Stock Investors Prepare for Implementation of 0.08% Stamp Duty on Trades

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 Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya The confirmation of the new Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and four deputies, generated mixed reactions in the foreign exchange (forex) market on Tuesday. Business Post reports that while it did magic in the Investors and Exporters (I&E) window, it could not replicate this in the Peer-to-Peer (P2P) and the black market segments. After his confirmation on Tuesday, the new CBN governor said the immediate plan to stabilise the Naira would be for the apex bank to settle some financial obligations and make “transparent rules”. “Number one is what I will term an operational

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Modupe Gbadeyanka Barely two weeks after their retirement from the military, President Muhammadu Buhari has nominated all the immediate past service chiefs as ambassadors. Recall that on January 26, 2021, after calls from several quarters, Mr Buhari approved the resignation of the Chief of Defence Staff, General Abayomi Olonisakin; the Chief of Army Staff, Lt-General Tukur Buratai; the Chief of Naval Staff, Vice Admiral Ibok Ekwe Ibas; and the Chief of Air Staff, Air Marshal Sadique Abubakar. They were replaced by Major-General Leo Irabor as the Chief of Defence Staff; Major-General I. Attahiru as the Chief of Army Staff;

By Modupe Gbadeyanka Leading digital money transfer service provider, WorldRemit, has added Android Pay to its service, offering a new way for users to send money internationally and reach millions using mobile money accounts. The integration will enable Android Pay users to send money to over 112 million mobile money accounts accessible via the platform. By connecting directly with Android Pay, WorldRemit customers can transfer money instantly across continents in just 5 taps, without entering credit card or 3DS details. Using mobile money, a recipient customer can then pay for school fees, utility bills and groceries among other things directly

By Modupe Gbadeyanka Four contestants of the on-going Season 2 of Airtel The Voice Nigeria were saved by the four coaches during the second episode of the Live Show on Sunday, September 3, 2017, leaving 12 other talents up for public vote to remain in the competition. The four lucky contestants were Yimika, Wilson, Glowire and Jahtell and were saved by Patoraking, Waje, Yemi Alade and Timi Dakolo. #TeamPatoranking’s Ebube steered the first performance of the night with the rendition of Nico & Vinz’s ‘Am I wrong?’ with Annie C following with the rendition of Sade Adu’s ‘No Ordinary Love’.

The 2016 Cowbell Chocolate summer camp is expected to have not less than 6,000 children participating, the organisers have said. The kids are drawn from several schools across the country. At the six-day summer camp tagged ‘Chocademy’, opens in Makurdi, Benue State and runs from Monday, August 8, 2016 to Saturday, August 13, 2016. Brand Manager of Cowbell Choco, Promasidor Nigeria, Kingsley Onuoha, said in a statement issue on Friday in Lagos that two other cities in Nigeria; Enugu and Ilorin, will also host the event. Mr Onuoha noted that the camp would hold in Enugu between August 15 and

By Dipo Olowookere The Central Bank of Nigeria (CBN) has announced dates for its 263rd Monetary Policy Committee (MPC) meeting. A statement issued by the apex bank on Monday disclosed that the important gathering of its key members of staff will hold on Monday, September 24, 2018 by 10am and Tuesday, September 25, 2018 by 8am. It was further disclosed that the meeting will take place at the MPC Meeting Room on 11th Floor, Wing C, CBN Corporate headquarters in Abuja. During the meeting, members of the committee will deliberate on the macroeconomic figures and see if it should hold,

By Dipo Olowookere Fitch Ratings says Nigerian banks will continue to face challenges this year, following an extremely difficult 2016. Banks faced multiple threats from the operating environment in 2016, including Nigeria sliding into recession, the economy continuing to suffer from low oil prices and severe shortages of foreign currency (FC). Consequently banks struggled with declining operating profitability (excluding translation gains), sluggish credit growth, fast asset quality deterioration, tight FC liquidity and weakening capitalisation, putting increasing pressure on their credit profiles. Fitch, in its latest report, stated that outlook for the rest of 2017 is not much brighter, stressing that

By Ashemiriogwa Emmanuel For the second week, the foreign exchange (FX) reserves of Nigeria, Africa’s largest economy, shrank last week and this time, it was by $192.1 million or 0.5 per cent. A week earlier, the external reserves of the country declined for the first time in eight weeks, precisely since August 2021 and last week, this decrease was sustained. Data harvested by Business Post from the Central Bank of Nigeria (CBN) showed that the nation’s Dollar savings account plunged to $41.5 billion on Thursday, November 11 from $41.7 billion published a week earlier. On Thursday, November 4, the FX

By Dipo Olowookere The main challenger for the Lagos State governorship ticket of the All Progressives Congress (APC) primary today, Mr Babajide Sanwo-Olu, has described the attack on his person by Governor Akinwunmi Ambode yesterday at a world press conference in Ikeja, the state capital, as unfortunate. The Governor had alleged that Mr Sanwo-Olu, who has the support of various party stakeholders in the state, was not fit to govern Lagos State. According to Mr Ambode, his challenger was once arrested in the United States for spending fake American Dollars at a night club and had allegedly been admitted at