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OTC Transaction Hits N9.75trn

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FMDQ Group - Investors King

Turnover of transactions in the Fixed Income and Currency markets amounted to ₦9.75 trillion in August, 2016, according to the FMDQ OTC securities exchange.

A statement posted on FMDQ OTC platform said that the figure represented a decrease of 23.49 per cent or ₦2.99 trillion from amount recorded in July.

The statement added that the figure also represented a year-on-year decline of 15.88 per cent or ₦1.84 trillion.

According to the statement, activities at the Foreign Exchange market accounted for 23.29 per cent compared to 27.56 per cent recorded in July.

It said that the Federal Government bonds and unsecured placements/takings accounted for 2.92 per cent compared to 3.79 per cent in July, and 4.06 per cent of the total turnover, respectively.

It said that Treasury Bills transactions accounted for 33.02 per cent of total turnover during the period while secured money accounted for 36.65 per cent.

“Transactions in the foreign exchange market settled at 3.16 billion dollars in August, a drop of 66.53 per cent ($6.28bn) compared with the value recorded in July.

“The second Naira-settled OTC FX Futures contract (NGUS AUG. 24, 2016), with a total outstanding amount of 152.48 million dollars, priced at $/₦310, matured and was settled within the month.

“The CBN revised the rates on all outstanding OTC FX Futures contracts, whilst a new 12-month contract – NGUS AUG. 16, 2017 was introduced at $1/₦241.00,’’ the statement said.

The statement said that member-member trades stood at 260 million dollars during the period, a decline of 69.80 per cent.

It added that member-client trades also declined by 62.40 per cent or 4.78 billion dollars from the previous month and 68.46 per cent or 6.26 billion dollars year-on-year.

The statement said that at the interbank market, the naira appreciated by 1.56 per cent to close at ₦316.24 to a dollar for the month, while at the parallel market, it depreciated by 9.93 per cent to close at ₦413.00 to a dollar.

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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JUST IN: Abuja to Kaduna Train Service to Resume by December 5

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Lagos-Ibadan Train Services - Investors King

The Federal Government has announced that services along the Abuja–Kaduna rail corridor would resume on Monday, December 5, 2022.

This was disclosed by the Managing Director of Nigeria Railway Corporation, Fidet Okhiria. 

While speaking to the News Agency of Nigeria (NAN) yesterday, Okhiria noted that all is now set to open the train corridor to passengers. 

He, therefore, advised passengers wishing to utilise the service to commence updating their mobile app from December 3, to enable them to successfully book the ride. 

Investors King earlier reported that the resumption of the Abuja to Kaduna train service will commence last Monday. The resumption was however postponed due to ongoing security work on the trail track as well as coaches. 

It could be recalled that the Minister of Transportation, Mu’azu Sambo stated during the test run of the train on Sunday that Nigerians without a National Identification Number would not be allowed to board the train.

The Minister added that the government is doing everything to stop a re-occurrence of the event that happened early this year when terrorists attacked Abuja to Kaduna. 

An event that led to the death of no less than nine people while several others were kidnapped. 

Speaking further on the new development, the NRC boss noted that the services will commence with two train rides from Abuja-Kaduna and vice-versa.

Given the train schedule, Okhiria stated that “AK 1 will depart Idu Station at 9:45 am and arrive at Rigasa Station at 11:53 am.

“KA 2 will depart Rigasa at 8:00am and arrive at Idu station at 10:17am.

“AK 3 will depart Idu Station at 3:30pm and arrive at Rigasa Station at 5:38pm.

He added that “KA 4 will depart Rigasa at 2pm and arrive at Idu Station at 4:07pm.

Okhiria noted that the federal government will continue to do all it can to protect both lives and properties on board its train at all times.

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Dominic Pizza Partners 9mobile on Food Service Delivery

The mother brand of Domino Pizza, Eat’N’Go Africa noted that the partnership is a demonstration of the company’s commitment to better serve the Nigerian market.

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Dominos Pizza

Quick Service Restaurant (QSR), Domino Pizza has partnered with mobile telecommunication provider, 9mobile to improve its food service delivery.

The mother brand of Domino Pizza, Eat’N’Go Africa noted that the partnership is a demonstration of the company’s commitment to better serve the Nigerian market.

According to a statement released by the company, the partnership is aimed to increase customer satisfaction and provide quick service delivery to both individuals and retail offices.

Investors King learnt that customers can now easily and swiftly order domino pizza through the newly launched dedicated call center. 

The statement added that the Call Centre service was currently active in all Domino’s branches in Lagos State, with plans underway to activate it in other locations in Nigeria and would provide multi-lingual services.

Speaking at the event, the Group Chief Executive Officer of Eat’N’Go Africa, Mr. Patrick McMichael noted that customers’ orders will henceforth be delivered as much faster as possible. He added that the core responsibility of the company is to attain customer satisfaction through its products and service delivery. 

“As an organization, Eat’N’Go is committed to always being at the forefront of customer satisfaction and by adapting to innovative ways we will keep improving on our service delivery which the call centre avails us,” he said. 

Similarly, the Chief Executive Officer (CEO) of 9mobile, Juergen Peschel who was present at the event expressed delight and confidence in the prospect of the new partnership. 

He noted that with the new partnership, Eat’N’Go will be able to revolutionise delivery. 

The CEO affirmed that the collaboration shows the extent to which technology can be deployed to ease the way business is done.

Meanwhile, Eat’N’Go Africa is the mother company of a number of trademark products which include Domino Pizza, Cold Stone Creamery, and Pinkberry Gourmet Frozen Yoghurt brands. It is one of the leading Quick Service Restaurants (QSR) in Nigeria. 

The company currently has more than 190 outlets across the country with the goal to reach 250 outlets in 2023. 

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Aero Contractors to Resume Operations After Four Months of Suspension

Aero Contractors called off suspension, to resume operations in the first week of December

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Aero Contractors Airlines

Aero Contractors has disclosed plans to resume flight operations on the 5th of December 2022. The resumption is coming after more than four months of suspension owing to a lack of equipment capacity, foreign exchange scarcity, and other industry challenges.

Investors King could recall that in July 2022, Aero Contractors which is one of the oldest domestic airlines operating in Nigeria announced a voluntary withdrawal of service due to the numerous challenges facing the airline and the industry in general. 

“Due to the impact of the challenging operating environment on our daily operations, the management of Aero Contractors Company of Nig. Ltd. wishes to announce the temporary suspension of its scheduled passenger service operations with effect from Wednesday, July 20, 2022,” a statement issued by the airline in July partly read. 

The airline added that some of its aircraft were undergoing maintenance which made it a more complex situation to cope with the current reality in the aviation industry.

It highlights the high cost of maintenance, fuel, inflation, and forex scarcity resulting in high foreign exchange rates as some of the prevailing challenges which culminated in the suspension of service.

According to sources that are familiar with the new development, flight operations will resume with the Lagos to Abuja route while a check on the airline website showcases a confirmation. 

Meanwhile, the Nigerian Civil Aviation Authority (NCAA) has cleared Aero Contractors to resume flight operations. 

The Director General of NCAA, Capt. Musa Nuhu confirms the resumption during a discussion he had with journalists earlier today. 

The DG clarified that the airline was not grounded and that it never had safety issues. Rather, he said the airline was faced with financial challenges which, if not quickly nipped in the bud, may degenerate into safety issues.

“Aero Contractors was not grounded based on safety issues. We did an audit of them…and we found out that the issue they had was financial sustainability,” Capt Nuhu noted.

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