Business

The naira exchanged for N773.50 to a dollar at the Investors and Exporters window on Monday. The local currency depreciated by 7.08 percent against the N736.62 it exchanged for the dollar last Friday. The open indicative rate closed at N771.49 to the dollar on Monday. A spot exchange rate of N804.15 to the dollar was the highest rate recorded during …

As the federal government of Nigeria intensifies efforts to end petroleum products importation and release some of the pressure on foreign exchange, American oil firm, Barker Hughes, has expressed interest in investing in refineries in the country. Speaking during a meeting with the Minister for State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, on the sidelines of the 28th United Nations …

The equity capitalization in the Nigerian capital market crashed by 1.24 percent at the close of trading on Monday. This represented a N463.6 billion drop in the value of investments at the capital market from N37.29 trillion to N36.83 trillion after five hours of trading today. Similarly, the All-Share Index dipped by 847.16 basis points to close at 67,296.18, down …

Operators in the transport business and other businesses have been called upon to embrace electric vehicles as their choice for mass mobility in the country because it gives the best returns on investment when compared with fuel vehicles. Sanjay Rupani, Director of Sales for Jets Systems Limited, manufacturer of Jet Mover electric buses, disclosed this while speaking at the 2023 …

The Federal Government has said that two of its programmes targeted at alleviating the impact of fuel subsidy removal will soon kickoff. The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, disclosed this at the weekend, listing the two programmes as presidential conditional grant and presidential palliative loan. “In the presidential conditional grant programme, the federal government will disburse …

Businesses operating in Nigeria have envisaged increased losses in the second quarter of the year, following foreign exchange reforms. Already, nine firms had lost N960.18bn to the new forex policy in the second quarter. According to the half-year financial reports of the firms, the steep devaluation of the naira, following the Central Bank of Nigeria’s attempt to close the gap …

Leading insurance companies in Nigeria grappled with a significant surge in net claims by customers in the first half of 2023, amounting to N49.158 billion, a substantial increase of 25.47 per cent compared to the N39.178 billion recorded in the same period in 2022. The companies, including Custodian Insurance, NEM Insurance, Sovereign Trust Insurance, AXA-Mansard Plc., AIICO, Mutual Benefits Assurance, …

Investing in a beachfront property in Lagos can be an exciting opportunity, offering the allure of breathtaking views, recreational activities, and potential financial gains. However, it is crucial to approach such a purchase with careful consideration. Lagos, Nigeria’s vibrant coastal city, presents a range of options, and understanding the factors to look out for will help you make an informed …

The Securities and Exchange Commission has said that it is investigating the ongoing tussle at First Bank of Nigeria Holdings Plc. Some minority investors had staged a protest at the headquarters of the bank on Monday, calling for regulatory intervention and demanded that the company’s 11th Annual General Meeting must be held. In a text message to our correspondent, on …

The Nigerian capital market continued its bullish run on Thursday with a 0.11% growth in the All-Share Index (ASI). After five hours of trading, the ASI rose to 71,365.25 from 71,284.56 posted by the bourse the previous day. In the same vein, the market capitalization increased today by N44 billion to N39.052 trillion from N39.008 trillion recorded the previous day. …