No Conflict Between CBN, Finance Ministry—Adeosun

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Dipo Olowookere The online stock trading platform of Morgan Capital Securities Limited, iTrade, is now back online. The iTrade service went offline on Monday due to a technical glitch, which the company confirmed has been resolved, allowing its numerous clients to buy and sell shares and other securities without hassle. “Thank you for your patience and understanding. “This is to inform you that the trading platform (iTrade) is now fully up and running to enable you to trade seamlessly. “Our sincere apologies for any inconvenience caused as a result of this,” a statement from the company, which was sighted

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited will alter how its crude cargoes are priced from January 2024. According to a new circular, the state oil company will start pricing its supplies against the monthly average of Dated Brent, the physical crude benchmark, raising worries that the nation’s barrels may become more risky. Prior to this latest move, Nigeria prices its crude cargoes based on Dated Brent’s average settlement in the five days after loading. NNPC plans to stick with the initial nominated loading dates for pricing purposes, according to the circular. Bloomberg reported that traders said

Faxing used to be a great way of sending or transferring the information that was vital at that time and was a comprehensive way of transfer. Despite all of the massive changes that took place and all of the purposes the fax machine filled, the fax machine was denied any more service. The reason behind the decline in fax machine usage constituted problems such as the delay in the transferred information as well as the bulkiness of the machines that were vital for transfer. All of these issues hampered the competent usage of the fax machine. However, there are still

By Modupe Gbadeyanka Pan-African financial institution, United Bank for Africa (UBA) Plc, on Friday, August 25, 2017, rescinded its decision to restrict the use of its debit and credit cards by customers for transactions involving jewellery, pōrnography, dating, betting and others. In an email notice to its customers on Thursday, which was obtained by Business Post, the lender had explained that the restriction became “necessary with the increased need to protect our customers and the institution from fraud, litigation and reputational damages.” But about 24 hours later, UBA sent another mail to its customers, informing them they were now free

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) has described the invasion of the Lagos premises of Standard Chartered Bank on September 14, 2018 as illegal, promising to get to the root of the matter. A statement issued by anti-corruption agency said the raid was never authorised by the commission, noting that it would punish any of its officials involved in the illegality. “The raid by operatives purportedly wearing the jackets of the commission might have been the handiwork of errant officers who acted without authorization. “The action is in flagrant violation of the standard operation procedures of

By Modupe Gbadeyanka Activities on the Nigerian Stock Exchange (NSE) finished on Wednesday in the green zone for the second straight day, further boosting confidence of investors. The upward movement, Business Post correspondent reports, was inspired by Guinness, which led the gainers’ chart at the market today. At the close of trading, the equity market recorded a rise of 0.07 percent, with the market breadth also strong. A total of 19 stocks appreciated as against the 17 stocks that depreciated at the market and five stocks that remained flat. Guinness recorded a gain of N2 to close at N70 per

By Adedapo Adesanya The price of the international crude oil benchmark, Brent crude, climbed to an 18-month high on Wednesday, June 2, reeling from a decision of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to stick to a plan to gradually restore supply amid optimism. At the oil market yesterday, the price of the Brent rose by $1.02 or 1.45 per cent to $71.27 per barrel, its highest since January 2020, while the United States West Texas Intermediate (WTI) crude moved higher by $1.05 or 1.55 per cent to trade at $68.77. This development will be

By JJ van der Walt New research from Baker McKenzie, The Shape of Water: Tax Disputes in the Age of Intangible Value, shows that the amount of tax under dispute in Fortune 500 companies is equal to more than half of the profit growth in the Fortune 500. With disputes predicted to continue rising in the coming years, corporate taxpayers around the world, including, in Africa must revisit their tax strategies so that they are able to mitigate these risks. Hard earned profit growth in the Fortune 500 is threatened by the scale of current tax disputes. Baker McKenzie’s report

The Nigerian betting scene is an interesting one. Gambling is legal in the country. However, before a gambling site can operate, they must obtain a license from the governing bodies. Once that is done, they can provide gambling services to players in the country. As a Nigerian, you can participate in casino gaming and sports betting such as EPL betting, NASCAR picks, and betting on other sports. All you need to do is to understand how to get started. To do that, we have put together this guide for you to learn more. Keep reading. Finding the Right Betting Site

By Dipo Olowookere Residents of Oluyole Federal Constituency in Oyo State have been urged to take proper care of the various social amenities in their communities for the benefit of all. This charge was given by the lawmaker representing the area at the National Assembly, Ms Tolulope Akande-Sadipe during the provision of additional boreholes, transformers and solar lights for her constituents. It was gathered that the federal lawmaker, who chairs the House Committee on Diaspora Affairs, gave the residents fresh six boreholes, eight transformers and 120 solar lights to illuminate the area. Ms Akande-Sadipe, who is the only female House