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Senate Resumes, Tackles Dwindling Economy




By Ebitonye Akpodigha

Weeks after going on recess, the members of the Nigerian Senate resumed plenary on Tuesday, September 20, 2016 in high spirits.

Business Post gathered that top of their agenda is the country’s economy, which is currently in recession.

The lawmakers are deliberating on how to get Nigeria out of the mess and also to invite the executive to explain to Nigerians steps being taken to restore the economy.

The Senate is presently in session and can be watched live via Facebook through

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via


Friesland, NDEP Drag Down NASD OTC Bourse By 0.28%



Friesland shares

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange registered a 0.28 per cent drop on Tuesday, June 6, as the duo of Niger Delta Exploration and Production (NDEP) Plc and FrieslandCampina WAMCO Nigeria Plc made losses.

FrieslandCampina Wamco Nigeria Plc lost N1.26 in value to trade at N69.74 per unit versus N71.00 per unit, as NDEP Plc depreciated by N1.06 to close at N245.15 per unit compared with the previous day’s N246.21 per unit.

The duo suppressed the 1 Kobo price appreciation reported by Acorn Petroleum Plc, closing at 16 Kobo per share compared with the preceding session’s 15 Kobo per share.

This development weakened the market capitalisation of the NASD OTC bourse by N2.78 billion to wrap the day at N1.005 trillion compared with Monday’s N1.008 trillion, as the NASD Unlisted Securities Index (NSI) moved down by 2.00 points to 726.86 points from 728.86 points.

At the market yesterday, the trading value slumped by 75.0 per cent as a total of N35.7 million stocks were transacted in comparison to Tuesday’s N142.9 million worth of securities.

At the close of business, the trading volume slid by 93.9 per cent to 1.4 million units from the previous day’s 22.7 million, as the number of deals carried out during the session decreased by 43.8 per cent to 27 deals from the 48 deals executed in the previous session.

Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with a turnover of 832.1 million units valued at N1.3 billion, Industrial and General Insurance (IGI) Plc has transacted 628.3 units worth N49.5 million, while UBN Property Plc has traded 395.9 million units valued at N336.6 million.

On its part, VFD Group Plc remained the most traded stock by value on a year-to-date basis with 11.0 million units worth N2.5 billion, Geo-Fluids Plc has exchanged 832.1 million units worth N1.3 billion, and FrieslandCampina Wamco Nigeria Plc has sold 17.5 million units for N1.2 billion.

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Naira Continues Fall, Trades N775/$1 at P2P, N752/$ at Black Market



forex Black Market

By Adedapo Adesanya

The Naira showed no signs of regaining strength in the parallel market and the Peer-to-Peer (P2P) segments of the foreign exchange (forex) market, as it further depreciated against the United States Dollar on Tuesday, June 6.

The Nigerian Naira weakened against the Dollar during the session by N2 in the black market to sell for N752/$1 compared with the preceding session’s rate of N750/$1.

In the P2P forex window, the value of the Nigerian currency lost N5 against the greenback to settle at N770/$1, in contrast to the previous day’s value of N775/$1.

However, in the Investors and Exporters (I&E) segment of the FX market, the exchange rate of the Naira to the Dollar remained unchanged at N464.67/$1 on Tuesday.

According to data obtained from FMDQ Securities Exchange, the turnover for the session was $186.02 million, 140.1 per cent or $108.54 higher than the $77.48 million published on Monday.

In the interbank segment, the Naira gained N6.08 against the Pound Sterling to close at N572.68/£1 versus Monday’s N578.76/£1 and against the Euro, while it appreciated by N3.13 to trade at N494.26/€1 versus N497.39/€1.

The cryptocurrency market recorded a recovery movement even as the US Securities Exchange moved to clampdown on major exchanges, Binance and Coinbase.

In an emergency motion for a temporary restraining order filed against Binance on Tuesday, the SEC said it has made this decision to “ensure the safety of customer assets.”

The filing also claims that Binance has engaged in “violative conduct” for years in “disregard of the laws of the United States, evasion of regulatory oversight, and open questions about various financial transfers and the custody and control of Customer Assets.”

Also, the SEC filed a lawsuit against Coinbase, alleging that the US crypto exchange has been selling unregistered securities.

The markets had initially reacted in a panicked fashion, with the crypto market tumbling but making a reversal as investors weighed the development.

Bitcoin (BTC) jumped by 4.5 per cent to $26,925.04, Ethereum (ETH) grew by 3.5 per cent to $1,880.47, Dogecoin (DOGE) rose by 4.7 per cent to $0.0697, Ripple (XRP) expanded by 3.9 per cent to $0.5303, and Litecoin (LTC) improved by 3.5 per cent to $90.63.

Further, Solana (SOL) appreciated by 1.2 per cent to $20.20, Binance Coin (BNB) recorded a 0.5 per cent growth to trade at $279.07, while Cardano (ADA) declined by 1.4 per cent to $0.3466, as Binance USD (BUSD) and the US Dollar Tether (USDT) retained parity at $1.00 apiece.

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Stock Exchange Rebounds by 0.42% as Airtel, NB, Eterna, Others Gain



over-the-counter stock exchange

By Dipo Olowookere

The domestic stock exchange returned to the bulls’ territory on Tuesday after a brief dominance of the bears a day earlier triggered by profit-taking.

Yesterday, the Nigerian Exchange (NGX) Limited closed higher by 0.42 per cent, following bargain hunting in oil, tech and a few financial stocks by investors.

The renewed confidence resulted in strong investor sentiment, with the market breadth index on the positive wing after 28 stocks appreciated in price, as 24 equities closed bearish.

eTranzact gained 10.00 per cent to trade at N4.40, Eterna improved by 9.85 per cent to N11.15, Cornerstone Insurance rose by 9.52 per cent to 92 Kobo, Pharma Deko increased its value by 9.52 per cent to N2.07, and FTN Cocoa expanded by 9.23 per cent to 71 Kobo.

Conversely, John Holt lost 9.88 per cent to quote at N1.55, Multiverse depreciated by 9.54 per cent to N3.70, Chellaram shed 9.52 per cent to N1.33, Omatek dwindled by 9.09 per cent to 20 Kobo, and Sunu Assurances fell by 8.33 per cent to 44 Kobo.

At the close of market yesterday, the energy index gained 1.02 per cent, the insurance space jumped by 0.57 per cent, the consumer goods sector appreciated by 0.21 per cent, while the banking and the industrial goods counters declined by 0.05 per cent and 0.02 per cent, respectively.

Business Post reports that the bulls helped the All-Share Index (ASI) gain 232.14 points on Tuesday, closing at 56,038.85 points compared with the preceding day’s 55,806.71 points.

In the same vein, the market capitalisation of the NGX increased by N127 billion to settle at N30.514 trillion, in contrast to Monday’s closing value of N30.387 trillion.

The activity chart was in red yesterday after traders transacted 322.5 million shares worth N5.8 billion in 6,165 deals compared with the 369.8 million shares worth N19.8 billion in 7,221 deals a day earlier, implying a decline in the trading volume, value, and the number of deals by 12.79 per cent, 70.71 per cent, and 14.62 per cent apiece.

UBA dominated the market during the session as it traded 47.1 million equities valued at N442.3 million, Access Holdings exchanged 39.9 million stocks worth N501.8 million, GTCO sold 30.2 million shares for N846.9 million, Fidelity Bank traded 23.8 million shares valued at N137.3 million, and Japaul transacted 16.8 million stocks worth N6.7 million.

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