Parallel Market Accounts for 5% of FX Market Share—CBN Governor

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Modupe Gbadeyanka The death of legendary Reggae musician, Majekodunmi Fasheke, otherwise known as Majek Fashek, has been described as a huge loss to the creative industry in Nigeria. The rain maker, as he was fondly called following his late 80s hit single, Send Down the Rain, breathed his last on Tuesday in New York, one of his most loved cities in the world, after a battle with an illness. While mourning him, the Minister of Information and Culture, Mr Lai Mohammed, said the demise of the global music icon has left a big hole in the showbiz sector, saying

Mr Obeahon Ohiwerei is the Group Managing Director/CEO of one of the fastest growing financial institutions in Nigeria, Keystone Bank Limited. In this interview with International Banker Magazine, UK, the banking guru speaks on the achievements of the bank in the last few months since assuming office. In less than one year of AMCON’s divestment from Keystone Bank, the lender has experienced tremendous transformation in all ramifications. Aside revamping all its branches across the country and bolstering its workforce, it has invested substantially in technology and developed fully integrated service models that enable customers access banking services through a wide

By Dipo Olowookere Dubai’s diverse and vibrant hospitality sector is forecast to experience strong, sustained growth over the coming years, with occupied room nights set to reach 35.5 million annually in 2019, representing a robust 10.2 percent compound annual growth rate (CAGR) over the next 24 months. According to a comprehensive study of the market by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism), the emirate’s room supply is set to reach 132,000 by the end of 2019, growing at a 2-year (2017-2019) CAGR of 11.1 percent. Meanwhile, occupancy levels are forecast to remain at an extremely healthy 76-78

By Modupe Gbadeyanka The ability of Seplat Petroleum Development Company Plc to remain strong in the face of falling crude oil prices at the global oil market has been reaffirmed. Seplat is a company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE). In recent times, the price of the company’s stock at the NSE had been declining, causing some shareholders to fret over it. Prices of crude oil have not been too positive this year due to the coronavirus disease pandemic, which caused decline in demand for the commodity. In April 2020, members of

By Adedapo Adesanya Norrsken22, an Africa-focused venture capital firm, has received the backing of more than 30 unicorn founders and institutions to raise $205 million for new tech investments in Africa. Investments will largely be focused on startups in South Africa, Nigeria, Ghana, Kenya and Egypt. This is coming at a time when funding into startups has slowed due to macro conditions. The fund, dubbed the Norrsken22 African Tech Growth Fund, was supported by local and foreign unicorn founders, including Mr Olugbenga Agboola, co-founder and CEO of Flutterwave; Mr Niklas Zennström, co-founder Skype; Mr Jacob de Geer, co-founder iZettle; Mr

By Modupe Gbadeyanka Marriott International’s most global brand, Sheraton Hotels & Resorts, has continued its transformation journey with a nod to its timeless pioneering legacy, unveiling a new logo that pays homage to its past and depicts its vision for the future. The new design reflects the brand’s holistic vision for the future, making Sheraton the central gathering place of communities around the world, welcoming guests and locals into a public space that embodies the modern town square vibe. “The logo’s evolution reflects the renewed energy and firm commitment we are making to our owners and guests to the resurgence

By Dipo Olowookere The Nigerian Exchange (NGX) Limited further depreciated by 0.02 per cent on Wednesday on the back of profit-taking in some equities, including Honeywell Flour Mills. The company closed the session as the heaviest price loser as some traders sold off their stake in a panic over news that Ecobank has warned the new buyers of the firm of an existing court case involving a huge debt. The boards of Honeywell Flour and Flour Mills of Nigeria, which is taking over the company, had to release statements to calm nerves. However, the damage was already done during the

By Nneka Okumazie Some direct and indirect supporters of Daddy Freeze took to social media to point as wrongdoing, the prayers for healing against cancer in the body of Christ by Pastor Adeboye of RCCG, at the recently concluded program of their church. They said the church should instead fund cancer research and not pray about it, Okay. In trying very fast to sound smart and thoughtful – on church issues – their foolishness is apparent. Cancer is – mostly – incurable regardless of research anywhere in the world. Though trying is better, however, if RCCG or their university funds