CAPITAL MARKET
NGX Group to List 1.96bn Shares Today, NGX Announces Board Member Resignation
The Nigerian Exchange Group Plc (NGX Group) has received approval from Nigerian Exchange Limited (NGX) to list its shares on the main board of NGX today. NGX Group will undergo a Listing by Introduction with 1,964,115,918 shares admitted to trading under the ticker, NGXGROUP. In light of the foregoing, the register of members of the Company shall remain closed until Thursday, 14 October 2021 to complete the update of the register of members. It will be opened on Friday, 15 October 2021 when trading is scheduled to commence. This Day
ECONOMY
Naira crashes to record low at official market
The value of the naira fell further by 1.68 per cent against the dollar at the official market on Thursday. At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1. The naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday. At the parallel market, the dollar was bought at N565 and sold for N570, according to some operators in the black market. The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website. Punch
Nigeria mulls return to Eurobond market for $2.1bn borrowing
The Federal Government is considering a return to the Eurobonds market for the balance of its $6.1bn external borrowing after it successfully raised $4bn in September. The Director-General of the Debt Management Office, Mrs Patience Oniha, gave the hint during an interview in London obtained by our correspondent on Thursday. Oniha said the international investors had shown interest in engaging the government after a global investors meeting and roadshow, as they were still optimistic about the country’s credit status. Punch
CBN, Disburses N60bn to Fund Rail Infrastructure in Lagos
The Central Bank of Nigeria (CBN), has announced that it has through three commercial banks financed railway infrastructure in Lagos to the tune of N6 billion. This, the central bank stated, is in a bid to support infrastructure development and create jobs. The banks, the CBN said are; Access Bank Plc, Sterling Bank Plc and Fidelity Bank Plc.
The CBN said the banks have disbursed N45 billion to fund Lagos Blue line, which is 13.5-kilometer railway situated at the businesses district in Lagos and would be easily connected and assessable to waterways bus stations to critical parts of Lagos which normally are high traffic zones. This Day
World Bank, IMFC seek reduction, restructuring to check debt distress
President of the World Bank Group, David Malpass, is seeking cooperation of the global community on a set of action points to prevent the looming debt crisis. At a press conference on the ongoing annual meetings, Malpass said a “compressive approach” is required to prevent the debt crisis. He noted that many countries were facing external debt distress or at high risk of it. He pointed out debt reduction, swifter restructuring and more transparency as necessary actions that must be taken to make progress in tackling the debt crisis. “We need new systems to push that along, because so many countries are in external debt distress or at high risk of it. We need a comprehensive approach. Guardian
