CAPITAL MARKET
FMDQ: Total Value of OTC Foreign Exchange Futures Contracts Hits $47.32bn In Four Years
FMDQ Group has disclosed that total value of Over-the-Counter (OTC) foreign exchange (FX) futures traded on its platform rose to $47.32 billion in four years; a development it stressed has supported the Central Bank of Nigeria (CBN) in tackling challenges in the FX market. FMDQ disclosed that the product, which was launched in 2016 following almost two years of major challenges in the FX market, has been successfully traded on FMDQ Securities Exchange Limited (FMDQ Exchange), and cleared on FMDQ Clear Limited (FMDQ Clear) – both wholly owned subsidiaries of FMDQ Group.In a report, FMDQ disclosed that the OTC since its inception last year saw a significant increase in participation levels from hedgers, with total value of OTC FX Futures Contracts of $18.88 billion from 1,726 deals in 2020, up from $15.07 billion from 1,068 deals in 2019. This Day
NGX Group Retains ISO/IEC 27001:2013 Certification
Following the annual Information Security Management System (ISMS) audit by the British Standard Institute (BSI), Nigerian Exchange Group (NGX Group or The Group) and its subsidiaries have retained its ISO/IEC 27001:2013 certification. his, the NGX said in a statement, marks the 7th consecutive year that The Group will hold this certification since it was first received in 2015. “The re-certification followed a thorough independent audit of NGX Group of Companies, after which BSI certified the company to be in full compliance with the applicable controls developed to meet the Control Objectives of the Information Security Management System (ISMS) Standard. This implies that NGX Group upholds the principles of the International Organisation for Standardization (ISO) on ISMS and that controls are working as intended. This Day
ECONOMY
It’s compulsory for Nigerians to accept e-naira, says CBN
The Central Bank of Nigeria says the e-naira which is set to be launched on October 1 is a legal tender equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets. The CBN Director, Payment System Management, Mr. Musa Jimoh, said this during an interview on the ‘Business Morning’ programme on Channels Television on Monday. Jimoh said, “Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency. So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted. Anywhere in this country where e-naira is presented, it must be accepted. So, merchants must accept e-naira as a means of payment.” He advised Nigerians to open e-naira wallets which could be downloaded on their phones from October 1, adding that CBN bears all liabilities. Punch
Nigerians to pay more for electricity as FG ends N30bn monthly subsidy
More difficult times await Nigerians in the months ahead as the Federal Government yesterday announced it is ending the N30 billion monthly electricity subsidy by January 2022. The decision is also to affect all forms of subsidies hitherto extended to operators in the power sector value chain. The Special Adviser to the President on infrastructure, Ahmed Zakari, disclosed this at a stakeholders’ engagement meeting, organised by the Nigerian Electricity Commission (NERC) in Lagos. Vice President Yemi Osinbajo, had last July said the government expected the electricity sector to generate its revenue from the power sector market. The Sun
AbokiFX: BDCs halt exchange rate publication, naira slides further
The naira defied all interventions and continued sliding against other currencies, exchanging 580 to the dollar at the parallel market on Monday. The rate was N570/$ on Friday. In another development, the official website of the Central Bank of Nigeria’s licensed Bureau De Change operators, www.naijabdcs.com, used for the publication of exchange rates of the naira to other currencies did not publish rates on Monday. This followed the suspension of foreign exchange publication by AbokiFX on Friday evening, after the CBN vowed to clampdown on the website, the owner and its patrons. Despite efforts by the regulatory authority to salvage the local currency, the naira lost of margin of not less than 40 to the dollar in a week. Punch
Nigeria to get £25bn FDI, aids from UK
Nigeria’s Diaspora Ambassador and the Director of Global NGO Executive Committee, Mrs Olasubomi Iginla- Aina, says Nigeria may get £25 billion foreign direct investment from UK to boost economy. Iginla-Aina disclosed this after an official meeting with the UK Foreign Affairs Committee (FAC), Parliament selected committee where they recommended policy reforms to reposition Nigeria. Committee. The event which was held in London, evolved around national development plan strong enough to address the multiple challenges faced in the nation. She said the plan focused on achieving security stability, education transformation and attention on small and medium scale enterprises. The Sun
