MTN Nigeria Plc recorded a loss of N143 billion in market value at the end of Tuesday’s trading session on the Nigerian Exchange to rank among the losers of the day. MTN Nigeria’s share price depreciated by 3.26% to close at N208.00 per share, taking the market capitalization to N4.233 trillion from the N4.376 trillion it closed the previous day. Low sentiment: The decline in share prices can be attributed to investors’ low sentiment informed by the 2023 general elections approaches, even as speculators continue to move their funds to money market instruments for higher yield following the interest rate hike.…
Author: Temitope N.
Nigeria’s exchange rate crisis had crashed foreign investor participation in the stock market to just 16.8% when compared to their domestic counterparts. This is largely due to capital controls put in place by the central bank limiting currency repatriation as well as the disparity between the official and parallel market rates. On Tuesday, the exchange rate between the naira and the dollar fluctuated between N444 and N446 to the dollar at the official market. However, the rate on the parallel market was N745 to the dollar. The parallel market, where the dollar is freely exchanged but at a premium of 80% to…
When Akin arrived in the United Kingdom (UK) earlier this year, he was grateful to God for delivering him from Nigeria. Life had been tough for him back home, from his stressful job to long-commute hours due to traffic, landlord problems, epileptic power supply, and constant insecurity amongst other challenges. A friend had convinced him to switch to the UK where his skills would be better compensated. However, what the friend did not tell him was that life is not all that sweet in the land of milk and honey. Things were about to get tougher. Akin, a former supervisor…
The Nigerian Government said it has commenced an investigation into some generator importers, manufacturers, assemblers & distributors, especially Mikano, Jubali Brothers and JMG. This was disclosed in a statement by the Federal Competition and Consumer Protection Commission (FCCPC) which said it already received credible intelligence and carried out preliminary inquiries. A serious investigation: The broad investigation into generator importers, manufacturers, assemblers and distributors is to confirm whether reported incidents of overpricing, multiple or duplicitous models, import and or customs clearing malpractices and other crimes. To this end, the FCCPC has requested the assistance of Nigerian customers who are willing to share their experiences with the generator manufacturers,…
The average price of 1kg tomato rose by 30.06% from N342.25 in September 2021 to N445.12 in September 2022. This was disclosed by the Nigerian Bureau of Statistics (NBS) in its Selected Foods Price Watch Report for September 2022. According to the report, the price of 1kg boneless beef rose by 24.39% year-on-year to N2,199.37. Part of the report Selected Food Price Watch by the NBS said: “At the state level, the highest average price of rice (local sold loose) was recorded in Rivers with N621.61, while the lowest was recorded in Jigawa with N371. Ebonyi recorded the highest average price of beans…
Nigerian Governors have warned that given the constant reductions in FAAC Allocation to states, it would be suicidal if the Central Bank of Nigeria (CBN) goes ahead to carry out its proposed recovery of state loans. In reaction to the warning, the National Economic Council (NEC) said it will negotiate with the CBN and the Finance Ministry on loan recovery. The developments were disclosed by Governor David Umahi of Ebonyi State after a virtual NEC meeting presided over by Vice President Yemi Osinbajo on Thursday at the Presidential Villa, Abuja. The Governor added that NEC also agreed to set up a committee to engage the CBN governor and the Finance…
Panelists at the ongoing West African Clean Energy & Environment (WACEE) Trade Fair & Conference 2022 have identified a lack of data and currency mismatch as the main reasons investors are reluctant to invest in Nigeria’s off-grid power sector. The panelists disclosed this on day two of the WACEE conference in Lagos while addressing the issue of sustainable financing gaps in Nigeria’s off-grid sector. Among the panelists were Eme Kponu, the Energy Market Advisor for the United States Agency for International Development (USAID), Daniel Adedokun, Head of Geocycle at Lafarge Africa Plc, and Victoria Uwadoka the Head of Corporate Communications at Nestle…
The exchange rate between the naira and the US dollar recorded a sharp fall on Friday morning, 21st October 2022, trading at a minimum of N755/$1 at the black market compared to N742/$1 recorded on Thursday. This is according to information from black market operators. The depreciation of the local currency at the black market was attributed to increased demand and sustained FX scarcity in the market. According to Nairalytics’ exchange rate tracker, the rate at N755/$1 is the highest on record. It also indicates a market differential of N313.87/$1 between the official market and the parallel market. Also, at…
Let’s face it; Nigeria’s skyrocketing inflation and a few high-yielding investment options are already deterring some investors from investing in the continent’s largest frontier market. The risk that investors confront is ranked highly by this rise in the cost of goods and services. The average investor’s portfolio is negatively impacted by inflation because you need to consistently generate returns that are higher than inflation to make genuine progress toward your financial goals. This indicates that the typical Nigerian investor must look for yields higher than that because the present inflation rate is at 20.8%, a 17-year high. However, it is…
Following the announcement of the sale of Polaris Bank Limited earlier today, there have been mixed reactions from experts and stakeholders. As expected, some minority shareholders have frowned at the development, describing it as ‘an illegality’, for which they said they are prepared to seek redress in court. In case you missed the details, the Central Bank of Nigeria and AMCON announced the completion of the sale of Polaris Bank’s entire shares to Strategic Capital Investment Limited (SCIL). The apex bank said SCIL paid the upfront transaction fee of N50 billion, and in accepting the terms will repay fully the sum of N1.305 trillion…