NSE Market Indices Extend Rally by 0.12% Monday

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

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Dipo Olowookere A total of 1.3 billion equities worth N20.4 billion were traded by investors on the floor of the Nigerian Stock Exchange (NSE) last week in 15,088 deals. This was against the 1.454 billion units transacted the previous week in 16,682 deals valued at N15.3 billion. According to data released by the NSE, the Financial Services sector, measured by volume, led the activity chart with 1.1 billion shares valued at N12.7 billion traded in 8,397 deals, contributing 85.38 percent and 62.59 percent to the total equity turnover volume and value respectively. This was followed by the Consumer Goods

By Oremade Oyedeji In one of my think pieces titled The Nigerian Context of the New World Order & The pandemics (Part I & II) published during the lockdown, I explained the term New World Order as any new period of history evidencing a dramatic change in world political thought and the balance of power. Also, in another piece, Pandemic of the Prodigal Generation – 4IR Economy or Politics, I wrote about the Nigerian economy realigning to coming post-pandemic changes. I did emphasise in that piece that politics will reset, thereby having an unimaginable impact on people, communities, companies and

By Dipo Olowookere In order to make sending money through digital means easier and hassle free for its customers, one of the leading banks in the country, First Bank of Nigeria Limited, has joined forces with WorldRemit, a renowned online money transfer service providing international remittance services to expatriates and migrant workers. At a media briefing in Lagos on Tuesday, both companies explained that they agreed to work together to make digital money transfer service better. According to the Deputy Managing Director, First Bank of Nigeria, Mr Gbenga Shobo, the bank had, over the years, taken the lead in providing

By Dipo Olowookere A Memorandum of Understanding (MoU) has been signed between the West African Soy Industries Limited (WASIL), a member of WACOT/TGI Group, and Business Innovation Facility (BIF). The deal is aimed to improve the productivity of Maize and Soy farmers in a replicable manner in Nigeria. With the signing of the MOU, BIF will provide WASIL with technical assistance in realizing its objectives. Identified areas of collaboration include data capturing and building data base of farmers and cooperatives in Maize & Soy. While WASIL/WACOT is expected to provide its current database of existing cooperatives which had been formed

The Nigerian National Petroleum Corporation (NNPC) has disclosed that in June 2016, it transferred the sum of N55.96 billion into the Federation Account. It further said in the same month, a deficit of N26.51 billion was recorded in its operations. NNPC made disclosed these information and others in its monthly financial report for June released in Abuja on Sunday. “NNPC transferred the sum of N55.96 billion into the Federation Account during the month under review from the net domestic crude oil receipt of N102.68 billion. “Also, the 23rd instalment of the refund to the Federal Government of N6.33 billion was

By Ahmed Rahma Standard Chartered Bank has appointed Ms Yetunde Oni as the Chief Executive Officer of its subsidiary in Sierra Leone, making her the first female to occupy the position. Ms Oni joined Standard Chartered Bank in 2005 as a Senior Account Relationship Manager in the Local Corporates Segment. She was the pioneer Head of Commercial Clients, Standard Chartered Bank Nigeria Ltd in September 2014 and reappointed Head Commercial Banking in 2017. The banker, who graduated from the University of Ibadan with a Bachelor’s degree (Honours) in Economics, has attained several professional and Leadership certifications internationally and locally. She

By Steve Brice Income investing has just been getting harder and harder. The long-term downtrend in interest rates and bond yields means investors must be more creative and accept a higher level of risk to achieve income (or yield) close to 4%. We believe the Fed’s slightly more hawkish tone will make life a little easier, but not by much. Go back to the late 1990s, when the Singapore government first started issuing bonds. It was relatively easy for income investors – the 10-year bond yield was hovering over 4% and therefore this could play a significant anchor role in

By Dipo Olowookere The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Tuesday announced that the benchmark interest rate has been retained at 11.5 per cent. Mr Emefiele said this while addressing newsmen in Abuja after the two-day Monetary Policy Committee (MPC) meeting of the central bank. The meeting commenced yesterday and this afternoon, while reading the communiqué, the apex bank chief said the majority of the members of the committee voted to keep the Monetary Policy Rate (MPR) at the current level. According to him, six of the nine members that voted at the gathering