CAPITAL MARKET
SEC: Efficient Capital Markets In W’AfricanDemands Regular Assessments
The Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, has said efficient functioning of capital markets in the West African Region demands a regular assessment of policies and programs to fit current realities, and address the region’s peculiar challenges. He stated this at the West African Capital Markets Conference with the theme: “Deepening and Strengthening the Capital Markets Across West Africa through Effective Regulation,” held in Accra, Ghana. The conference was organised by the West Africa Securities Regulators Association(WASRA). This Day
Fixed Income, Currencies Trade by Investors Hit N62.86trn as Pressure Mounts on FX
Investors in the Fixed Income and Currencies (FIC) market of the FMDQ Exchange traded a total of N62.86 trillion in the first four months of 2022, representing nearly 7 per cent decline from N67.59 trillion traded in the first four months of 2021. Contributions to FMDQ’s FIC are Foreign Exchange market, Treasury Bills, Open Market Operations (OMO) and Central Bank of Nigeria (CBN) Special Bills, FGN & Other Bonds.THISDAY analysis of data released by FMDQ showed that foreign exchange market dominated trading in the FMDQ Exchange’s FIC market, contributing 32.3 per cent between January and April 2022. This Day
Conoil: Positioned for Growth Despite Decline in Revenue
Despite decline in revenue and hike in operating expenses, Conoil Plc reported double-digit increase in profits to begin 2022 financial year on impressive note. The unaudited result and accounts for first quarter ended March 31, 2022 showed a sustained performance in profit & loss figures and balance sheet from what the petroleum marketing company reported in 2021 full year results. Conoil in the first quarter of 2022 reported 21 per cent decline in revenue to N26.15 billion from N33.09 billion in Q1 2021. The revenue generated from sale of petroleum products in Nigeria showed that proportion of white products contribution to revenue dropped to 90 per cent to N23.42 billion in Q1 2022 from 94 per cent to N31.16 billion reported in 2021 first quarter. This Day
Guarding against Illegal Financial Market Operators
Poverty, lack of financial literacy and greed have been identified among the reasons for the growing number of persons that fall for the activities of illegal investment companies as well as Ponzi scheme operators. In addition, the undying and unrestrained appetite for get-rich-quick syndrome has also seen operators of such schemes swindle unsuspecting members of the public. Ponzi scheme operators also capitalise on the harsh economic environment to offer unrealistic returns on investments to gullible persons with Nigerians reported to have lost billions to criminals masked as investment portfolio managers. These illegal schemes have also expanded through the use of online services. This Day
BANKING
Ecobank Updates Retail FX Transactions for Foreign Schools
As part of its commitment to providing optimum banking experience, Ecobank Nigeria has shared updates to serve its clients better regarding retail foreign exchange transactions for international school fees, accommodation, and upkeep payments, as well as PTA/BTA requests. The Head, Consumer Banking, Ecobank, a Korede Demola-Adeniyi in a signed statement said “Due to current market trends, we require a 30-day window to complete requests for school fees, accommodation, and upkeep, stating that part of the process involves a review of all documents to ensure compliance with regulatory requirements. The statement added that “In order to ensure smooth service and allow disbursement of PTA/BTA within the timeline, we request that applications are submitted with the required documentation.” This Day
First Bank Reiterates Commitment Towards Creating Wealth for Unbanked
First Bank of Nigeria Plc has noted that recreating wealth for the unbanked and improving their standards of living would continue to be its major focus while leveraging digital offerings to drive financial inclusion. The Managing Director, First Bank Nigeria Plc, Dr. Adesola Adeduntan, stated this during the commissioning of the Institute of Chartered Accountants of Nigeria (ICAN) Entrepreneurship Development Centre (EDC) situated at Amuwo-Odofin, Lagos at the weekend. This Day
ECONOMY
Nigeria to continue enjoying preferential access to US market – Ambassador
The United States of America Ambassador to Nigeria, Mary Beth Leonard, at the weekend, disclosed that Nigeria would continue to be eligible for preferential trade access to the US market under the African Growth and Opportunity Act (AGOA). A statement by the Ministry of Industry, Trade and Investment said that Leonard, on a visit to the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, had said Nigeria became eligible after a review of the criteria set by the US Congress under AGOA. According to her, the criteria for eligibility among others included the establishment of a market-based economy, rule of law, political pluralism, right to due process, fair trial, equal protection under the law, elimination of barriers to US trade and investment, economic policies to reduce poverty, a system to combat corruption and bribery, and protection of internationally recognised workers’ rights, the statement disclosed. Punch
Banks tighten forex access as reserves hit seven-month low
The country’s external reserves hit a seven-month low after falling to $38.57bn as of May 25, 2022, figures obtained from the Central Bank of Nigeria have revealed. Findings have shown that the continuous decline in the country’s external reserves used to defend the naira value is making the banks tighten access to foreign exchange to travellers and other legitimate users as scarcity bites harder. According to figures obtained from the CBN on movement in external reserves, the reserves which had been fluctuating for weeks now, experienced its lowest of $39.01bn and $38.39bn on October 10 and 8, 2021 respectively. Punch
Fixed Income, Currencies Trade by Investors Hit N62.86trn as Pressure Mounts on FX
Investors in the Fixed Income and Currencies (FIC) market of the FMDQ Exchange traded a total of N62.86 trillion in the first four months of 2022, representing nearly 7 per cent decline from N67.59 trillion traded in the first four months of 2021. Contributions to FMDQ’s FIC are Foreign Exchange market, Treasury Bills, Open Market Operations (OMO) and Central Bank of Nigeria (CBN) Special Bills, FGN & Other Bonds. THISDAY analysis of data released by FMDQ showed that foreign exchange market dominated trading in the FMDQ Exchange’s FIC market, contributing 32.3 per cent between January and April 2022. This Day