Oil Rises 2% on Expected Rise in China’s Economy

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

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 Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Dipo Olowookere The heating up of the political terrain in the country is gradually having a negative effect on the Nigerian stock market, Business Post reports. During the just-concluded trading week, the Nigerian Stock Exchange (NSE) lost about N416 billion as a result of huge selling pressure at the market. Analysts had predicted that trading during the week would be positive as a result of improving macroeconomic indices in the domestic space, especially with the further ease in the inflation rate, positive GDP growth, passage of the 2018 budget and retention of the interest at 14 percent by the

By Dipo Olowookere A violent protest has erupted in the Sagamu town of Ogun State, with two commercial banks burnt over the scarcity of Naira. According to reports, the incident occurred on Monday morning, but at the time of filing this report, security officials have been drafted to quell the riot. It was gathered that the two financial institutions destroyed by the angry demonstrators were Union Bank of Nigeria and Keystone Bank. The Central Bank of Nigeria (CBN), with the approval of President Muhammadu Buhari, redesigned the N200, N500, and N1,000 banknotes. Citizens were given till February 10, 2023, to

By Aduragbemi Omiyale The National Bureau of Statistics (NBS) on Thursday said inflation in Nigeria increased by 18.17 per cent year-on-year in the month of March 2021. In a report released by the agency, it was stated that the rise in inflation, which is computed using the Consumer Price Index (CPI), was 0.82 per cent higher than the 17.33 per cent achieved in February 2021. According to the NBS, in the month under review, the urban inflation rate increased by 18.76 per cent on a year-on-year basis from 17.92 per cent recorded in February 2021, while the rural inflation rate

By Dipo Olowookere The relentless contributions being made by NEXIM Bank to the Nigerian non-oil export sector, especially in funding factories have received the recommendation of the House of Representatives. Chairman, House Committee on Banking and Currency, Mr Jones Chukwudi Onyereri, during a recent visit to Ladgroup Ltd, a foremost indigenous Nigerian conglomerate with a state of the art oil mill extraction factory located in Ikenne, Ogun State, said the bank has contributed to the growth of the country’s economy. He appealed to the Federal Government to increase funding support to institutions like NEXIM Bank, promising that his committee will

**Renew Call for Tinubu’s Sack, Prosecution By Modupe Gbadeyanka Shareholders of the embattled Oando Plc have called on relevant authorities to urgently step in to save the company from total collapse. According to the shareholders, the integrated oil firm is presently in danger and efforts must be done to salvage the situation. While addressing journalists in Lagos on Wednesday, Chairman of the rusted Shareholders’ Association of Nigeria (TSAN), Mr Mukhtar Mukhtar, accused the apex capital market regulator in Nigeria, the Securities & Exchange Commission (SEC), of acting with some compromises. He said the regulator has unfortunately not done enough to

By Adedapo Adesanya The Naira depreciated again at the Peer-2-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market but remained flat at the Investors and Exporters (I&E) window on Monday, June 5. Some analysts attributed the downfall of the Naira value in the P2P and the black market to the reaction of the Central Bank of Nigeria (CBN) to talks of the devaluation of the local currency last week. In the P2P market, buyers and sellers exchanged the Nigerian currency with the Dollar at an average of N770/$1 compared with the last Friday’s closing value of

By Adedapo Adesanya The Naira wrapped up the week with a strong performance against the Dollar across the various segments of the foreign exchange (forex) market on Friday, January 31, 2020. At the Bureau De Change (BDCs) segment in Lagos, the local currency appreciated by 60 kobo to close at N358/$1 compared with N358.60/$1 it traded at the previous session. It also gained N1 against the Euro at the same location to close at N392/€1 versus N393/$1 it recorded previously and improved by 50 kobo against the Pound to close at N474/£1 in contrast to N474.50k/£1 it was sold on

By Ashemiriogwa Emmanuel Following the strokes of economic uncertainties from the COVID-19 pandemic, Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings Plc, recently organised a webinar to proffer guidance on investing in uncertain times. The webinar via Instagram was themed Investing in Uncertain Times and experts at the Stanbic IBTC enlightened the investing public about the available transparent and safe investment options. Some of the in-house were Ms Fadekemi Obasanya, Head Investment Management and Ekene Nwaokoro, Fund Analyst. In her presentation, Ms Obasanya emphasised the importance of gaining needful knowledge from investment professionals about the best investment options