Economy

2.3 Billion Pieces of Coins Worth N1.60b in Circulation—CBN

Published

6 years ago

06/11/2018

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has revealed that a total of 2.3 billion Nigerian coins worth N1.60 billion were in circulation in the first six months of 2018.

In its Economic Report for the first half of 2018 released last week and obtained by Business Post, the apex bank said the coins comprise 1 kobo, 10 kobo, 25 kobo, 50 kobo, N1 and N2 denominations.

An analysis of the report by Business Post indicated that during the period under review, a total of 31.4 million pieces of the 1 kobo coin worth N3 million were in circulation.

Also, 315.6 million pieces of the 10 kobo coin valued at N32 million were in circulation, 348.3 million pieces of the 25 kobo coin worth N87 million were in circulation, while 681.5 million pieces of the 50 kobo coin valued at N340 million were in circulation.

Furthermore, a total of 736.1 million pieces of the N1 coin worth N740 million were in circulation in the reviewed period, while 204.4 million pieces of the N2 coin valued at N410 million were also in circulation in H1 2018.

Also in the report, the central bank said a total of 5.6 billion pieces of banknotes valued at N1.899 trillion were in circulation in the first six months of this year, bringing the total value of Naira in circulation in the period under consideration to N1.9 trillion.

This represented an increase of 1.4 percent over the level in the corresponding period of 2017, reflecting increased economic activities and the expansionary fiscal policy of the government.

In value term, banknotes, increased by 1.4 percent, compared with the level in the first half of 2017, while coins remain unchanged.

In terms of composition, the combined volume of N5, N10, N20 and N50 banknotes, as share of total currency in circulation in the first half of 2018, decreased to 27.0 percent, from 30.4 percent in the first half of 2017.

Similarly, the value dropped to 1.8 percent, from 2.0 percent in the corresponding period of 2017.

At end-June 2018, the value of N200, N100, N20 and N10 banknotes in circulation rose by 7.2 percent, 70.8 percent, 6.8 percent and 9.1 percent, respectively.

However, the value of N1,000, N500, N50 and N5 denominations declined by 0.2 percent, 0.8 percent, 24.5 percent and 39.8 percent, respectively, compared with the levels in the first half of 2017.

The report said the N1,000 and N500 banknotes remained dominant with shares of 60.7 percent and 28.1 percent, respectively, in value terms in the first half of 2018.

Economy

33 Stocks Pull Down Domestic Stock Exchange by 0.34%

Published

1 hour ago

04/03/2025

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited ended its first trading session of March 2025 on a negative note with a 0.34 per cent loss on Monday.

Profit-taking by investors contributed to the decline suffered by the domestic stock exchange during the trading day amid weak investor sentiment.

Data showed that the bourse finsihed with 20 price gainers and 33 price losers, implying a negative market breadth index.

Ikeja Hotel shed 9.92 per cent to settle at N10.90, United Capital declined by 9.91 per cent to N20.00, Cutix retreated by 9.84 per cent to N2.29, Multiverse slumped by 9.74 per cent to N8.80, and Africa Prudential moderated by 9.46 per cent to N32.05.

However, the duo of NGX Group and Learn Africa chalked up 10.00 per cent each to sell for N33.00, and N3.63 apiece, Champion Breweries improved by 9.90 per cent to N4.33, ABC Transport gained 9.86 per cent to N1.56, and Tantalizers soared by 9.47 per cent to N2.08.

A total of 308.1 million shares valued at N7.2 billion exchanged hands in 15,474 deals yesterday versus the 458.3 million shares worth N14.1 billion transacted in 12,213 deals last Friday, indicating a 26.70 per cent surge in the number of deals and a tumble in the trading volume and number of deals by 32.77 per cent and 48.94 per cent, respectively.

Zenith Bank topped the activity chart with 32.4 million equities worth N1.6 billion, Fidelity Bank exchanged 19.7 million stocks for N344.1 million, Access Holdings transacted 16.9 million shares valued at N430.9 million, NGX Group sold 15.8 million equities worth N512.2 million, and Ellah Lakes traded 15.0 million shares valued at N46.5 million.

Business Post observed that the crumbling of Customs Street on the first trading session of the week was largely driven by selling pressure on the banking sector, which left its index down by 1.20 per cent at the close of business.

Further, the consumer goods space lost 1.03 per cent, the insurance counter went down by 0.57 per cent, and the industrial goods index shrank by 0.02 per cent, while the energy and commodity indices closed higher by 0.42 per cent and 0.07 per cent, respectively.

When the closing gong of the bourse was struck at 2:30 pm, the All-Share Index (ASI) shattered by 366.26 points to 107,455.13 points from 107,821.39 points and the market capitalisation depleted by N95 billion to N67.288 trillion from N67.193 trillion.

Economy

NNPC Slashes PMS Price to N860 Per Litre at Retail Stations

Published

10 hours ago

03/03/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The price of premium motor spirit (PMS), otherwise known as petrol, has been slashed by the Nigerian National Petroleum Company (NNPC) Limited.

The reduction in the pump price of the product by the NNPC is coming a few days after a competitor, Dangote Refinery, cut down its ex-depot price of the fuel to N825 per litre, directing its partners to retail to customers to N860per litre.

The private refiner and the state-owned oil agency have been engaging in a silent price war.

The latest price reduction from N920 per litre, according to the NNPC, takes effect from Monday, March 3, 2025.

Economy

Dangote Buys One Million Barrels of Crude from Algeria in Ramp Up Capacity

Published

16 hours ago

03/03/2025

Adedapo Adesanya

By Adedapo Adesanya

The Dangote Petroleum Refinery has bought one million barrels of crude oil from Algeria, a member of the Organisation of the Petroleum Exporting Countries (OPEC).

According to a new report from Augus Media, the refinery bought the crude cargo from Glencore trading firm in February, and is due at the 650,000 barrels capacity refinery between March 15 and March 20.

The move comes as the refinery, valued at $20 billion, is chasing 100 per cent refining capacity, with drawbacks from crude loadings affecting its ability to produce fuels at optimal capacity.

The Lagos-based oil facility received about 24 million barrels of Nigerian supply in October and November last year.

Last month, Mr Edwin Devakumar, vice-president of Dangote Industries Limited (DIL), said the refinery could begin operating at full capacity in 30 days.

The major shareholder in the structure and chairman, Mr Aliko Dangote assured Nigerians that his refinery has over N600 billion worth of premium motor spirit (PMS) in storage that can sufficiently meet Nigeria’s needs.

Augus Media also said none of the tankers which have loaded in Algeria in February have flagged Africa as their destination, suggesting the cargo will load in March.

According to the report, a trader noted that the Saharan blend’s quality is suitable for the Dangote refinery and that it is competitively priced compared to Nigerian grades.

“Nearly 420,000 b/d of crude was delivered to Lekki for Dangote so far this year, with about 82pc of that made up of light sweet grades, Vortexa data show. Nigerian crude accounted for 87pc of all arrivals,” the Augus Media report said.

“The March-loading trade cycle for Saharan Blend was slow to kick off due to sluggish demand in Europe because of seasonal refinery maintenance and ample light crude supply.

“This may have encouraged buyers in Europe to hold off on purchases of Saharan Blend in anticipation of weaker price differentials, prompting sellers to look to alternative outlets.”

The report added that Saharan blend prices have dropped by $1 per barrel in February when March-loading cargoes were trading, and now stand at a 20 cents per barrel discount to the north.