The Central Bank of Nigeria has disbursed a cumulative total of N4.5 trillion in intervention funds to the private sector of the Nigerian Economy as of September 2022. The data was compiled from official statements contained in the monetary policy communique of the apex bank as tracked by Nairametrics. This was the latest update the CBN provided in the MPC communique. Under the Real Sector Facility, the Bank released the sum of ₦66.99 billion to 12 additional projects in manufacturing and agriculture. Cumulative disbursements under the Real Sector Support Facility (RSSF) currently stood at ₦2.10 trillion disbursed to 426 projects across the country. Furthermore, under the 100…
Author: Temitope N.
Some sensitive safety equipment of the Nigerian Meteorological Agency (NiMET) is being vandalized across airports and sites in the country, a security agent close to the agency has said. It was gathered that the equipment is being regularly vandalized in at least 24 airports across the country, including those with perimeter fences and there are fears that this may affect air safety in the country. Some of the equipment being vandalized includes the Low-Level Windshear Alert System (LLWAS), alert system sensors, automatic weather display system, and others. The security source who didn’t want his name in print told Nairametrics that most…
Capital Hotels Plc has announced the acquisition of 1,611,995,510 ordinary shares of the company by 22 Hospitality Limited. Following the acquisition, directors of the company resigned their appointment and new ones were appointed In a statement signed by Alex Ugwuany for the company secretary, Capital Hotels Plc informed its shareholders and other stakeholders that 22 Hospitality Limited has successfully acquired 1,611,995,510 ordinary shares of 50 kobo each representing 51% of the equity share capital of the company through private placement. The company said: “All the required regulatory approvals have been received for the transaction. In addition, 22 Hospitality Limited also bought 456,641,337,…
The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate (monetary policy rate) to 15.5% from 14%, being the third hawkish move by the apex bank in 2022 following the rising rate of inflation. This was disclosed by the Governor of the CBN, Godwin Emefiele, while reading the communique of the monetary policy committee meeting on Tuesday 27th September 2022. The Central Bank during its last MPC meeting had increased the interest rate from 11.5% to 14% in the last two meetings, however with the inflation rate still spiking above 20%, the…
As the equities market continues bearish performance, shareholders of BUA Cement Plc lost a whopping N111.752 billion in yesterday’s trading session. This is in spite of the fact that the company witnessed an improved performance in half year 2022 on various parameters like credit growth, asset quality, and profitability. Checks by Nairametrics showed that at the close of trading, BUA Cement Plc’s share price dropped by 6.18% to N50.10 per share and N1.697 trillion in market capitalisation as of the close of trading yesterday (September 22nd) from N53.40 and N1.808 trillion, which were the share price and market capitalisation recorded…
The Nigerian Bourse (NGX) closed negative amidst buy-interests and sell-offs as bears dominated proceedings, weighing down the broad market by 47 basis point. The All-share Index (ASI) depreciated by 0.47% to close at 49,190.34 points. In the same vein, Market Capitalization declined by N88 billion to close at N26.45 trillion while the Year-to-Date (YtD) returns settled at 14.77%. The stock market has advanced by 6,473.9 base points since the start of the year. The SWOOTs capitalization closed negative at the end of the trading session. Market breadth closed negative as VITAFOAM led 11 gainers, and 22 Losers topped by CWG…
The Nigerian equities market closed bearish during the week as the All-Share Index declined by 0.91% in the week ended 23rd September 2022. This is following the 0.44% growth recorded in the previous week. This is according to the information contained in the weekly stock market report, released by the Nigerian Exchange Group. The benchmark index, ASI, depreciated by 0.91% from 49,475.42 points recorded as of the end of last week to close the week at 49,026.62 index points, while the market capitalization followed suit to close at N26.445 trillion. Equity market performance A total of 562.856 million shares valued at…
The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, appreciated by 0.05% to close at N2.10 trillion as at 9th of September, 2022, as investors in these banks gained a total of N958.67 million during the trading week. After 5 trading days of the week, 4 of the 5 tier-1 Nigerian banks enjoyed positive market sentiments, with ACCESS Holdings leading the gainers while GTCO suffered negative sentiment According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks rose to reach N2.10 trillion, appreciating by 0.05% during the…
Nigeria exported agricultural goods worth N343.4 billion in the first half of the year, an increase of 17.3% from N292.8 billion recorded in the corresponding period of 2021. It is, however, a rise of 61.9% compared to N212.1 billion recorded in the second half of 2021. This is according to a breakdown in the foreign trade report released by the National Bureau of Statistics (NBS). On the other hand, Nigeria imported agricultural goods worth N907.8 billion in H1 2022. This represents an increase of 11% compared to the N817.52 billion recorded in the corresponding period of 2021, while it declined…
The National Bureau of Statistics (NBS) published CPI data for August which showed that prices facing the average Nigerian climbed 20.52% on a y/y basis with renewed pressures in Food (+23.1% y/y) – a multi-decade high. Adjusted for food and fuel prices, underlying inflation (as proxied by the core inflation measure) accelerated to 17.1% y/y. However, the m/m trends showed that the pace of price increases appears to be slowing with the August print of 1.79% below the 1.82% in the prior two months. This likely reflects the onset of early harvests which forced a marked downturn in rural headline…
