NSE Weekly Report: Market Capitalisation Falls By 0.93%

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 Stock investors were swayed by the news of the indefinite postponement of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The quarterly rate decision meeting was supposed to occur next week, but it has been moved forward. There are speculations that the meeting was postponed to allow the new CBN Governor nominee, Mr Yemi Cardoso, to preside over the gathering. He is yet to be confirmed by the Senate, which resumes from a recess next Tuesday, the same day the rate decision is supposed to be announced. The confusion as to who

By Adedapo Adesanya All is not well with the Naira in the parallel market and the peer-to-peer (P2P) segments of the foreign exchange (FX) market in Nigeria, with its exchange rate against the Dollar nearing N1000. At the black market on Thursday, the Nigerian Naira depreciated against the US Dollar by N25 to sell at N995/$1 compared with the preceding session’s value of N970/$1. It was a similar story with the local currency in the P2P wing of the forex market as it lost N22 against the greenback yesterday to quote at N992/$1, in contrast to Wednesday’s exchange rate of

A recent report from TU experts offers deep insights into Nigeria’s Forex trading scene, with a special focus on the importance of the New York session Forex time. In the first quarter of 2023, the US Forex Market witnessed a surge in daily volume, reaching $966.7 billion. The growth is an impressive 27% jump from past years, further solidifying the global Forex market’s role as a bustling currency trading center. With the FX market in operation 24 hours a day, transactions worth billions of dollars are made. Building on this global trend, Nigeria, with its robust economy boasting an annual

By Dipo Olowookere Diamond Bank has rolled out several offers to reward its customers and give them the opportunity to express their commitment and love throughout the season of Valentine. A statement issued by the bank’s spokesperson, Ms Chioma Afe, this initiative is to connect people and create special memories this season. She noted that the unique reward scheme is aimed at enabling customers the platform to fully express and heartily celebrate with their loved ones. According to her, a total of 895 customers will benefit from the bumper reward scheme. Ms Afe said, “We are expressing our appreciation, care

By Dipo Olowookere A definitive step to deepen broadband connectivity in homes and offices across the country has been taken by a leading telecommunications services provider, Airtel Nigeria. This was through the recent introduction of affordable Home Broadband packages with large volume of data for subscribers. According to a statement, the Airtel Home Broadband (HBB) package is available in Routers and MiFis and comes in various affordable recharge plans, offering up to 100GB of data bonus. Under the new Airtel Home Broadband plans, when a customer purchases an Airtel Router for N25,000, he or she is instantly credited with 100GB

By Aduragbemi Omiyale The Conference of Nigeria Political Parties (CNPP) has expressed doubts over the profit after tax of N674 billion declared by the Nigerian National Petroleum Company (NNPC) Limited on Tuesday in the 2021 financial year. In a statement issued on Wednesday, the group called for an independent investigation of the NNPC management and board members in the last seven years. Yesterday, the Group Chief Executive Officer of NNPC Limited, Mr Mele Kyari, informed reporters at a press briefing in Abuja that the organisation improved its net profit by 135 per cent from the preceding year’s N287 billion. “It

By Modupe Gbadeyanka A winner has emerged in the 2016 edition of the Nigerian Stock Exchange (NSE) Essay Competition for Senior Secondary Schools students in Nigeria. Miss Ifeoluwa Toluwanimi Abiodun, a 14 year old student of Babington Macauley Junior Seminary, Ikorodu, Lagos State, was announced winner of the competition. She clinched the first position at the award ceremony, held at the Civic Centre on Thursday, November 24, 2016, ahead of over 7,400 participants across the country, winning N500,000 in scholarship fund for university education, N250,000 worth of equity investment and a laptop. Her school was also rewarded with three desktop

By Dipo Olowookere UK-based firm, Savannah Petroleum, has secured a partnership deal with a Bahraini fund manager, which invests on behalf of the Islamic Development Bank, ASMA Capital Partners, to raise equity capital for the acquisition of assets of a Nigerian company, Seven Energy International Limited. Last week, Savannah said it intends to raise $250 million through the issue of new ordinary shares of £0.001 each in the capital of the company by way of a placing with institutional investors to fund, inter alia, the cash consideration portion of the company’s proposed acquisition of certain of the Nigerian oil and

By Adedapo Adesanya Jumia Technologies recorded a 21 per cent growth in its Gross Merchandise Value (GMV), which shows the total sales monetary value for merchandise sold through a particular marketplace over a certain time frame, in the second quarter of the year as the metric jumped to $271.1 million compared to $223.5 in the same period last year. This was announced today in its financial results for the second quarter ended June 30, 2022. Revenue also grew 42.5 per cent to $57.3 million from $40.2 million while it raked in a gross profit of $30.4 million from $26.8 million,

By Modupe Gbadeyanka The co-founder and Chief Operating Officer (COO) of Appzone, Mr Uche Elendu, has called for the adoption of blockchain technology for dispute resolution in banks. According to him, financial institutions and their customers cannot do without having issues, especially with the increased rate of fraud in the financial system, but technology can be deployed to make the resolution process seamless. Mr Elendu, while sharing his thoughts during his presentation at the Digital Pay Expo summit, submitted that blockchain technology will not only decentralise the process of moving money from one bank to the other but will help

By Jerome-Mario Chijioke Utomi It is no longer news that the Speaker of the Delta State House of Assembly, Sheriff Oborevwori, has emerged as the gubernatorial candidate of the Peoples Democratic Party (PDP) in the state. It is equally relevant to the present discourse to underline that Oborevwori, who is also the National Deputy Chairman of the Conference of Speakers of State Legislatures of Nigeria, displayed uncommon resilience to clinch the ticket and presently celebrates his landslide victory with a call on Deltans to ensure they all have their Permanent Voter Cards (PVCs) before the 2023 general elections. Expectedly, his