9jamoney, Lagos (2026)

27/05/2021

Inflation May Breach Long-Term Objective Of Central Banks – CBN

In its recent Monetary Policy Committee (MPC) communiqué, the Central Bank of Nigeria (CBN) noted that the global economic disruption by the COVID-19 pandemic that spurred inflation in some countries due to supply chain impediments “may breach the long-term objective of several central banks in the medium-term”.

It stated that Emerging Market and Developing Economies (EMDEs) experienced sustained high inflation rates, with institutional factors influenced the escalation of countries with “higher inflationary pressures”.

The communique read, “The MPC noted the gradual recovery of prices, especially amongst some developed economies as inflation continued a steady movement towards the long-term objective of their central banks.

“It is expected that inflation may breach the longterm objective of several central banks in the medium term, as economic activities continue to recover with more people being vaccinated.

“In several Emerging Market and Developing Economies (EMDEs), inflation has remained relatively high, with some economies confronted with significantly higher inflationary pressures than others, because of legacy structural issues, capital flow reversals and unabating exchange rate pressures.”

The committee noted, in the communique, that the recovery of global economies from the “six-quarter long COVID-19 pandemic” was due to an extensive vaccination roll out by countries and other factors such as relaxing restrictions of movement, reopening of economies and the resumption of international flights.

It added that “In the domestic environment, the economy is expected to remain on the current trajectory of recovery in 2021, mirroring the cautious optimistic trend in global output recovery.”

Moderate Decline In Inflation
The Committee highlighted the country’s moderate decline in headline inflation on a year-on-year basis declining from 18.17 percent in March 2021 to 18.12 percent in April 2021.

It stated that a slight fall in the inflation rate was due to “a marginal slowdown in food inflation to 22.72 per
cent in April 2021 from 22.95 per cent in the previous month.

“This was partly attributed to the Bank’s massive interventions in various sectors of the economy to stimulate aggregate demand and boost production, particularly for Small and Medium Scale Enterprises.”

According to the CBN, data showed that projections for key macroeconomic “variables for the Nigerian economy suggest that output growth will continue to recover for the rest of 2021.”

26/05/2021

Stock market index dips further by 0.08 per cent

Trading on the Nigerian Exchange Limited (NGX) sustained sliding profile, as most blue-chip stocks suffered price depreciation, causing the All Share Index (ASI) to plunge further by 0.08 per cent.

Specifically, at the close of trading yesterday, market capitalisation of listed equities declined by 0.08 per cent to N19.940 trillion from N19.956 trillion recorded the previous day.

The ASI also depreciated by 30.82 basis points to 38256.76 points from 38287.58 points traded on Monday.

Investors traded 250.204 million shares valued at N1.552 billion in 3534 deals as against 141.146 million shares valued at N1.094 billion that exchanged hands the previous day in 3566 deals.

Analysts at Afrinvest said: “With CBN retaining all Monetary Policy Rates (MPR) at the just concluded MPC meeting, we expect to see some bargain hunting on fundamentally viable stocks in the next trading session.”

Analysts at Vetiva Dealings and Brokerage said: “After the MPC chose to hold rates constant once again, we foresee a mild uptick in investor sentiment in the coming sessions, on the back of renewed interest in the Nigerian market, thanks to the streamlined FX policy of the CBN and encouraging Q1 GDP results.”

On the price movement chart, C&I Leasing led gainers’ chart with 9.85 per cent to close at N4.46 kobo. Royal Express followed with a gain of 8.82 per cent to close at N0.74 kobo, Chi Plc added 7.27 per cent to close at N0.59 kobo. Neimeth International Pharmaceutical gained 7.02 per cent to close at N1.83 kobo, Initiates Plc gained 6.82 per cent to close at N0.43 kobo.

On the other hand, Lasaco Insurance topped losers’ chart, shedding by 7.14 per cent to N1.43 kobo, while Champion Breweries followed with a loss of 5.66 per cent to N2.00 kobo.

