Market Updates

Naira appreciates to N1,400/$ as US dollar weakens The Nigerian Naira continued to gain ground against the US dollar during the midweek trading session. In the official market, the naira maintained the appreciation trend seen since the start of the week. The local currency hit monthly highs in the Nigerian Foreign Exchange Market (NFEM), where the exchange... Read More →

Mutual Benefit Assurance Invests $64m in Oil Producing Assets Mutual Benefit Assurance Plc said besides its core insurance operations, it has diversified into the energy sector having invested a whooping $64 million (N96 billion) in a producing oil asset as a hedge against economic volatility.  This was revealed by the company’s... Read More →

LIRS: 98% of Workers’ll Pay Less or Zero Tax Under New Regime The Lagos State Internal Revenue Service (LIRS), has said that under Nigeria’s new tax regime, only 1.6 per cent of Lagos taxpayers will face higher tax bills, while about 98 per cent of workers will either pay less or nothing at all.... Read More →

Naira slips across FX markets on supply constraints The naira closed the week on a weaker note across both official and parallel market segments, with analysts pointing to supply constraints and demand pressures in the foreign exchange market. At the Nigerian Autonomous Foreign Exchange Market, the local currency shed recent... Read More →

Equities decline as NGX sheds N394bn in weekly trading The Nigerian equities market experienced a sharp pullback last week as investors engaged in profit-taking, causing the Nigerian Exchange Limited to lose N394bn in market capitalisation. Market activity slowed compared with the previous week as cautious sentiment gripped both retail and... Read More →

New tax law tackles double taxation – NRS The Federal Government has outlined fresh measures to curb double taxation, expand the tax net, and strengthen compliance under Nigeria’s new tax laws, according to a Frequently Asked Questions report obtained by The PUNCH on Sunday. The document, issued by the Nigeria... Read More →