CAPITAL MARKET
Market Cap Down N42bn WoW on Investors’ Profit-taking
The positive activities in the stock market of the Nigerian Exchange Limited (NGX) witnessed a halt as investors profiting emerged in trading last week. In line with the bearish trend, the NGX All-Share Index moderated Week-on-Week (WoW) by 0.16 per cent to close at 47,202.30 basis points, while the market capitalization shed N42 billion W-o-W to close at N25.436 trillion. Notably, sub-sector gauges closed in green; the NGX Banking, NGX Insurance index, NGX Consumer Goods NGX Oil & Gas and the NGX Industrial indices rose by 2.34 per cent, 1.51 per cent, 1.35 per cent, 0.29 per cent and 0.06 per cent respectively to close at 453.45 points, 185.85 points, 579.00 points, 423.93 points and 2,138.30 points respectively. This Day
CBN Sell N687.8bn TBs in First 6 Weeks of 2022 on improved Liquidity, Demand
Following improved system liquidity supporting demand, the Central Bank of Nigeria (CBN) within the first six weeks of 2022, sold N687.8 billion Treasury Bills at its primary market auctions, and repaid a total of N227.35billion during the period. THISDAY checks revealed that the CBN conducted three primary market auctions in January 2022 and once so far in first two weeks of February. The CBN in January conducted a total of N472.8billion primary market auctions, and so far N214.96billion primary market auctions were conducted in February. This Day
ECONOMY
Banks’ forex ban: Dollar scarcity, inflation, firms’ closure imminent, experts warn
Financial analysts and economic experts have expressed worry over the plan by the Central Bank of Nigeria to stop the sale of foreign exchange to Deposit Money Banks by December this year. The economists, who spoke to The PUNCH in separate interviews on Sunday, raised concerns over the ramifications of the decision on the economy, stating that the decision might worsen dollar scarcity, increase inflationary pressures and fuel exchange rate shocks. The CBN Governor, Godwin Emefiele, had last Thursday advised banks to begin plans to meet their forex needs from export proceeds as it would soon stop selling forex to them. Punch
Fuel sells for N400/litre in Abuja, others, scarcity persists in Lagos
Residents of Abuja and neighbouring states of Niger and Nasarawa are still facing tough times sourcing for Premium Motor Spirit, popularly called petrol, with the commodity selling for as high as N400/litre by black marketers. The development came almost one week after the import of millions of dirty PMS from Europe into Nigeria disrupted the fuel supply system of the country, leading to long queues nationwide. The Nigerian National Petroleum Company Limited has ordered the recall of the contaminated fuel but oil marketers have been battling various challenges, ranging from PMS supply shortage to complaints by consumers who claimed the bad product has damaged their vehicles. Punch
NUPENG set for strike, insists ministry diverting N621bn road fund
The Nigeria Union of Petroleum and Natural Gas workers on Sunday declared its support for the imminent industrial action by the Petroleum Tanker Drivers branch of NUPENG and announced that it had started mobilising members of the union for the sudden strike. NUPENG also insisted that its investigations showed that officials of the Federal Ministry of Works and Housing were currently diverting the N621bn provided by the Nigerian National Petroleum Company Limited for the rehabilitation of 21 critical highways. Punch
Private sector raises fresh N100bn to support FG amid rising insecurity
The Coalition Against COVID-19 has disclosed plans to provide N100bn to the Federal Government to assist security agencies tackle the current spate of insecurity in the country. The Chairman of the United Bank for Africa, Tony Elumelu disclosed this at a dinner organised for top executives of the bank, held during the weekend. According to Elumelu, the task force is tasked with pooling resources across industries to provide technical and operational support while providing funding and building advocacy through aggressive awareness drives. Punch
Fintech capable of boosting FDI inflow, says expert
A financial technology (fintech) expert and Managing Director of Stellas Digital Bank, Bukola Solomon, has stated that the industry is capable of attracting huge foreign direct investment (FDI) into the country if government creates an enabling environment. Speaking at the launch of ‘Ghost Mode’, a new app designed by the digital bank, Solomon said providing an enabling environment for fintech would make the industry more competitive and expand to other markets. He said it would also encourage them to come up with technical innovative products that could help solve problems in the financial industry and boost financial inclusion. Guardian