Author: Ogochukwu Ndubuisi

The equities market of the Nigerian Exchange (NGX) is trending positive intraday due to bargain hunting in banking and other stocks.

Chinese Yuan Strengthens 7.187 Against Dollar The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 31 pips to 7.187 against the dollar on Monday. This is according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. #Chinese Yuan Strengthens 7.187…

FG lifts 5- Year Ban on Exploration activities in Zamfara The Federal Government has lifted ban on mining activities in Zamfara, after five year of its suspension. The Minister of Solid Minerals Development, Dr Dele Alake disclosed this on Sunday in Abuja. Alake said the move was made following significant improvement on the security situation in the state. All forms of mining activities was banned in Zamfara state by the Federal Government following alarming reports of banditry and its link to illegal mining. Alake said that insecurity in the state had been reduced to a manageable level to facilitate the…

Nigeria Treasury Bills Yield Steadies Ahead of Auction The average yield on Nigerian Treasury bills settled at about 26% in the secondary market amidst investors changing sentiments. Trading activities were mixed, though pattern revealed strong appetite for naira assets persisted. Traders said market traded on a subdued note throughout the week, influenced by tight system liquidity. Banks sold part of the investment in securities to reduce liquidity pressure in the money market. Due to tight funding level, the short-term benchmark interest rates inched higher ahead of expects inflows from Federal Accounts allocation committee. Fixed income securities analysts spotted moderate transactions…

Fuel to Sell at N935 Per Litre from Monday -IPMAN The Independent Petroleum Marketers Association of Nigeria (IPMAN), says the price of petrol will drop to N935 per litre by Monday in view of Dangote Refinery’s new arrangement. IPMAN said the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide. Alhaji Maigandi Garima, IPMAN National President, who made this known on Sunday in an interview with the News men in Abuja, lauded the Dangote refinery for the development. Dangote refinery recently…

Dangote, MRS Partner to Sell Petrol at ₦935 Nationwide Nigeria Dangote Refinery has partnered with MRS Oil and Gas to sell petrol at ₦935 per liter at retail outlets nationwide. This price reduction follows a decrease in the ex-depot price from ₦970 to ₦899.50 per liter. Mr Anthony Echiejina, Head of Media Communications of Dangote Refinery, disclosed this in a statement on Saturday in Lagos. The company said that the new pricing, which had already been implemented in Lagos, would be rolled out nationwide starting from Monday. It stated that the move followed an earlier reduction on Nov. 24, when…

The equities market capitalisation of the Nigerian Exchange, NGX, grew by N10.6 trillion as insurance, banking, and consumer goods indices drove rallies that lasted for four out of five days. The local bourse extended its winning streak in the just-concluded week, achieving a historic milestone as the benchmark NGX All-Share Index (ASI).

Federal Govt. Launches N250bn MOFI Real Estate Investment Fund The Federal Government of Nigeria has officially launched the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) to boost housing demand and drive economic growth. The finance ministry revealed in its official social media handle that the ₦250 billion initiative is designed to provide low-cost, long-term mortgage financing and stimulate economic growth through the housing and construction sectors. Presiding over the signing ceremony, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized that the initiative addresses Nigeria’s housing finance gap by offering mortgages…

Tincan Customs Hits N1.26trn Revenue with 24/7 Cargo Clearance The outgoing Customs Area Controller (CAC) of Tincan Island Command, Mr Dera Nnadi has attributed the command’s N1.26 trillion revenue to the implementation of a 24-hour cargo clearance system, which includes weekend operations. Nnadi disclosed this during the handover ceremony to the newly appointed CAC of Tincan Island Customs Command in Lagos on Friday. According to him, the implementation of the 24-hour cargo clearance process significantly enhanced operational efficiency. “My team worked tirelessly to improve professionalism, and in January 2024, we declared the year as one of stakeholders, which positively impacted…

Ministry Seeks $2 billion Fibre Optics Funding The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, says that the ministry is working to secure two billion dollars funding for fibre optics in Nigeria. Tijani said this at the December edition and wrap-up event of “DevsInGovernment for 2024” programme on Friday in Abuja. He said that fibre optic network was being laid all over the country to ensure that no communities is left behind. “From the commonwealth of Nigeria, the connectivity is based on the investment in digital infrastructure. “Historically, this is something we have largely left to the…