Author: David

Nigerian Exchange Limited has revealed that the total allotments for FGN Savings Bonds have risen to N5.06bn within the first five months of 2023. The Divisional Head, Capital Markets at NGX, Jude Chiemeka, made this known during the NGX Savings Bond webinar 2023 organised in collaboration with the fintech platform, Optimus by Afrinvest, supported by the Debt Management Office and CSL Stockbrokers on Thursday. Chiemeka said, “FGN Savings Bonds market has remained on the upward trend in the current year (from January to May) with allotments at an average of N1.01 bn (Total allotments from January – May stands at…

The Niger Delta Development Commission has commended the House of Representatives for passing the N876bn of the commission for the 2023 financial year. Speaking in an interview at the NDDC headquarters in Port Harcourt, the Managing Director, Dr Samuel Ogbuku, noted that the approval of the House of Representatives on Wednesday, May 24, 2023, followed that of the Senate on Tuesday, May 16, 2023. He applauded the House of Representatives for the expeditious consideration and adoption of the report of the House Committee on NDDC, chaired by Hon. Olubunmi Tunji Ojo, noting that the exercise was very expedient in order…

The Central Bank of Nigeria has disbursed N173.31bn to beneficiaries under its 100-for-100 Policy on Production and Productivity since the commencement of the intervention. According to the bank, the CBN Governor, Godwin Emefiele, disclosed this in Abuja after the Monetary Policy Committee meeting. He said, “Under the 100 for 100 Policy on Production and Productivity, the Bank disbursed the sum of N13.81bn to three projects in the manufacturing sector. “This brings the cumulative disbursement under the facility to N173.31bn, disbursed to 81 projects comprising 45 manufacturing, 23 agriculture, five healthcare, and eight services sector projects with an estimated 23,343 direct…

The dollar pushed to a two-month peak against a basket of its peers on Thursday as worries mounted about a disastrous U.S. default after ratings company Fitch put the United States’ “AAA” debt ratings on negative watch. The greenback has paradoxically benefited from demand for safe havens with only a week left for a resolution to slow-moving debt ceiling talks before the June 1 “X-date”, when the Treasury has warned it will be unable to pay all its bills. The U.S. currency has also benefited from a paring of bets for Federal Reserve rate cuts this year, with the economy…

Oil prices were little changed on Thursday as uncertainty over whether the United States will avoid a debt default weighed against the prospect of further OPEC+ production cuts. Brent crude futures eased 1 cent to $78.35 a barrel by 04290 GMT. U.S. West Texas Intermediate crude (WTI) fell 11 cents, or 0.2%, to $74.23. Some progress had been made but several issues remained unresolved in U.S. debt ceiling negotiations, House Speaker Kevin McCarthy said Thursday, as the deadline ticked closer to raise the federal government’s $31.4 trillion borrowing limit or risk default. Negotiators for Democratic President Joe Biden and top…

Trading activities in the Nigeria Equities Market closed positive today Tuesday (23/05/2023) as the NGX-ASI increased by 0.48% to close at 52,621.19 compared to 52,369.13 recorded at the close of the previous trading day; indicating a YTD return of +2.67%. Similarly, the market capitalization increased by N137.29 billion to N28.6526 trillion from N28.5153 trillion recorded at the close of the previous trading day, while the market turnover increased to N5.17 billion from N4.05 billion recorded at the close of the previous trading day. The market breadth was positive at 2.29x as 32 stocks advanced and 14 stocks declined, while 66…

The Central Bank of Nigeria has partnered with Benson Idahosa University, Benin, Edo State, to deepen adoption of eNaira as a payment system and medium of exchange. Branch Controller, CBN, Benin, Michael Mbeze, stated this during a three-day training of students of the institution on the application of eNaira. Mbeze said that the eNaira, just like the physical Naira, was also an official legal tender of the Federal Republic of Nigeria and a direct liability of the CBN, hoping that it would provide a platform to drive the digital economy of the country. He said, “The CBN believes the eNaira…

The International Monetary Fund has said that the removal of trade barriers among African countries will help lift 50 million people out of poverty. The IMF said this in its recent report titled, ‘Trade Integration in Africa: Unleashing the continent’s potential in a changing world.’ IMF, in the report, also said the trade barrier removal would increase median goods trade between African countries by 53 per cent. The report added that it would also increase to the rest of the world by 15 per cent. “It finds that removing trade barriers would increase the median goods trade between African countries…

Trading activities in the Nigeria Equities Market closed positive today Tuesday (16/05/2023) as the NGX-ASI increased by 0.36% to close at 52,419.33 compared to 52,231.29 recorded at the close of the previous trading day; indicating a YTD return of +2.28%. Similarly, the market capitalization increased by N10.3billion to N28.543 trillion from N28.440 trillion recorded at the close of the previous trading day, while the market turnover increased to N6.79billion from N5.60 billion recorded at the close of the previous trading day. The market breadth was positive at 1.37x as 26 stocks advanced and 19 stocks declined, while 66 stocks remained…