AIICO Insurance dipped by 4.96 per cent to N1.15 kobo. Chams Plc dipped by 4.76 per cent to N0.20 kobo. Mansard Insurance declined by 4.44 per cent to N0.86 kobo.

The result further showed that Courtville Business Solution was the most active stock during the day, exchanging 36.851 million shares valued at N7.472 million.

Zenith Bank followed with 28.188 million shares worth N649.411 million, Jaiz Bank traded 25.851 million shares cost N14.831 million.

Chams PLC traded 16.098 million shares worth N3.220 million, Sterling Bank exchanged 13.676 million shares worth N21.812 million.

25/05/2021

FX speculators walk a tightrope

Currency speculators, who have in the past week engaged in an aggressive ‘stocking’ of the dollar at a premium in expectation of a near-future rise in the exchange rate, may be facing heightened risks as
https://bit.ly/3uiFmxj

21/05/2021

WorldRemit reaffirms commitment to CBN’s Naira 4 Dollar Scheme

Global cross-border payment company, WorldRemit, has said it would continue to reward customers who receive international money transfers through its partner banks in Nigeria.
The promise is in line with the extension of the Central Bank of Nigeria’s (CBN) Naira for Dollar Scheme. The scheme, which was launched on March 8, 2021, will run indefinitely following a notice released by the apex bank.

The Naira 4 Dollar scheme was launched as a strategy to increase diaspora remittances and discourage the use of informal routes. The CBN believes this incentive will improve FX inflows and boost liquidity in the foreign exchange market.

Country Manager for Nigeria and Ghana at WorldRemit, Gbenga Okejimi, said: “The CBN’s decision to extend the scheme is indeed a development we will continue to support. We are delighted to be part of an initiative that presents a win-win situation for all key parties involved including the government, senders and recipients.

“Customer and community satisfaction form a key aspect of our operations and we will continue to support this and similar initiatives as they present themselves.”

As part of efforts to fulfill its transformative role as a fintech company that drives economic growth for the benefit of recipients and senders alike, WorldRemit continues to quickly adapt to and implement regulatory directives that are beneficial to customers.

Last year, WorldRemit was the first IMTO to implement CBN’s Naira 4 Dollar directive to deliver bank transfers in USD for all recipients in Nigeria, and currently has one of the broadest and largest USD payout networks across the country.

20/05/2021

Stock market extends losses as capitalisation dips further by N301b

The Nigerian Exchange Limited (NGX) extended losses to three consecutive trading days to close on a downturn, yesterday, causing market capitalisation to plunge by N301 billion.

At the close of transactions, the all-share index (ASI) decreased by 577.43 absolute points, representing a decline of 1.48 per cent to close at 38,445.09 points. Also, market capitalisation of listed equities dropped by N301 billion to close at N20.038 trillion.

The market decline was driven by price depreciation in large and medium capitalised stocks including Airtel Africa, BOC Gases, Dangote Cement, Dangote Sugar Refinery and Northern Nigeria Flour Mills (NNFM).

Analysts at Afrinvest Limited said: “In the coming trading session, we expect the local bourse to extend the bearish performance.”

As measured by market breadth, market sentiment closed negative, as 25 stocks declined relative to 23 gainers.

MRS Oil Nigeria and Seplat Petroleum Development Company (SEPLAT) recorded the highest price gain of 10 per cent each to close at N12.10 kobo and N682 while Sterling Bank followed with a gain 9.74 per cent to close at N1.69 kobo.

Japaul Gold and Ventures rose by 9.62 per cent to close at 57 kobo, while Regency Alliance Insurance appreciated by 8.82 per cent to close at 37 kobo.

On the other hand, C&I Leasing and Airtel Africa led the losers’ chart by 10 per cent each to close at N4.50 kobo and N837 while BOC Gases followed with a decline of 9.96 per cent to close at N11.03 kobo.

Royal Exchange shed 9.64 per cent to close at 75 kobo, while NNFM depreciated by 8.94 per cent to close at N5.60 kobo.

