Official Exchange Rate Now N464.42/$1 As Customers Bid As High As N632/$1

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Adedapo Adesanya Prices of crude oil continued a recovery for the second day following news of escalating tensions between the United States and Iran. On Wednesday, President Donald Trump authorised American military to gun down any Iranian gunboat making any attempt to harass their ship. A day after, the leader of Iran’s elite Islamic Revolutionary Guard Corps (IRGC) retaliated and promised a “crushing response” to any American military attacks in the Gulf. It is believed that the market, starved of a positive disruptive news, latched onto the wave of geopolitical dispute to start moving up, after falling more than

By Adedapo Adesanya The Ogun State government has suspended the sale of industrial gas in the state as a result of the recent multiple gas explosions. This is being done to ensure the safety of lives and property of residents, according to the state Commissioner for Special Duties and Intergovernmental Affairs, Mr Femi Ogunbanwo. The Commissioner made this known during a stakeholders’ meeting in Abeokuta, where the government engaged them in order to find a lasting solution to the problem. Mr Ogunbanwo noted that all major stakeholders in the gas sector were expected to abide by the directives, saying, “Anyone

By Adedapo Adesanya Nigeria and Cuba have signed a Memorandum of Understanding (MoU) on food security and agriculture advancement on the sidelines of the G77 + China Leaders’ Summit, which concluded in the North American country on Sunday. Business Post had reported that the Vice President, Mr Kashim Shettima, represented President Bola Tinubu at the programme. He travelled to Cuba with the Minister of Agriculture and Food Security, Mr Abubakar Kyari, who signed the MoU alongside his counterpart from the Ministry of Agriculture of Cuba, Mr Ydael Jesus Perez Brito. The Expression of Interest (EOI) is a historic journey to

By Olukayode Kolawole The data presented in the recently published hospitality report on the Nigerian hospitality sector by Jumia Travel has finally cleared the air on the argument that Nigeria doesn’t have enough tourist destinations to attract people’s interest to spend their holidays in the country instead of traveling to some popular holiday destinations abroad. It’s fair to say that without the economic woes that plagued the country last year which placed lots of pressure on people’s spending habit, no one would have fully understood how much the country can generate from the tourism sector. Meanwhile, the 2014 & 2015

By Adedapo Adesanya Oil settled slightly higher on Thursday amid lower crude inventories in the US and strong crude imports by China, but a weaker demand outlook kept investors cautious. At the market, Brent futures moved up by 18 cents or 0.2 per cent to $79.64 a barrel, and the US West Texas Intermediate (WTI) futures improved by 28 cents or 0.4 per cent to $75.63 a barrel. The market was able to keep up the momentum that came after the US Energy Information Administration (EIA) reported an inventory dip of 700,000 barrels for the week ending July 14, falling

By Adedapo Adesanya WhatsApp is rolling out a new feature that allows users to share their screens during a video call. According to WABetaInfo, a WhatsApp reporting blog, this screen-sharing feature is not available to all users yet but is already available to some beta testers who have installed the latest WhatsApp update from the Google Play store. It could be part of a play to make the company get more acceptance for work meetings and compete with the likes of Zoom, Google Meet, and Microsoft Teams. Last September, the Meta-owned platform rolled out a new feature that allows users

By Adedapo Adesanya The local currency appreciated by 12 kobo or 0.03 per cent against the United States Dollar at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) segment of the foreign exchange (FX) market. At the specialised market segment, which is called the Investors and Exporters (I&E) window, the Nigerian currency was traded at N414.98/$1 as against N415.10/$1 it was sold at the previous session, which was last Friday. According to data tracked yesterday on the FMDQ Securities Exchange, the value of transactions recorded at the market window stood at $160.64 million. This showed that the turnover for the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded its first gain of the week on Thursday, appreciating by 0.67 per cent. The lift witnessed at the unlisted securities market in Nigeria was influenced by the Central Securities Clearing Systems (CSCS) Plc as a result of the rise in its equity price. The securities depository company, which ended as the sole advancer yesterday, increased its share value by 70 kobo to close at N14.50 per unit as against the previous closing price of N13.80 per unit. The growth helped that total value of equities on the exchange to increase