CAPITAL MARKET
FMDQ Exchange admits Mixta’s N960m commercial paper
FMDQ Securities Exchange Limited announced on Monday that it had approved the quotation of the N960m Series 35 Mixta Real Estate Plc Commercial Paper under its N20bn CP Issuance Programme on its platform. It said in a statement that the proceeds from the CP quotation would be used to finance Mixta Real Estate’s short-term funding requirements. The exchange said it continued to fulfill its mandate to further deepen and effectively position the Nigerian debt capital market for growth. Punch
Stock market drops as 14 firms record losses
The stock market closed on a negative note on Monday as 14 companies saw their share prices decline at the end of trading on the Nigerian Exchange Limited. The NGX All-Share Index fell by 0.44 per cent to 39,306.47 basis points while the market capitalization dropped to N20.49tn from N20.58tn on Friday. A total of 357.69 million shares valued at N3.56bn in 4,394 deals were traded on the floor of the NGX on Monday. Nigerian Enamelware Plc, which led the losers’ table, saw its share price drop by 9.8 per cent to N17.95. Punch
BANKING
WorldRemit backs CBN’s extension of naira-4-dollar scheme
WorldRemit, a global cross-border payments company, has expressed support for the Central Bank of Nigeria’s decision to extend the deadline of the Naira-4-Scheme that was introduced in March this year. The CBN had on May 6 announced that it had extended indefinitely the scheme, which was initially scheduled to end on May 8. The company said in a statement on Monday that it would continue to reward customers who receive international money transfers through partner banks in Nigeria. Punch
AfDB, EBRD partner to address $2.5t financing gap in Africa
The African Development Bank Group (AfDB) and the European Bank for Reconstruction and Development (EBRD) have signed a memorandum of understanding to promote sustainable private sector development in Africa. The memorandum of understanding will help catalyze new sources of financing to help bridge the $2.5 trillion annual financing gap for development in Africa. The gap requires that development finance institutions work in partnership. The Guardian
Economy
Inflation drops marginally, experts counsel FG on security
The rate of inflation in Nigeria dropped slightly in April, shedding 0.05 per cent to close at 18.12 per cent in the month under review, the National Bureau of Statistics said on Monday Nigeria’s rate of inflation was 18.17 per cent in the preceding month of March. The NBS said, “The Consumer Price Index, which measures inflation increased to 18.12 per cent (year-on-year) in April 2021. “This is 0.05 per cent points lower than the rate recorded in March 2021 (18.17 per cent).” Punch
NEITI Advocates Sanctions for Non-compliance with Extractive Industries’ Reports
The Nigeria Extractive Industries Transparency Initiative (NEITI) has advocated a mechanism that will henceforth ensure prompt implementation of its reports and punish non-compliance. To this end, the transparency initiative noted that it would this month sign various Memoranda of Understanding (MoU) with the country’s anti-graft agencies to enforce compliance forthwith, starting this May. This Day