Meanwhile, the total volume of trades decreased by 24.9 per cent to 153.643 million units, valued at N2.446 billion and exchanged in 3,494 deals.
Transactions in the shares of UAC of Nigeria (UACN) topped the activity chart with 10.013 million shares valued at N103.442 million.

Zenith Bank followed with 9.639 million shares worth N222.847 million, while Fidelity Bank traded 8.745 million shares valued at N19.839 million.

Transnational Corporation of Nigeria (Transcorp) traded 8.708 million shares valued at N7.775 million while Access Bank transacted 7.714 million shares worth N63.554 million.

19/05/2021

FG willing to work with private sector to revive economy, says Buhari

President Muhammadu Buhari has congratulated the management of the Nigerian Exchange Limited (NGX) on the successful conversion of the defunct Nigerian Stock Exchange (NSE) into a public company.
The President spoke, yesterday, at the NGX virtual launch of the ‘Stock Africa Is Made Of’ campaign to unveil the exchange’s new identity as well as amplify NGX Group’s positioning and commitment to the African financial markets.

Delivering his remarks before sounding of the closing gong, the President assured Nigerians that the Federal Government would continue to engage and collaborate with the private sector to improve lives and transform the country’s economy.

He affirmed that the exchange has continued to play its part in nation-building by stimulating economic growth and providing a platform for businesses to raise capital.

He said: “Let me start by congratulating Nigerian Exchange Group Plc on its recently-concluded demutualisation, which is the first in the country. I recall signing the demutualisation Bill in August 2018, paving the way for the long-awaited demutualisation of the then NSE.

“It is my pleasure to join you all at this important event organised to amplify the positive narrative about Africa and its great potentials. The occasion of the demutualisation of the NSE is yet a proud moment for all of us. Indeed, all Nigerians deserve congratulations for this feat as it is the beginning of a new era for the capital market.

“The exchange continues to play its part in nation building by stimulating economic growth and providing a platform for businesses and individuals to save and raise capital through innovation, diversified products and services, enabling regulatory environments and much more.”

Also speaking at the event, the Minister of Finance, Budget and National Planning, Zainab Ahmed, described the demutualisation of the exchange as a landmark event that generated intense global interest.

According to her, the exercise is critical for the development of the Nigerian capital market (NCM) because it would enable the exchange to build new strategic partnerships, achieve capital raising flexibility and improve its operational efficiency.

She said the transition is expected to deepen the investor base of the exchange as it unlocks opportunities for domestic and institutional investors to create significant economic value by bringing the capital market in line with prevalent international practice and standards resulting in enhanced governance.

NGX group, Abimbola Ogunbanjo, assured that the NGX group is better positioned to support sustainable economic development, provide a wide range of services including listing and trading of securities, licensing, data solution and regulation, real estate among others.

“Our story is one birthed from resilience, collaboration, determination and continued focus on our vision. A true Africa story! With demutualisation, NGX Group is positioned to enable strong economic growth and contribute its quota to the development of the Nigerian capital market, and the African Continent.”

On his part, the Group Managing Director/Chief Executive Officer, NGX Group, Oscar Onyema said: “At Nigerian Exchange Group Plc, we have the vision to be the premier exchange hub for Nigerian businesses and for the wider African economy, building on the strong reputation and corporate governance the NSE has established over the years.

“As we march bravely into the NGX era, we look forward to impact and create partnerships that will unlock value for our stakeholders, whilst improving the state of the Nigerian economy. It is a period to reinforce on the global stage, our great African pedigree and the ‘Stock Africa Is Made of.”

17/05/2021

Financial stocks contribute 64.38% to market turnover

The financial services industry dominated in terms of volume at the end of last week’s transactions on the floor of the Nigerian Exchange Limited (NGX).
It led the activity chart with 541.015 million shares valued at N5.493 billion, trading in 7,824 deals, thus contributing 64.38 per cent to the total equity turnover.

