Senate Summons Emefiele over Intervention Fund

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

Forex trading is an exciting and money-making venture, whether you do it as a hobby or a full-time job. In this article, Traders Union (TU) experts will talk about becoming a full-time trader and its advantages and disadvantages. They will also explain how much you can earn. Main steps to become a full-time trader So how to become a full-time trader? There are different options. TU’s analysts will explain each one: Forex prop company Pros: Access to funding: you can get funding from the company to increase your capital. Zero risk: your risk is low because the company provides the

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

By Dipo Olowookere The entire 4,296,330,500 outstanding ordinary shares of Law Union and Rock Insurance Plc have been delisted from the trading platform of the Nigerian Stock Exchange (NSE). Business Post confirmed from a notice issued by the exchange that the action was taken today, Thursday, November 5, 2020. The removal of the stocks of the insurance company followed the completion of the transfer of the equities to the new owners of the underwriting firm, Kanuri LUR Limited. Recall that Verod Capital agreed to purchase the entire issued share capital of the company through its investment vehicle, Kanuri LUR Limited.

By Kestér Kenn Klomegâh Russia’s president Vladimir Putin continues lambasting the United States and its Western and European allies, wholeheartedly predicted the end of the unipolar system and bristled at the idea of creating a new global order that might change the living standards of impoverished millions around the world. But Russia largely lacks far behind with well-structured public outreach diplomacy with its supposed “friends” in the developing world. It has fragmented relations with public institutions that engage the millions of youth, the future leaders who need to be reoriented toward an emerging model of economic growth and political governance

By Modupe Gbadeyanka Mid-level financial institution, Unity Bank Plc, has announced the appointment of Mr Adejumobi Alaba Williams as its new Secretary to replace Mr Mohammed Shehu. A notice from the lender said the appointment of Mr Williams was approved at the meeting of the board held last month in Lagos. The appointment followed the exit of Mr Shehu from the position, with Mr Williams taking over effective from Wednesday, January 1, 2020. “Unity Bank Plc wishes to inform the Nigerian Stock Exchange (NSE), its esteemed stakeholders and the general public that the meeting of the board of directors of

By Dipo Olowookere Capital Hotels shareholders will have to gather at a special event fixed for next month in Abuja to decide whether to sell some stocks of the company to an interested investor. The board wants to allot 1,611,995,510 ordinary shares of 50 kobo to 22 Hospitality Limited through a private placement at a unit price of N7.00. this will amount to N11.3 billion and it will go a long way to boost the capital injection drive of the organisation to boost its operations. Though this sale still requires the approval of the various regulatory agencies involved in the

By Adedapo Adesanya The federal government through the Nigeria Immigration Service (NIS) has ordered the suspension of processing of new passport applications in all passport offices nationwide till June 1. The directive, which took effect on May 17, was disclosed in a statement signed by the Deputy Comptroller General, Mr AB Yarima. According to the service, which is under the Federal Ministry of Interior, the suspension was necessary in order to ease the preparation for the commencement of a new passport regime. “This directive, which comes into effect from today, May 17, 2021, has become necessary to allow enough time

By Modupe Gbadeyanka Equity market in Nigeria finished the week positive on Friday with the major market indicators pointing to the green zone, Business Post reports. The lead indicator, the all-share index, closed at 26,328.22 points after adding 38.27 points and growing by 0.15 percent, while the market capitalisation advanced by N13.2 billion to end at N9.05 trillion. Also, the volume of shares traded on the floor of the Nigerian Stock Exchange (NSE) relatively improved today with investors exchanging a total of 237.8 million units in 2,725 deals worth N2.2 billion compared with the 146.5 million units transacted the previous

By Modupe Gbadeyanka Though wealth creation is a concept many people are familiar with, going about it smoothly has been the major problem of several individuals, who think it is a herculean task. However, one company known as Zimvest has demystified this Mount Everest with the use of technology, making it easy for retail and institutional investors to earn more value for their money. “The Zimvest platform was built with the user in mind. It provides AI-powered tools to analyse a client’s investment personality, risk tolerance, investment horizon and net worth, while ensuring that individual or corporate users’ are served