Northern Nigeria Flour Mills Reports N160m Loss

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Modupe Gbadeyanka Total transactions on the floor of the Nigerian Stock Exchange (NSE) in February 2017 depreciated by 22.25 percent from N95.32 billion recorded in January 2017 to N74.11 billion, latest data released by the local bourse revealed. In the Foreign Portfolio Investment Report for February 2017, it was disclosed that domestic investors outperformed foreign investors by 6.78 percent. The domestic transactions decreased by 22.88 percent from N51.31 billion recorded in January 2017 to N39.57 billion in February 2017, while foreign transactions also decreased by 21.52 percent from N44.01 billion to N34.54 billion within the same period. Similarly, the

By Adedapo Adesanya The Ekiti State chapter of the Trade Union Congress (TUC) has given the state governor, Mr Kayode Fayemi, a 21-day ultimatum to pay the backlog of salaries of workers. The union reminded Mr Fayemi that during his electioneering campaign in 2018, he promised to clear the backlog and till now, he was yet to fulfil this promise. The tenure of the Governor is expected to expire on October 15, 2022. According to the group, redeeming such a pledge would further reinforce workers’ trust in the administration of the All Progressives Congress (APC) in the state and smoothen

By Aduragbemi Omiyale President Muhammadu Buhari on Friday again blamed middlemen for the rise in food prices in the country, disclosing that security operatives and others to tackle the issue. Addressing the nation on Friday morning to mark the 61st Independence Day celebration, the President alleged that these middlemen buy food items from farmers at cheaper prices only to sell them at a higher cost at the market. He expressed frustration at this alleged act, which he said is carried out to create an artificial scarcity of food in the country, ostensibly to discredit his administration. “Unfortunately, as our food

By Adedapo Adesanya The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed its commitment to the promotion of Science, Technology, Engineering and Mathematics (STEM) education as part of a corporate strategy to develop the capacities of Nigerians for value-adding activities in the petroleum sector in the years to come. This was disclosed by its Executive Secretary, Mr Simbi Kesiye Wabote, while speaking at the presentation of prizes to winners of the 5th and 6th editions of the NTA Yenagoa Science Quiz Competition, sponsored by the board. Represented by the Manager of Corporate Corporations, Mr Esueme Dan Kikile, he said,

By Adedapo Adesanya Job recruitment platform, Jobbberman Nigeria, has acquired Ngcareers in a deal that will see the company own 100 per cent of what used to be its rival. In a press statement, the company wrote that “Jobberman Nigeria and Ngcareers have reached into an agreement where Jobberman acquires 100 per cent of Ngcareers.com, Nigeria´s foremost online destination for job vacancies, recruitment insights, and career advancement tools.” Through this acquisition, ROAM Africa, the parent company of Jobberman Nigeria, will further consolidate the Nigerian job marketplaces market with the aim to be the ultimate destination for job seekers in Nigeria

By Adedapo Adesanya AppZone, Sub-Saharan Africa’s payment infrastructure company, announced that the Central Bank of Nigeria (CBN) has issued the organization an approval in principle to operate under the Switching and Processing license category. This will enable AppZone further expand its transaction switching and processing services currently offered to banks and fintech’s through its blockchain-based payment network, ZONE, launched in December 2021. ZONE is the first private blockchain payment network that enables the direct flow of payments from bank to bank while empowering previously excluded financial institutions to participate. It has been adopted by over 16 commercial banks and payment

By Adedapo Adesanya There were fresh signals of worries for the Naira as it depreciated by N2 against the Dollar at the black market on Friday, July 9. At the unregulated market segment yesterday, the value of the local currency deteriorated to N505/$1 from N503/$1 it traded at the preceding session. The Nigerian currency had been stable at the parallel market for the past sessions, but it came under pressure as a result of FX liquidity issues in the country, which affected another window of the market on Friday. However, at the same black market, the domestic currency maintained stability

By Modupe Gbadeyanka Business grants worth N10 million have been given to 30 members of the National Youth Service Corps (NYSC) by Unity Bank Plc. The funds were shared to the corps members by the lender through its flagship business plan competition known as Corpreneurship Challenge, which is in its 6th edition. The Unity Bank Corpreneurship Challenge has been an avenue to support the fresh graduates from the various tertiary institutions across the country serving their fatherland. Unity Bank is currently in 10 states of the federation where three winners each emerged from the Batch B Orientation. The winners emerged