The ICT Industry followed with 90.382 million shares worth N571.642 million in 500 deals, while the conglomerate industry ranked third with a turnover of 84.792 million shares worth N512.775 million in 551 deals.

Trading in the top three equities: Access Bank Plc, Zenith Bank Plc and Etranzact International Plc accounted for 284.924 million shares worth N3.470 billion in 2,533 deals, contributing 33.91 per cent to the total equity turnover volume.

Besides, the NGX all-share index (ASI) and market capitalisation appreciated by 0.72 per cent to close the week at 39,481.89 and N20.579 trillion, despite the two-day holiday declared to commemorate the Eid al-Fitr.

Similarly, all other indices finished higher with the exception of NSE Sovereign Bond Index which depreciated by 10.69 per cent, while the NSE ASeM and NSE Growth Indices closed flat.

Consequently, a total turnover of 840.334 million shares worth N9.561 billion was recorded in 13,239 deals by investors on the floor of the Exchange, in contrast to a total of 1.419 billion shares valued at N15.918 billion that changed hands in 18,459 deals in the preceding week.

A review of market performance last week showed that following gains recorded by most blue-chip stocks, the NGX reopened in an upbeat on Monday, as market capitalisation gained N60 billion.

The ASI increased by 113.99 absolute points, representing a growth of 0.29 per cent to close at 39,312.74 points while the overall market capitalisation rose by N60 billion to close at N20.491 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Zenith Bank, Guaranty Trust Bank, Okomu Oil, Africa Prudential and Lafarge Africa.

Trading activities on the NGX extended bullish run to two consecutive trading sessions on Tuesday, as investors’ wealth appreciated further by N36 billion.

The improved performance was spurred by investors’ sustained appetite in the shares of Dangote Cement and 20 others.

The ASI increased by 70.22 absolute points, representing a growth of 0.18 per cent to close at 39,382.96 points while market capitalisation value gained N36 billion to close at N20.527 trillion.

14/05/2021

NGX unveils campaign on new identity

Nigerian Exchange Group (NGX Group) Plc is set to launch ‘The Stock Africa Is Made Of’ campaign to project its new brand positioning and commitment as a leading capital market infrastructure provider, connecting Nigeria, Africa and the world.

According to the exchange, the campaign will kick off with a webinar on Tuesday, May 18, 2021, and will amplify NGX Group’s new brand identity and the growth potential of the African continent across traditional and digital media.

The campaign will focus on the successful demutualisation of the Nigerian Stock Exchange (NSE) which led to the emergence of NGX Group and its three subsidiaries – Nigerian Exchange (NGX) Limited, NGX Regulation (NGX RegCo) Limited and NGX Real Estate (NGX RelCo) Limited.

Commenting on the campaign, the Group Chief Executive Officer, NGX Group, Oscar Onyema said: “As we step into the NGX era, we remain committed to the highest level of competitiveness, both in African and global capital markets.

He said the campaign was designed to impress that the exchange is fully equipped and better positioned to champion the development of new and improved experiences for the benefit of domestic, regional and foreign stakeholders.

“We are excited to show the world that we embody the same traits of ambition, strength, innovation and excellence that distinguish the African continent, and we are confident that these qualities will see us thrive in an era of endless possibilities.

“Built around the new corporate identity, the campaign emphasises the vibrancy and dynamism of NGX Group and its subsidiaries. It provides stakeholders with an immersive experience through creative messaging and opportunities for direct engagement with the brand.”

“Our goal is not only to celebrate this pivotal point in our journey but to also show our stakeholders that we are ready and able to explore new frontiers in our quest to be the partner and platform of choice for meeting their business, financial and investment objectives”, Onyema said.

11/05/2021

Stock market reopens upbeat as capitalisation rises by N60 billion

Following gains recorded by most blue chip stocks, the Nigerian Exchange Limited (NGX) reopened in uptrend yesterday, as market capitalisation gained N60 billion.

