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Naira appreciates to N359.7/$ as External reserve hits $31.35bn.

Aug 17 2017
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Naira appreciates to N359.7/$ as External reserve hits $31.35bn.  Vanguard Online 

The naira yesterday appreciated below N360 per dollar for the first time in the Investors and Exporters (I&E) window due to increased dollar supply.


Meanwhile, the Central Bank of Nigeria (CBN) said that the nation’s external reserve rose to a new high of $31.35 billion as at Friday August 11, 2017. Data posted by the apex bank shows that the external reserve rose by $392 million to $31.375 billion last week Friday from $30.965 billion Friday the previous week.


Data from Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E window, known as Nigeria Autonomous Foreign Exchange (NAFEX), dropped to N359.65 per dollar yesterday from N362.38 per dollar on Tuesday.  Read more


Equities Market Falls Further on Continuing Profit Taking.  Thisday Online 

The Nigerian Stock Exchange All-Share Index (NSE) ASI fell by 2.68 per cent yesterday closed lower at 36,102.38 as profit taking persisted on the bourse. After hitting a record high last week, investors moved in to lock in part of the gains recorded in the past months.


Consequently, the market had resumed on a bearish note since Monday. It went down by 0.65 per cent on Monday, 2.8 per cent on Tuesday and 2.68 per cent yesterday.


Analysts at Meristem Securities Limited, on Monday said bearish sentiments had dominated the equities market as investors took profit on stocks that have appreciated in recent times particularly the large cap banking stocks.  Read more


FG to auction N135bn bonds August 23 —DMO.  Tribune Online 

The Federal Government has offered for subscription by auction, N135 billion bonds in its Aug 23 auction, according to the Debt Management Office (DMO).


The offering circular obtained from the DMO’s website on Tuesday in Abuja indicated that it would sell N35billion of a bond, to mature in July, 2021, at 14.50 per cent.


It would also sell N50 billion at 16.28 per cent to mature in March 2027, while another N50billion of paper would be sold at 16.24 per cent, to mature in April 2037.  Read more


MTN wants electronic listing, reopens talks with SEC. Punch Online

The Securities and Exchange Commission has resumed talks with MTN Nigeria over the telco’s planned listing on the floor of the Nigerian Stock Exchange.


The Director-General, SEC, Mr. Mounir Gwarzo, told journalists in Lagos on Wednesday that the conversation had taken a new turn as the telecoms company was looking at listing on the Exchange electronically.


“Our conversation with MTN on its listing is back. But this time, they want to do it through electronic means,” Gwarzo said at the commission’s post-capital market committee meeting briefing.  Read more


CBN’s power, airline interventions hit N277 billion. Agric scheme’s interest drawback gulps N105m.  Guardian Online 

Development interventions by the Central Bank of Nigeria (CBN) in the power and aviation sectors have reached N277.4 billion cumulatively between September 2016 till June 2017, with repayments by the operators trailing progressively.


The programme, under CBN’s Power and Airline Intervention Fund (PAIF) has supported 59 projects in both sectors in efforts to keep them afloat amid harsh economic situation and threats to jobs.


Correspondingly, about N106.13 billion has so far been repaid cumulatively, with consistent and slight increments in the volume of repayments per quarter since September 2016 to June 2017.   Read more


SEC to begin phasing out Annual Reports before March 2018.  Vanguard Online 

The Securities and Exchange Commission, SEC, has said that more than N1 billion will be saved annually by listed companies as a result of the plan to stop the printing of Annual Reports and Accounts.


The Commission also confirmed that telecom provider, MTN Group, is still on course to list its shares on the Nigerian Stock Exchange, NSE, alongside other Initial Public Offers, IPOs, being expected. The Director General of SEC, Mounir Gwarzo, who disclosed these at the post third quarter Capital Market Committee, CMC, press briefing in Lagos, yesterday informed that besides institutional investors, 98 per cent of other shareholders do not get their Annual Reports before the Annual General Meeting, AGM, of their companies.  Read more



Last changed: Aug 17 2017 at 4:15 PM