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Displaying items by tag: Nigerian Stock Exchange (NSE)

The Securities and Exchange Commission (SEC) has joined the Central Bank of Nigeria (CBN) to ban crypto trading.

SEC has stopped admittance of affected persons into its Regulatory Incubation Framework for Fintech firms.

In a statement on Thursday, SEC said it received inquiries on a perceived policy conflict between its September 11 statement on Digital Assets, Classification and Treatment and the February 5 CBN circular.

The commission stressed that there were no contradictions or inconsistencies.

It clarified that last year’s statement was to provide regulatory certainty within the digital asset space, due to the growing volume of reported flows.

SEC said as the regulator of the banking system, the CBN has identified certain risks that threaten investors’ protection.

The commission disclosed that it engaged with the CBN and agreed to work together to further analyse and better understand the risks.

“For the purpose of admittance into the SEC Regulatory Incubation Framework, the assessment of all persons (and products) affected by the CBN Circular of February 5, 2021, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system”, it announced.

It said planned implementation of the Regulatory Incubation Guidelines for FinTech firms who intend to introduce innovative models for offering capital market products and services will continue.

SEC added that it would keep monitoring developments in the digital asset space to create a regulatory structure that enhances economic development and promotes a safe and transparent capital market.

Published in Bank & Finance

Telecommunications giant, MTN on Tuesday completed listing on the Nigerian Stock Exchange (NSE) with a registration of 20,354,513,050 ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC).

The Chief Executive Officer of the company, Ferdi Moolman who spoke after the successful completion said the process sets in motion the next steps in the company’s intended listing by introduction on the Nigerian Stock Exchange (NSE). 

He added, “I am excited we have achieved another milestone in our listing process and want to thank the SEC and the Corporate Affairs Commission (CAC) for supporting us through the process.

‘’We have now begun to engage with the Nigerian Stock Exchange (NSE) to complete the listing process.”

Published in Business
Monday, 15 April 2019 13:22

Nigeria " A Consumption Economy"

No nation that consumes above its production capacity can ever have a strong, reliable and dependable economy with a corresponding strong currency.

Nigeria is an abject consumer nation in the midst of plenty, practicing a lazy consumer federalism that gravitates around a broke father Christmas presidency and where states governed by disingenuous, squander-manic and mostly intellectually barren Governors hold sway.

I love the clamor for resource control and fiscal federalism in Nigeria because it would open the doors to access to opportunities for prosperity for citizens if administered with transparency and accountability, but looking at the history of some of those who are championing it, I get agitated and deeply troubled that they are in it to advance a cause for themselves and their selfish interests against the overall good of the people with them as drivers if awarded without strict control mechanisms that would make it impossible for anybody or group of persons to abuse for personal gains.

Some of Nigeria’s economic policies are unfortunately repressive for Nigerians with creative ingenuity but favorable to new colonizing forces led by China coming into Africa to poison Africans with their fake products for massive profits and so, are in need of urgent rethink for the immediate good of this generation and the long term good of the country and her future generations unless we have agreed to be slaves in perpetuity in our land especially with the way we choose our leadership.

Every vote we sell to a leadership misfit without the passion, compassion and the patriotic zeal to serve Nigeria has an ominous implication on her future and the future of her people, no matter how much it satisfies our immediate need without looking at the big picture”.

 

Mr. Itohoimo Udosen                         

Political/Public Affairs analyst This email address is being protected from spambots. You need JavaScript enabled to view it.

Published in Opinion & Analysis

Figures made available by the Central Bank of Nigeria, CBN, have shown that the country’s foreign exchange reserve has hit a six months high at $44.14 billion as at Thursday.

The external reserves have gained over $1.8bn since February 28, when it dropped to its 2019 low of $42.296bn.

The reserves had risen slightly from $43.116bn on December 31, 2018, to $43.174bn on January 31, 2019, only to fall to $42.296bn at the end of last month.

It would be recalled that the external reserves rose to a high of $47.865bn on May 10, 2018. It however plunged to $41.523bn on November 22 from $44.305bn on September 28.

