Trading
Naira appreciates at N493 to dollar in parallel market
The naira, on Thursday, appreciated by 1.8 percent to N493 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) increased forex supplies to banks. The local currency, which opened at N502 per dollar, gained N17 to N485 during midday trading before closing at N493/$1, according to data on abokiFX.com, a website that collates parallel rates in Lagos. It also appreciated against the pound sterling to close at N710 and N600, gaining N3 and N6, respectively, on the street. At the importer and exporter (I&E) window, it appreciated 0.13 percent to close at N411.50 to the dollar. Last week, Godwin Emefiele, CBN governor, met with bank CEOs and agreed to increase the amount of foreign exchange allocated to banks to meet legitimate needs. Emefiele cautioned them to ensure that...
What are CFDs and How Can You Start Trading Online?
/* custom css */ .tdi_4_61e.td-a-rec-img{ text-align: left; }.tdi_4_61e.td-a-rec-img img{ margin: 0 auto 0 0; } The use of Contracts for Differences (CFDs) continues to trend among retail traders, given these financial derivatives are ideal when market volatility is elevated and valuations have a directional bias. Understanding what are CFDs and some of the main threads linked to them is not difficult, even when it comes to people that are just getting started in the industry. The Basics of CFDs People will very often hear about the stock markets, FOREX, or commodities in the media. These are financial assets with a floating value, creating incentives for speculation. Retail traders and institutions all around the world are getting involved in these markets daily, based on changing economi...
NCS: Nigerian government to inaugurates Funtua inland dry port November
The Minister of Transportation, Mr. Chibuike Rotimi Amaechi, will in November inaugurate the ongoing Funtua Inland Dry Port project in Sokoto State. Also the French government has indicated its interest in collaborating with its Nigerian counterpart and therefore hinted that it will assist the government in form of financial assistance to the sector. The Executive Secretary/CEO Nigerian Shipper’s Council (NSC), Mr. Hassan Bello, made this known Thursday in Abuja during a meeting between the Council, Concessionaires for the Inland Dry Ports and the French Embassy. NSC ES, while highlighting the successes so far recorded by the Council stated that the federal government thought it necessary to bring shipping closer to the people by establishing ports in the hinterland. Hassan told the audien...
Ex-President Obasanjo visits Chicks market in Ibadan, promises improved system
Former President Olusegun Obasanjo on Thursday assured members of the Day Old Chicks Merchant Association of Nigeria (DOCMAN) of improved system and the backing of the government. Obasanjo gave the assurance during his surprise visit to the market, Obasanjo Day Old Chicks Market, located at Oluyole Estate in Ibadan. The former president, who arrived at the market at about 9.20 a.m, was conducted round the congested market by Deacon Sunday Agusa, the General Manager of Obasanjo Farms, Ibadan. Newsmen report that there was massive turnout of traders at the market to welcome the former president amidst pomp and pageant. Obasanjo said that his attention was drawn to the existence of the market by his staff member and the use of his name to grow the market to an international standard on day-ol...
NGX records N419 billion growth in April
The market capitalisation of the Nigerian Stock (NGX) recorded a growth of N419 billion in April due to impressive first quarter results declared by some companies. Specifically, the market capitalisation which closed trading in March at N20.428tn rose by N419bn to close at N20.847tn in April. Similarly, the All-Share Index inched higher by 789.29 points to close at 39,834.42 in contrast with 39,045.13 recorded in March. Royal Exchange Assurance emerged the best performing stock for April in percentage terms, growing by 89.29 per cent to close at 58k per share against 28k recorded in March. Linkage trailed with 41.87 per cent to close at 85k in contrast with 60k posted in the comparative month. Speaking on the performance of the stock market, Mr Ambrose Omordion, the Chief Operating Office...
