Business

In response to the recent Naira depreciation, the Association of Bureaux De Change Operators of Nigeria has put forward a plan for a unified retail end of the foreign currency market. On Friday, ABCON president Aminu Gwadabe shared that this initiative aims to address volatility and enhance regulatory compliance within this market segment. ABCON is currently executing strategies to bring together operators from various sectors of the market. This includes setting up state chapters to oversee market coordination, integration, and the establishment of a cohesive market structure. Additionally, there are plans to enhance ABCON's Business Process Platform, previously known as SAAZ Master. Gwadabe stated, “As part of our vision for a consolidated retail-end forex market, we will implement g...

Providing an update on its activities, the Nigeria Extractive Industries Transparency Initiative (NEITI) announced advancements made in conducting industry reports for the oil, gas, and mining sectors for 2022-2023. NEITI confirmed that the process is currently underway nationwide and assured that it will be completed within the next five months. In a briefing with journalists, Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, highlighted that the reports are being conducted by two independent administrators from Nigeria. Dr. Orji mentioned, “NEITI has implemented its NEITI Audit Management System (NAMS), an automated information-gathering infrastructure, to ensure data integrity and enhance quality throughout the exercise.” Specifically focusing on the solid minerals sec...

In the foreign exchange market on Friday, the naira saw a decline of N169.24 against the US dollar. According to FMDQ data, the Nigerian currency has depreciated for the eighth time in recent days, reaching N1339.23 per dollar at the foreign exchange market, as opposed to N1309.88 on Thursday, marking a daily decline of N29.35. Additionally, in the parallel market segment, the naira fell to N1,380 per dollar on Friday from N1,370 on Thursday, showing a weekly drop of N210 from the N1,170 it stood at the previous Friday. Despite the Central Bank of Nigeria releasing $10,000 to BDC at N1,021 to a dollar with a condition to sell at a maximum of 1.5%, the depreciation continued. This marks the third intervention for BDCs as part of the bank's measures to safeguard the naira against ...

Mr. Jim Ovia, a highly regarded banker and entrepreneur, has been selected by President Bola Tinubu as the new Chairman of the Nigerian Education Loan Fund (NELFUND) board. In a statement released on Friday, Presidential spokesperson Ajuri Ngelale made the announcement. As the founder of Zenith Bank, Ovia is a respected figure in the business world with a history of supporting and empowering young Nigerians. The President is confident that Ovia's vast experience and professional reputation will contribute significantly to the crucial goal of ensuring that every Nigerian student has access to higher education without financial barriers. This appointment follows President Tinubu's approval of the revised student loan bill on April 3, 2024. The student loan program is designed to address...

On Thursday, investors gained N26 billion on the Nigerian Exchange Limited (NGX), marking a return to positive market sentiment. The market capitalization, which opened at N55.494 trillion, saw an increase of N26 billion or 0.05 per cent to close at N55.520 trillion. Similarly, the All-Share Index rose by 0.05 per cent or 48 points to close at 98,169.30, up from 98,121.30 recorded on Wednesday, pushing the Year-To-Date (YTD) return to 31.29 per cent. Market breadth ended negative with 24 declining equities and 16 advancing others on the exchange floor. Among the gainers, Transcorp Hotel led by 9.75 per cent, closing at N96.50, followed by Livestock Feed Plc with a 9.42 per cent increase to close at N1.51 per share. Other gainers include Tantalizers, up by 9.38 per cent to close at 35k,...

Recent data from FMDQ has revealed that the Naira has depreciated against the US Dollar in the foreign exchange market for the seventh consecutive time. On Thursday, the Naira was quoted at N1309.88 per Dollar, indicating a decline from the previous day's rate of N1308.52, resulting in a daily loss of N1.36. Meanwhile, at the parallel market, the Naira's exchange rate ranged between N1,300 and N1,370 on Thursday, compared to the previous day's range of N1,250 to N1,300. Over the past four days, the Naira has consistently weakened against the Dollar in the FX market, following a trend from last week where it depreciated three times in the same market. Since April 17, 2024, when the Naira traded at N1,072.74 per Dollar in the FX market, it has depreciated by N237.14. In an effort to supp...

Addressing concerns about fuel scarcity, NNPCL clarified that there are no changes in the prices of petroleum products. This clarification was made through a statement released by the Chief Corporate Communications Officer, Olufemi Soneye. Logistic issues were cited by NNPCL as the reason for the tight supply of fuel in certain regions of Nigeria. Soneye reassured the public that these issues have been resolved. In the statement, Soneye emphasized the importance of avoiding panic buying, confirming that there is an ample supply of products in the country. The announcement from NNPCL stated, “NNPC Ltd reports that the logistics issues affecting fuel supply have been effectively addressed. There have been no changes in the prices of petroleum products." NNPCL further urged Nigerians to ...

Thursday morning witnessed a decline in Bitcoin's price, plunging below $64,000. The market showed a significant overnight slump, causing over $209 million in bullish cryptocurrency positions to be wiped out.Coingecko data reveals that Bitcoin is currently being traded at $63,700, marking a 4% decrease in value within a single day. Bitcoin was not the only cryptocurrency affected by the slump; the broader crypto market also experienced a downturn. The collective market capitalization of all cryptocurrencies dropped by 4.7% overnight.Similarly, Ethereum, the second-largest cryptocurrency by market capitalization, saw a decline similar to Bitcoin, dropping by 5.3% in the last 24 hours, with its price hovering around $3,090. Among the top 10 cryptocurrencies, Toncoin (TON) faced the most ...