NSE Suspends Trading in Shares of African Alliance, 7 Others

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed 0.15 per cent in the positive territory on Wednesday, December 6 as it extended its streak to a third day spurred by gains in three bellwethers. 11 Plc recorded a N16.00 appreciation to sell at N176.00 per share compared to the previous day’s N160.00 per share, Central Securities Clearing System (CSCS) Plc gained 43 Kobo to settle at N17.51 per unit versus the preceding day’s N17.08 per unit, and FrieslandCampina Wanco Nigeria Plc rose by 20 Kobo to close the day at N72.89 per unit, in contrast to Tuesday’s closing

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Bliss Okperan The University of Lagos (UNILAG) has reduced the school fees by 5 per cent to 8 per cent, following discussions between the National Association of Nigerian Students (NANS) and the management of the institution led by the Vice Chancellor, Professor Folasade Ogunsola. The two parties held talks on Thursday after students of the school protested against the hike in the fees. The president of NANS, Mr Usman Umar Barambu, informed the UNILAG students that their demands, which include the restoration of the Students’ Union Government (SUG), the reversal of obligatory fees, and the reversal of hostel fees,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange was dragged to the bearish zone on Wednesday, July 20 as a negative price movement in FrieslandCampina WAMCO Nigeria Plc removed 0.69 per cent from the platform. The market capitalisation of the NASD bourse went down by N7.07 billion during the session to settle at N1.010 trillion from the previous day’s N1.017 trillion, while the NASD Unlisted Securities Index (NSI) lost by 5.37 points to end the session at 767.80 points compared with 773.17 points recorded at the previous session. FrieslandCampina Plc saw its equity lose N4.90 to close at N97.60 per

By Dipo Olowookere Some 600 million children – or 1 in 4 children worldwide – will be living in areas with extremely limited water resources by 2040, a report by the UNICEF on World Water Day has revealed. The report, Thirsting for a Future: Water and children in a changing climate, looks at the  threats to children’s lives and wellbeing caused by depleted sources of safe water and the ways climate change will intensify these risks in coming years. “Water is elemental; without it, nothing can grow. But around the world, millions of children lack access to safe water —

By Adedapo Adesanya Over 200 cyber attacks were blocked and prevented during the presidential and National Assembly elections held on Saturday, February 25, 2023. This claim was made by the Managing Director of a government-partnered firm, Galaxy Backbone (GBB), Mr Muhammad Abubakar, at the opening session of a two-day ministerial training for board members and management staff on Tuesday in Abuja. He noted that this was to ensure that Nigeria’s infrastructure was not overwhelmed during the elections. “On the election day alone, we were able to block more than 200 attacks, and the next day, the attacks geometrically increased to

By Adedapo Adesanya Nigeria could swap the Naira for the single currency being proposed by the Economic Community of West African States (ECOWAS) if good monetary and fiscal policies are put in place, Business Post analysis shows. Originally intended to be launched in 2000, the ECO, which is the currency being considered, has been postponed multiple times; and the newest target date set is 2020. With this, it means six member countries, including Nigeria, Liberia, Sierra-Leone, and Ghana; could swap their currencies for the ECO. ECOWAS countries like Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo

By Adedapo Adesanya The first trading session of the week on the floor of the NASD Over-the-Counter (OTC) Securities Exchange closed bearish on Monday with a 1.32 per cent loss. This depleted the market capitalisation of the exchange by N8.26 billion as it closed at N617.29 billion compared with N625.55 billion it ended last Friday. The market fell as a result of heavy loss recorded by FrieslandCampina Wamco Nigeria Plc as its share price fell by N10 to settle at N120.00 per unit in contrast to the previous N130.00 per unit. Even the gains achieved by two stocks could do

By Adedapo Adesanya The Cross River State Government has lamented its exclusion from the 13 per cent oil derivation given to oil-producing states in the country following the loss of her oil wells after the Bakassi Peninsula was ceded to Cameroon. As of now, only nine states in Nigeria – Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos get the agreed derivation from the monthly Federation Account Allocation Committee (FAAC). Governor of Cross River State, Mr Ben Ayade, said the state has been like a weeping child in the Niger Delta Development Commission (NDDC) since the Bakassi issue.

By Dipo Olowookere The Central Bank of Nigeria (CBN) has announced its intention to hold its Monetary Policy Committee (MPC) meeting next week. A statement issued by the central bank said the meeting, which is its 272nd, will take place on Monday, March 23, 2020 at 10:00am and Tuesday, March 24, 2020 at 8:00am. According to the circular, venue of the two-day meeting is the MPC Meeting Room on 11th Floor, Wing C, of the CBN Corporate headquarters in Abuja. The meeting will hold exactly a week after the apex bank announced some emergency polices aimed to help the economy