We Need Foreign Direct Investment Now Than Ever Before—Shettima

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya Oil prices closed higher on Tuesday as the market hopped on a weaker Dollar and hopes of a better economic stimulus in the United States. During the session, the Brent gained 30 cents or 0.54 per cent to sell at $56.20 per barrel, while the West Texas Intermediate (WTI) crude made a 0.45 per cent or 24 cents growth to trade at $53.22 per barrel. The US Dollar slipped from close to its highest in nearly a month, dropping 0.3 per cent and this strengthened the position of other currency holders as a weaker greenback increased their

By Investors Hub European stocks have moved modestly lower on Wednesday as trade worries resurface and investors await cues from the U.S. earnings season. The U.K.?s FTSE 100 Index, the German DAX Index and the French CAC 40 Index are all slipping by 0.2 percent. U.S. President Donald Trump has threatened to impose tariffs on another $325 billion worth of Chinese goods, saying the U.S. still has a long way to go to conclude a trade deal with China. In addition, robust U.S. retail sales data released overnight helped lower expectations of an interest rate cut by the U.S. Federal

By Dipo Olowookere Governor Abiola Ajimobi of Oyo State on Friday inaugurated the caretaker chairmen for 55 local governments and local council development areas in the state at the Executive Council Chambers, Governor’s Office, Ibadan. During the ceremony, Mr Ajimobi assured the people of the state that elections into the 33 local governments and 35 local council development areas (LCDAs) would be held as soon as the suit against it was settled. A Federal High Court in Abuja presided over by Justice John Tsoho had in January 2017 ordered the Oyo State Independent Election Commission (OYSIEC) not to proceed with

By Aduragbemi Omiyale Recently, the Central Bank of Nigeria (CBN) launched a policy aimed to boost foreign exchange (FX) liquidity in the country with a policy known as the CBN RT200 FX Programme. The scheme intends to generate about $200 billion in forex repatriation in the next three to five years through non-oil exports. Nigeria, which is the largest economy in Africa, has mainly relied on the sale of crude oil for FX earnings and because of the global economic meltdown caused by the COVID-19 pandemic, it has not earned much, putting pressure on the Naira at the exchange rate

By Adedapo Adesanya Crude oil prices increased on the global oil market on Friday as listed oil markets recorded slight increases in prices of the black gold. The rise in the price of the prized commodity was attributed to the seizure of a British oil vessel by the Iranian authorities, sparking another round of tensions after the country’s forces were accused recently of attacking an oil vessel. At the market on Friday, the West Texas International (WTI) crude, which saw a drop in the previous day, recorded a 0.61 percent increase to sell at an equivalent of $56 per barrel.

Ecobank has extended its zero-charge fee for digital money transfers below N5,000 till the end of September this year. In addition to the free USSD session fee currently enjoyed by Ecobank customers, users of Ecobank Mobile, Ecobank Online, USSD – Ecobank *326# can continue to enjoy zero fee charge for digital money transfers below N5,000. A statement from the financial institution stated that new customers can also benefit from this by opening an Xpress account from the comfort of their homes by simply dialling *326#. It said the zero charge for mobile money transfers by Ecobank commenced in March as

By Nkem Ndem If you are in Lagos and you live on the Lekki Peninsula, chances are you spend at least one Saturday or Sunday per month visiting one of the beaches in the area. Despite the rapid emergence of new private beaches in Lekki though, Elegushi beach seems to attract the most visitors. Situated at the Ikate area of Lekki and harboring exceptional restaurants, night clubs and hangout spots, selling mouth-watering local dishes and playing host to a variety of live shows, the Elegushi beach is typically a fun-zone. We do not mean to be the fun police, but

By Dipo Olowookere The main opposition political party in Nigeria, the Peoples Democratic Party (PDP) and its candidate in the 2019 presidential election, Mr Atiku Abubakar, have been asked to apologize to Nigerians for “willfully distracting” the administration of President Muhammadu Buhari, candidate of the All Progressives Congress (APC) at the February poll. Mr Buhari was announced as the duly elected President of the country at the Presidential Election Petition Tribunal on Wednesday in Abuja in an 8-hour judgement read by head of the five-man panel, Justice Mohammed Garba. In a statement issued on Thursday in Russia by the Minister