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Daily Business News Brief |  Monday, February 28th,  2022.

28
Feb

44 stocks drive market cap to N25.51tn – Thisday

The market capitalisation of equities listed on the Nigerian Exchange Limited appreciated slightly by 0.4 per cent to close at N25.51tn on Friday. The NGX All-Share Index also appreciated by 0.04 per cent to close the week at 47,328.42 basis points. Similarly, all other indices finished higher with the exception of NGX Asem, NGX Meri Value, NGX Consumer Goods, NGX Lotus II, NGX Industrial Goods and NGX Sovereign Bond indices which depreciated by 1.17 per cent, 0.34 per cent, 1.06 per cent, 0.07 per cent, 0.01 per cent and 0.02 per cent, respectively……………….. read more

CBN’s OMO Auctions Drop by 67% to N400bn on Weak Economic Activity, Illiquidity – Punch

As the country’s financial markets continued to dance to the tune of monetary policy implementations, the Central Bank of Nigeria (CBN) in first two months of 2022 auctioned N400 billion worth of Open Market Operation (OMO).  THISDAY analysis of market data showed that the OMO auctions in the first two months of 2022 represent a decline of 67 per cent when compared to N1.16 trillion reported by the CBN in first two months of 2021.  It is, however, worthy of note that OMO is designed to be a short-term market instrument that the CBN uses to control the supply of money in the economy………………… read more

Marketers compile losses on bad fuel, to demand compensation from govt – Vanguard

Oil marketers have commenced the compilation of losses incurred by filling stations as a result of the purchase of bad fuel imported into Nigeria in January and shall be demanding compensation from the Federal Government, it was learnt on Sunday.  Filling station owners under the aegis of the Independent Petroleum Marketers Association of Nigeria, the largest operators of retail outlets across the country, described the losses incurred due to the purchase of the methanol-blended fuel as terrible. The National Secretary, IPMAN, Chief John Kekeocha, told our correspondent that the contaminated Premium Motor Spirit, popularly called petrol, had stopped the operations of many filling, a development that contributed to the lingering fuel scarcity…………….. read more

NGX Reiterates on Investors’ Diversification of Portfolios in Capital Market – Thisday

The Nigerian Exchange Limited (NGX) has emphasized on the need for investors to diversify portfolios in the capital market in order to ensure enhanced return on investment. According to NGX, portfolio diversification is the process of investing one’s money in different asset classes and securities in order to minimize the overall risk of the portfolio…………… read more

CBN to pay exporters N65 rebate for every $1 remitted – Punch

The Central Bank of Nigeria has said it will pay exporters N65 for every $1 sold into the economy through the Investors &Exporters window.  The CBN made this known in a guideline on its newly introduced Race To $200bn scheme, titled, “Operating Guidelines for RT200 Non-Oil Export Repatriation Rebate Scheme.”  The CBN Governor, Godwin Emefiele, had on February 10, launched the RT200 programme at the post-Bankers’ Committee briefing held in Abuja………………. read more

Russia-Ukraine war: Fuel scarcity may continue, oil vessels face delay on sea – Punch

The ongoing war between Russia and Ukraine may further prolong the over three-week scarcity of Premium Motor Spirit, popularly called petrol, in Nigeria, as bulk of the refined products coming into the country from the warring region and its adjoining areas are likely to face some delays.  It was also gathered on Sunday that traders who supply Nigeria with refined petroleum products might pause a little due to the deficit in the supply of crude oil cargoes from the Nigerian National Petroleum Company Limited.  NNPC brings in refined petrol into Nigeria using contractors or traders through its Direct Sale Direct Purchase scheme………………. read more

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