Yesterday, the All-Share Index (ASI) increased by 113.99 absolute points, representing a growth of 0.29 per cent to close at 39,312.74 points while the overall market capitalisation rose by N60 billion to close at N20.491 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Zenith Bank, Guaranty Trust Bank, Okomu Oil, Africa Prudential and Lafarge Africa.

Analysts at United Capital Plc said: “We expect the overall theme of the market to tilt towards the bears, considering the anticipated NTB auction scheduled to hold later in the week. However, following profit-taking last week, we expect investors to pick up attractive stocks on the dip in the earlier trading sessions.”

Consequently, the market breadth closed positively, recording 28 gainers against 15 losers.

Associated Bus Company and Regency Alliance Insurance recorded the highest price gain of 9.68 per cent each to close at 34 kobo each, while Union Bank of Nigeria (UBN) followed with a gain 9.26 per cent to close at N5.90 kobo.

Linkage Assurance rose by 8.70 per cent to close at 75 kobo, while Mutual Benefits Assurance and Africa Prudential gained 8.11 per cent each to close at 40 kobo and N6.00 kobo.

On the other hand, Unity Bank led the losers’ chart by 8.33 per cent to close at 55 kobo, per share. Japaul Gold and Ventures followed with a decline of 6.67 per cent to close at 56 kobo, while Neimeth International Pharmaceuticals lost 6.04 per cent to close at N1.71 kobo.

Flour Mills of Nigeria lost 4.84 per cent to close at N29.50, while Chams Plc and Nigerian Aviation Handling Company (NAHCO) shed 4.55 per cent each to close at 21 kobo and N2.10 kobo .

The total volume of trades increased by 35.68 per cent to 324.187 million units, valued at N3.281 billion, and exchanged in 4,867 deals.

Transactions in the shares of eTranzact International topped the activity chart with 72.176 million shares valued at N162.396 million.

Zenith Bank followed with 44.001 million shares worth N1.015 billion, while Access Bank traded 22.979 million shares valued at N189.174 million.

United Bank for Africa (UBA) traded 16.585 million shares valued at N119.353 million, while AXA Mansard Insurance transacted 16.43 million shares worth N14.202 million.

07/05/2021

NGX sustains sliding profile as capitalisation plunges further by N167b

The Nigerian Exchange Limited (NGX) extended bearish sentiment to three consecutive trading sessions yesterday, as more highly capitalised stocks depreciated in price. This resulted to a further slide in market capitalisation by N167 billion.

The All-Share Index (ASI) decreased by 319.08 absolute points, representing a drop of 0.81 per cent to close at 39,114.73 points while the overall market capitalisation value lost N167 billion to close at N20.470 trillion.

The bearish sentiment was sustained on price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Dangote Cement, BOC Gases, Red Star Express and SCOA Nigeria.
Analysts at Afrinvest Limited said: “We expect the market to close in the red for the week.”

Analysts at Vetiva Dealing & Brokerage said: “With the week drawing to a close and some negative activity on large caps such as MTNN and DANGCEM keeping the market in negative territory, we expect tomorrow’s session to close out the week on a bearish note.”

However, investor sentiment as measured by market breadth was positive, as 25 stocks gained, relative to 20 losers. Conoil and Courteville Business Solutions recorded the highest price gain of 10 per cent each to close at N18.70 and 22 kobo, respectively, while Seplat Petroleum Development Company (SEPLAT) followed with a gain 9.99 per cent to close at N604.40 kobo.

Linkage Assurance rose by 8.62 per cent to close at 63 kobo, while Access Bank appreciated by 5.19 per cent to close at N8.10kobo. On the other hand, BOC Gases led the losers’ chart by 9.99 per cent, to close at N12.25, per share. Livestock Feeds followed with a decline of 9.90 per cent to close at N1.73, while SCOA Nigeria shed 9.66 per cent to close at N2.15 kobo.

Red Star Express shed 9.59 per cent to close at N3.11, while Regency Alliance Insurance depreciated by 9.38 per cent to close at 29 kobo.

