Oil Market Opens Weak on Stronger US Dollar

A recently unveiled comprehensive report by experts at Traders Union (TU) has outlined the golden hours for Forex trading in India. As the global market wades through waves of unpredictability, Indian traders have been presented with a detailed guide on when to dive in. While it’s a well-known fact that the Forex market operates around the clock, not all hours are equal. As per the Traders Union report, the sweet spot for Forex trading in India lies between 6.00-12.00 GMT and 18.00-0.00 GMT. These windows promise maximum liquidity, tight spreads, and minimal slippage, factors that are crucial for profitable trading.

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 Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited is looking to drive gender equality and sustainable development in the country through strategic instruments like gender bonds and gender-themed sustainable financing mechanisms. The local bourse said it hopes to achieve this goal by collaborating with a global organisation like the United Nations Women (UN Women). According to the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, there is a need to galvanize public and private sector stakeholders to the development and adoption of gender-responsive instruments in Nigeria’s capital market and mobilise public and private capital

By Dipo Olowookere Nigerian car manufacturing firm, Innoson Group, has entered into a partnership deal with a Chinese consortium to invest about $1 billion in the information and technology sector. The deal is expected to provide about 7,000 jobs for the youths. A part of the partnership is a $400 million investment in Nigeria’s DSO project Digital Satellite TV Station and an additional $600 million covering other important sectors. In a statement to newsmen by the spokesman of Innoson Group, Mr Cornel Osigwe, it was disclosed that the multi-billion investment deal will bring about production of Broadcast Digital Set-Top-Boxes. Mr

By Dipo Olowookere The International Monetary Fund (IMF) has projected that Nigeria’s inflation rate is likely to retreat to 15.5 per cent in the second half of 2021. On Tuesday, the National Bureau of Statistics (NBS) released a report showing that inflation moderated to 17.92 per cent year-on-year in May from 18.12 per cent in April. In a statement issued on Thursday, the global lender said its forecast of a deceleration in inflation in the period is purely based on the removal of border controls by the federal government and the elimination of base effects from elevated food price levels.

By Modupe Gbadeyanka The FMDQ OTC Market Turnover Report has revealed that the total turnover on the platform for the January to July 2018 period amounted to N99.49 trillion. During the period under review, products traded on the FMDQ secondary market were Foreign  Exchange (FX), Treasury Bills  (T-bills), Bonds (FGN Bonds, other Bonds (Agency, Sub-national, Corporate & Supranational) & Eurobonds)) Commercial Papers and Money Market (Repurchase Agreements (Repos)/Buy-Backs and Unsecured Placements/Takings). The report, obtained by Business Post, disclosed that trading activities in T-bills contributed the largest to overall turnover, accounting for 40.40 percent of the market. FX market transactions (Spot

By Modupe Gbadeyanka A total of N3 billion was refunded by banks operating in Nigeria to customers in the year 2016 from about N27.6 billion claims in the year. This information was contained in a 2016 Annual Reports and Accounts of the Chartered Institute of Bankers of Nigeria (CIBN) signed by the Registrar, Mr Seye Awojobi. It was disclosed that during the period under review, the Ethics and Professionalism Division of the CIBN received 136 petitions with claims that amounted to N27.6 billion from bank customers of which 79 cases were resolved amounting to N3 billion paid as refund. The

By Wärtsilä Nigeria Nigeria is the six-largest oil-producing nation in the world, but it also has abundant renewable energy resources in the form of wind, hydro, and tidal power. Nevertheless, the country has serious energy deficiencies which are likely to increase as the population grows. Although data from the Energy Information Administration shows that Nigeria has improved its energy generation in recent years, the country still lags behind peer economies such as Brazil, India, and South Africa in meeting current energy needs, much less building for future growth. “Nigeria is a country waiting to happen,” says Udemgba Samuel Onuoha, business

Popular Nigerian singer, Muma Gee, has been delivered of a bouncing baby girl. The talented musician was said to have given birth to the child on Thursday. The Port Harcourt based music star, after her marriage few years ago, had welcomed twins; a boy and a girl christened Caesar and Cleopatra respectively. Her actor husband, Prince Eke, announced the arrival of the new bundle of joy to his fans on social media on Thursday. “What more can a man receive as a birthday present? God just gave me another daughter by exactly 4:45 pm today on my birthday. Mother and

By Prashanth Krishnaswami It’s no secret that customer experience (CX) is a major point of differentiation between organisations. “One in three consumers (32%) say they will walk away from a brand they love after just one bad experience,” according to PwC’s 2018 consumer intelligence report that surveyed 15,000 people from 12 nations. Besides, the definition of a ‘first-class CX’ evolves constantly, and organisations need to similarly adapt, tweak and innovate their CX program to match changing needs and preferences. With that in mind, here are some of the major trends that will define CX in 2022. Privacy and trust-by-design With

By Dipo Olowookere The International Monetary Fund (IMF) has disclosed that Gabon has suffered a significant decline in income after the sharp drop in oil prices starting in 2014. But despite this, the global financial institution is holding discussions with the country’s authorities on a possible financial arrangement under the Extended Fund Facility (EFF). From February 14-28, 2017, an IMF team headed by Mr Alex Segura-Ubiergo visited Libreville towards this and posited that short-term economic prospects remain challenging due to the negative performance of the oil sector (a traditional source of growth in the economy) and the sharp decline in