The Nigerian stock market closed on a negative note for the seventh consecutive trading session on Tuesday amid investors continued to take profits. The market has been falling since May 14, with the All-Share Index of the Nigerian Exchange Limited dropping from 39,481.89 basis points to 38,256.76bps on Tuesday. The market capitalization of equities declined from N20.58tn on May 14 to N19.94tn on Tuesday. A total of 250.20 million shares valued at N1.55 billion were traded by investors in 3,534 deals on Tuesday, compared to 141.15 million shares valued at N1.09bn in 3,566 deals on Monday. Punch
Ecobank Nigeria, has disclosed that the bank has earmarked N100 billion for the financing micro, small and medium enterprises (MSMEs) in the country to enable the sector contribute more meaningfully to the growth of the economy. The Managing Director, Patrick Akinwuntan stated this in his welcome address during the Ecobank / Vanguard Virtual Summit for MSMEs in Nigeria, reiterated that apart from closing the funding gap, the bank will upskill and avail SMEs the bank’s state of the art digital platforms to promote their products. The Guardian
Banks’ credit to the economy rose to N23.53tn as of the end of March, latest figures from the Central Bank of Nigeria have shown. The CBN disclosed in its communiqué at the end of the Monetary Policy Committee on Tuesday that the figure r rose from N22.68tn as of the end of 2020. Part of the report read, “Accordingly, gross banking sector credit at end-March 2021 stood at N23.53tn compared with N22.68tn at end-December 2020. “This represents an increase of N0.85tn (year-to-date), of which commercial and merchant banks disbursed (N0.66tn), microfinance banks (N0.13tn), development finance institutions (N0.05tn), and primary mortgage banks and finance companies (N0.01tn).” Punch
First Bank of Nigeria Limited yesterday announced that it has been announced winner of three awards by Global Banking and Finance magazine. The awards are the 2021 ‘Retail Banking CEO of the Year Nigeria,’ ‘Most innovative Retail Banking App Nigeria,’ and ‘Best CSR Bank Nigeria.’ A statement explained that the respective awards conferred on the bank were in recognition of the indelible roles it plays in deepening financial inclusion in the country; advancing the digital banking eco-system as well as impacting individuals in its host communities with technology to make learning available to individuals of all ages, amongst many others. This Day
The Central Bank of Nigeria officially devalued the naira to 410.25/$ after the country’s currency defied all interventions to retain its value. However, experts have said that the last resort employed by the CBN to adopt the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar would lead to inflation and increase the poverty level in the country. The CBN confirmed the new official rate on its website after it had removed N379/$ earlier in May. Punch
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday retained the Monetary Policy Rate at 11.5 per cent. The CBN Governor, Godwin Emefiele, who disclosed this after the committee’s two-day meeting in Abuja also said all other parameters were retained. Announcing the committee’s decision, Emefiele said, “The committee thus decided by a unanimous vote to retain the Monetary Policy Rate. In summary, the MPC voted to retain the MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.” Punch
As Nigeria moves to increase domestic Liquefied Petroleum Gas (LPG) consumption to five million metric tonnes (mmt) by 2021, stakeholders yesterday, insisted that provision of financial incentives might leapfrog clean energy in the country and address looming health and environmental dangers.
The experts, who insisted that the nation must move rapidly to achieve Sustainable Development Goals and the Paris Climate Change pact, added that unless drastic actions were taken, the country might still continue to depend largely on fossil fuels. The Guardian