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Daily Business News Brief  Wednesday September 28th, 2021.

28
Sep

Stock trading volume crashes by 78%, investors lose N51bn – Punch

Stock market activities on Monday declined as trading volume and value of shares dropped by 77.99 per cent and 73.49 per cent respectively, with investors losing N51.03bn as trading ended.  The Nigerian Exchange Limited, formerly Nigerian Stock Exchange All-Share index dropped by 0.25 per cent to close at 38,864.33 basis points from 38,962.28bps. The market capitalisation of stocks also dropped from N20.30tn the previous trading day to N20.25tn.  The volume of shares traded on the exchange was 139.45 million shares valued at N1.71bn in 3,539 deals compared to 633.52 million shares worth N6.45bn in 3,2228 deals. The NGX Industrial and Insurance indices decreased by 1.10 per cent and 2.34 per cent respectively while other sectoral indices gained……………………….read more

Petrol subsidy hits N905.27bn, oil rises to $79.71- Punch

The Nigerian National Petroleum Corporation spent a total of N905.27bn on petrol subsidy in eight months amid rising global oil prices, the latest data obtained from the corporation show.  With the international oil benchmark, Brent crude, nearing $80 per barrel on Monday (up 2.07 per cent at $79.71 per barrel as of 7:00pm Nigerian time), the landing cost of imported petrol and subsidy are expected to increase.  The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in global oil prices………………..read more

eNaira website goes live, displays CBN digital currency features- Punch

The Central Bank of Nigeria’s eNaira website has gone live ahead of October 1 official launch.  According to the website, www.enaira.com, “eNaira is a CB -issued digital currency that provides a unique form of money denominated in Naira.”  The CBN stated that eNaira would serve as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.  It added that eNaira had an exclusive operational structure that was both remarkable and nothing like other forms of central bank money.  There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy,” it stated…………………….read more

Shell to Sell $9.5bn Permian Asset to ConocoPhillips After Announcing Nigeria Onshore Exit – Thisday

Royal Dutch Shell is set to sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest United States oilfield for the energy major, which is now shifting its focus to the clean energy transition.  Earlier in the year, the company likewise said it was launching a major divestment of its Nigerian assets, especially those in the shallow-water and onshore, in a deal which could be one of the hugest in the oil and gas industry in Africa ever………………..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

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