CBN Injects Another $240m Into FX Market
The Central Bank of Nigeria (CBN), Monday, injected another $240 million into the nation’s foreign exchange market to sustain Naira’s gains against the Dollar and other hard currencies. Of that amount, $90 million was to meet requests for invisibles such as BTA/PTA, medical and school fees. The balance of $150 million was given to authorized FOREX dealers in the interbank wholesale auction window.
Naira Falls Further To N395/Dollar
The naira on Monday depreciated further at the black market despite the commitment of the Central Bank of Nigeria (CBN) to boost liquidity in the market. The naira lost two points to exchange at N395 to the dollar from N393 recorded on Friday, while the pound sterling and the Euro closed at N480 and N415, respectively. At the Bureau De Change (BDC) window, the naira was sold for N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430, respectively.
Nigeria Equity Market Resumes Trading In April With 0.95% Loss
Transactions opened on the Nigerian Stock Exchange (NSE) for the first trading day in April on a bearish trend with the All-Share Index shedding 0.95 per cent. The index on Monday lost 242.31 points or 0.95 per cent to close at 25,273.03 compared with 25,516.34 posted on Friday due to profit taking.
Stakeholders Say Banks Not Doing Enough For Depositors
Stakeholders in the financial services sector of the economy have taken a swipe at the sector saying that banks are not doing enough to arouse depositors’ confidence. This was the take of speakers and panellists at the maiden edition of the BRANDish meeting of minds programme tagged: ‘What Banks should do Differently,’ where Femi Awoyemi, Founder and CEO of Proshare Nigeria Limited, said the kind of regulator and banks consumers need is one that will help people to move together, not one that is holding people and businesses down, but the one that will relax the rules that hold businesses and people down.
Dangote Sugar Posts N14.4 Billion Profit in 2016, Declares 60k Dividend
Dangote Sugar Plc has announced a profit after tax of N14.4 billion for the financial year ended December 31, 2016, representing an increase of 29.26 per cent. This was disclosed by audited result issued by the company on Sunday and made available to the News Agency of Nigeria in Lagos. The report indicated that the profit was against the N11 .14 billion reported in the corresponding period of 2015.
Norway Seeks More Market For Fishery Products In Nigeria
The visiting Norwegian Deputy Minister of Trade, Industry and Fisheries, Ronny Berg, on Sunday announced the readiness of more Norwegian fishery companies to export their products to Nigeria. Mr. Berg told the News Agency of Nigeria in Lagos that his delegation was in Nigeria to look at the new existing opportunities for Norwegian fishery products in the Nigerian market.
Equities Lost N330bn To Corporate, FGN Bonds
Investors in the Nigerian capital market appear to have shifted interest to the bond segment as the equity (stock) market lost N330 billion in the first quarter of 2017 (Q1’17). The Nigerian Stock Exchange, NSE market capitalisation which represents the total value of the investments in the nation’s stock market dropped 3.6 per cent to N8.828 trillion at the close of Q1’17 trading last weekend, 31st March, 2017, from N9.158 trillion it opened at the first trading day of January this year.
Investors Gain N114bn On NSE In March
At the backdrop of a lack-luster performance of equities in the first quarter 2017 (Q1’17) there seems to be a recovery in the last month of the quarter, as stock market review for the period indicated that investors recorded N114 billion gains at the end of March. The market lost N330 billion in Q1’17.
MSMEs Is Bedrock Of Development – DG SMEDAN
The Director General of Small and Medium Enterprise Development Agency of Nigeria, SMEDAN, Dr. Umaru Dikko, Saturday, said Micro, Small and Medium Enterprises, MSMEs, are the bedrock of development in any country. Dikko disclosed this at a stakeholders’ forum on MSMEs organised in Abuja by AKG global, a company that specialises on multiple internet marketing.
OPEC’s Production Cut May Not Raise Oil Prices, Say Experts
Efforts by the Or-ganisation of Petroleum Exporting Countries (OPEC) and non-OPEC members to cut output in order to induce inrease in oil prices may not yield the desired results, experts have said.
Brent crude price suffered a relapse at the weekend, moving downward to $52, from $56 recorded some weeks ago. OPEC and 11 other producers, including Russia, agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year to eradicate excess supply and boost prices.