Weak Investor Sentiment Takes Over Customs Street

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Dipo Olowookere On June 20 and 21, 2018, experts in the insurance industry will gather at the Villa Rosa Kempisnki Hotel in Nairobi, Kenya to brainstorm on how to move the sector forward. The platform providing this opportunity is the Annual Insurance and Reinsurance Conference 2018, which enters its eighth edition this year. The theme of the conference is ‘Innovate to Capture Growth Potential’ and renowned industry experts already confirmed are Justus Mutiga, C.E.O, ICEA; Ashok Shah, CEO, APA Insurance; Ezekiel Owour, Managing Director, CIC Life Assurance Ltd. JacqulineKarasha, Head of Corporate Business, Sanlam; S. Chalapathi Srinivasan, Director, General

By Adedapo Adesanya The International Monetary Fund (IMF) has warned that Sub-Saharan Africa, which includes Nigeria, could stand to lose the most if the world were split into two isolated trading blocs centred around China or the United States and the European Union (EU). Sub-Saharan Africa refers to countries of the African continent that are not considered part of North Africa. According to estimates released on Monday, sub-Saharan African economies could experience a permanent decline of up to 4 per cent of the real gross domestic product after 10 years, which is larger than what many countries experienced during the

By Dipo Olowookere A total of 53 stocks lost points last week on the floor of the Nigerian Exchange (NGX) Limited as investors panicked over the foreign exchange (FX) crisis in the country, liquidating their Naira investments for Dollar, a more stable currency. In the week, PZ Cussons was the heaviest price loser as its value went down by 18.27 per cent to settle at N8.50 and was trailed by Wema Bank, which lost 17.54 per cent to trade at N3.29. Ikeja Hotel depreciated by 17.09 per cent to 97 Kobo, UPDC fell by 16.81 per cent to 99 Kobo,

By Modupe Gbadeyanka Minister of State for Health, Dr Osagie Ehanire, has inaugurated committees towards improving the quality of healthcare for mothers, newborn and children in the country. Dr Enahire said it is to drive the process of improving the quality of health care for mothers, newborn and children in a coordinated manner. The inauguration of the steering and technical committee took place yesterday in Abuja and the Minister stated that Nigeria was one of the first wave of countries to be part of the network to improve quality of healthcare among other countries. The Minister appreciated the World Health

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By Adedapo Adesanya The 14th trading week on the floor of the NASD Over-the-Counter (OTC) Securities Exchange closed positive with a 1.44 per cent growth. During the week, which only had four trading sessions, the portfolios of investors expanded by N7.53 billion as a result of the gains printed by VFD Group Plc and Niger Delta Exploration and Production (NDEP) Plc. Business Post reports that VFD Group appreciated by 33.1 per cent to close the week at N299.02 per unit in contrast to the previous N224.66 per unit, while NDEP gained 7.9 per cent to settle at N340.00 per unit

By Modupe Gbadeyanka The federal government has reiterated its determination to keep the debts of Nigeria within sustainable levels so as not to put the nation into trouble in the short, mid and long term. This assurance was given by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed at the International Monetary Fund (IMF)-World Bank Annual Meetings held from October 11 to 17, 2021, in the United States. The Finance Minister led a delegation from Nigeria to the meetings, including the Permanent Secretary, Finance, Mr Aliyu Ahmed; Director-General of the Budget Office, Mr Ben Akabueze; the Nigerian

By Modupe Gbadeyanka The House of Representatives has condemned the incessant attacks on the offices of the Independent National Electoral Commission (INEC). At the plenary on Wednesday, the green chamber of the National Assembly said the actions of the arsonists could put the nation’s democracy under threat. On November 10, 2022, an INEC building in the Abeokuta South Local Government Area of Ogun State was burned, with over 65,000 uncollected PVCs destroyed by the arsonists. A similar incident happened in Osun State and a few days ago, the office of the electoral body was attacked in Ebonyi State. It was