Naira closes at N359.3 to dollar at parallel market
Businessam Staff
August 9, 2019
The Naira on Thursday was sold at N359.3 to the dollar at the parallel market in Lagos. The pound sterling and the euro closed at N450 and N396, respectively. At the bureau de change (BDC) segment, the naira traded at N359.3 to the dollar, while the Pound Sterling and the Euro closed at N450 and […]
Sterling hits lowest level since April 2017 as disorderly Brexit fears grow
Adesola AfolabiJuly 16, 2019
The pound plunged to new lows Tuesday after lackluster U.K. data compounded growing fears of a haphazard Brexit outcome at the end of October. Sterling versus the U.S. dollar weakened 0.7% Tuesday, reaching $1.2418 by late-morning London trade. It hit a 27-month low against the greenback and a new six-month low versus the euro. Against […]
Dollar edges up against yen as some pre-G20 summit jitters ease
Businessam StaffJune 27, 2019
The dollar edged up to a one-week high against the safe-haven yen on Thursday as some of the jitters ahead of the G20 summit in Japan eased amid hopes for progress there in resolving the Sino-U.S. trade war. Hong Kong’s South China Morning Post, citing sources, said that the United States and China have agreed […]
Zimbabwe dollar returns, a decade after iIt became worthless
Businessam StaffJune 25, 2019
Zimbabwe has brought back its own currency, the Zimbabwe dollar, just over a decade after its usefulness was destroyed by hyperinflation. The central bank said that effective immediately, currencies including the U.S. dollar and the South African rand, in use since 2009, will no longer be accepted as legal tender. A local quasi currency known […]
Dollar slips on Fed prospects, safe-haven Swiss franc, gold shine
Businessam StaffJune 25, 2019
The dollar hit a multi-month low against the euro and the yen on Tuesday on the prospects of monetary easing by the Federal Reserve while the safe-haven Swiss franc and gold rose on Middle East tensions. The euro hit a three-month high of 1.14105 dollars, having gained 2.0 per cent from a two-week low of […]
Bitcoins investors are smiling again and here is why
Businessam StaffJune 24, 2019
Bitcoin tested 15-month highs on Monday after jumping more than 10% over the weekend, with analysts ascribing the spike to growing optimism over the adoption of cryptocurrencies after Facebook unveiled its Libra digital coin. The biggest cryptocurrency hit $11,247.62 on the Bitstamp exchange late on Sunday, its highest since March last year. It later pulled […]
Presidential order to raise GPD, boost SMES in information technology sector
Samson EchenimJune 17, 2019
By Samson Echenim A new policy of the federal government targeted at diversifying the economy by creating local demand for information technology and other engineering innovations will help to raise the sector’s contribution to Gross Domestic Product (GDP) and boost small and medium scale enterprises (SMEs), industry stakeholders have said. President Muhammadu Buhari, last […]
How prohibitive taxes stopped ship building in Nigeria
Samson EchenimJune 17, 2019
By Samson Echenim Ship building firms which managed to berth in Nigeria’s free trade zone at Onne in Rivers State, have stopped building vessels and streamlined to only provide repair services, due to prohibitive taxes levied on the new vessels at exit point by the federal government. Even though the shipyards operate in a […]
Africa FDI rises as global investment declines to $1.3trillion
Businessam StaffJune 14, 2019
• Inflows decline by 43% in Nigeria Although global foreign direct investment (FDI) flows suffered a setback of about 13 per cent in 2018, with inflows sliding to $1.3 trillion from $1.5 trillion in the previous year, but sub-Saharan Africa (SSA), recorded growth of about 13 per cent, pushing investment inflow to $32 billion in […]
Sterling edges up as UK opposition tries to block no-deal Brexit
Businessam SatffJune 12, 2019
The pound rose towards a three-week high on Wednesday after Britain’s main opposition party said it would try to introduce parliamentary legislation to prevent a no-deal Brexit. Investors are concerned the next prime minister could put Britain on course for a no-deal divorce with the European Union and send the pound plummeting. Frontrunner Boris Johnson, […]