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Coronation Research Daily Insights
(Source: Coronation Research, Date: 07-Feb-2024)

WEDNESDAY, 7 FEBRUARY 2024

Forex Reforms | Dangote Group | Financing and Export Credit | Foreign Education and Healthcare | Power Sector

Good Morning,

Here are your top 5 news items for the day.

Forex Reforms


CBN's Forex Reforms Trigger $844m Single Day Trade, Highest In 19 Months ""Leadership

Turnover in Nigeria's foreign exchange market jumped to $844 million on February 3, the highest dollar trade since June 2, 2022, according to data compiled by the FMDQ Securities Exchange Ltd. The amount is three times more than the $266 million traded on February 1. The spike can be attributed to the latest reforms by CBN governor, Olayemi Cardoso, who unveiled a series of measures that enabled the naira to trade more freely against the dollar. There is better transparency in the official market and banks were mandated to offload excess dollars. The CBN also removed the cap on transactions by the International Money Transfer Operators (IMTOs). Read  more https://leadership.ng/cbns-forex-reforms-trigger-844m-single-day-trade-highest-in-19-months/

Dangote Group


Dangote to list refinery, fertiliser companies ""NGX Group chair "" Punch

The Chairman of Nigerian Exchange Group, Dr Umaru Kwairanga, has disclosed that two companies in the Dangote Industries Group will be listed on the exchange soon. Kwairanga made this revelation on Tuesday during a closing-gong ceremony in honour of the Senate Committee on Capital Market and Institution's visit to the NGX headquarters in Lagos. He said, ...As at last week, the president of Dangote assured me that the Dangote Refinery is going to be listed on this market very soon. He also said that apart from the refinery, he is going to list the fertiliser company (Dangote Fertiliser Limited). This is a commitment from the private sector. Read more https://punchng.com/dangote-to-list-refinery-fertiliser-companies-ngx-group-chair/

Finance and Export Credit


BoI, IFC to deepen access to finance, export credit "" The Guardian

The Bank of Industry (BoI) and the International Finance Corporation (IFC) have partnered to improve access to finance and export credit to boost Nigeria's industrialisation drive. Managing Director of BOI, Dr Olasupo Olusi, said this at the BOI-IFC Conference on Empowering Futures in Lagos, noting that the conference presented an opportunity to develop innovative ideas and initiatives towards improving access to finance, export credit, partial credit guarantees and other risk-sharing financing structures. He noted that more importantly, the country's current macro-economic realities place a lot of responsibility on development banks like BoI and multilateral and financial institutions like IFC.. Read more https://guardian.ng/business-services/boi-ifc-to-deepen-access-to-finance-export-credit/ 

Foreign Education and Healthcare


Cardoso blames foreign education, healthcare for naira's slide "" Business Day

Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has blamed the depreciation of the naira on the growing numbers of Nigerians going abroad for education and medical treatment. Cardoso spoke on Tuesday during a plenary at the House of Representatives. His appearance at the lower chamber followed the depreciation of the naira, which weakened to an all-time lows. The CBN chief said the exchange rate in Nigeria has increased due to a decline in the supply of US dollars. ...Looking at the demand side of the exchange rate, it is important to note the growing number of Nigerian students studying abroad," he said. ...In the 1980s and 1990s the need for US dollars for their living..  Read more https://businessday.ng/news/article/cardoso-blames-foreign-education-healthcare-for-nairas-slide/ 

Power Sector


Nigeria struggles to close 7-million metering gap "" Business Day

As Nigeria battles perennial shortage in electricity supply, bringing millions of its consumers under a more accountable, transparent metering system has remained even a more herculean task over the years. The government and the power distribution companies (DisCos) have also continued to complain of revenue shortfalls in the sector. As at September 30, 2023, Nigeria's metering gap stood at over 7 million "" though reports suggest it could be more than that. This is amid frequent grid collapse, which as at today, seems to have defied solutions. Read more https://businessday.ng/big-read/article/nigeria-struggles-to-close-7-million-metering-gap/

 

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