Coronation Research Daily Insights

Coronation Research Daily Insights
(Source: Coronation Research, Date: 15-Apr-2024)

MONDAY, 15 APRIL 2024

Recapitalisation | Unsettled FX Backlog | Cash Reserve Ratio | Crude Production | Housing Scheme

Good Morning,

Here are your top 5 news items for the day.

Recapitalisation

Top banks target $3bn fund in foreign capital markets "" Punch

Four of the tier-1 banks in the country, FBN Holdings, Access Holdings, Guaranty Trust Holding Company Plc and United Bank for Africa Plc have indicated plans to raise about over $3.03bn (N3.46tn) in fresh capital. This came barely one month after the Central Bank of Nigeria directed Deposit Money Banks to recapitalise. According to The PUNCH findings on Sunday, the four tier-1 banks announced plans to raise funds from both the international capital market and the local market. At least two of the financial institutions, FBN Holdings.. Read more here

Unsettled FX Backlog

Manufacturers may head for court over unsettled forex backlog "" MAN DG "" Punch

The Manufacturers Association of Nigeria had said that contrary to claims by the Central Bank of Nigeria that it had settled all valid outstanding forex backlog, many of its members still had dollar requests unsettled. In what way has this situation affected the industry? It is a very difficult situation for manufacturers. You can imagine that some of these forwards are more than two years old. The point is that some of those transactions have been concluded. The raw materials have been imported, and the raw materials have been used to produce goods. Those goods have been sold. Read more here.

Cash Reserve Ratio

Ten Banks' Restricted Deposit with CBN Hits N17.1tn "" This Day

As the Central Bank of Nigeria (CBN) maintained Cash Reserve Ratio (CRR) at 32.5 per cent in 2023, Zenith Bank Plc and nine other banks' restricted deposit increased to N17.1 trillion, representing a growth of 72.7 per cent from N9.91 trillion reported in 2022. The banks include: Access Holdings Plc, Guaranty Trust Holdings Company Plc (GTCO), United Bank for Africa (UBA) Plc, Stanbic IBTC Holdings Plc and Wema Bank Plc. Other banks: FBN Holdings Plc, FCMB Group Plc, Sterling Financial Holdings Company Plc, and Fidelity Bank Plc, The CRR is the minimum amount banks.. Read more here

Crude Production

N720bn lost to lower crude production in two months "" Report"" Punch

Nigeria lost about N720bn in revenue as a result of the consecutive monthly decline in its crude oil production in February and March 2024, The PUNCH reports. Also, the country's inability to ramp up production in these months made it to miss its crude oil production benchmark in the 2024 budget. Nigeria's 2024 budget set a crude oil production benchmark of 1.78 million barrels per day. This figure includes condensate along with crude oil. But data obtained from the latest April 2024 Monthly Oil Market Report of the Organization.. Read more here

Housing Scheme

UN-supported NGO Plans 400,000 Housing Units in Nigeria "" Leadership

A United Nations support NGO, Global Centre For Empowerment And Care For Life Challenges (GECLC), said it has concluded a plan to build 400,000 housing units across the 36 states of Nigeria and the Federal Capital Territory (FCT). The move according to the Centre is part of efforts towards meeting the United Nations' Sustainable Development Goals (SDGs) goals number 9 and 11, which are; innovation and infrastructure, and sustainable cities and communities respectively in Nigeria by 2030. Speaking at the project's public launch press conference in Kaduna on Saturday... Read more here.

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Coronation Research Daily Insights (Source: Coronation Research, Date: 15-Apr-2024)

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Coronation Research Daily Insights
(Source: Coronation Research, Date: 15-Apr-2024)