Author: Ogochukwu Ndubuisi

Yuan Strengthens 7.1877 Against Dollar The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 17 pips to 7.1877 against the dollar on Friday. 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. #Yuan Strengthens 7.1877 Against Dollar#…

FG to Regulate, Licence Space Sector Chief Uche Nnaji, Minister of Innovation, Science and Technology, has said the Federal Government will soon commence the regulation and licensing of players in the space ecosystem for more revenues generation. Nnaji said this at the inauguration of the Advanced Unmanned Aerial Vehicles Laboratory (AUAVL) of the National Space Research and Development Agency (NASRDA) in Abuja on Thursday. The inauguration of the laboratory was part of the activities to celebrate 25th Anniversary of Nigeria in Space. Nnaji stated that there were lots of illegalities in the oil and gas sector and different sectors of…

CBN Sells US Dollar at Higher Rates to Nigerian Banks The Central Bank of Nigeria (CBN) sold additional US dollars to deposit money banks ahead of preparation towards its automated FX trading platform in December. The auction sales is the second in the week, analysts said. This FX auction totaling $54 million boosted liquidity in the official window and helped the naira to strengthen against the US dollar on Thursday. “Yesterday, the CBN remained active in the FX market, selling $54 million to banks between the rates of N1,655 and N1,660,” TrustBanc Financial Group revealed in a note. MarketForces Africa…

Fiducia, Mynd Partner to Enhance Supply Chain Financing in Africa Fiducia, a Nigerian digital supply chain financing platform, says it has partnered with Mynd Fintech, a subsidiary of M1xchange, to enhance supply chain financing in Africa and the Caribbean. Chukwuka Amadife, the Chief Operations Officer of Fiducia, said this in a statement on Thursday in Lagos. He said that the partnership signified an exciting chapter in Fiducia’s journey, after successfully launching a digital marketplace in Nigeria. According to him, the company is set to unlock new opportunities for Small and Medium Enterprises (SMEs) across Africa and the Caribbean. “In partnership with…

Hackaholics 5.0: Wema Bank Awards N145m to 7 Innovators Bank has disbursed N145 million in cash prizes to seven startups, the winners of the fifth edition of its Hackaholics initiative. The Managing Director of Wema Bank, Mr Moruf Oseni, told newsmen on Thursday in Lagos that this year’s prize nearly doubled the previous amount of N75 million. Hackaholic’s initiative is designed to empower and support the nation’s tech innovators. Oseni said that this year’s Hackaholics stood out with 3,500 applications from across Nigeria. He explained that from the pool, 10 finalists showcased innovative solutions addressing real world challenges, ranging from…

TETFund Suspends Foreign Scholarship for Academic Staff The Board of Trustees, Tertiary Education Trust Fund (TETFund) has approved the suspension of the foreign component of the TETFund Scholarship for Academic Staff (TSAS) Intervention with effect from Jan. 1 2025. This is contained in a statement made available to newsmen in Abuja on Thursday by the Director, Public Affairs of the Fund, Abdulmumin Oniyangi. Oniyangi said the suspension was in response to the excessive cost of training in foreign institutions as well as the high rate of abscondment of foreign scholars. He, however, said the TETFund scholars who have already enrolled…

Zenith Bank Opens Paris Branch, Expands Global Footprint Zenith Bank Plc has expanded its global footprints with the opening of Zenith Bank (UK), Paris Branch. The official commissioning, which took place at 21 Rue de la paix, Paris, France was performed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region. The event…

Katsina Pays N13.5bn Pension Arrears The Katsina state government has disbursed N13.5 billion to settle outstanding pensions and gratuity owed retirees. The amount covered payment of outstanding liabilities to 2,313 retirees in the state and local government services since inception of the Dikko Radda administration. The state deputy governor, Faruk Lawal-Jobe said this at a news conference on Thursday in Katsina. He said that, “the government has approved the payment of outstanding gratuity to the tune of N24,015,813,656.03 for both state and local governments retirees. “So far, out of the approved amount, the sum of N7,690,750,198.63 and N5,831,426,398.72, totaling N13,522,…

Egbin Power Wins Best in Safety Performance Power GenCo Award at AfriSafe 2024 Egbin Power has solidified its commitment to safety excellence, as the GenCo was recently recognised as “Best in Safety Performance in Power Generation Company” in Africa at the 2024 AfriSafe Awards held in Livingstone, Zambia. In the nomination category that had other top-performing power generation companies across Africa, Egbin Power clinched the award having implemented a series of safety initiatives to deepen its safety culture. Some of the initiatives included 720 LACEUPS, Technical Safety Colloquium (TSC), What Have You Done for Egbin Station Today (WHYDFEST) Campaigns among others programmes…

Oil, Banking Stocks Drive Intraday Gain in Equities Market Oil and banking stocks are trading positively in the equities segment of the Nigerian Exchange (NGX) trading platform. Intraday trading results showed the investors are currently betting on Oando Energy and newly listed Aradel Holdings Plc. Both oil and energy costs have been facing selloffs pressure from investors trading highs and lows in the equities space. The market also witnessed a huge selling rally yesterday due to sustained negative perception after the interest rate hike. Today trading pattern, however, offers hope of possible capital appreciation that will boost investors’ wealth. At…