We Report Suspicious FX Transactions to Authorities—ABCON

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

By Adedapo Adesanya Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

A recently unveiled comprehensive report by experts at Traders Union (TU) has outlined the golden hours for Forex trading in India. As the global market wades through waves of unpredictability, Indian traders have been presented with a detailed guide on when to dive in. While it’s a well-known fact that the Forex market operates around the clock, not all hours are equal. As per the Traders Union report, the sweet spot for Forex trading in India lies between 6.00-12.00 GMT and 18.00-0.00 GMT. These windows promise maximum liquidity, tight spreads, and minimal slippage, factors that are crucial for profitable trading.

By Adedapo Adesanya Pressure further mounted on the Nigerian Naira at the different segments of the foreign exchange (FX) market on Tuesday as it depreciated against the US Dollar at the close of business. The scarcity of forex was responsible for the poor performance of the Naira in the Investors and Exporters (I&E), black market and peer-to-peer (P2P) segments of the market during the session. Business Post reports that the domestic currency lost N2.62 or 0.34 per cent on the greenback in the spot market yesterday to close at N776.60/$1 compared with the preceding session’s N773.98/$1, amid a 10.6 per

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited has disclosed that it is no longer the sole importer of Premium Motor Spirit (PMS), otherwise known as petrol. The state-owned oil firm confirmed this development on Thursday evening. In a post via its verified Twitter page, the NNPC said, “NNPC Limited is no longer the sole supplier of petrol.” This announcement comes a day, after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said it had granted three oil marketers licences to begin the importation of petrol into the country from July 2023. The chief executive of NMDPRA,

By Adedapo Adesanya The Cross River State Government has slashed its 2020 budget of N1.1 trillion by 91 per cent to N147.1 billion and sent it to the state House of Assembly for deliberations. This was announced by the state’s Commissioner for Finance, Mr Asuquo Ekpeyong, on Monday in Calabar at a media briefing. Mr Ekpeyong said the downward review of the budget stylised as the Budget of Olympotic Meristemasis became necessary due to the effect of COVID-19 pandemic which made the over N1 trillion naira proposed earlier by the government unrealistic. “As we are all aware of the current

By Adedapo Adesanya The value of the Naira compared with the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday, November 25, remained unchanged at N415.07/$1 at the close of business. This came on the back of a 59.7 per cent or $145.27 million decrease in the turnover for the trading session at the investors’ FX market as transactions worth $98.07 million were carried out in contrast to the $243.34 million executed at the previous trading day. However, at the interbank segment of the market, the Naira recorded a marginal loss of

By Adeniyi Ogunfowoke Hackers are having a field day in this present digital era because many organizations are moving their businesses from offline to online. This automatically makes them susceptible to hackers especially if their security is weak. Regardless, before hackers have access to your network, there must be a loophole which they will take advantage of. Oftentimes, than not, it is the online activities of some employees that allow hackers easy access to your network. Jumia Travel, identify 5 things employees do that expose your network to hackers. You can put checks in place to streamline the online activities

By Modupe Gbadeyanka Lagos State government has restated the need for an Environmental Impact Assessment (EIA) report for any proposed project in the state, stressing that the EIA is a decision making tool which provides decision makers with the necessary information to satisfactorily assess both the environmental and social effects of a planned project. Commissioner for the Environment in the state, Mr Babatunde Adejare, disclosed this at the Stakeholders’ Engagement on Environmental Impact Assessment for Dredging and Land Reclamation Projects in Lagos State, held at Ikorodu Local Government and Eti-Osa East Local Council Development Areas. According to him, Environmental Impact

By Aduragbemi Omiyale The legal action instituted against Seplat Energy Plc and its chief executive, Mr Roger Brown, by the federal government, has been withdrawn. The energy firm disclosed this in a statement issued on Thursday and signed by the chairman of the company’s board of directors, Mr Basil Omiyi. The Nigeria Immigration Service (NIS) had dragged Seplat before a Federal High Court in Abuja on behalf of the national government. The agency accused the organisation of breaching the country’s immigration law, forcing the Minister of Interior, Mr Rauf Aregbesola, to revoke the visa and working permit issued to Mr

By Modupe Gbadeyanka In order to deepen financial inclusion across Africa, a leading retail finance organisation on the continent, Letshego Group, has introduced its financial technology platform called LetsGo digital. This initiative would be deployed in Nigeria and Botswana at first before other markets on the continent, according to the company. Customers would be able to access simple financial services on the go to enhance their lifestyles via the LetsGo App on Android, with the iOS version to follow. Letshego has its footprint in 11 African markets with a 22-year history of improving lives through inclusive financial solutions in Africa.

By Dipo Olowookere Federal Government has expressed its willingness and readiness to work together with the Institute of Security Studies, Abuja in relevant areas of capacity building for agro-investment security. This disclosure was made by the Minister of Agriculture and Rural Development, Mr Audu Ogbeh on Tuesday when he received course participants representing security agencies and practitioners from within and outside Nigeria, and members of faculty, who paid him a courtesy visit in his office in Abuja. The delegation, led by the institute’s Deputy Director of Studies, Dr Abdulwahab Wale, was made up of participants enrolled in this year’s course,