See the New Naira Notes Redesigned by CBN (N200, N500, N1,000)

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

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 Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Modupe Gbadeyanka The bearish performance on the floor of the Nigerian Stock Exchange (NSE) was extended on Friday by the major market indices, Business Post reports. Just like yesterday, 7up again topped the losers’ chart dominated by 17 other stocks, leaving the market breadth to close negative with only 14 appreciating stocks. The All-Share Index fell by 93.38 points or 0.37 percent to finish the day at 25,189.37 points, while the market capitalisation depreciated by N32.3 billion to end at N8.716 trillion and the year-to-date return at -6.27 percent. At the close of trading on the NSE on Friday,

By Modupe Gbadeyanka A business grant of N10 million is available for members of the National Youth Service Corps (NYSC) service in various states across Nigeria. The funding package is being provided for by Unity Bank Plc through its flagship entrepreneurial development initiative, Corpreneurship Challenge. The scheme is in its eighth edition this year and will benefit corps members across 10 locations in the country, including a debut in Delta and Rivers States. Recall that in 2019, the retail lender commenced the Corpreneurship Challenge scheme in Abuja, Lagos, Edo and Ogun States but with the increasing traction among corps entrepreneurs,

By Dipo Olowookere There are strong indications that one of the major shareholders in Diamond Bank Plc, a financial institution on the Nigerian Stock Exchange (NSE), may eventually lose up to N20.6 billion or $67.2 million of its investment in the local lender. Diamond Bank has been struggling lately and there are fears that it could go the way of defunct Skye Bank Plc, which had its operating licence revoked by the Central Bank of Nigeria (CBN) in September 2018 for low capital base. Four years ago, an American firm believed to be the world’s largest private equity group, Carlyle

By Dipo Olowookere One of the leading financial institutions in Nigeria, Fidelity Bank Plc, recently organised a workshop to sensitise investors and exporters on the implementation and opportunities in the policy of the Central Bank of Nigeria (CBN) aimed to generate $200 billion in foreign exchange (FX) through repatriation from non-oil exports over the next five years. The new CBN RT200 FX policy is the latest initiative of the apex bank to ease the pressure on the Naira and make it stronger than it is at the moment. Fidelity Bank, which is determined to actively support the scheme, felt it

By Dipo Olowookere Oando Plc closed Friday’s session on the floor of the Nigerian Exchange (NGX) Limited as the highest price gainer after its equity value rose by 9.94 per cent to N5.86. The news that the energy firm was holding a board meeting to consider its financial statements may have triggered a renewed interest in the company’s equities, causing the stock market to extend its rally by 0.49 per cent at the close of transactions. Business Post reports that a total of 36 shares appreciated in value yesterday as Eterna gained 9.92 per cent to trade at N6.65, Meyer

By Modupe Gbadeyanka The Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has promised to sustain the tax revolution in Lagos State. The tax administrator gave this assurance last Friday at the New Telegraph Awards 2022 held at the Balmoral Convention Centre, Federal Palace Hotel, Lagos. At the event, he was bestowed with the Most Innovative CEO of the Year Award by the newspaper for his giant strides at the agency since he was appointed as the head. Mr Subair, who dedicated the award to his late father, the governor of Lagos State, the management

By Modupe Gbadeyanka After recording losses for six consecutive trading sessions, the local stock market closed 0.82 percent higher on Friday buoyed by bargain hunting. The All-Share Index (ASI), which closed at 30,885.31 points on Thursday, increased by 254.04 points to settle at 31,139.35 points on Thursday. In the same vein, the market capitalisation gained N94 billion to finish at 11.612 trillion in contrast to N11.518 trillion it closed the previous day. Business Post reports that the market breadth ended positive on Friday with 22 price gainers against 21 price losers. International Breweries dominated the gainers’ table yesterday. The stock

By Timi Olubiyi, PhD It is no more news that US-based social media company, Twitter Incorporated, has concluded plans to establish a presence on the African continent in line with its growth strategy. Recall, that Twitter’s founder and CEO, Jack Dorsey, visited Nigeria, Ghana, Ethiopia and South Africa in 2019 in anticipation of this major expansion and growth strategy. Sadly, to Nigeria and Nigerians, Ghana was announced to host Twitter’s first Africa office. This was communicated in a statement Twitter described Ghana “as a champion for democracy, a supporter of free speech, online freedom, and the Open Internet.” The social