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Daily Business News Brief |  Tuesday, January 11th,  2022.

11
Jan

Stock Market Begins Week Positive, Gains N28bn – Thisday

The market capitalisation o f the Nigerian Exchange (NGX) yesterday rose by N28 billion amid sustained investors bargain hunting in 28 stocks.  The NGX All-Share Index (ASI) increased by 42.71 basis points or 0.10 per cent to close at 43,897.13 basis points. Similarly, the overall market capitalisation size gained N28 billion to close at N23.651 trillion.. ………………. read more

CBN may increase interest rate this year, says report -Punch

A new report has said likely stronger dollar demand will convince the Central Bank of Nigeria of the need to tighten monetary conditions as with the trend across global central banks to manage foreign exchange reserve depletion. Sigma Pensions said this in the report titled ‘Nigeria 2022 outlook: Consolidating on recovery but persisting large imbalances present headwinds’. According to the report, the large fiscal borrowing requirements amid less liquid financial system conditions in 2022, relative to the last two years, suggest ample scope for heightened market expectations about higher interest rates……………… read more

SEC revises capital market master plan to woo investors – NGX  – Vanguard

The Securities and Exchange Commission has said it will launch a revised version of the 10-year Capital Market Masterplan in 2022 to reflect the dynamism of the market and developments in financial technology, among others. The Director-General, SEC, Mr Lamido Yuguda, said in Abuja in a New Year message that the commission would organise a capital market conference, where the launch would be done. He expressed confidence that the results of the various initiatives implemented would begin to gradually manifest, spurring developments in many aspects of the market………………read more

Bank loans to govt rise by 23% in nine months, hit N2.1tn-Thisday

Bank loans to government have risen by 22.59 per cent, hitting N2.17tn as of the end of September 2021 from N1.77tn recorded in December 2020. This represents a N400bn increase within the nine-month period.  This was contained in the Central Bank of Nigeria report titled, ‘Deposit Money Bank’s sectoral allocation of credit.’ According to the figures, bank loans to the government rose from N1.88tn as of the end of March 2021 to N2.03tn in June 2021, and N2.12tn in August 2021…………..read more

FG pledges increased forex sale to manufacturers  – Daily Independent

On the heels of meeting the Central Bank of Nigeria (CBN) 65 per cent Loan-to-Deposit (LDR) ratio policy, banks and merchant banks deposit with the apex bank dropped by 58.14 per cent in 2021.

Banks and merchant banks through the Standing Deposit Facility (SDF) on daily basis deposit excess funds with the apex bank at an applicable interest rate of 4.5 per cent at an asymmetric corridor of +100/-700 basis points around the 11.5 per cent Monetary Policy Rate (MPR).

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Devalue currency further, raise interest rates, IMF tells Nigeria, others – Punch

The International Monetary Fund has advised emerging economies including Nigeria to allow their currencies to depreciate in response to tighter funding conditions and an imminent policy tightening by the Federal Reserve Bank of the United States.  The Washington-based lender also counselled the Central Bank of Nigeria and the apex banks of emerging economies to raise their benchmark interest rate in preparation for the Fed policy tightening.  The IMF disclosed this in a blogpost titled, ‘Emerging Economies Must Prepare for Fed Policy Tightening,’ on Monday………………read more

World Food Prices Dip by 0.9% in December 2021- Punch

The Food and Agriculture Organisation (FAO) food price index has revealed that world food prices fell slightly in December 2021 by 0.9 per cent, noting that the price is still up 23.1 per cent from December 2020.

According to FAO, prices for vegetable oils and sugar fell significantly from lofty levels, as its Vegetable Oil Price Index declined 3.3 per cent in December, with weaker quotations for palm oil and sunflower oil reflecting subdued global import demand that may be linked to concerns over the impact of rising Covid-19 cases…………………read more

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