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Daily Business News Brief  Monday, September 27th, 2021.

27
Sep

Stock market gains N10bn as 28 firms rise- Punch

Equity investors on the Nigerian Exchange Limited, formerly Nigerian Stock Exchange, gained N9.59bn at the end of trading on Friday with 28 companies recording growth in their share prices.  The NGX All-Share Index and market capitalisation appreciated by 0.05 per cent to close the week at 38,962.28 basis points and N20.30tn respectively from 38,943.87bps and N20.29tn the previous week.  All indices finished higher except NGX 30, NGX CG, NGX Banking, NGX Pension, NGX-AFR Bank Value, NGX AFR Div Yield, NGX MERI Value and NGX Consumer Goods indices which depreciated by 0.04 per cent, 0.36 per cent, 0.43 per cent, 0.05 per cent, 0.72 per cent. 0.50 per cent, 0.75 per cent and 0.04 per cent respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat…………………….read more

Naira exchanges 580 to the dollar- Punch

The naira exchanged to the dollar at 580 on Friday, while the Pound Sterling traded for 780 at the parallel market.  Some Bureau de Change operators who spoke to our correspondent said that the naira to the dollar was bought and sold at 575 and 580, while the Pound Sterling was bought and sold at 775 and 780.At the I&E forex window, the naira reached a high of 415.20 to close at 414.90.  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 stopped publication of rates.  This followed the suspension of foreign exchange publication by AbokiFX after the CBN vowed to clampdown on the website, the owner and its patrons……………….read more

Forex crisis: Massive job losses loom, profits shrink, say MAN, others- Punch

Stakeholders including the Manufacturers Association of Nigeria and the Association of Small Business Owners on Sunday lamented the worsening scarcity of forex in the country, saying they were already cutting costs as their profits were shrinking.  MAN, ASBON and the Lagos Chamber of Commerce and Industry and industrialists in separate interviews with The PUNCH said the free fall of naira and the attendant forex scarcity had worsened Nigeria’s harsh business environment in the past two months.  Some stakeholders, especially small business owners, told our correspondents that they were reducing their staff strength, warning that there would be massive job losses if forex scarcity continued………………….read more

As Banks, Others Increase Lending, Credit to Private Sector Rises By N498.6bn in August to N33.26trn – Thisday

The Central Bank of Nigeria (CBN) has disclosed that credit to private sector went up by N498.6billion in August to N33.26trillion from N32.8trillion reported in July 2021.  The N33.36trillion figure announced by the CBN is a new record that was fuelled by banks, among others increased lending to real sector.  CBN in its Money and Credit Statistics for the period revealed that credit to private sector in January was N30.65trillion and dropped by 0.47 per cent to N30.5 trillion in February.  However, in March, it closed at N31.44trillion and crossed the N32.1trillion mark in April to N32.12 trillion…………………read more

Capital market raised N176bn for infrastructure in four years – SEC – Thisday

The Securities and Exchange Commission has said that the capital market raised N176bn in four years and has the potential to bridge the infrastructure gap in the country.  A statement obtained on Sunday said that the Executive Commissioner, Operations, SEC, Mr Dayo Obisan, stated this during his address at the annual conference of the Finance Correspondents Association of Nigeria in Lagos.  Obisan said that several options could be explored, one of which was Sukuk that was directly linked to each project and deployed to extend credit to bridge the gap………………..read more

Stock Market: Bearing the Brunt of Volatility in Naira Value – Thisday

As the uncertainty in the foreign exchange market and the attendant erosion of the value of the Naira continue to take a heavy toll on the economy, investment analysts said the unfavourable development is sending jitters to portfolio investors and multinational firms, who are already finding it difficult to repatriate their funds in dollars, reports Festus Akanbi  Nigerian monetary authorities are in a desperate situation. This desperation is underscored by the sheer onslaught against saboteurs in the foreign exchange market on one hand, and the cocktail of measures designed to halt the dangerous fall in the value of the Naira…………………read more

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