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Nigerian stock market on Friday reversed previous day loss as the All Share Index rose by 0.83% to close the week at 24,829.02 index point. Consequently, investors gained N106.3 billion as market capitalization improved to N12.952 trillion. Market upturn was paired with mixed activity levels, as total volume declined by 127.20million units while value increased by 32.57% to N2.15billion. GUARANTY was the most traded by volume and value at 38.314million units and N870.50billion. Market sentiment, as measured by market breadth, was positive, as 14 stocks gained, relative to 13 decliners. NEMEITH and PZ were the top gainers of the day with 9.60% and 9.38% price appreciation, while FIDSON and  recorded the largest declines with -9.70% and -4.94% depreciation in share value. Sector performance was positive as three indices gained, against depreciation in the Energy (-0.45%) and Industrial Indices (-0.35%). The Consumer Goods Index appreciated by 0.96%, ...

Nigeria’s Minister of Finance Zainab Ahmed said   Nigeria is close to securing a loan of $1.5 billion and another $1-1.5 billion for the Federal Government and states respectively. The fund is being sourced from the World Bank This  information which was passed on  in    a Citi Bank Investor update call with the Federal Government of Nigeria and organized by Citi Bank. The update titled “Covid-19 Economic and Budgetary Update” had the following representing Nigeria on the panel; Mrs. Zainab S. Ahmed – Finance Minister Mr. Godwin Emefiele – CBN Governor Ms. Patience Oniha – DG DMO Mr. Ben Akabueze – DG Budget Office And a representative of the Hon. Minister of Health. According to Zainab “ World Bank Negotiations is on course and we are looking at world bank going to the board on 6th of August for Nigeria’s approval. They have met largely all the conditions for the facility. src: Nairametrics

The most successful investors were not made in a day. Learning the ins and outs of the financial world and your personality as an investor takes time and patience, not to mention trial and error.  In this article, we would guide you through 5 key steps to note in your investment journey and tell you what exactly you should look out for along the way. 1. Understand that this is a journey As any good investor will tell you, to be successful in investing you have to understand that it is a journey and not a one-time event. You need to be in the right mind frame to prepare yourself for the long term and know exactly where you are headed i.e. your destination. This will help you plan your investment journey accordingly. For instance, when are you looking at retiring? 20 or 30 years from now? When you are 60? How much money do you need to have to make? You need to ask yourself these questions and know the answers. This will help come up with a well-detailed plan for y...

China  has announced its plan to exempt some African countries from repaying the zero-interest-rate loans that are due at the end of this year. It is also willing to provide further support, including loan maturing extensions, to free up funds needed to deal with the impact of the coronavirus pandemic. This was disclosed by the Chinese President, Xi Jinping, on Wednesday, June 17, 2020, during a video conference with African leaders. This initiative adds to an earlier one by the Group of 20 leading economies to suspend payments for low-income countries that are in deep economic crises due to the coronavirus disease. According to the Chinese President, “ China hopes that the international community, especially developed countries and multilateral financial institutions, will act more forcefully on debt relief and suspension for Africa.” The Chinese President added that China is also willing to give priority to African countries once the COVID-19 vaccines are ready for use....

Theta, which is blockchain-based, enables content-delivery with high-bandwidth content delivery using a decentralized system.   It is a cryptocurrency with its own type of blockchain (Theta). It can also be described as the operational token of the Theta protocol. Individuals use Theta Fuel to complete transactions like interacting with or deploying smart contracts. For the transformation of global digital economy,  Google   is collaborating with Theta Labs in a move to make video delivery networks more efficient through Google Cloud. “ As part of the business partnership, Google is assisting Theta with its Mainnet 2.0 launch, a hard fork happening around noon Pacific time on Wednesday,”  said Theta Labs’ Chief Executive Officer Mitch Liu. How to buy Theta Fuel? Theta fuel can be bought indirectly on most cryptocurrency exchanges like Binance and Coinbase. You will need to already own an Ethereum or Bitcoin (BTC) before you can trade wit...

