BUSINESSES ARE FORCED TO USE E-PAYMENT DUE TO THE NEW NAIRA'S SCARCITY.
Nigerian businesses are dealing with a double blow as new naira notes are hard to come by and the old ones' expiration date approaches. Many firms have been pushed by the circumstance to choose electronic channels for transactional purposes in an effort to lessen the volume of obsolete notes coming from their clients.
NAIRA LOSES A SMALL AMOUNT THIS WEEK ACROSS ALL FX MARKETS.
Due to a gradual increase in demand for dollars, the naira, see a slight loss across market areas which made the Foreign Exchange (FX) market closed out the trading week on Friday.
AN ECONOMIST CALLS ON MONETARY AUTHORITIES TO HARMONIZE EXCHANGE RATES
The Centre for the Promotion of Private Enterprise (CPPE), in the organized private sector, has reiterated the FX market by combining the various rates and making sure the rates are driven by the market. This recommendation follows the sustained depreciation of the naira throughout the year 2022. In an interview with the New Telegraph in Lagos by Dr. Muda Yusuf, the Director and Chief Executive Officer of CPPE. According to him, the official rate had risen to N461/$ and the parallel/BDC rate reached N750/$.
WikiFX Review: Traders need to understand the current situation of XPro Markets
XPro Markets is a South Africa-based broker. This broker claimed to offer clients a couple of financial instruments. It catches our attention because we recently received a complaint related to this broker. WikiFX has comprehensively reviewed XPro Markets from several perspectives.
WikiFX Scam Alert: FCA Warns Against cryptomargin!!!
The British regulator FCA has issued an official warning against cryptomargin on January 27th!!!
U.S. Senate Republicans put Biden on notice over debt ceiling
By David Morgan WASHINGTON (Reuters) – Two dozen U.S. Senate Republicans warned Democratic President Joe Biden on Friday that they would not support increasing the federal debt ceiling without at least an equal amount of spending cuts to government programs or structural reform.
Sprinting great Bolt says ‘stressful situation’ trying to recover lost millions
By Kayon Raynor KINGSTON (Reuters) – World 100 and 200 metres record holder Usain Bolt said on Friday that it was a “stressful situation” trying to recover more than $12.7 million that has disappeared from his account with a Jamaican investment firm.
U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president
By Valerie Volcovici WASHINGTON (Reuters) – Over two dozen U.S. representatives on Friday called on top U.S. climate envoy John Kerry to urge the United Arab Emirates to withdraw its appointment of the head of its state oil company as president of the COP28 climate summit
Recession fears pose challenge to energy shares after stellar year
By Lewis Krauskopf NEW YORK (Reuters) – A potential U.S. recession and tough comparisons to a stellar 2022 are weighing on the prospects of energy stocks delivering an encore to last years stunning run, despite valuations that are seen as still comparatively cheap.
EU must answer U.S. clean energy subsidies, commissioner says on Washington visit
By David Lawder WASHINGTON (Reuters) – The European Union wants a deal quickly with the United States to resolve a dispute over U.S. electric vehicle tax credits, but the EU must pursue its own green technology subsidies to keep investment at home, EU Internal Market Commissioner
S&P downgrades Hungary‘s ratings to ’BBB-/A-3‘, outlook ’stable
(Reuters) – Credit ratings agency S&P on Friday cut Hungary‘s long- and short-term foreign and local currency sovereign credit ratings to ’BBB-/A-3‘ from ’BBB/A-2, citing persistently high inflation and external pressures.
DOJ probing Visa on U.S. debit card practices, competition
(Reuters) – Visa Inc said on Friday the antitrust division of the U.S. Department of Justice had issued investigative demand earlier this month seeking documents and information about U.S. debit card practices and competition with other payment networks.
White House blasts Big Oil stock buybacks again as Chevron profits double
By Nandita Bose and Jarrett Renshaw WASHINGTON (Reuters) – The White House on Friday launched a fresh attack against U.S. oil companies, accusing them of using profits to pay shareholders instead of boosting supply, after Chevron Corp said its annual profit doubled for 2022.
New Venezuela opposition leader confident U.S. will protect assets
By Corina Pons MADRID (Reuters) – The new president of Venezuelas opposition legislature is confident the United States will back the body by continuing to protect foreign assets like oil refiner Citgo Petroleum from creditors, she said on Friday.
A&W Restaurants CEO expects milder cost increase this year
By Hilary Russ NEW YORK (Reuters) – A&W Restaurants expects the total costs its franchisees pay for paper, burger patties, ice cream and other goods to rise much more slowly in 2023 than they did in 2022, a year of record inflation.
US Dollar Technical Forecast: USD Support Test Into a Heavy Week of Data
The US Dollar took four months to wipe out 50% of a trend that took almost two years to build, but prices has been lodged at that half-way point now for two weeks. That will probably change next week.
U.S. SEC probes Elon Musks role in Tesla self-driving claims – Bloomberg News
(Reuters) – The U.S. securities regulator is investigating Elon Musk‘s role in giving shape to EV maker Tesla’s self-driving claims, Bloomberg News reported on Friday, citing a person with knowledge of the matter.
Twitter research group stall complicates compliance with new EU law
By Sheila Dang (Reuters) – The stalling of a Twitter program that was critical for outside researchers studying disinformation campaigns throws into question the companys strategy to comply with upcoming regulation in Europe, former employees and experts told Reuters.
German renewables firm PNE says Morgan Stanley no longer pursuing stake sale
BERLIN (Reuters) – Morgan Stanley‘s infrastructure investment arm informed the board of German renewables firm PNE AG that it is no longer pursuing talks with potential buyers of Photon’s PNE stake, PNE said in an adhoc statement on Friday.
Mexican president set to meet Citigroup CEO, spokesperson says
MEXICO CITY (Reuters) – Citigroup‘s Chief Executive Jane Fraser is planning to meet with Mexican President Andres Manuel Lopez Obrador, a government spokesperson told Reuters on Friday, amid the bank’s attempt to finalize a deal on the sale of its local unit.
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