This is coming just as the United States’ President, Donald Trump’s tweet cussed another price upset in the crude oil market.

Trump had on Thursday, called for the Organisation of the Petroleum Exporting Countries to boost oil production to lower the price of the commodity.

“[it is] very important that OPEC increase the flow of oil. World markets are fragile; price of oil getting too high. Thank you!” Trump wrote in a post on Twitter.

Immediately after the tweet, the US crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down by more than $1 to a session low of $66.76 per barrel, News reported.

Published in Bank & Finance

The Central Bank of Nigeria, CBN, has estimated that the country’s inflationary rate will rise to 12 percent and thereafter moderate.

The Governor of the CBN, Godwin Emefiele stated this on Thursday in Lagos at the Businessday post election economic agenda conference, adding that the apex bank would also keep the current monetary policy stance of the bank.

“The CBN has set the post-election agenda for the nation’s monetary policy, projecting that the current monetary policy stance of the bank is expected to continue while inflation is estimated to rise to 12 per cent and moderate thereafter,” he said.

The inflation rate is currently put at 11.31 percent for February, according to statistics from the CBN and the National Bureau of Statistics.

 

Hinging the monetary policy stance of the bank on rising inflation expectations, the CBN governor however noted that the bank would adjust the policy rate in line with unfolding conditions and outlooks, adding that the bank would continue in its drive to ensure that the policy interest rate was set to balance the objectives of price stability with output stabilisation.

Emefiele, who disclosed that the apex bank based the inflationary projection on productivity gains in the agricultural and manufacturing sectors, said the Gross Domestic Product, GDP, was expected to pick up in the first half of the current year owing largely to the continued efforts at driving indigenous production in high-impact real sector activities.

Speaking on the bank’s foreign exchange rate policy, Emefiele said the CBN, in spite of expected pressures from the volatility in the crude oil markets, would maintain its stable exchange rate over the next year.

“Gross stability is projected in the foreign exchange market, given increased oil production and contained import bill,” he said.

Published in Bank & Finance

The Nigerian Stock Exchange has revealed that a total of N5.5 billion was recorded as foreign outflows from the stock market for the month of February.

This was contained in its latest foreign portfolio investment report published on its website on Friday.

It stated that the figure increased by 97.8 per cent from N27.81bn in January 2019 while foreign inflows increased by 91.24 per cent from N22.97bn to N43.93bn between January and February.

Total foreign transactions also increased by 48 per cent from N66.85bn in January to N98.94bn in February.

Published in Business
Friday, 22 March 2019 06:46

Nigeria’s balance of payment fragile

A new report by the FSDH Merchant Bank has revealed that Nigeria’s balance of payment is still fragile and that it was dominated by transactions in the oil and sector.
 
In the report titled: ‘Fragile Balance of Payment Position: Policy option’, the FSDH Merchant Bank insisted that Nigerian economy was still vulnerable to movements in the oil and gas market.
 
The report also noted that this conclusion based on the latest report of the Central Bank of Nigeria on the estimate of Balance of Payment position of Nigeria as of Q4 2018, adding that the weak BOP position buttressed the urgent need to create multiple sources of revenue and foreign exchange earnings for Nigeria.
 
The report reads: “These transactions are usually carried out by individuals or businesses, or by governments on behalf of their countries. The record of these transactions with other countries is known as BOP and is made up of three major components: Current Account, Financial Account and the Capital Account.
 
“The Current Account is usually the largest component of the BOP and it measures a country’s trade balance plus the effects of net income and direct payments. The Financial Account measures the changes in domestic ownership of foreign assets and foreign ownership of domestic assets.
 
“The Capital Account is usually the smallest component of the BOP and it measures the financial transactions that do not affect a country’s income, production, or savings. In some cases, Capital Account may be added to the Financial Account Transitions.”
 
The report also noted that there the BOP, just like the financial accounts of individuals and businesses, could be in a surplus or in deficit, adding that surplus meant the country received more money from other countries than it paid out.
 
