Business News

Friday, 12 November 2021 05:52

Naira makes further gains at parallel market

The naira has appreciated further against the dollar at the parallel market on Thursday to trade at N530 per dollar. The figure is N10 or 1.8 percent higher than the N540 it traded on Wednesday. Street traders across forex markets in Lagos who spoke to our correspondent on Thursday quoted the naira at N530 and 540 to a dollar for buying and selling prices, respectively. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Meanwhile, the currency depreciated by 0.1 percent at the official market to close at N414.73 on Thursday, according to…

Friday, 12 November 2021 05:45

17 formerly rich people share their experiences of going from rich to poor

It's one thing to go from not having any money to having a lot of it. But I wanted to know more about what happens when it's the other way around. So, I asked formerly rich members of the BuzzFeed Community to share the things they learned after becoming poor. Here's what they shared: 1. "I grew up very privileged because both of my parents inherited a ton of money when they were young. I went to a very expensive summer camp, everything I owned was designer, and we owned a second home in the Hamptons. Everything changed after my…

Thursday, 11 November 2021 06:09

Naira appreciates further at parallel market

Naira has appreciated by 3.6% to N540/$1 at the parallel market — almost four months after the Central Bank of Nigeria (CBN) stopped FX sales to Bureaux De Change (BDCs) operators. The local currency gained N20 to close at N540 on Wednesday from N560 it opened the weekly trading on Monday. Bureaux De Change traders in Lagos said the market had been experiencing massive gain against the greenback since last week. Abubakar Salisu, a BDC trader, said they are now very reluctant to sell or buy at any certain rate except they get accurate confirmation from other operators. “We sell…

Thursday, 11 November 2021 06:01

Thinking of investing in a company? Pay attention to these 5 warning signs

Red flags: A focus on winning influential investors, creating FOMO, making big promises, and refusing to share financial and product information Few founders can pull off the challenges of building a successful startup. In most cases, the result is an honest effort that costs investors their money and employees their jobs. A Small Business Administration study found that in 2019, the failure rate of startups was around 90 percent. Sadly, there are some business leaders among that 90 percent who do a fantastic job of raising capital and hiring talented employees -- but the stories that they tell investors and…

Wednesday, 10 November 2021 06:01

Stocks on NGX jump another N252bn as the bull run continues

Nigerian stocks lengthened their uptrend on Tuesday, helped in part by investors increasing demand for telco stocks as well as for conglomerates and financial services shares, a broad-based progress culminating in a N252.4 billion gain. MTNN and Airtel continued to command investors’ interest and were joined United Capital and UACN in leading the advance. Market breadth, which measures investor sentiment, closed on a positive note, with 24 losers reported against 16 gainers. “This week, we expect the NGX to trade sideways in the absence of bullish triggers,” said brokerage firm United Capital in a note seen by Premium Times. The…

Wednesday, 10 November 2021 06:00

Naira losses at official market, gains at parallel market

Naira fell further against the U.S. dollar at the official market on Tuesday, after the currency witnessed a significant loss at the market segment in the previous session on Monday. The local unit exchanged hands with the foreign currency at N415.07 to a dollar on Tuesday, data from FMDQ securities exchange windows where forex is officially traded showed. The performance of the domestic currency on Tuesday represents a N0.52 or 0.13 per cent depreciation from N414.55 it exchanged in the previous session on Monday. Naira which opened at N413.57 to a dollar experienced an intraday high of N404.00 and a…

Wednesday, 10 November 2021 05:59

Farmers default on repayment of N463bn Anchor Borrowers loans - CBN

Farmers who subscribed to Central Bank of Nigeria’s Anchor Borrowers’ Programme owed the apex bank N463bn as of the end of March 2021, data from CBN Economic Report for April have shown. ABP was launched on November 17, 2015, by President Muhammadu Buhari to reverse the country’s negative balance of payments, especially in the area of food. Beneficiaries of the programme include farmers cultivating cereals (rice, maize, wheat, etc.), cotton, roots and tubers, sugarcane, tree crops, legumes, tomato and livestock. Loans are disbursed to the beneficiaries through deposit money banks, development finance institutions and microfinance banks, which the programme recognises…

Wednesday, 10 November 2021 05:55

This simple 15-minute creative exercise is how the best leaders build world-class companies