The president of the African Development Bank (AfDB), Akinwumi Adesina, has said Nigeria needs help from international institutions in tackling its debt burden. The statement is coming barely 24 hours after President Muhammadu Buhari called for debt cancellation for developing countries that are facing fiscal and liquidity challenges at the 77th session of the United Nations General Assembly (UNGA). This was made known by Adesina while speaking at the Nigeria International Economic Partnership Forum in New York on Thursday, where he said financing was critical to solving Nigeria’s development challenges. Adesina acknowledged that several countries, especially in Africa, where the debt…
President Muhammadu Buhari has stated that the Nigerian economy is ripe for increased investment, hinting that private capital flows into Nigeria, consisting mainly of Foreign Direct Investment, have slowed, hindering the financing of much-needed infrastructure and natural resource access projects. Buhari disclosed this at the Nigeria International Economic Partnership Forum held on the margins of the 77th UN General Assembly in New York. The summit was held to discuss the possibility of attracting more investors to Nigeria. Buhari expressed delight that investments in improving security are yielding good dividends, lauding the Nigerian military for making significant progress in the fight against insecurity…
The Federation Account Allocation Committee (FAAC) shared a total sum of N673.137 billion in August 2022 from the Federation Account Revenue to the federal government, states and local government councils. This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for September 2022, signed by Henshaw Ogubike, director, Information, Press and Public Relations. The N673.137 billion total distributable revenue comprised distributable statutory revenue of N437.871 billion, distributable Value Added Tax (VAT) revenue of N215.266 billion and augmentation of N20.000 billion from the Non-Oil Excess Revenue. In August 2022, the total deductions for…
President Muhammadu Buhari has inaugurated the Nigeria Integrated National Financing Framework Report on Sustainable Development (NIFF). The report was launched on the margins of the 77th United Nations General Assembly in New York, the United States of America, on Friday. Buhari stated that the Integrated National Financing Framework was developed to map out a much-needed sustainable financing plan for Nigeria to deliver on its commitment to the Sustainable Development Goals and our National Development aspirations. President Buhari stated that for Nigeria and indeed Africa as a whole, achieving the SDGs will mean ending poverty and hunger, safeguarding the Nigerian ecosystem and the planet…
The Nigerian equities market closed bearish during the week as the All-Share Index declined by 0.44% in the week ended 16th September 2022. This is following the 0.70% decline recorded in the previous week. This is according to the information contained in the weekly stock market report, released by the Nigerian Exchange Group. The benchmark index, ASI, depreciated by 0.44% from 49,695.12 points recorded as of the end of last week to close the week at 49,475.42 index points, while the market capitalization followed suit to close at N26.686 trillion. This brings the month-to-date performance of the Nigerian stock market to…
The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, depreciated by 3.05% to close at N2.16 trillion as at 9th of September, 2022, as investors in these banks lost a total of N50.82 billion during the trading week. After 5 trading days of the week, 4 of the 5 tier-1 Nigerian banks suffered negative market sentiments, with ACCESS Bank leading the losers while GTCO remain unchanged and no bank enjoyed positive sentiment. According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks dipped to N2.09 trillion to…
The Central Bank of Nigeria sold $4.86 billion worth of foreign exchange to authorities dealers in the first quarter of 2022. This is indicative of a 5.8% decrease, compared with the previous quarter. This was disclosed in the Central Bank’s latest economic and statistical report for the first quarter of 2022. The Central bank’s sale of foreign exchange is done to stabilize the Naira, however, the stability of the official exchange rate comes at a cost to the reserves as the central bank sells foreign exchange in the official window from its external reserves. Despite multiple interventions by the CBN…
First Bank of Nigeria has informed its customers that the Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) will now be transferred to the FirstBank Travel Card. This was disclosed in an email seen by Nairametrics titled “Updates on FX Purchase”. The bank further indicated that PTA/BTA sales are limited to two quarters per year and that only applicants with approved Form A are eligible for payout. The Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) are ways for Nigerians to benefit from the official exchange rate, which trades in the N435/$ range. However, Nairametrics reported earlier that…
The exchange rate between the naira and the US dollar stood at N706/$1 on Monday, 12th September 2022 morning, a 0.28% appreciation compared to N708/$1 recorded on Friday, last week. This is according to information obtained from black market operators. The local currency declined marginally against the US dollar to close at N436.33/$1 at the official exchange rate market (I&E window), representing a 0.002% depreciation compared to N436.32/$1 recorded in the previous trading session. Meanwhile, a total of $66.02 million was traded at the official market on Friday, which is 76.05% higher than the $37.5 million that exchanged hands on…
Nigerian banks‘ borrowings from the Central Bank of Nigeria’s Standing Lending Facility (SLF) increased to N737.05 billion in May 2022, indicative of an N124.62 billion uptick. This is according to the CBN’s latest monthly economic report . The CBN Standing Lending Facility (SLF) activities increased by 20.4% to N737.05 billion in May 2022 compared to N612.43 billion in the end-April 2022. The report also noted that consumer credit outstanding grew by 0.8% to N2,344.10 billion at the end-May, from N2,325.97 billion in the preceding month. The apex bank said “the total standing lending facility increased considerably by 20.4% to N737.05 billion relative…