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Daily Business News Brief Thursday, September 9th, 2021.

9
Sep

Stock market plunges further, investors lose N24bn  – Punch

The equities market of the Nigerian Exchange Limited sustained its decline for the third straight day as investors lost N24.37bn at the end of trading on Wednesday.  The NGX All-Share Index declined by 0.12 per cent, closing at 39204.52 basis points from 39,251.29bps the previous day, while the market capitalisation dropped from N20.45tn to N20.43tn.  The NGX Premium and Main Board indices suffered declines of 0.04 per cent and -0.19 per cent respectively.  By sectors, the NGX Oil & Gas Index recorded a gain while others closed in the red.  NGX Banking Index fell by 0.32 per cent, NGX Insurance Index dropped by 1.01 per cent, NGX Consumer Goods Index declined by 0.08 per cent while NGX Industrial Index saw a marginal 0.001 per cent decline. The Oil and Gas Index rose by 0.55 per cent………………..read more

Naira extends freefall as dollar hits N535  – Punch

The Nigerian currency extended its slide against the dollar on Wednesday, dropping to a new all-time low at the parallel market in Lagos.  The naira has been falling steadily since the start of this month amid the lingering scarcity of foreign exchange in the country, despite the rise in forex reserves.  The value of the naira fell against the US currency at both the parallel market and the Investors’ and Exporters’ forex window on Wednesday.  The local currency, which stood at 526/$1 at the end of last month, fell to 535/$1 at the parallel market on Wednesday from 532/$1 on Tuesday. It has lost 5.73 per cent of its value since August 4, when it closed at 506/$1…………………read more

Nigeria records N1.87tn trade deficit amid rising crude exports – Punch

Nigeria recorded a trade deficit of N1.87tn in the second quarter of the year despite recording 111.32 per cent in crude oil exports.  However, statistics released by the National Bureau of Statistics in Abuja on Wednesday showed that the country’s deficit improved within the period.  In the first quarter of the year, the country’s trade deficit stood at N3.94tn.  The Foreign Trade in Goods Statistics report for Q2 2021 by the NBS showed that crude oil, Nigeria’s largest export, rose to N4.08tn from N1.93tn in the first quarter of the year………………….read more

Nigeria’s oil production falls to 1.24 million bpd  – Punch

Nigeria’s crude oil production plunged to a record low of 1.24 million barrels per day last month as a result of lingering disruptions, S&P Global Platts reported on Wednesday.  The report quoted industry and ministry sources as saying that the country’s oil output had fallen sharply in the past few weeks due to an oil spill near the key Forcados export terminal.  Nigeria has been facing many operational and technical problems in the past few months. Key crudes such as Bonny Light, Escravos, Forcados and Qua Iboe have all faced production issues in 2021………………..read more

 

CBN Directs Banks, PSBs to Disaggregate Bulk Payments  – Thisday

The Central Bank of Nigeria (CBN) has instructed banks and Payment Service Providers (PSBs) to separate all transactions that would normally categorised as bulk payment upon transition.  The apex bank in a circular posted on its website yesterday signed by the Director, Payments System Management Department Musa Jimoh, stated that the directive is in a bid to ensure transparency and clarity for auditing within the banking system……………..read more

 

Despite posting N287bn profit, NNPC’s revenue drops by N916bn – Punch

Nearly two weeks after declaring its first profit in its 44-year history, the Nigerian National Petroleum Corporation said on Wednesday that its group revenue for the 2020 financial year fell to N3.72tn from N4.63tn in 2019. This shows a difference of N916bn.  The corporation, while announcing the release of its 2020 audited financial statements, said the decrease in revenue could be attributed to the decline in the production and price of crude oil due to the global impact of the COVID-19 pandemic.  The President, Major General Muhammadu Buhari (retd.), had on August 26 announced a net profit of N287bn reported by the NNPC for the 2020 financial year from a loss position of N1.7bn in the previous year………………….read more

10 banks rake in N266bn from account maintenance, e-banking fees  – Punch

Ten Nigerian banks made N265.96bn from account maintenance and electronic banking fees in 2020.  This is as shown by analysing data from the annual reports of the 10 banks. The banks made N79.55bn from account maintenance fees and N186.41bn from electronic banking fees.  The banks under review are Access bank, First bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank, Sterling Bank, Wema Bank, Union Bank, United Bank for Africa, and First City Monument Bank.  Of the banks under review, Zenith Bank made the most from account maintenance with N21.99bn while Wema made the least with N1.25bn………………….read more

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