill Clears at 14.5% at PMA Amid Low Demand

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya Nigeria’s campaign to win a fourth African Cup of Nations (AFCON) will see the Super Eagles face Cote d’Ivoire, Guinea-Bissau, and Equatorial Guinea in Group A of the 2023 tournament scheduled for early next year. The draw was held at the Parc Des Expositions in Abidjan, Cote d’Ivoire on Thursday. The 2023 AFCON tournament will be taking place in the country from January 13 to February 11, 2024. Nigeria were placed in Pot 2 ahead of the draw event attended by representatives of the participating teams, including the continent’s football legends like Mikel Obi, Taribo West, and

By Dipo Olowookere The stock market in Nigeria depreciated by 0.08 per cent on Wednesday following profit-taking mostly in consumer goods and banking equities. Business Post reports that the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited went down by 39.63 points to settle at 47,207.27 points compared with 47,246.90 points of the previous day, while the market capitalisation fell by N22 billion to close at N25.442 trillion in contrast to N25.464 trillion it finished on Tuesday. The insurance sector appreciated during the session by 0.91 per cent, the energy space grew by 0.03 per cent, while the consumer

By Adedapo Adesanya The Naira ended in a stalemate against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Wednesday, December 22 as it closed the trading session at N415.10/$1, the same rate it finished on Tuesday. This came as there was a decrease in the demand for forex at the special window created by the Central Bank of Nigeria (CBN) to cater for needs of investors intending to repatriate their funds from the country. The value of FX trades recorded at the market segment was $215.29 million, 33.5 per cent or

By Dipo Olowookere A total turnover of 2.243 billion shares worth N139.789 billion in 18,466 deals were traded this week  by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.852 billion shares valued at N51.523 billion that exchanged hands last week in 23,863 deals. The Financial Services Industry (measured by volume) led the activity chart with 984.584 million shares valued at N10.588 billion traded in 11,116 deals; thus contributing 43.89 percent and 7.57 percent to the total equity turnover volume and value respectively. The Industrial Goods Industry followed with 564.804 million shares

By Adedapo Adesanya The Port Harcourt Electricity Distribution (PHEDC) has sought the assistance of the Rivers State Police Command for the prosecution of meter bypass offenders in the state. The energy distribution firm said it took this step because of the rising cases of energy theft in Port Harcourt as well as the regular financial sabotage and the willful destruction of critical power assets. According to the Head of Corporate Communications at PHED, Mr John Anonyai, the company was lucky to get hold of one of its customers in the act. He described the suspect as a high profile politician

By Modupe Gbadeyanka Seafood worth over N25 billion was exported by operators in Nigeria in 2019, the Commissioner for Agriculture in Lagos State, Ms Abisola Olusanya, has disclosed. She said this over the weekend at the 2020 edition of the Lagos Seafood Festival held at the Muri-Okunola Park, Victoria Island, Lagos. According to her, this huge value from seafood has made the state government implement various projects in the fisheries ecosystem to drive increased food production and socio-economic transformation of the rural areas of the state. The Commissioner noted that the contribution of the fisheries value chain to the nation’s

By Adedapo Adesanya Kenyan fintech startup, CARMA, which provides lending companies with access to real-time credit data on a peer-to-peer basis through a pay-as-you-go service, has raised funding from Nigerian venture capital (VC) firm, Microtraction, to set up a head office in Lagos. CARMA is tackling the gap in markets underserved by credit bureaus by providing lending companies with access to vital data to facilitate lending. Though headquartered in Nairobi, the startup’s initial launch took place in Zambia, and CARMA will now also launch operations in Nigeria after raising a funding round from Microtraction, an early-stage VC firm that invests

By Adedapo Adesanya Those in need of the United States Dollar in Nigeria for the completion of their transactions are already panicking as the value they convert their Naira to the foreign currency is skyrocketing by the day at the unregulated segment of the foreign exchange (FX) market. This week, the Central Bank of Nigeria (CBN) devalued the Naira and the exchange rate moved from N379/$1 to N410.25/$, an exchange rate closer to the Nigerian Autonomous Foreign Exchange Rate (NAFEX), also known as the Investors and Exporters (I&E) window. This action by the apex bank has caused the local currency