Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said. U.S. President Donald Trump has blamed the Organization of the Petroleum Exporting Countries (OPEC) for high crude…
Brent crude rose nearly 2 percent after hitting a four-year high on Wednesday as the market focused on upcoming U.S. sanctions on Iran while shrugging off the year’s largest weekly build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian production. Brent crude LCOc1 rose $1.49, or 1.8 percent, to settle at…
The Central Bank of Nigeria has given reasons why the nation’s external reserves, which currently stand at $44bn, have been on a downward trend lately. Speaking during the CBN Day at the ongoing Abuja International Trade Fair in Abuja on Wednesday, the Director, Corporate Communications at the apex bank, Mr Isaac Okorafor, explained that the…
The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the interbank foreign exchange market. Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55…
Equities Market The Nigerian equities market Compressed at the end of the day’s trading activity, as both NSE ASI and market capitalization decreased by 0.79% respectively, as they both closed at 32,454.03points and N11,848tr respectively. Year-to-Date ASI is at a negative of 15.19%. Volume , Value of trades and No of trades all decreased by…
Equities Market The Nigerian equities market declined on the first trading day of the new month, as both NSE ASI and market capitalization decreased by 0.17% respectively, as they both closed at 32,711.65points and N11,942.28tr respectively, at today’s trading activity. Year-to-Date ASI is at a negative of 14.51%. Volume , Value of trades and No…
MTN Group has said it may no longer seek to raise capital through an Initial Public Offering (IPO) on the Nigerian Stock Exchange (NSE) as previously planned, while considering the option of listing its existing shares. The company, which operates the largest telecoms network in Nigeria and Africa, is reconsidering the IPO amid a dispute…
Succor may have come the way of investors on the Nigerian Stock Exchange (NSE), as the Securities and Exchange Commission (SEC) and FSD Africa, at the weekend, sealed a 450,000 euro deal, aimed at strengthening the regulatory structure and investment protection function of the commission. The deal is expected to assist SEC to fund an…
BANKS will tighten lending criteria in the fourth quarter (Q4’18) following increased lending activities in the third quarter (Q3’18) driven by pursuit of market share objectives and improved economic conditions. The Central Bank of Nigeria, CBN, disclosed this in its Credit Conditions survey for the Q3’18 released on Friday. Among other things the report revealed…
The euro climbed against other currencies Wednesday on reports Italy may yield ground over a budget stalemate with the European Union. The common currency EURUSD, +0.2078% EURUSD, +0.2078% rose to $1.1584 from $1.1549, making headway during the Asian trading session after a report in Italian daily newspaper Corriere della Sera that the government’s budget deficit…
