Stock Market Close lower on Profit-taking in Banks, Insurance Shares – Thisday
The Nigerian equities market commenced the week on a negative note yesterday following drive by investors to take profit in banking and insurance shares. Accordingly, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) dropped by 37.45 basis points, representing a decline of 0.10 per cent, to close at 38,906.42 basis points. Similarly, the market capitalization of listed equities declined by N19.51 billion to close at N20.271 trillion……………………read more
FMDQ: Total Value of OTC Foreign Exchange Futures Contracts Hits $47.32bn In Four Years – Thisday
FMDQ Group has disclosed that total value of Over-the-Counter (OTC) foreign exchange (FX) futures traded on its platform rose to $47.32 billion in four years; a development it stressed has supported the Central Bank of Nigeria (CBN) in tackling challenges in the FX market. FMDQ disclosed that the product, which was launched in 2016 following almost two years of major challenges in the FX market, has been successfully traded on FMDQ Securities Exchange Limited (FMDQ Exchange), and cleared on FMDQ Clear Limited (FMDQ Clear) – both wholly owned subsidiaries of FMDQ Group………………read more
AbokiFX: BDCs halt exchange rate publication, naira slides further – Punch
The naira defied all interventions and continued sliding against other currencies, exchanging 580 to the dollar at the parallel market on Monday. The rate was N570/$ on Friday. In another development, the official website of the Central Bank of Nigeria’s licensed Bureau De Change operators, www.naijabdcs.com, used for the publication of exchange rates of the naira to other currencies did not publish rates on Monday. This followed the suspension of foreign exchange publication by AbokiFX on Friday evening, after the CBN vowed to clampdown on the website, the owner and its patrons. Despite efforts by the regulatory authority to salvage the local currency, the naira lost of margin of not less than 40 to the dollar in a week……………….read more
Nigerians spent N2.33tn on petrol in 13 months – NNPC- Punch
The Nigerian National Petroleum Corporation on Monday said that the total revenue generated from the sale of petroleum products for the period of May 2020 to May 2021 stood at N2.35tn. Out of this amount, the corporation disclosed, Premium Motor Spirit contributed about 99.61 per cent of the total sales with a value of N2.34tn. A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Garba-Deen Muhammad, said the figures were contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report. The statement was titled, “NNPC records crude oil, gas sales of $219.75m in May …posts N295.72bn from sale of petroleum products”…………….read more
Businesses must accept e-naira payment, CBN warns – Punch
The Central Bank of Nigeria says the e-naira which is set to be launched on October 1, 2021, is a legal tender equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets. The CBN Director, Payment System Management, Mr. Musa Jimoh, said this during an interview on the ‘Business Morning’ programme on Channels Television on Monday. Jimoh said, “Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency. So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted. Anywhere in this country where e-naira is presented, it must be accepted. So, merchants must accept e-naira as a means of payment.”……………read more
Nigerians spent N2.33tn on petrol in 13 months – NNPC- Punch
The Nigerian National Petroleum Corporation on Monday said that the total revenue generated from the sale of petroleum products for the period of May 2020 to May 2021 stood at N2.35tn. Out of this amount, the corporation disclosed, Premium Motor Spirit contributed about 99.61 per cent of the total sales with a value of N2.34tn. A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Garba-Deen Muhammad, said the figures were contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report. The statement was titled, “NNPC records crude oil, gas sales of $219.75m in May …posts N295.72bn from sale of petroleum products…………….read more