NSE Index Drops By 0.23% Friday

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya The local currency appreciated by 56 kobo or 0.14 percent against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday, May 22, closing at N385.94/$1 in contrast to N386.50/$1 it ended at the segment on Thursday. This strengthening of the domestic currency at the I&E window happened despite the higher demand for the greenback at the market segment yesterday. At the close of the session, investors exchanged a total of $29.38 million, more than the previous session’s $22.50 million by 30.6 percent or $6.88 million. Business Post reports

By Adedapo Adesanya The federal government intends to generate N10.7 trillion as revenue in the 2022 fiscal year, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has disclosed. Speaking during the public presentation and breakdown of the 2022 Appropriation Bill in Abuja, the Minister said this revenue target would be 32.1 per cent higher than the N8.1 trillion projected in 2021. Debt servicing, according to the bill, is expected to gulp N3.6 trillion. She further explained that the 2022 budget has a deficit of N6.3 trillion and will be financed from domestic, foreign, multi-lateral loans and proceed

By Adedapo Adesanya Newcastle United Football Club have announced the signing of New Zealand striker, Chris Wood, from Burnley for an undisclosed fee. Wood signed a two-and-a-half-year contract with the Magpies, arriving in time for the club’s Saturday’s Premier League clash with Watford at St. James’ Park. The 30-year-old becomes the Magpies’ second signing of the January transfer window following the arrival of England international full-back, Kieran Trippier, from Atlético Madrid. Wood will wear the number 20 shirt – the first number he wore for his country. The Auckland-born forward has scored 27 goals for the All Whites in 60

By Adedapo Adesanya The local currency performed well against the US Dollar at the first trading session of the week at the unregulated foreign exchange market segment on Monday. Business Post reports that yesterday, the Naira appreciated by N1 against the greenback at the black market to settle at N476/$1 compared to the N477/$1 it was exchanged at the preceding session. It was, however, a different outcome for the Naira at the same parallel as it depreciated by N2 against the Pound Sterling to trade at N632/£1 in contrast to the previous N630/£1 and lost N3 at the same window

By Dipo Olowookere The United States Agency for International Development (USAID) and the Ghana Grains Council held the sixth annual Pre-harvest Agribusiness Forum in Sunyani on October 20. The event brought together more than 1,000 farmers, buyers, processors, equipment dealers, transporters, financial institutions and others who work in agriculture and agribusiness. The aim of the annual event is to foster long-term business relationships, discussions, and the exchange of ideas in order to drive economic growth in Ghana’s agriculture sector. The event featured a conference, an exhibition, and break-out sessions centred on this year’s theme of “profiting together.” The theme highlighted

Sports betting has taken Nigeria by storm! And it’s hard to ignore its incredible growth in recent years. Betting was only legalised in Nigeria in 2005 under the National Lottery Act 2005. The late 2000s witnessed a game-changing rise of online sports betting in African countries. Now, you can find countless Nigerian betting sites operating nationwide, and guess what? Around 60 million Nigerians are actively placing their bets. That is an incredible one-third of the population getting in on the action! Despite being Africa’s second-largest online gambling market, some experts believe it won’t take long before Nigeria surpasses South Africa. What’s driving this

By Aduragbemi Omiyale The Securities and Exchange Commission (SEC) has warned Nigerians to be cautious of transacting any financial business with four companies. In a notice signed by the management of the agency, the four organisations blacklisted are Broker Capitals Limited, Tetris Group Limited, MTinvesting, and NBIMarkets. SEC, in the circular, explained that the reason for raising this alarm against the firms was because of a report from the Commissione Nazionale per le Soecieta’ e la Borsa (CONSOB), the Italian securities regulator, which blacklisted the e-commerce companies and blocked their websites for fraudulent e-trading and unauthorized offering of financial services.

By Modupe Gbadeyanka The Association of Bureaux De Change Operators of Nigeria (ABCON) and the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) have been urged to provide prompt information on illicit deposits as the Central Bank of Nigeria (CBN) tries to control the volume of cash in the financial system. Last Wednesday, the CBN Governor, Mr Godwin Emefiele, said the bank would redesign the higher banknotes; N200, N500, and N1,000 to curb the red-hot inflation and counterfeiting. He said from December 15, 2022, the new notes would be introduced and by January 31, 2023, the old note