Oil Prices Recover on Surprise Drop in Crude Inventories

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) is set to deploy some of its tax liabilities to 21 road projects across the six geo-political zones following the approval of the Federal Executive Council (FEC). The Minister of Works and Housing, Mr Babatunde Fashola, after Wednesday’s virtual FEC meeting, presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja, said that the NNPC tax deployment would not be a one-off payment but periodic and gave the projected commitment to the road projects as N621.2 billion. The Minister said that the roads would cover a total distance of

By Modupe Gbadeyanka MTN Nigeria and Airtel Nigeria have been directed by the Senate to remove their telecommunications masts erected in a residential area in the Federal Capital Territory (FCT) Abuja to another location. The order was given at the plenary on Wednesday following the recommendations of the Joint Senate Committees on Communications and Ethics, Privileges and Public Petitions led by Mrs Oluremi Tinubu and Mr Ayo Akinyelure. How the matter started One Mr Bashir Abdullahi and five others filed a petition against MTN Nigeria and Airtel Nigeria to the upper chamber of the National Assembly, alleging that the masts

By Adedapo Adesanya Following the increase in the number of confirmed cases of coronavirus in the state as the second wave of the virus continues to rise, the Lagos State Governor, Mr Babajide Sanwo-Olu, has extended the work-from-home directive to all state public servants on Grade Levels 14 and below to Monday, February 1, 2021. This directive was contained in a circular to members of the State Executive Council and all heads of Ministries, Departments and Agencies (MDAs) issued and signed by the Head of Service, Mr Hakeem Muri-Okunola, on Saturday. According to the Governor, the directive on the extension

By Dipo Olowookere The news of the slashing of the benchmark interest rate in the country by the Central Bank of Nigeria (CBN) to 11.50 per cent from 12.50 per cent on Tuesday excited investors at the stock market on Wednesday. On the floor of the Nigerian Stock Exchange (NSE) yesterday, the level of activity improved significantly and this increased the number of price gainers as the traders started mopping some stocks trading at low prices. A total of 414.2 million stocks worth N6.3 billion were traded in the midweek session in 3,793 deals in contrast to the previous day’s

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By Adedapo Adesanya It was a weak start for the Nigerian Naira at the official market, which is the Investors and Exporters (I&E) segment of the foreign exchange (FX) market, as it depreciated against the US Dollar on Monday, August 8. The Naira performed badly during the session as a result of the persistent forex liquidity crisis in the country. This issue is also affecting many businesses operating in Nigeria and has led to the exit of a few. At the spot market yesterday, the local currency lost 4.3 per cent or N31.71 against the greenback to trade at N774.78/$1

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.01 per cent marginal appreciation on the back of bullish price movement in Central Securities Clearing System (CSCS) Plc on Wednesday, October 26. The company closed the day as the single price mover as it appreciated by one kobo to close the midweek session at N14.00 per unit compared with the previous closing price of N13.99 per unit. This increased the market capitalisation of the NASD OTC bourse by N50 million to close at N951.16 billion compared with the preceding session’s N951.11 billion. Similarly, the NASD Unlisted Securities Index

By Dipo Olowookere The Central Bank of Nigeria (CBN) has explained the reason it came up with a new foreign exchange (FX) policy on diaspora remittances. On Saturday, the apex bank, under the leadership of Mr Godwin Emefiele, announced a new forex promo tagged CBN Naira 4 Dollar Scheme, an incentive for senders and recipients of International Money Transfers. The campaign, which will last for two months from March 8 to May 8, 2021, will enable “all recipients of diaspora remittances through CBN licensed IMTOs [to] be paid N5 for every $1 received as remittances inflow.” After the circular was