"Creativity is intelligence having fun," quipped Albert Einstein. He wasn't wrong. It's in the playful freedom of intelligence that innovation happens -- and with innovation, growth. Don't just take Albert's word for it. Alongside think tanks and research organizations, the World Economic Forum pegged creativity as the third most important skill for thriving in the modern world -- specifically for leaders shaping the future of government and business. The problem is, leadership work has become a time-sucking drudge. As the Harvard Business Review reported, many CEOs are trapped in an email spiral, responding to unceasing messages from employees, shareholders, customers.…

Tuesday, 09 November 2021 06:02

Cooking gas sold for N3,000 in January, now it’s N10,000 for 12.5kg. Price will go up further for these reasons

Importers of Liquefied Petroleum Gas, popularly called cooking gas, have stopped importing the commodity. Investigations also show that the cost of the product increased by 240 per cent for 12.5kg, jumping from N3,000 to N10,200 between January and October. About 65 per cent of LPG is imported into Nigeria, while domestic production accounts for 35 per cent, hence the halt in imports could further shoot up cooking gas price if the situation is not addressed. Executive Secretary, Nigerian Association of Liquefied Petroleum Gas Marketers, Bassey Essien, told our correspondent on Monday that the reintroduction of customs duty and Value Added…

Tuesday, 09 November 2021 05:54

CBN granted approval to MTN, Airtel for payment services. Here’s how their operations will be different from those of conventional banks

Last week, the Central Bank of Nigeria (CBN) granted approval-in-principle (AIP) to MTN Nigeria and Airtel Africa towards the process of commencing payment service banks (PSBs). The move is expected to close the unbanked population gap and help the country achieve its National Financial Inclusion Strategy (NFIS) — a projection that 95 percent of Nigerians would have access to financial services by 2024. An AIP implies that the approving party (CBN) finds the proposal acceptable. It also means that telecommunication companies still need to fulfil certain conditions before securing a PSB licence. According to the CBN, the decision is to…

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Tuesday, 09 November 2021 05:50

Stocks on NGX make whooping single day gain of N643bn on positive sentiments

Nigerian stock market began the week on a positive note as investors gained N643.14bn at the end of trading on Monday. All-Share Index of the Nigerian Exchange Limited jumped by 2.93 per cent to 43,246.87 basis points from 42,014.50bps on Friday. Market capitalisation of equities also went up to N22.57tn from N21.93tn amid positive investor sentiment in large-cap stocks. Market activities were positive as the total volume of shares traded on the floor of the NGX climbed by 60.12 per cent to 443.61 million units valued at N5.05bn in 5,233 deals from 277.04 million units valued at N2.38bn traded in…

Tuesday, 09 November 2021 05:45

Warren Buffett says you can ruin your life in 5 minutes by making 1 critical mistake

The Oracle of Omaha offers valuable advice about challenging and stressful situations. Warren Buffett, chairman and CEO of Berkshire Hathaway, has been able to build and sustain one of the strongest reputations in the business world. What's even more astounding is that most of the companies owned by Berkshire Hathaway have outstanding reputations of their own. Buffett puts his own reputation on the line through the decisions made by the managers that run his companies. This is why one of Buffett's highest measures of success is your reputation, bar none. It's an invaluable asset that should be guarded every day.…

Monday, 08 November 2021 06:00

Access Bank, GTCO, 4 others rake in N146bn revenue on CBN’s stoppage of FX to Bureau de Change

With Central Bank of Nigeria (CBN) suspending Foreign Exchange (FX) supply to Bureau De Changes (BDCs), a total of six banks in nine months of 2021 generated N145.6 billion income from trading in FX. The six banks in prior nine months of 2020 had generated a total of N47.16billion from trading in the FX market. The six banks are Sterling bank Plc, Union Bank of Nigeria Plc, Wema Bank Plc, Guaranty trust Holding Company Plc (GTCO), Access bank Plc and United Bank for Africa Plc (UBA). For instance, Sterling Bank reported N4.75 billion from FX trading in nine months of…

Monday, 08 November 2021 05:56

7 costly mistakes entrepreneurs are making every day

Time is the biggest asset of all, and entrepreneurs can have more than 24 hours a day if they buy it from others. Entrepreneurship is a calling that not every person is meant to answer. For those who do, there are many rewards and many achievements to be had. However, with each opportunity for success, there are risks of failure and downfall, and there are easily avoidable mistakes that can have a huge impact on their businesses. Many major errors go unnoticed, leaving business owners unaware that the choices they make are having negative consequences on their organization. Thankfully, once…

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