Coronation Research Daily Insights

Coronation Research Daily Insights
(Source: Coronation Research, Date: 08-May-2024)

WEDNESDAY, 08 MAY 2024

Cashless Policy | Private Sector Credit | BDC Operators | Oil block Sale | Power Sector

Good Morning,

Here are your top 5 news items for the day.

Cashless Policy

CBN suspends charges on cash deposits "" Punch

The Central Bank of Nigeria has directed banks to stop charges on cash deposits until September 30, 2024. CBN disclosed this in a circular dated May 6, 2024, and signed by its Director of Banking Supervision, Adetona Adedeji. Some bank customers had raised concerns after lenders began the collection of processing fees for cash deposits on May 1. Banks are meant to charge two per cent on deposits above N500,000 for individuals, while corporate account holders are to be charged two per cent on deposits above N3m. Read more here.

Private Sector Credit

Credit to Private Sector Depreciated to N71.21tn in March "" This Day

The Central Bank of Nigeria (CBN) has disclosed that banks' credit to the private sector declined by 12 per cent month-on-month in March 2024 to N71.21 trillion. However, the CBN said March 2024 saw a 65.54 per cent year-on-year increase compared to N43.01 trillion recorded in March 2023. The CBN who disclosed this in its money and credit statistics noted that credit to the government declined YoY by 28.83 per cent from NN27.52 trillion in March 2023 to N19.58 trillion recorded in March 2024. Read more here

BDC Operators

BDC operators arrested as naira sells 1,416/$ "" Punch

Operatives from the Economic and Financial Crimes Commission on Tuesday reportedly arrested some h Bureau De Change operators at the popular Wuse Zone 4 market on Tuesday. This came as traders also said some BDC operators resisted the arrest during a sting operation. The operatives had embarked on routine raids to sanitise the market of street traders and eliminate arbitrary trading. But this move was resisted on Tuesday leading to gunshots and damage to the operative's vehicles, two currency traders who witnessed the incident confirmed to The Punch. Read more here

Oil block Sale

FG woos global investors for 17 oil blocks "" Punch

The Federal Government, on Tuesday, offered 12 oil blocks and five deep offshore assets for sale as it marketed the assets to global oil sector investors at the ongoing 2024 Offshore Technology Conference in Houston, United States. Speaking at the African Oil Industry Opportunities Session, a side event at the 2024 Offshore Technology Conference, the Chief Executive, Nigerian Upstream Regulatory Commission, Gbenga Komolafe, told investors at the gathering that Nigeria has 37.5 billion barrels of crude oil and condensate reserves and 209.26 trillion cubic feet of natural. Read more here

Power Sector

FG, NSIA to provide N1.325trn funding for Presidential Metering Initiative "" The Sun

The Federal Government and the Nigerian Sovereign Investment Authority (NSIA) are to provide N1.325 trillion billion towards the funding of the Presidential Metering Initiative (PMI). The PMI is an intervention project of the Federal Government aimed at closing the over seven million metering gap over a four to five year period. Minister of Power, Mr. Adebayo Adelabu, disclosed this during a facility tour of the Famadec Group in Lagos, Monday. Given a further breakdown of the funding structure, Adelabu said the Federal Government would provide a seed capital of about..Read more here.

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Coronation Research Daily Insights (Source: Coronation Research, Date: 08-May-2024)

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Coronation Research Daily Insights
(Source: Coronation Research, Date: 08-May-2024)