UBN Property Pulls NASD Exchange into 0.06% Loss

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 African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Queen Nwabueze This 2023 election season is a true test of the much-vaunted objectivity of journalists. Journalism’s pursuit of objectivity strives to enable readers to form their OWN opinions about a story. This implies that the media (mainstream and digital) must present the facts solely before allowing the potential voters to offer them their interpretation. Again, this means that news organisations should present the facts as they are, whether or not they agree with them. Lovely on paper, yeah? But has this really been the focus of our media since the polls for 2023 began to be conducted? No!

By Adedapo Adesanya The Naira was relatively stable against the United States Dollar in the different segments of the foreign exchange (forex) market on Monday as traders remained worried about the volatility in the ecosystem. Yesterday, the new cash withdrawal policy of the Central Bank of Nigeria (CBN), which commenced on January 9, 2023, was the main focus of the day as investors monitor how it would impact the financial system. This eased the pressure on the domestic currency in the currency market on Monday, helping it to close stronger against US currency in the Peer-to-Peer (P2P) window of the

By Modupe Gbadeyanka Business owners in the Micro, Small, and Medium Scale Enterprises (MSMEs) in the country have been assured of sustainable financing by the Development Bank of Nigeria (DBN). The lender said adequate attention would be given to operators in the sector because of the critical role they play in the nation’s economy. The Managing Director of DBN, Mr Tony Okpanachi, while speaking at the Annual General Meeting (AGM) of the company in Abuja, further stated that businesses owned by women and youths would also get consideration in the disbursement of funds as so far, they have received 65

By Dipo Olowookere The board of Guaranty Trust Bank (GTBank) Plc on Wednesday released its much-anticipated financial statements for the year ended December 31, 2018. The financial scorecard, briefly analysed by Business Post, showed that the lender recorded an impressive performance in the 2018 financial year. As a result of this, the board is proposing to reward its shareholders with a bountiful dividend payment of N2.45k per share. Earlier in the year under review, the board had paid an interim dividend of 30 kobo per share and with this latest announcement, the total dividend for the year is N2.75k, slightly

By Modupe Gbadeyanka A deal meant to make lovers of quality pizzas have the food item promptly delivered to their doorsteps has been signed between Jumia and Pizza Hut. Managing Director of Jumia’s food marketplace, Mr Guy Futi, explained that the partnership is expected to boost operational performance and last mile delivery in Nigeria. Addressing newsmen at a press conference held at Pizza Hut in Lagos, Mr Futi said, “As the premier food delivery business in Nigeria, we are opening up our platform to enable our customers to order pizza from Pizza Hut while ensuring that it is delivered at

By Modupe Gbadeyanka The Debt Management Office (DMO) on Monday auctioned the federal government of Nigeria (FGN) bonds worth N225.00 billion to investors in the local bond market for the month of April 2022. However, the DMO eventually allotted more than what was offered for sale during the exercise, selling N348.58 billion to competitive and non-competitive bond subscribers. A breakdown of details of the bond auction indicated that the agency in charge of the nation’s debt profile allotted N219.88 billion worth of the debt instruments through competitive bids, while the non-competitive allotment was N128.70 billion. The DMO took to the

By Modupe Gbadeyanka Tuesday, July 20 and Wednesday, July 21, 2021, have been declared by the federal government as public holidays for Eid-el-Kabir observed by Muslims. A statement issued on Thursday, July 15, 2021, by the Permanent Secretary in the Ministry of Interior, Mr Shuaib Belgore, said the festival should be celebrated in observance of all COVID-19 protocols, particularly the non-pharmaceutical measures of wearing facemasks, hand washing and social distancing, which were designed to keep the transmission of the disease at bay. The statement also quoted the Minister of Interior, Mr Rauf Aregbesola, as advising all Nigerians to take responsibility

By Modupe Gbadeyanka Africa’s leading payments technology company, Flutterwave, has received approval from the Bank of Tanzania (BoT) to operate in the country. With the approval, Flutterwave will open its offices in Dar Es Salaam with the aim to drive connected digital payments and financial inclusion by enabling merchants and customers to trade efficiently through its platform across the country. Business Post reports that the payments firm got the authorisation to launch its seamless payment service in Tanzania after due diligence and satisfying all requirements necessary to receive a license to operate in the country. Flutterwave’s products and services will