CAPITAL MARKET
Investors’ wealth dip further by N58 billion
The Russian-Ukrainian conflict may have continued to take toll on the equities sector of the Nigerian Exchange Limited (NGX) as the market extended its bearish trend, causing market capitalisation to dip further by N58 billion. Specifically, at the close of trading yesterday, the All-Share Index (ASI) declined by 108.26 per cent, representing a decrease of 0.23 per cent, to close at 47,154.35 points. Similarly, the overall market capitalisation value lost N58 billion to close at N25.414 trillion. The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; Nestle Nigeria, Conoil, Nigerian Breweries, Flour Mills of Nigeria and Lafarge Africa. Guardian
BANKING
Fidelity Bank backs CBN $200bn forex policy
Fidelity Bank Plc has expressed commitment to supporting the Central Bank of Nigeria’s efforts to achieve $200bn in foreign exchange repatriation from non-oil exports over the next five years. A statement by the lender quoted the Executive Director, Northern Businesses, Fidelity Bank Plc, Hassan Imam, as saying this in Kano at a workshop organised for exporters and investors on the implementation and opportunities in the new CBN RT200 FX Policy. Punch
ECONOMY
CBN increases currency in circulation by N418bn over cash transactions
THE currency in circulation rose by N418bn from N2.91tn in December, 2020, to N3.33tn in December, 2021, according to figures obtained from the Central Bank of Nigeria. The CBN data showed that currency in circulation had increased by 19.06 per cent from N2.44tn recorded as of December, 2019. The CBN said in its report on currency operations that, “the growth in CIC reflected the continued dominance of cash in the economy.” The report further read in part, “Analysis of the CIC shows that a greater proportion was in higher denomination banknotes (N100, N200, N500 and N1000). Punch
Why NNPC’s Acquisition of ExxonMobil Assets is Strategic to Nigeria’s Growth
The transition by the Nigerian National Petroleum Company Limited from a purely oil and gas company to an integrated energy company is strategic to Nigeria and its overall economic growth. As an energy company, the NNPC would diversify its operations to transcend oil and gas exploration and production to the entire value chain of the energy industry, including gas development and exports, natural gas liquids (NGLs), liquiefied petroleum gas (LPG) and power generation, transmission and distribution. In essence, the NNPC will not only be the producer of the resource that generates the wealth of the nation, but it will be the guarantor of the country’s energy security. This Day
Power disruption looms as Second Niger Bridge gets April completion date
THE Minister of Works and Housing, Mr Babatunde Fashola, has said the second Niger Bridge will be completed in April. He added that in April, the high-tension transmission lines across the bridge would also be relocated leading to power disruptions in the area for two weeks. According to him, the high-tension cables are too low for the bridge. He said this during an inspection tour of the bridge on Tuesday. Fashola said, “April is the completion date. Earlier, I had said it will end in February or at the latest, end of the first quarter. Punch
FG Urges Turkey to Invest in Nigeria’s Onshore Oil Assets
The Nigerian government yesterday called on the Turkish authorities to look at the prospect of funding major oil and gas projects in the West African country, against the backdrop of the planned exit of major International Oil Companies (IOCs). Speaking during a bilateral meeting with the Turkish Deputy Minister of Energy and Natural Resources, Alpersen Bayraktar, on the sidelines of the ongoing CERAWeek, in Houston, Texas, the Minister of State, Petroleum Resources, Timipre Sylva, said Nigeria was open to the country’s investment in Nigeria. This Day
CBN’s Push for Private Sector Credit
With non-performing loans in the banking sector dropping below regulatory benchmark, Nume Ekeghe writes on the fiscal strategies adopted by the Central Bank to sustain the policies that spurred credit to businesses, individuals. For the first time in over a decade, non-performing loans (NPLs) in the Nigerian banking industry dropped below the regulatory benchmark of 5 per cent, a position Monetary Policy Committee (MPC) members say is as a result of sound regulatory oversight by the Central Bank of Nigeria (CBN). This Day
