The Nigerian naira posted decent gains against the American dollar on the parallel foreign exchange market during the mid-week trading session, amid ongoing improved market sentiments in Nigeria’s capital market.Currency traders exchanged the naira at an average rate of N1,515 on Wednesday, up from N1,520/$ on Monday, representing a gain of N5 within a single day.The changing dynamics in Nigeria’s foreign exchange market can be partially attributed to the CBN’s ongoing reforms.The Electronic Foreign Exchange Matching System (BMatch), which was implemented in December 2024, is one of the major policy changes credited with the naira’s recovery.This CBN-backed platform, using Bloomberg’s…
Author: Oladi Samuel
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Canada’s immigration body has stated that claiming asylum does not automatically allow individuals to bypass immigration laws, noting that asylum seekers must prove that returning to their home country would place them in serious danger to avoid deportation.The Immigration, Refugee and Citizenship Canada (IRCC) clarified that the asylum system is meant to protect those fleeing torture, threats to life, or cruel treatment.However, the process is rigorous, and not all claims are accepted. Individuals whose claims are denied may face deportation.IRCC outlines that the asylum process is strict and not designed as a shortcut to entering the country. People seeking refuge…
The New Zealand Government has introduced Phase 2 reforms to the Accredited Employer Work Visa (AEWV), which will take effect from March 10th, 2025.These changes will impact both new applicants and those already holding the AEWV.The reforms are intended to simplify the visa process and improve the job opportunities available to skilled workers in New Zealand.The government has been working on improving its immigration system, and these reforms are fashioned to make the AEWV more accessible.These changes are meant to improve the job security for skilled workers while encouraging employers to hire migrant workers in high-demand roles.Key changes to AEWV…
The Immigration, Refugees and Citizenship Canada (IRCC) conducted a Canadian Experience Class (CEC) Express Entry draw on February 19th, 2025, issuing 7,146 invitations to apply (ITAs) for permanent residency (PR).This includes a first category-based round focused on French-language proficiency, with additional ITAs issued to candidates with provincial nominations.Immigration News Canada (INC) reports that this draw is part of the 2025 Express Entry program, showing the government’s efforts to manage Canada’s immigration system.The Express Entry system is Canada’s primary method for managing permanent residency applications under economic immigration programs. It uses a points-based system called the Comprehensive Ranking System (CRS), where…
The Nigerian All-Share Index concluded the trading session on February 19, 2025, with a strong surge, gaining 938.53 points to close at 108,609.51.This increase signifies a 0.87% rise from the previous closing figure of 107,670.98, as it corrects back to the 108,000 level.However, despite this notable upward momentum, trading volume saw a decline of 15.9%, decreasing from 408 million shares traded the prior day to 343 million.In a positive development, market capitalization climbed to N67.6 trillion from N67.1 trillion reported the previous day, as it holds tight to the N67 trillion threshold.Examining individual stock performances, BUAFOODS and RTBRISCOE each achieved…
The Federal Government’s policies are designed to strengthen investor confidence and enhance liquidity across Nigeria’s power sector.This is the view of the Special Adviser to the President on Energy, Olu Verheijen who made this known while speaking in an interview with Arise TV.According to Verheijen, about 60-70% of Nigeria’s domestic gas consumption is allocated to the power sector, creating a concentration of risk.She stressed that diversifying the sector is necessary but cannot be achieved without first addressing the underlying challenges from gas to power.“When you look at the power sector, especially on-grid… we’ve made significant progress in driving off-grid access.…
The Nigerian corporate debt market is set to witness yet another offering from Dangote Sugar Refinery Plc, as the company moves to raise N50 billion through its 180-Day Series 8 Commercial Paper (CP).Opening on February 18, 2025, and closing on February 20, 2025, the CP is issued at a 22.6515% discount rate, translating to an effective yield of 25.5%.Given the company’s recent financial struggles, this move raises questions about its long-term financial sustainability and strategic direction.A pattern of heavy borrowing This is not Dangote Sugar’s first foray into the commercial paper market. In June 2024, the company issued Series 4 and…
Shares of Presco Plc have surged over 19% month-to-date in February, surpassing both the N600 and N700 thresholds, up from the N475 level at the start of the year.In its financial report released on January 31, 2025, the company reported a full-year pre-tax profit of N128 billion, representing a 156.05% rise compared to the N50 billion from 2023.Total revenue for fiscal year 2024 reached N198.1 billion, up 93.48% from N102.4 billion the previous year, with 90.2% of sales coming from Nigeria and the remainder from Ghana.Before releasing its financial results, Presco Plc unveiled plans to raise N100 billion through Series…
The Netherlands has confirmed the return of 113 Benin Bronzes to Nigeria, with the transfer set to take place on Wednesday.These artworks, which were taken by British soldiers during a raid on the royal palace in Benin City in 1897, will now be returned to their home country after being held in various locations around the world.According to Dutch News, the Benin Bronzes were originally seized during the British colonial campaign and have since been dispersed across museums and private collections globally, including institutions such as the British Museum in London and the Metropolitan Museum of Art in New York.The…
Kuda Technologies, one of Africa’s fastest-growing digital banks, is under scrutiny following allegations of workplace discrimination, harassment, and wrongful dismissal brought by its former Group Chief People Officer (CPO), Rosemary Hewat.The case, filed with the UK Employment Tribunal, accuses Kuda and its CEO, Babatunde Ogundeyi, of sex discrimination, victimization, and unfair dismissal.Hewat, who served as CPO for nearly three years, claims she was forced out of the company in April 2024 after enduring prolonged mistreatment.Kuda in an email response to Nairametrics confirms the case but declines to comment further because it is a legal matter.“It is accurate that Rosemary Hewat,…