Wednesday, September 23, 2020
Interest rate cut to 11.5% means more liquidity for banks, savings rate drop
Nigeria’s central bank’s surprised deeper easing of its benchmark interest rate by 100 basis points to 11.5 percent yesterday from 12.5 percent in May 2020 is seen to translate to more liquidity for banks and further drop in savings rate. After the two-day Monetary Policy Committee (MPC) meeting in Abuja between Monday and yesterday, Godwin… Read more
MTNN, others seen driving Nigeria stock market’s N43bn gain
Investors at the Nigerian stock market booked about N43billion gain on Tuesday, September 22 as investors raised bets on stocks like MTNN, Red Star Express, Dangote Sugar Refinery, and FBNH. The Nigerian Monetary Policy Committee (MPC) in its fifth meeting in 2020 considered amongst other things, developments in the global and domestic economy, and decided… Read more
NSE lists United Capital Plc N10bn 5-year bond
The Nigerian Stock Exchange (NSE) on Tuesday, September 22, 2020, listed on its Daily Official List the United Capital Plc N10 billion 5-year bond. At a coupon rate of 12.5percent, the senior unsecured fixed-rate series I bond is due 2025. It is under the company’s N30billion Debt Issuance Programme. The bond offer had opened on May 4, 2020, and closed on May 15, 2020. The stockbroker to the bond offer is United Capital Securities Limited. Read more
CBN prepares for recession, reduces benchmark lending rate to 11.5%
The Central Bank of Nigeria on Tuesday reduced the Monetary Policy Rate by 100 basis points from 12.5 per cent to 11.5 per cent after its two-day Monetary Policy Committee meeting in Abuja. The 10 members of the committee who were in attendance voted to retain the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively. Read more
Electricity/fuel price hike: NLC, TUC plan total shutdown from Sept 28
The labour movement is set to commence strike and nationwide protest across the country from September 28, following the failure of the Federal Government to reverse the increase in the electricity tariffs and pump price of petrol. The Nigeria Labour Congress and the Trade Union Congress said they would work together with their affiliate members to execute the industrial action for maximum effect. Read more
LDR: Banks total credit rises to N19.33tn
The total credit to the economy rose to N19.33tn in August as a result of the Central Bank of Nigeria’s policy on the Loan to Deposit Ratio. Central Bank Governor, Godwin Emefiele, disclosed this during the Monetary Policy Committee meeting in Abuja on Tuesday. Read more
Manufacturers worry about rising inflation, access to forex for raw materials
Local manufacturers have expressed concerns about rising inflation in Nigeria, considering that prices are further spiked by challenges in supply chains, occasioned by the inability to access foreign exchange for the importation of critical raw materials. Read more
Fresh concern over contract secrecy in Nigeria’s oil, gas sector
The secrecy shrouding terms and conditions of contracts in Nigeria’s extractive sector has, once again raised concern for stakeholders, especially as the country fights corruption. Although a signatory to the London Anticorruption Summit, and the Open Government Partnership, as well as Extractive Transparency Initiative, over 20 civil society organisations insisted that the current practice in which contracts entered into by government are negotiated and held in secrecy negates the globally-accepted practice. Read more
FG restates commitment to renewable energy intervention
The Minister of Power, Saleh Mamman, has re-affirmed his ministry’s commitment to driving renewable energy in Nigeria. According to the minister, renewable energy is one of the ministry’s focal points to drive power supply in the country even as it plans to integrate renewable energy through the Paris Agreement and the Vision 30:30:30 to deliver 30GW of electricity with 30 per cent renewable energy mix by 2030. Read more
