Reps Pass N21.83trn 2023 Budget as Senate Approves 2022 Supplementary Budget

A recent report from TU experts offers deep insights into Nigeria’s Forex trading scene, with a special focus on the importance of the New York session Forex time. In the first quarter of 2023, the US Forex Market witnessed a surge in daily volume, reaching $966.7 billion. The growth is an impressive 27% jump from past years, further solidifying the global Forex market’s role as a bustling currency trading center. With the FX market in operation 24 hours a day, transactions worth billions of dollars are made. Building on this global trend, Nigeria, with its robust economy boasting an annual

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

By Dipo Olowookere Some 600 million children – or 1 in 4 children worldwide – will be living in areas with extremely limited water resources by 2040, a report by the UNICEF on World Water Day has revealed. The report, Thirsting for a Future: Water and children in a changing climate, looks at the  threats to children’s lives and wellbeing caused by depleted sources of safe water and the ways climate change will intensify these risks in coming years. “Water is elemental; without it, nothing can grow. But around the world, millions of children lack access to safe water —

By Aduragbemi Omiyale The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has tasked regulators in the West African region to keep pace with capital market dynamics by carrying out a regular assessment of policies and programmes to fit current realities and address the region’s peculiar challenges. Speaking at the West African Capital Markets Conference with the theme Deepening and Strengthening the Capital Markets Across West Africa through Effective Regulation, he said the need for regular assessment necessitated the revision of the WASRA/WACMIC (West African Capital Markets Integration Council) Road Map to reflect current developments and include

By Adedapo Adesanya The Naira finished stronger against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, November 24. The exchange rate appreciated by 0.13 per cent or 50 kobo in favour of the Nigerian currency to N385.50/$1 as against the previous rate of N386/$1 at the window. Demand wise, there was a higher demand for the Dollar but the supply was enough to soak the pressure, giving room for the Naira to close stronger. During the session, transactions worth $163.87 million were recorded, 72.0 per cent or $118.03 million higher than the

By Adedapo Adesanya Normalcy returned to the foreign exchange market in Nigeria on Wednesday, May 27, 2020, especially at the parallel market as the Naira appreciated by N5 against the US Dollar to trade at N455/$1. At the previous session before the Eid-el-Fitr break, the local currency had traded at N460/$1 at the same market segment. But when activities resumed yesterday, there was no pressure on the domestic currency. Against the the Pound at the black market, the Nigerian Naira retained the previous session’s rate of N545/£1 and against the Euro, the exchange rate remained at N470/€1. At the Bureaux

By Dipo Olowookere The board of directors of Guaranty Trust Bank (GTBank) Plc has recommended the payment of N2.50 as final dividend to shareholders of the company. This was made by the lender in the audited financial statements for the year ended December 31, 2019 released to the Nigerian Stock Exchange (NSE) on Monday, March 2, 2020. Earlier in the 2019 fiscal year, the financial institution had paid 30 kobo as interim dividend to shareholders of the company, bringing the total dividend for the year to N2.80 per unit, higher than N2.75 per share paid in the 2018 financial year.

By Adedapo Adesanya The Naira weakened against the US Dollar at the black market, the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) segments of the foreign exchange (FX) market on Wednesday, January 4. In the P2P forex segment, the value of the local currency dropped N9 against the American currency to quote at N758/$1 compared to the preceding session’s N749/$1. In the parallel market, the domestic currency lost N3 against the US currency to settle at N740/$1, in contrast to Tuesday’s rate of N737/$1, as the demand for FX by those travelling abroad and for payment of school fees

By Dipo Olowookere Shareholders opposed to the delisting of 11 Plc (formerly known as Mobil Oil Nigeria) will receive N213.90 for each of the company’s stock in their possession. Mobil Oil is planning to end its almost three decades’ relationship with the Nigerian Stock Exchange (NSE). According to its profile on the exchange, the energy firm joined the NSE on July 25, 1991, affording it the opportunity to attract retail and institutional investors. But like the popular saying, ‘whatever has a beginning must have an end,’ Mobil Oil is leaving. Last year, shareholders of the company voted to leave the

By Adedapo Adesanya The controversies that followed the just-concluded bid round of 57 marginal fields has reportedly caused the sacking of all the deputy directors of the Department of Petroleum Resources (DPR). According to Nigerian NewsDirect, the sack of the directors was initiated over the disputes that railed the selection of winners and matching of companies exclusively done by the Director of the agency, Mr Sarki Auwalu. According to the report, the round had gone contrary to the global oil industry practice of public opening of bids. There were claims that the current management chose to send electronic mails to