According to Lagos State’s Commissioner for Education  Mrs. Folashade Adefisayo, the ministry decided to use the lockdown period to improve the teachers and by so doing, partnered with Microsoft to train the teachers on digital literacy. Talking on the Eko Excel Programme, which was part of the administration’s THEMES agenda, Adefisayo noted that it had helped improve the teaching and learning experiences in the classroom between the teachers and pupils. While discussing plans of the current administration for education, the commissioner said that the state governor Babajide Sanwo-Olu has granted the Ministry of Education permission to replace retired teachers and prevent gaps in the system. “The most important aspect of learning is the quality of teachers and we did not have enough teachers to actualise the set plan for learning in our public schools,”  she explained.

The Central Bank of Nigeria (CBN) and the Association of Bureau De Change Operators of Nigeria (ABCON) have finalized arrangements for the resumption of forex sales to Bureau De Change operators (BDCs). Following this finalisation, the more than 5,000 BDCs spread across the country are now expected to help curb the downward spiral of the naira, thereby checking the activities of foreign currency speculators. Recall that the naira has recently been facing major challenges, no thanks to the COVID-19 pandemic. Unfortunately, currency speculators took advantage of the situation by making spurious demand for dollars with the hopes of making good returns from the rising gaps between official and parallel market rates. Meanwhile, Governor Godwin Emefiele of the CBN and ABCON President, Aminu Gwadabe, have repeatedly spoken against the illicit business of currency speculators and the dangers they pose to the economy and naira’s stability. They have also warned the speculator...

Central Bank of Nigeria (CBN) has postponed its Monetary Policy Committee meeting. The meeting, which was supposed to hold for two days (next Monday and Tuesday May 25 & May 26, 2020), has been shifted to Thursday May 28, 2020 In a statement issued by Director, Corporate Communications, CBN, Isaac Okorafor, He  explained that the meeting was shifted due to the public holidays the Federal Government declared  and that coincides with the old dates chosen for the meeting. He said, “This is to inform our stakeholders and the general public that the May 2020 meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), earlier scheduled for Monday and Tuesday, May 25 and 26, 2020, respectively, will now hold on Thursday, May 28, 2020. This is as a result of the declaration of Monday and Tuesday, May 25 and 26, 2020, as Eid-el Fitr holidays. “For the avoidance of doubt, the CBN has put in place all necessary machinery for the meeting to now hold for o...

Crude oil  price continued its bullish run on Thursday morning after data showed that America’s crude inventories dropped again, easing worries about an oil supply glut. Brent crude futures gained 0.59%, at $35.96 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures also gained 1.07%, at $33.85 a barrel. America’s crude inventories dropped by 5 million barrels last week, against expectations in a Reuters poll for a 1.2 million-barrel rise, according to  data released by the Energy Information Administration.  While signs that WTI storage pressures are abating is positive for prices, the latest report shows that the fall in stocks owes more to supply factors than growing product demand,”  Capital Economics said in a note issued on Wednesday. “OPEC itself is hopeful that the rally in prices will continue and strong compliance to output cut pledges will be followed by its members,”  OPEC’s secretary-general ...

Today’s uptrend was impacted by gains recorded in blue-chip stocks like Tier one Banking stocks and Industrial giant DANGCEMENT. Nigerian stock market has sustained its positive stance, as it closed the market with 1.03%  appreciation, increasing market capitalization to N12.743 trillion, while the All-Share Index (ASI) settled at 24,452.23 index points. Accordingly, Year-to-Date losses moderated to 8.8%. Today’s uptrend was impacted by gains recorded in blue-chip stocks like Tier one banking stocks and industrial giant, DANGCEMENT. The activity level mirrored the overall index, as total volumes and values of shares exchanged increased by 28.57% and 37.99% respectively, to 436.83 million units and N5.41 billion. ZENITH BANK (+4.10%) finished as the most active in today’s trading to boost market turnover by 75million units of shares valued at N1.217 billion. Market sentiment, as measured by market breadth, closed positive, recording 37 gainers against 5 losers. REDSTAREX recorded th...