NACC seeks quick visa facilitation for members
The Nigerian-American Chamber of Commerce (NACC) has urged the American Embassy in Nigeria to do everything possible to facilitate the Visa processing for members of the bilateral Chamber especially when it involves business trips for national growth and development. The National President of the Chamber, Otunba Toyin Akomolafe, who spoke at the NACC’s 60th Anniversary Public virtual Lecture in Lagos, said this is imperative given the enormous benefits inherent in the natural resources of both countries to be harnessed by mutual benefit. “Given the wobbling economy all over the world occasioned by the global pandemic, it’s expedient for embassies especially the American Embassy in Nigeria to fastrack VISAs and other protocol involved for trade experts going to America for the sole purpose ...
Lagos governor: We are ready to domesticate AfCFTA agreement
Lagos State Governor, Mr Babajide Sanwo-Olu, says the state is ready to domesticate the African Continental Free Trade Area (AfCFTA) agreement. Sanwo-Olu said this on Tuesday when he received the Minister for Industry, Trade and Investment, Mr Niyi Adebayo, on a courtesy visit at the Lagos House, Ikeja. The minister led members of the National Action Committee on nationwide sensitisation on African Continental Free Trade Area (AfCFTA), which the nation entered into to deepen economic integration among African countries. He said that Lagos had observed the processes leading to the adoption of the continental trade agreement and positioned itself for market expansion across areas of collaboration. The governor said the state was ready to take advantage of the AfCFTA for growth, as a local ac...
WTO chief: ‘Safe Schools Initiative’ to stop abduction of students
The Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala, on Wednesday expressed hope that the ‘Safe Schools Initiative’ will help stop the incessant abduction of students across Nigeria. Nigerian women on Wednesday came out en masse to welcome Okonjo-Iweala in her first homecoming since she became the director-general of WTO, during a visit to the Ministry of Women Affairs in Abuja. Addressing the crowd which included Senators and members of the National Assembly, former Ministers, wives of former governors, women in the Armed Forces, women societies, female political aspirants, Civil Society Organisations, as well as students, Okonjo-Iweala expressed deep concern about the incessant abduction of girls and boys in schools. The WTO boss who noted that it is shamef...
Court refuses to unblock Shell’s bank accounts
Getty Images Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos on Tuesday declined to vacate an interim injunction directing 20 banks to block Shell Petroleum Development Company of Nigeria (SPDC) and its subsidiaries’ bank accounts. The court also insisted that two of the banks’ secretaries and chief financial officers accused of disobeying the order made on January 25, 2021 must appear before it on March 29, 2021. The affected banks and their officials are: Citi Bank Ltd, its Company Secretary Sola Fagbure and Chief Financial Officer, Sharaf Mohammed; United Bank For Africa (UBA) Plc, its Company Secretary Bill Andrew Odum and Chief Financial Officer, Ebenezer Kolawole. The judge threatened to issue a warrant of arrest against them if they failed to appear before her on the ...
2,700 Akwa Ibom women benefit from federal government’s special grant
The minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, has advised Nigerian women not to regard the N20, 000 special grant given to the rural woman by the federal government as the fabled national cake. She has rather charged the beneficiaries to judiciously use the grant to improve their living standard by utilizing it as seed capital do boost their trades and businesses for greater income. Speaking through Bashir Nura Alkali, the permanent secretary of the ministry, at the flag off of the Grant for Rural Women Project and the symbolic disbursement of the grant to 2700 women of Akwa Ibom state, in Uyo, on Thursday, Farouq explained that the Grant for Rural Women Programme was introduced in 2020 to sustain the social inclusion agenda of Presid...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
Archbishop Sam Zuga: CBN lacks power to stop cryptocurrency
Archbishop Sam Zuga has reacted to the Central Bank of Nigeria’s (CBN) new order on Cryptocurrency. The Apex bank had directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading. Reacting to the shocking news, Archbishop Sam Zuga, the CEO of one of Africa’s fastest growing currency, Zugacoin expressed his disappointments at the CBN’s decision, while allaying the fears of Zugacoin investors and intending buyers. According to the Cleric’s message obtained from his social media page, “Cryptocurrency doesn’t need bank account to operate or exist.” He wrote, ”RICH PEOPLE WANT THE POOR TO REMAIN POOR. NOT AGAIN! This is is not news. It has been like this since the beginning of Cryptocurrency. But right n...
