UAC Nigeria Borrows N5bn for Day-to-Day Operations

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has expressed concerns over the unfettered access securities agencies will soon have as regards the personal data of Nigerians. Recently, there were reports that President Muhammadu Buhari has given approval to security agencies to access people’s personal details via NIN-SIM linkage without due process of law. This is not going down well with SERAP, which has written to Mr Buhari to rescind the decision, saying it was against the law and that due process should be followed concerning the issue. In a letter signed by the SERAP Deputy Director, Mr

By Modupe Gbadeyanka A special foreign exchange auction on Wednesday fell short of expectation, making Nigeria’s overnight interbank rate to crash badly. Business Post correspondent reports that the rate slumped to around 20 percent from 150 percent. This was after the Central Bank of Nigeria (CBN) traded less hard currency than expected at the special auction, which was expected to yield a good result It was gathered that Dollars were exchanged at a range of 310 to 350 per Dollar by the CBN. According to our correspondent, banks now have more surplus liquidity from funds not used to purchase hard

By Modupe Gbadeyanka In order to make cash withdrawal easier for its customers, Ecobank Nigeria has introduced a cardless cash withdrawal system call Xpress Cash. Xpress Cash is a mobile phone that allows customers to withdraw cash from any Ecobank ATM using e-tokens generated from the Ecobank Mobile app. These e-tokens can also be redeemed at agent locations within any of Ecobank’s 33 territories across middle Africa. Additionally, customers can send e-tokens to third parties via SMS, email or social media. Speaking on this development, Ecobank Group Executive for Consumer Banking, Mr Patrick Akinwuntan, noted that, “Ecobank is known across

By Modupe Gbadeyanka A report released by FBN Quest, the research arm of FBN Holdings Plc, revealed that its manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, eased in November to 60.1 index points from 64.8 index points. This figure is in contrast to the manufacturing PMI of the Central Bank of Nigeria (CBN) released last week, stating that an eighth consecutive growth to 55.9 points in November. In its daily Good Morning Nigeria report, FBN Quest noted that its partner, NOI Polls, gathered and compiled the data and the index was found in developed markets (such as the

By Dipo Olowookere The management of MRS Oil Nigeria Plc has announced the relocation of its corporate head office from its present location to another. The fully integrated and efficient downstream player with leading positions in the nation’s oil sector said its head office is no longer at Onikan, Lagos. In a statement to the Nigerian Stock Exchange (NSE), MRS Oil Nigeria said its new location is now at the Tin Can Island, Apapa, also in Lagos. “MRS Oil Nigeria Plc hereby notifies the Nigerian Stock Exchange (NSE) that its board of directors has approved the relocation of the company’s

By Adedapo Adesanya The new month opened bullish at the NASD Over-the-Counter (OTC) Securities Exchange following a marginal 0.05 per cent rise on Wednesday, September 1. The day’s favourable outcome came as a market bellwether, Central Securities Clearing Systems (CSCS) Plc, made a 22 kobo or 1.2 per cent gain, lifting the company’s equity price to N18 per unit from N17.78 per unit. As a result of the gain printed by CSCS, the NASD unlisted security index (NSI) moved up by 0.34 points to 744.68 points from 744.34 points, while the market capitalisation went up by N290 million to wrap

By Modupe Gbadeyanka The United Nations (UN) High Commissioner for Human Rights, Zeid Ra’ad Al Hussein, on Thursday issued a strong warning about the deteriorating situation in the Democratic Republic of the Congo, and insisted that, as part of the effort to avert a major crisis, there must be accountability for the killing of dozens of civilians and other human rights violations that took place during the outbreak of violence earlier this week. The High Commissioner said, “I am deeply saddened by the recent explosion of violence in the capital Kinshasa. “The high number of civilian casualties, the burning of

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