Foreign Exchange
CBN sells over $300m to banks as naira gains "" Punch
The Central Bank of Nigeria has over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The Association of Corporate Treasurers of Nigeria made the disclosure in an advisory memo made available to its members, a copy of which was obtained by The PUNCH. The memo read in part, ...We are sure you must have been following up on activities in the foreign exchange market, with rates at the official market going as high as N1850/$. ...If you are not aware, kindly note that the CBN last week sold over $200m to the banks below N1,500/dollar. Similarly, this week, the CBN has on two consecutive days sold FX to banks.. Read more here
Foreign Investments
Foreign investments inflow to capital market drops to N16bn "" Report "" Punch
The foreign investment in the Nigerian Exchange dipped by about 9.73 per cent in January to N15.78bn compared to N17.48bn in December 2023. According to the latest Domestic and Foreign Portfolio Investment Report of the NGX, it rose by 60.37 per cent year-on-year. The report showed that while the total foreign transactions on the local bourse increased by 10.95 per cent from N47.87bn (about $53.26m) to N53.11bn (about $39.13m) between December 2023 and January 2024, the increase was mostly on the outflow side, which rose to N37.33bn from N30.39bn in the previous month. Nigeria has seen a dip in foreign inflow of capital as investors worried about their funds being trapped.. Read more here
Youth Unemployment
FG to pay youth unemployment benefits, sets up consumer credit programme "" Punch
The Federal Government on Monday said it would extend its social security payments net to graduates with qualifications from NCE and upwards. Addressing journalists after the Federal Executive Council meeting on Monday, the minister of finance and coordinating minister of the economy, Wale Edun, disclosed that the programme would see unemployed Nigerian youths being paid stipends. ...At this period of heightened food prices, Mr. President has committed to doing all that can be done to assist in giving purchasing power to the poorest and in that line. ...He has committed and instructed that the Social Security unemployment programme be devised, particularly to cater for the youth, for the.. Read more here.
Orosanye Report
Tinubu reduces 263 MDAs to 161 as FEC adopts Oronsaye's report "" Vanguard
The Federal Executive Council (FEC), on Monday, approved the adoption of the Orosanye Report, aimed at the reduction of cost of governance, for implementation. Minister of Information and National Orientation, Mohammed Idris, disclosed this while briefing State House correspondents at the end of the FEC meeting, presided over by President Bola Tinubu, at the Council Chamber, Presidential Villa, Abuja. The minister explained that with the adoption of the report, it means that some agencies, commissions and departments of government have been scrapped, some merged, some subsumed under some others and others moved under new ministries where they are supposed to perform better. Read more here
FBNH
FBN Holdings emerges most capitalized bank "" Punch
FBN Holdings has become the country's most capitalised bank valued at N1.22tn, topping Guaranty Trust Holding Company and Zenith Bank. At the close of trading on Monday, GTCO's market cap stood at N1.16tn, and Zenith Bank was N1.11tn. The PUNCH analysis revealed that FBN Holdings shares jumped by 56.68 per cent since billionaire businessman, Femi Otedola, assumed office as its chairman on January 31. He had been appointed as a non-executive director in the company's board on August 15, 2023, but his appointment was, thereafter, ratified by shareholders at the group's last Annual General Meeting. Read more here. | |
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