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Daily Business News Brief  Friday, September 24th, 2021.


Buy-interest In GTCO, Oando, Others LiftStock Market by N11bn – Thisday

The equities market of the Nigerian Exchange Limited (NGX) yesterday closed trading activities on a positive note, halting the three consecutive trading losses as investors’ investment went up by N11 billion.  The positive performance was driven by investors’ buy-interest in Insurance, Oil & Gas, and Consumer Goods stocks listed on the NGX.  Consequently, the NGX All-Share Index (ASI) grew by 21.44 basis points, representing a rise of 0.06 per cent, to close at 38,874.13 basis points. Similarly, the overall market capitalisation value gained N11 billion to close at N20.254 trillion.  The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Guaranty Trust Holding Company (GTCO), Flour Mills of Nigeria, Nigerian Aviation Handling Company (NAHCO), Oando and Pharma Deko. ……………………read more

Naira slides amidst CBN’s assurance of increasing forex supply – Punch

The naira slide to N575 on Thursday despite assurances by the Central Bank of Nigeria that there is sufficient foreign exchange to meet the legitimate needs of Nigerians. The naira had maintained a downward trend, falling to 570/$ on Friday from N490/$ before the CBN stopped forex sale to the Bureau De Change operators in July. As part of efforts to solve naira crisis, the CBN on Friday vowed to clampdown on Abokifx, an online forex publication.  This led AbokiFX to suspend publication of its forex rates of naira to other currencies.  Despite the suspension, the naira fell to N580 on Monday, and traded around 575 to the dollar as of Thursday at the parallel market………………read more

NGX, fintechs to drive capital market growth – Punch

The Nigerian Exchange Limited, formerly the Nigerian Stock Exchange, has announced that it would be holding the first Technovation conference to increase technology adoption in and deepen the Nigerian capital market.  NGX TechNovation Conference is a flagship event that provides a platform for local and global technology leaders to syndicate conversations around technology, partnerships and innovation that can advance technology adoption in the Nigerian capital market.  The NGX said that the event with the theme, ‘Technology, platforms and markets’, would be hosted by the Chief Executive Officer, the NGX, Mr Temi Popoola, and would feature industry experts across the public and private sectors including the Director-General, Securities and Exchange Commission, Mr Lamido Yuguda; President, Africa Fintech Network, Dr Segun Aina; and Co-Founder and Chief Executive Officer, Flutterwave, Olugbenga Agboola, among other…………………..read more

Inflation, regulatory costs push banks’ operating expenses to N874bn – Punch

Nine commercial banks in Nigeria recorded an aggregate operating expense of N874.8bn in the first half of the year.  This figure indicates an increase of N51.9bn from the total OPEX of N822.9bn recorded in the corresponding period of 2020.  The banks are United Bank for Africa, Access Bank, First Bank Holdings, GTBank, Zenith Bank, Fidelity Bank, Sterling Bank, Union Bank and First City Monument Bank.  The banks, in their audited financial results for H1, identified double-digit inflation rate, regulatory costs such as the Asset Management Corporation of Nigeria charge of 0.5 per cent on total assets and the Nigeria Deposit Insurance Corporation, fall in domestic currency, among others as factors that contributed to the rise in OPEX within the review period………………….read more

FX crisis: How I and Sanusi stabilised the naira for five years – CBN ex-deputy gov, Moghalu – Punch

A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has explained how the apex bank stabilised the naira against the dollar for five years from 2009 to 2014.  Moghalu, who was a deputy governor at the apex bank between 2009 and 2014, made this known in a PUNCH Live Interview on Thursday. During his time at the apex bank, Moghalu deputised Sanusi Lamido Sanusi, who was CBN Governor from June 2009 to February 2014.  Both Sanusi and Moghalu were at the apex bank during the administrations of the late President Umaru Yar’adua and then-President Goodluck Jonathan………………..read more

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