Nigeria’s naira lost 99.7% value in 44 years
Businessam Staff
June 2, 2017
The Nigerian currency, the naira, has historically lost value of up to 99.7 percent relative to the United States dollar since it was introduced in 1973, 44 years ago, according to researchers at Proshare Nigeria in a tweet Friday. Proshare indicated that from historical data, the naira exchanged at N0.65 to the dollar in 1973, […]
Nigeria, world stocks hit record highs, gaining on average 11% in 2017
Businessam StaffJune 2, 2017
Global stocks, including Nigeria’s, have maintained bullish runs, gaining on the average 11 percent so far in the year. This follows currency recoveries in major economies of the world. The dollar indeed recovered more ground on Friday as upbeat U.S. economic data allayed concerns over growth ahead of payrolls figures due out later in the […]
Oil prices drop amid glut concerns, as Trump abandons global climate pact
Businessam StaffJune 2, 2017
Oil prices tumbled below $50 on Friday amid worries that U.S. President Donald Trump’s decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply. Global benchmark Brent crude futures was down 1.7 percent, or 80 cents, at $49.75 a barrel, as of […]
Nigeria stocks jump to 11-month high as bulls maintain dominance
Businessam StaffJune 1, 2017
*All-share index rising by 2.8%… The Nigerian bourse sustained its bullish run Thursday as the benchmark index closed positive for the seventh consecutive trading session, driven by gains in banking and cement shares as investors take advantage of low valuation of some commercial lenders’ shares. The stock market all share index (ASI) rose 2.8 percent […]
Nigeria, Libya get OPEC soft landing on increased production
Businessam StaffJune 1, 2017
Nigeria and Libya have received a soft landing from the Organization of Petroleum Exporting Countries (OPEC) over both countries’ current overproduction that has seen market concerns as oil prices dropped lower early Thursday. The organisation is maintaining a strict implementation of an agreed production cuts, but has failed to state when cuts would be applicable […]
Boards of companies lagging in cyber threat security initiatives, says Control Risk
Businessam StaffJune 1, 2017
Boards of companies are still not grasping the challenge of cyber threats in the light of the May 12 WannaCry ransome attack, which affected 150 countries in under 12 hours, says a report on the global cyber security landscape by Control Risks. In its Cyber Security Landscape’ survey of IT and business decision makers, Control […]
Oil price rises, as Trump decides on climate pact, yuan surges
Businessam StaffJune 1, 2017
Oil prices rose on Thursday, lifting energy company shares, on expectations the United States will withdraw from a global pact to fight climate change, while China’s yuan shrugged off weak factory data to hit a seven-month high against the dollar. Bank shares underperformed rising European stocks, after two major U.S. lenders warned on Wednesday that […]
Nigeria’s top lenders score high on return on equity in sub-Saharan Africa
Businessam StaffMay 31, 2017
Despite a pervading rise in non-performing loans and thinning interest margins, Nigeria’s top lenders are doing relatively well more than their peers on the continent as average return on equity stands at 22.3 percent as at March 2017, according to data complied by Bloomberg. This compares with an average of 17.4 percent for South Africa’s […]
Nigerian bourse: Dangote Cement, Nigerian Breweries sustain bulls charge, raise index by 0.8%
Businessam StaffMay 31, 2017
*The bears lurk as relative stress index crosses the overbought region The positive sentiments on the floor of the Nigerian Stock Exchange (NSE) continued Wednesday as the equities market extended its bullish run in six consecutive trading sessions. The bourse benchmark index grew 0.8% to settle at 29,498.31 points, while year-to-date (YTD) gains improved to […]
Falling oil revenues, CBN support for naira deplete reserves to $30.49bn
Businessam StaffMay 31, 2017
*Reserves fell 0.89% in a month Nigeria’s foreign exchange reserves fell by 0.89 percent to $30.49 billion on May 25, 2017 from $30.76 a month ago, the lowest level since April 18, 2017, according to data obtained at the Central Bank of Nigeria website Wednesday. However the current levels are still higher than what it was a year […]