Oil Settles Lower as OPEC Cuts Demand Forecast

By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

The government of Imo State has expressed its commitment to preserve the culture of the Igbo ethnic group, particularly, the language. Addressing a Civil Society Organisation, Green Pathway Initiative, in Igbo language recently in his office in Owerri, Deputy Governor of Imo State, Mr Gerald Irona, lamented what he described as the decline in the use of Igbo language. He promised that the government will look into it, with a view to ensuring that something is done urgently to remedy the situation. He assured his guests that he would have a talk with Governor Emeka Ihedioha on the reintroduction of

By Ahmed Rahma The Senate has invited the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to explain the opportunities and threats of cryptocurrency on the nation’s economy. The invitation of the CBN Governor is sequel to a motion by a member of the red chamber, Mr Istifanus Gyang, during plenary on Thursday, on the CBN’s directive to stop financial institutions from transactions in cryptocurrencies. Speaking on the matter, which has generated reactions since last Friday, the federal lawmakers called for caution, pointing out that while cryptocurrency has its negative side, it has become the fastest-growing form

By Adedapo Adesanya The federal government has concluded plans to restore mangrove ecosystems in Ogoniland and the rest of the Niger Delta region. This was revealed in a statement from the Director of Press, Ministry of Environment, Mr Saghir el Mohammed, following an International Expert Meeting on Mangrove Restoration in the Niger Delta. Quoting the Minister of Environment, Mr Mohammad Abubakar, said the meeting was a turning point for mangrove ecosystems in Ogoniland. The Minister said, “Using the knowledge and experience of the experts assembled here today, together, we will be able to restore the mangroves and improve the lives

By Dipo Olowookere In order to encourage savings among Nigerians in an easy and reliable way, a company known as Furst Salvo Limited has released a mobile application called Salvo. The app is a platform that helps users save money smartly while also earning lucrative interest payment of between 10 – 15 percent per annum at the same time. Marketing Director, Furst Salvo Limited, Ms Omawumi Jeyema, stated that the savings can be done daily, weekly or monthly for as little as N100, allowing Nigerians begin their journey into financial freedom. As required by the Nigerian law, this product is

By Adedapo Adesanya The House of Representatives has set up an ad-hoc committee to investigate the disbursement of funds to Ministries, Departments and Agencies (MDAs) of the federal government from 2015 to 2020. This followed a motion raised by Mr Henry Nwawuba (PDP–Imo), calling for the investigation into the disbursement of special funds for public interventions received by agencies of government on the floor of the lower chamber of the parliament in Abuja. He said that it was in a bid to ensure that such funds were properly utilised, expressing concerns that despite the huge amount of funds invested on

By Adedapo Adesanya BUA Group has lambasted the Coalition Against COVID-19 (CACOVID) for disowning its claims on the purchase acquisition of a million doses of AstraZeneca vaccine for Nigeria. After reports went viral on Monday that the conglomerate had acquired the vaccines, the coalition quickly remarked that “no individual or company can purchase vaccines directly from any legitimate and recognized manufacturer.” But the company has warned the coalition not to play politics with Nigerian lives. It also went ahead to release details of what transpired at the CACOVID steering committee where the Central Bank of Nigeria (CBN) governor, Mr Godwin

By Adedapo Adesanya The Naira extended its depreciation against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday. Business Post reports that the Naira recorded a new low yesterday after it depreciated by 50 kobo or 0.12 per cent to sell for N411/$1 in contrast to the preceding session’s N410.50/$1. Data from the FMDQ Securities Exchange showed that the decline in the value of the Nigerian currency against its American counterpart occurred despite a drop in the turnover for the day. Transactions worth $11.85 million were recorded at the midweek session as

By FBNQuest Research Although Nigeria’s economy has emerged from its technical recession, its macro challenges have not dissipated. As such, a cautiously optimistic approach has been adopted by banks on lending. The CBN’s Quarterly Statistical Bulletin for Q2 2017 shows total private sector credit by banks’ contracting by –0.5% q/q and expanding by just 1.1% y/y. The slowdown in loan growth is partly due to banks’ preference for the elevated yields well in excess of 20% for longer tenors that were recently available on the NTB market. However, those yields have started to dip in response to the CBN’s signal