ECONOMY AND CAPITAL MARKET NEWS
For Week Ended August 23, 2024
CAPITAL MARKET NEWS
- SEC Rolls Out Initiatives to Attract New Listings In $1trn Economy
The new management of the Securities and Exchange Commission (SEC), has rolled out new initiatives to drive activities in Nigeria’s capital market in alignment with the Federal Government’s one trillion-dollar economy target.
Dr Emomotimi Agama, Director-General of the SEC, said this at his first post-Capital Market Committee (CMC) press briefing in Lagos over the weekend. Source; Independent. Read More
- $500m FGN Bond Promising to Economy, Investors – Uwaleke
A financial expert, Uche Uwaleke, says the recently unveiled $500 million FGN bond would benefit the economy and investors. Uwaleke, a professor of Capital Market at the Nasarawa State University, Keffi, is also the president of Capital Market Academics of Nigeria. Source; Business Day. Read More
- Local Investors Drive N 2.5tn Transactions in Nigerian Stock Market– Report
The Nigerian stock market recorded a total domestic transaction value of N 2.5tn for the first half of the year. According to the latest report from the Nigerian Exchange Limited on Tuesday, the data highlights the increasing dominance of local investors over their foreign counterparts, emphasizing a shift in the dynamics of the Nigerian capital market. Source; Punch. Read More
- NGX-Asi Drops By 1.16% In One Week as Industrial, Consumer Goods Stocks Dip
In the trading week ended Friday, August 23, Nigeria’s equities market decreased by 1.16 percent. The Nigerian Exchange Limited (NGX) All-Share Index and equities market capitalisation depreciated from preceding weekend’s highs of 97,100.31 points and N55.132 trillion respectively to 95,973.45 points and N55.129 trillion. Source; Business Day. Read More
- Nigerian SEC set to issue crypto exchanges licenses to promote industry
The Nigerian Securities and Exchange Commission (SEC) under Emomotimi Agama has revealed its plans to issue licenses to crypto exchanges in the country to complement the growing adoption of cryptocurrencies in the country. Source; Nairametrics. Read More
MONEY MARKET NEWS
- Banks’ Total Assets Surge to N 121.8trn Despite Economic Hurdles
EnterpriseNGR, a professional policy and advocacy group, says Nigeria’s financial institutions total assets rose to N 121.8 trillion despite tough economic conditions. Banks’ total assets rose by 56 percent in 2023, equivalent to almost half of the country’s national gross domestic product, the financial consulting group said in its latest report released on Monday. Source; Business Day. Read More
- CBN Declares $553 Million Remittance Inflows Amid FX Reforms
The Central Bank of Nigeria (CBN) yesterday reported a significant increase in remittance inflows, which peaked at $553 million in July 2024. The all-time high performance represented a 130 per cent increase from the corresponding period in 2023. Source; This Day Read More .
- Naira Appreciates By 0.9% In Parallel Market
However, the Naira depreciated to N1,586.11 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.11 per dollar from N1,543.84 per dollar on Wednesday, indicating N42.27 depreciation for the naira. Source; Economic confidential. Read More
- CBN Drives Sustainable Banking, IFRS Adoption to Attract Foreign Investment
The Central Bank of Nigeria (CBN) has said that it was at the forefront of promoting sustainable banking practices through the adoption of International Financial Reporting Standards (IFRS) as part of a broader strategy to attract foreign investment and achieve economic growth. Source; Business Day. Read More
THE NIGERIAN ECONOMY
- Edun Unveils National Single Window to Propel Nigeria’s Trade, Economic Growth
A major stride towards enhancing Nigeria’s trade and economic landscape has been taken by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, as he inaugurated the National Single Window (NSW) Project in Abuja on Wednesday. Source; The Sun. Read More
- Dollar Bond: Nigeria Economy Profitable, Secure for Investment, Says Edun
Wale Edun, minister of finance and coordinating minister of the economy, says that Nigerians’ rights to own assets, whether in naira or in any other currency, are protected under the law. Source; Economic Confidential. Read More
- Nigeria-Germany trade volume hit $3bn
The Consulate-General of the Federal Republic of Germany in Lagos, Weert Borner, has said that the trade volume between Nigeria and Germany rose to $3bn in 2023 with Nigeria benefiting more from the trade pact. He added that crude oil and food product exports to Germany from Nigeria within the period under review stood at $2bn while $1bn was mainly machinery and chemicals that came from Germany to Nigeria. Source; Punch. Read More
- FAAC revenue faces decline as NNPC Ltd diverts N3.4trn remittances to fuel subsidy
Nigeria’s Federation Accounts Allocation Committee (FAAC) is bracing for a significant reduction in revenue as President Bola Tinubu has authorised the Nigerian National Petroleum Company (NNPC) Ltd to allocate N3.987 trillion—initially designated as final dividends due to the federation—to cover the cost of petrol subsidies. Source; The Sun. Read More
GLOBAL ECONOMY
- Economic Watch: China’s Growth Helps Bolster Global Economic Recovery in H1
The global economy in the first half of this year has experienced modest growth and a sluggish recovery, with prospects remaining uncertain. Yet, China’s growth, buoyed by a rebound in domestic consumption and strong export performance, has provided a much- needed boost to global economic momentum. Source; Economic Watch. Read More
- U.S. Crude Oil Falls Below $72 Per Barrel as Jobs Growth Revised Lower
Oil prices fell on Wednesday after the U.S. government revised significantly lower the number of jobs added in the year to March, pressuring investor sentiment. Brent crude futures declined $1.15, or 1.49%, to settle at $76.05 a barrel, while U.S. West Texas Intermediate crude futures dropped $1.24, or 1.69% to settle at $71.93. Source; CNBC News. Read More
DISCLAIMER
This compilation is for information purpose only. Investors are advised to always consult their Stockbrokers for reliable and specific investment guidance at every point in time. The names of certified individual Securities and Investment experts in Nigeria can be found on the website of the Chartered Institute of Stockbrokers, www.cisinigeria.org.
CIS Research