The total volume of trades increased by 15.2 per cent to 403.512 million units, valued at N4.810 billion, and exchanged in 4,342 deals. Transactions in the shares of Access Bank topped the activity chart with 105.868 million shares valued at N844.210 million. NEM Insurance followed with 38.679 million shares worth N77.336 million, while FBN Holdings (FBNH) traded 35.406 million shares valued at N258.661 million.

Zenith Bank traded 29.432 million shares valued at N641.83 million, while Fidelity Bank transacted 22.310 million shares worth N49.602 million.

06/05/2021

Shareholders commend Union Bank’s profitability, approve dividend

Union Bank of Nigeria Plc yesterday, held its 52nd yearly general meeting with its shareholders approving the Group’s 2020 annual accounts.

Chairman of the board, Beatrice Hamza Bassey highlighted key achievements of the bank in 2020, including the continued focus on digital innovation, the bank’s multipronged approach to supporting the fight against COVID-19 and providing support to enable over 70 per cent of the employees to work from home

Bassey said: “Our commitment to delivering high-quality earnings remains unwavering. I am pleased to announce that the bank delivered a resilient set of results in 2020 notwithstanding the challenging macroeconomic operating environment. Our overall performance demonstrates our resilience and ability to adapt to the constantly changing business environment to maximise shareholder returns. We remain committed to delivering value to our shareholders as we continue to drive growth and proﬁtability of our business.”

Shareholders at the AGM approved the recommended dividend of 25 Kobo per ordinary share while applauding the bank’s resilience despite the hard times.

A study of the bank’s financial performance in 2020 shows that profit before tax (PBT) grew by 2.8 per cent to ₦N25.4 billion, from ₦N24.7 billion posted in 2019.

Customer deposits also increased by 27.6 per cent to ₦1.13 trillion billion compared to ₦886.3 billion recorded in 2019, reflecting the bank’s ability to deliver a compelling range of products to its customers during the pandemic, and increased adoption of digital channels.

Non-performing loans ratio reduced to four per cent from 5.8 per cent in 2019, driven by a disciplined recovery strategy, a more robust loan book and key restructuring to support customers during the pandemic.

Commenting on the bank’s performance for 2020 and plans for 2021, the Chief Executive Officer, Mr. Emeka Okonkwo, said: “In 2020, despite the headwinds caused by the pandemic, Union Bank delivered a strong performance that has enabled the board of directors to propose a dividend payment for the second consecutive year. This indicates resilience and affirms the strong foundation that was rebuilt over the past eight years.”

30/04/2021

Nigeria’s External Reserves Drops by $314.67m In Two Weeks

Nigeria’s external reserves dropped by $314.67 million or 0.89 percent in about 13 days, the latest data from the Central Bank of Nigeria (CBN) website on Friday has shown.

The statistics on the movement of external reserves indicated that the balance in Nigeria’s reserves is $34.94 billion as of April 28, 2021, compared with $35.25 billion on April 16, 2021.

The development has been attributed to rising demand for foreign exchange by importer and investors who want to repatriate their profits.

Before now, the foreign reserves have been on the upward trend due to different initiatives introduced by the financial regulator to shore up forex reserves.

One of such initiatives, the ‘Naira 4 Dollar Scheme’ which will end on May 8, 2021, was introduced to encourage Diaspora remittances.

READ ALSO: CBN Reinstates Sola Adeduntan As First Bank MD, Removes FBN Limited, FBN Holdings Directors

According to the initiative, all recipients of Diaspora remittances through CBN’s International Money Transfer Operators (IMTO) will be paid N5 for every $1 received as remittance inflow.

The CBN described the initiative as an incentive for both senders and recipients of Diaspora remittances, in the circular signed by the Director, Trade and Exchange Department at CBN, A.S Jibrin.

The financial regulator said the initiative would sustain and encourage increase in inflows of Diaspora remittances into Nigeria.

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