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Daily Business News Brief | Friday December 10, 2021.

10
Dec

Dangote Cement leads losers as stocks shed N391.32bn  – Punch

Nigerian stocks saw their combined market value fall by N391.32bn at the end of trading on Thursday as Dangote Cement Plc and 14 others recorded price losses.  The NGX All-Share Index dropped by 1.77 per cent to close at 41,685.22 basis points, while the market capitalisation slumped by N391.32bn to N21.75tn.  The market activities on the floor of the NGX were bearish as the total volume and value traded dipped by 27.13 per cent and 28.15 per cent, respectively.  A total of 473.47 million shares valued at N5.18bn was traded in 3,874 deals, compared to 649.77 million units worth N7.2bn in 3,757 deals traded on Wednesday……………….read more

Capital inflow drops by 29% as COVID-19 cases rise – CBN- Thisday

Capital inflow into the country fell from $620m in July to $440m in August over the resurgence of the COVID-19 pandemic.  The Central Bank of Nigeria stated this in its monthly economic report for August titled, ‘Foreign capital inflow moderated in August 2021 due to weakening risk sentiments that followed the COVID-19 resurgence’.  It stated that, “Foreign capital inflow moderated in August 2021 due to weakening risk sentiments that followed the COVID-19 resurgence.  “New capital imported into the domestic economy decreased by 29.0 per cent to $0.44bn, compared with the $0.62bn recorded in July…………….read more

CBN to give 10,000 Bauchi farmers N5.7bn for dry season farming – Daily Independent

The Central Bank of Nigeria has set aside over N5.7bn to give as loan to 10,000 farmers to encourage dry season wheat farming in Bauchi State.  The CBN Comptroller, Bauchi Branch, Saladu Idris, who disclosed this at the flag-off of the programme at the NUJ Secretariat in Bauchi on Thursday, said that 4,500 farmers had so far benefitted in the state. He said each farmer would be given N370,000 cash, six bags of urea, four bags of NPK fertiliser, pumping and spraying machines. He said the CBN had taken proactive steps by reaching out to the farmers through associations so that only those targeted would benefit……………read more

Banks resilient, record 6.8% profit growth in H1 – Report – Thisday

Nigerian banks recorded 6.8 per cent growth in profit in the first half of 2021 as the sector strived to remain resilient during the COVID-19 pandemic, according to a new report.  Afrinvest West Africa said this in the report, titled ‘2021 Nigerian banking sector report resilience amidst endemic and pandemic constraints’.  While presenting the report in Lagos, the Managing Director, Victor Ndukauba, said, “Industry stays strong in a pandemic-induced environment amidst the tough macro and tight regulatory environment, banks remained resilient. “This is evident in banks delivering a 15.6 per cent and 6.8 per cent year on year growth in total assets and profit respectively in H1:2021 despite elevated CRR debits and compulsory Loan to Deposit Ratio levels. With the pandemic, the Nigerian banking sector vulnerability heightened which required swift policy responses from the CBN……………read more

CITN demands clarity on taxes payable through eNaira – Vanguard

The Chartered Institute of Taxation of Nigeria has said there is a need for clarity and proper enlightenment on the taxes payable through the e-Naira platform by individuals and merchants.  The Chairman, CITN ICT Committee, Samuel Okoye, said this while making a presentation, titled ‘Nature and implication of digital currency and eNaira for taxation’, during the 2021 Business Luncheon of the institute in Lagos on Wednesday.  Okoye, who is also the managing director of Immaculate Metrics Plus, said, “FIRS, like other government agencies, will come onboard e-Naira in the future, according to the eNaira implementation roadmap developed by the Central Bank of Nigeria……………read more

 

Crypto assets may displace local currencies in developing countries — IMF- Punch

The International Monetary Fund has said some emerging markets and developing economies face immediate and serious risks of currency substitution by crypto assets. The IMF disclosed this in a report titled, ‘Global Crypto Regulation Should be Comprehensive, Consistent, and Coordinated’ released on Thursday.  In the report, the IMF said its mandate is to safeguard the stability of the international monetary and financial system. The Washington DC-based fund said, “Some emerging markets and developing economies face more immediate and acute risks of currency substitution through crypto assets, the so-called cryptoisation…………..read more

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