Paxful Resumes Operations One Month After Suspension

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

Traders Union (TU) recently took an interest in ChatGPT, a chatbot by OpenAI. Think of ChatGPT as a super-smart robot friend who loves to chat about almost anything! It’s famous for giving detailed answers to loads of questions. But, like every friend, it might get things wrong sometimes. There’s a free version everyone can chat with, and a fancier version called ChatGPT Plus for those who want more. Some even call it the “ChatGPT trading bot” because of its extensive knowledge about trading. ChatGPT’s trading capabilities Without a doubt, ChatGPT has carved a niche for itself in the automated trading

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya Twelve agripreneurs (six men and six women aged 18-35), who are each founders of financially viable ventures in the agri-food sector are set to take part in a live grand finale competition at the Africa Green Revolution Forum in Accra, Ghana as part of the inaugural $100,000 Generation Africa GoGettaz Agripreneur Prize. The new “Generation Africa” initiative is a continent-wide competition that was launched on May 30, 2019 and will see two out of the 12 innovative ventures in the agri-food sector win $50,000 each in social impact investment as well as mentoring support. The young entrepreneurs

By Modupe Gbadeyanka Some consumers of Bigi Drinks, a consumer-centric brand with 13 flavours from Rite Foods, have applauded the company for improving their living conditions by giving them cash and gift prizes. The soft drink brand recently surprised 20 of its customers nominated by their friends and loved ones in need of support. The company gave them cash prizes and its array of products and other amazing gifts in a bid to improve their living conditions and status through its CRS campaign known as Bigi Random Acts of Kindness (BRAK). This CSR initiative has been held annually since 2019.

By Lerisha Naidu and Angelo Tzarevski African competition law on the continent is the subject of notable growth. An increasing number of jurisdictions have adopted laws and regulations, established authorities, secured membership to regional antitrust regimes and ramped-up enforcement of suspected violations of prevailing competition laws at both domestic and regional levels. Since 2018, domestic competition legislation has been enacted in Angola and Nigeria. In Angola, these legislative developments have been bolstered by the establishment of the Angolan Competition Regulatory Authority, which recently became operational. In Nigeria, the Federal Competition and Consumer Protection Act was signed into law in 2019,

By Dipo Olowookere The new Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, has approved a 30- day window to enable taxpayers in the country obtain Tax Clearance Certificate (TCC). This information was announced by the tax agency in a statement personally signed by the tax chief and then issued on Sunday via the official Twitter page of the organisation. Mr Nami, in the statement titled Facilitating 2020 Tax Clearance Certificate (TCC) Issuance, explained that this move was designed to make things easy for taxpayers and assist them meet their obligations as they might need TCC.

By Adedapo Adesanya The first sign of what to expect from the Central Bank of Nigeria (CBN) ban of foreign exchange (FX) sales to Bureau De Change (BDCs) manifested on Wednesday as the Naira depreciated by 4 per cent or N20 against the Dollar at the parallel market. On Tuesday, Business Post had reported that the CBN will in addition to the ban not issue new licences to BDCs and the apex bank alleged that the BDC operators were part of the FX crisis in the country. The Governor of the CBN, who made the announcement in Abuja, also disclosed

By Dipo Olowookere The first trading session of the week at the local bourse ended on a strong note on Monday by 0.71 per cent on the back of positive market activity. The news of the appointment of Mr Yemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN) by President Bola Tinubu excited investors, who returned to the market for more stocks. Traders are betting that Mr Cardoso will bring stability into the foreign exchange (FX) market and collaborate with the fiscal authorities to normalise the economy. This kept Customs Street very busy during the trading

By Dipo Olowookere President Muhammadu Buhari has emphasised the need to curb the flow of terrorism financing. He made this known while speaking at the meeting of the African Union Peace and Security Council in Addis Ababa, Ethiopia on Saturday, under the theme, ‘Towards a Comprehensive Approach to Combat the Transnational Threat to Terrorism.’ According to him, “The need to curb the flow of terrorism financing cannot be over-emphasised. Concerted efforts must be made to not only dismantle the network between transnational organised crimes and terrorist organisations, but also to block the payment of ransom to terrorist groups.” President Buhari

By Dipo Olowookere A new report released by Nielsen Africa, which measures Consumer Confidence Index (CCI) in some countries on the continent, said things were not to rosy for Nigeria in the second quarter of 2019 because the country’s index slightly increased by one point to 127 unlike its West African neighbor, Ghana, which gained 10 points to settle at 118. The 127 points reached by Nigeria, according to a summary of the report made available to Business Post, remains the highest confidence level for the country since the first quarter of 2016. “Following a turbulent period in its history,