Author: Temitope N.

•We are formalising, developing, enhancing value- Minister Six months after the Federal Government declared its intention to establish an international gemstones market in Ibadan and stated that it had commenced the process for the construction, The Guardian reports that the site remains bare. This is as the sector continues to be controlled by locals and foreigners who harness the resources for their personal use without paying royalties to the government to boost the country’s economy. Gemstones are one of the key economic and industrial minerals in Nigeria. They are natural organic matter, minerals or stones, which are present in…

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After five days of an uptrend, the Nigerian Exchange Limited (NGX) halted its gaining streak as sell pressure in 20 stocks dragged the All-Share Index (ASI) by 0.1 per cent. Specifically, the ASI dropped by 46.93 absolute points, representing a decline of 0.12 per cent to close at 38,802.15 points, while the overall market capitalisation value lost N25billion to close at N20.216 trillion. The downturn was driven by price depreciation in large and medium capitalised stocks among which are, MTN Nigeria Communications (MTNN), UPDC Real Estate Investment Trust, Africa Prudential, Unilever Nigeria and International Breweries. Market sentiments closed at par,…

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Foreign transactions in gold-backed Exchange Traded Funds (ETFs) grew by 99.64 per cent, as 10 stockbrokers drove 99.9 per cent of total transaction value and 97.3 per cent of total volumes of ETFs in the second quarter (Q2) of 2021. The NGX quarterly report for Q2 2021 as of June 30, 2021, revealed that NewGold emerged as the most active ETF with its value rising by 99.6 per cent to N4.41 billion, taking the lead in both value and volume traded in the ETF space. The stock traded 524.241 units valued at N4.41billion. Vetiva Griffin 30 was next, trading 501,48…

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The National Palm Producer Association of Nigeria (NPPAN) has unveiled plans to empower youths and women across 24 states of the Federation with free 20 oil palm seedlings. The beneficiaries are expected to start generating a minimum of N2 million yearly from each hectare of the palm tree starting from the third year of planting over a period of 50 years. The aim of the association is to plant 10 million palm trees across the 24 oil palm producing states and to achieve this each household would be provided with 20 free oil palm seedlings. The National President, NPPAN, Alphonsus…

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• Indicts operators for money laundering • We receive 5,000 fresh BDC applications monthly, says Emefiele • MPR, other monetary parameters retained • Decision a rumour until we see CBN circular, operators insist • Cordros Research: Discontinuation of FX to BDC will affect exchange rate • Nigeria to launch digital currency ‘e-naira’ in Oct The Central Bank of Nigeria (CBN), in a rare courage, yesterday, ended foreign exchange (FX) supply to bureau de change (BDC) operators and registration of new players with immediate effect. Governor of the CBN, Godwin Emefiele, in a media briefing on the outcome of the…

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The Federal Government through National Pension Commission (PenCom) has revealed plans to begin the payment of outstanding 2.5 per cent pension contributions to retirees between 2019 to 2020 and also 2014 to 2018. Speaking at a workshop organised by the PenCom in Lagos, the Director-General, PenCom, Mrs. Aisha Dahir-Umar, said, the growth in the pension fund assets under the new pension scheme is an indication of prudent and sincere management of the pension fund by the operators and the regulator. According to her, the number of registered contributors under the Contribution Pension Scheme (CPS) has grown to 9.38 million while…

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Bitcoin broke above $40,000 on Wednesday and headed for another attempt at breaking from its months-long range as short-sellers bailed out and traders drew confidence from recent positive comments about the cryptocurrency by high-profile investors. Bitcoin was last up 1.7% at $40,149 while rival cryptocurrency ether rose 1% to $2,328. Bitcoin is within a whisker of rising through its 100-day moving average.

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Economy. Photo/financialexpress As the Monetary Policy Committee (MPC) meets, experts have called on the Central Bank of Nigeria (CBN) to keep monetary policy rates at current values while strengthening intervention initiatives in critical sectors of the economy. According to experts, maintaining the status quo and strengthening intervention initiatives would be the most expedient decision to take given the prevailing economic condition in the country. Specifically, a Professor of Capital Market at the Nasarawa State University, Keffi, Uche Uwaleke said against the backdrop of elevated inflation at 17.75 per cent, a reduction in MPR or other policy parameters, though persuasive, will…

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Sustained buying interest in the shares of some blue-chip stocks, especially Oando and FTN Cocoa, aided the Nigerian Exchange Limited (NGX) to close on an upward note yesterday, as the All-Share Index (ASI) appreciated further by 0.5 per cent. At the close of trading yesterday, the ASI grew by 181.18 absolute points, representing an increase of 0.47 per cent to close at 38,849.08 points. Similarly, the overall market capitalisation value gained N94 billion to close at N20.241 trillion. The upturn was driven by price appreciation in large and medium capitalised stocks among which are, Airtel Africa, Julius Berger, Ardova, Lafarge…

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Amazon on Monday denied a report that the e-commerce giant planned to begin accepting Bitcoin payments by the end of this year, but acknowledged an interest in cryptocurrency. City AM cited as unnamed insider as saying Amazon would start taking cryptocurrency, citing a recent job posting by the company for someone with digital currency and blockchain skills. Contacted by AFP, an Amazon spokesperson said information in the story was “fabricated,” but that the company does have its eyes on the cryptocurrency sector. “Not withstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies…

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