NNPC Trading Surplus Depletes 4.1% to N28.4bn

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

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By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) may have finally bowed to immense pressure from various quarters to devalue the Naira. Few days ago, there were speculations that the central bank would devalue the local currency, following crash in the prices of crude oil at the global market and steep decline in the foreign reserves. This created panic at the currency market and caused the Naira/Dollar exchange rate to shoot as high as N400/$1 at the black market. The value only retreated to N375/$1 at the parallel market on Thursday after the CBN had maintained that it was

By Dipo Olowookere The Primary Market Auction (PMA) for the Federal Government of Nigeria (FGN) bonds earlier scheduled by the Debt Management Office (DMO) for Wednesday, July 21, 2021, has been fixed for Monday, July 19, 2021. Business Post reports that the rescheduling of the exercise was caused by the public holiday declared by the federal government on Tuesday and Wednesday. The debt office is planning to sell to investors tomorrow the government debt securities worth N150 billion at the primary market. The DMO is auctioning N50 billion worth of 10-year bond tagged 13.98% FGN FEB 2028, N50 billion worth

By Dipo Olowookere The local stock market appreciated by 0.17 per cent on Friday on the back of sustained bargain-hunting in the key sectors of the bourse. It was observed that investors showed interest in the banking, insurance and consumer goods counters as they rose by 1.09 per cent, 0.56 per cent, and 0.08 per cent, respectively. Traders cherry-picked stocks in the segments and hope that their prices would rise next week as the Nigerian Exchange (NGX) Limited prepares for Christmas break. Business Post reports that in the midst of the buying pressure, some investors sold off some shares, especially

By Kestér Kenn Klomegâh At the 12th Extraordinary Summit on Industrialization and Economic Diversification and the Extraordinary Session held in Niamey in late November, the African Export-Import Bank offered an instrumental report about the pace of economic diversification and industrialization across Africa. It was one among several review reports dealing with the present and the future of Africa. In the first place, the African bank offers strong financial support, engages in external fundraising campaigns and collaborates with the African Union and the AU members. Beyond that, the bank gives advisory services relating to the development of various economic sectors, all

By Andrew Bourne Of late, there have been a lot of headlines around major technology players putting customer privacy first and making data privacy one of their core values. The business landscape is hurriedly re-orienting itself to provide the digital consumer with a safe space where their data is protected round the clock. Meanwhile, there’s another important stakeholder whose privacy equally matters. Employees have just as much right to privacy in the workplace. Recent trends like remote working and hybrid models have heightened the importance of employee privacy Forced to switch overnight to remote work, organisations turned to digital collaboration

By Adedapo Adesanya  The Naira depreciated against the British Pound Sterling at the parallel market on Tuesday, September 24, 2019 as the United Kingdom Supreme Court ruled out Prime Minister Boris Johnson’s suspension of parliament just a few weeks before Brexit. Following the UK Supreme Court ruling, the Naira which closed on Monday at N453/£1 depreciated by N1 to trade at N454/£1 as at mid-day and ended the transaction window at the same rate. The unanimous Supreme Court ruling had declared the order to suspend Parliament “void and of no effect.” As for other major currencies on the parallel market,

By Dipo Olowookere The importance of the commercial capital of the Southeast Nigeria, Aba in Abia State, has been highlighted by the Acting President, Mr Yemi Osinbajo. During a visit to Aba, where he participated in the First MSMES Clinics after the media launch in Abuja on Tuesday, and using an analogy, the story President Muhammadu Buhari once told him about the importance of taking care of people “who do the things that make us comfortable, the Vice President observed “it is important to pay attention to MSMES.” He said, “We will spend time to ensure that we give those

By Dipo Olowookere Benue State Governor, Mr Samuel Ortom, on Tuesday, December 20, 2016, presented the 2017 appropriation bill to the state’s House of Assembly. Mr Ortom, who named the 2017 appropriation bill as ‘Budget of Rural Transformation’, explained that his government plans to spend N163.9 billion in the fiscal year. He also said that his focus would be on rural development. “The focus of government in 2017 will be rural transformation as it would embark on massive construction of rural access roads,” he stated. “Our desire is that at the end of four years, every rural community in Benue