“In Q4 2018, Nigeria recorded a surplus of $2.8m lower than the surplus of $6.18bn it recorded in the corresponding period of 2017 but higher than the deficit of $4.52bn recorded in Q3 2018. Between Q3 2018 and Q4 2018, Nigeria was able to reduce its imports and increased its export of goods,”a the report added.
 
Published in Business
The Central Bank of Nigeria, CBN, has estimated that the country’s inflationary rate will rise to 12 percent and thereafter moderate.
 
The Governor of the CBN, Godwin Emefiele stated this on Thursday in Lagos at the Businessday post election economic agenda conference, adding that the apex bank would also keep the current monetary policy stance of the bank.
 
“The CBN has set the post-election agenda for the nation’s monetary policy, projecting that the current monetary policy stance of the bank is expected to continue while inflation is estimated to rise to 12 per cent and moderate thereafter,” he said.
 
The inflation rate is currently put at 11.31 percent for February, according to statistics from the CBN and the National Bureau of Statistics, NBS.
 
Hinging the monetary policy stance of the bank on rising inflation expectations, the CBN governor however noted that the bank would adjust the policy rate in line with unfolding conditions and outlooks, adding that the bank would continue in its drive to ensure that the policy interest rate was set to balance the objectives of price stability with output stabilisation.
 
Emefiele, who disclosed that the apex bank based the inflationary projection on productivity gains in the agricultural and manufacturing sectors, said the Gross Domestic Product, GDP, was expected to pick up in the first half of the current year owing largely to the continued efforts at driving indigenous production in high-impact real sector activities.
 
Speaking on the bank’s foreign exchange rate policy, Emefiele said the CBN, in spite of expected pressures from the volatility in the crude oil markets, would maintain its stable exchange rate over the next year.
 
“Gross stability is projected in the foreign exchange market, given increased oil production and contained import bill,” he said.
 
Published in Bank & Finance
The Nigerian Stock Exchange has ordered the full suspension of trading in Diamond Bank Plc shares.
 
This follows a receipt of final approval of the Central Bank of Nigeria (CBN) and the Security and Exchange Commission (SEC) of the merger between Access Bank and Diamond Bank.
 
The move is premise on a Court-Ordered Meetings held on March 5, 2019 to review the proposed merger between Access Bank Plc and Diamond Bank Plc.
 
The announcement was contained in a letter by the company secretary, Uzoma Uja and published on the website of the NSE on Wednesday.
 
Read also: Nigeria to build 5,660km gas pipeline across North Africa
 
The letter stated that ‘‘The Full Suspension will enable the Bank determine the shareholders that will be entitled to receive the Scheme Consideration.
 
“Shareholders and other investors are requested to please note that following the Full Suspension of March 20, 2019 – the last trade day was Tuesday, March 19, 2019 following which there will be no further trades in the shares of Diamond Bank Plc.
 
”The Court Sanction of the Merger was obtained on March 19, 2019,’’ it added
 
Published in Bank & Finance
The Nigerian National Petroleum Corporation (NNPC) has disclosed plans to extend the ongoing Ajaokuta – Kaduna – Kano (AKK) gas pipeline system through the Sahara to North Africa.
 
The Group Managing Director of the corporation, Dr. Maikanti Baru revealed this on Tuesday during a courtesy visit on him by the Executive of Petroleum Technology Association of Nigeria (PETAN)
 
The AKK gas pipeline which is designed to enable gas connectivity between the East, West and North of the country is currently inadequate.
 
According to Baru, the expansion plan was part of the corporation’s African integration drive to enable gas supply and utilization to key commercial centres in the Northern corridor of Nigeria.
 
Bark also noted that the Federal Government had plans to extend the West African Gas Pipeline (WAGP) to Morocco.
 
To achieve this, the country has entered an agreement with the northern African country in June 2018 to design a regional gas pipeline which would enable Nigeria to provide gas to countries in West Africa sub-region that extend to Morocco and Europe.
 
The project, Nigeria – Morocco Gas Pipeline (NMGP) would be a 5,660km design, capable of reducing gas flaring in Nigeria and encourage diversification of energy resources in the country.
 
Published in Business
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