Economy
$4.31b FX Was Sold To Dealers In 2016 Q2—CBN
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has released the economic report for the second quarter of 2016.
In the report seen by Business Post, growth in the key monetary aggregates accelerated in the second quarter of 2016.
The apex bank said during the period under review, provisional data showed that foreign exchange inflow and outflow through it amounted to US$5.89 billion and US$6.09 billion, respectively, resulting in a net outflow of US$0.20 billion.
It further said foreign exchange sales by it to the authorized dealers amounted to US$4.31 billion in the second quarter of 2016. It explained that the average exchange rate of the naira vis-à-vis the US dollar at the inter-bank was N209.13/US$.
CBN also said over the level at the end of the preceding quarter, broad money supply, (M2), grew by 5.9 percent.
It explained in the report that the development reflected the increase in net foreign assets, domestic credit (net) and other assets (net) of the banking system, respectively.
Similarly, narrow money (M1), grew by 0.9 per cent over the level at the end of the preceding quarter.
Developments in banks’ deposit and lending rates were mixed during the second quarter of 2016. The spread between the weighted average term deposit and maximum lending rates widened to 21.43 percentage points at the end of the second quarter of 2016.
Similarly, the margin between the average savings deposit and the maximum lending rates widened to 24.10 percentage points.
At the inter-bank funds segment, the weighted average inter-bank call rate rose by 12.55 percentage points to 15.56 per cent in the second quarter of 2016, reflecting the liquidity condition in the banking system.
The total value of money market assets outstanding at the end of the second quarter of 2016, stood at N10,460.66 billion, showing an increase of 6.7 per cent, compared with the level at the end of the first quarter of 2016. The development reflected the 8.09 and 2.73 per cent increase in FGN bonds and treasury bills, respectively.
Developments on the Nigerian Stock Exchange (NSE) were mixed in the review quarter.
At N1,159.05 billion, total federally-collected revenue was 51.3 and 8.6 per cent lower than the quarterly budget estimate and the preceding quarter’s receipts, respectively. At N537.19 billion or 46.3 per cent of the total, gross oil receipt was lower than both the provisional quarterly budget and the receipts in the preceding quarter.
The development was attributed to the continued fall in receipts from crude oil/gas exports arising from persistent low price of crude oil and incidences of shut-ins and shut-downs at some NNPC terminals, owing to pipeline vandalism. Non-oil receipts, at N621.86 billion or 53.7 per cent of the total, was above the level in the preceding quarter by 3.2 per cent, but was significantly lower than the proportionate quarterly budget.
Federal Government retained revenue was N677.88 billion, while total expenditure was N1,768.85 billion, resulting in an estimated deficit of N1,090.96 billion in the second quarter of 2016, compared with the proportionate quarterly budget deficit of N555.49 billion.
The CBN said in the report that agricultural sector activities increased due to well distributed rainfall in most parts of the country. Major activity in the South was harvesting of maize and yam, while planting and off-season harvesting dominated in the North. In the livestock sub-sector, farmers engaged in the breeding of poultry and migration of cattle from North to South in search of green pastures. The end-period inflation rate on year-on-year and 12-month moving average basis for the second quarter of 2016, was 16.5 per cent and 11.4 per cent, respectively.
World crude oil demand and supply were estimated at 93.25 mbd and 94.34 mbd, respectively, in the second quarter of 2016. Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at an average of 1.54 million barrels per day (mbd) or 141.68 million barrels (mb) for the second quarter of 2016. Crude oil export was estimated at 1.09 mbd or 100.28 million barrels, while deliveries to the refineries for domestic consumption remained at 0.45 mbd or 41.40 million barrels during the review quarter.
The average price of Nigeria’s reference crude, the Bonny Light (370 API), was US$46.44 per barrel in the review quarter.
Global growth remained modest and uneven. Risks to the global outlook remained tilted to the downside, due to ongoing adjustments in the global economy, general slowdown in emerging market economies, China’s rebalancing, lower commodity prices and gradual exit by the US from extraordinarily accommodative monetary policy.
Other major international economic developments and meetings of importance to the domestic economy during the review period included: The 2016 Spring Meetings of the Board of Governors of the World Bank Group (WBG), the International Monetary Fund (IMF) and the Inter-Governmental Group of Twenty-Four (G-24) on International Monetary Affairs and Developments held from April 11 – 18, 2016 in Washington D. C., USA. Also, the 2016 continental seminar of the Association of African Central Banks (AACB) was held from May 9 -11 2016 in Cairo, Egypt, on the theme “Financial stability: New Challenges for Central Banks.
Finally, the 51st Annual Meetings of the African Development Bank (AfDB) and the 42nd Meetings of the Board of Governors of the African Development Fund (ADF) were held from May 23 – 27 2016 in Lusaka, Zambia.
By Adedapo Adesanya
Financial educator and coach, Mrs Wemimo “Wems BO” Bolu-Opaniran, is set to host the maiden edition of the Wems BO Personal Finance Retreat 1.0, a weekend event aimed at helping participants improve their financial literacy and develop practical money management skills.
According to a statement, the retreat is designed to make personal finance engaging and accessible through interactive sessions, games, networking opportunities, and one-on-one coaching sessions.
The organisers said the event will focus on providing attendees with practical and actionable financial knowledge rather than conventional lecture-style teaching.
“Come and unravel financial wisdom and leave with a practical and concrete action plan,” the organisers stated in a statement.
Activities lined up for the retreat include interactive finance sessions, networking opportunities, personal finance workbooks, games and activities, food and souvenirs, as well as three months of exclusive access to the event replay.
Speaking on the rationale for organising the event, Wems BO noted that lack is primarily not always the reason people have bad finances, but often, money culture is.
“The way one sees and treats money has been a development from years and decades past. So, what to do about money is not the solution. It is mindset, defaults and motivations shaping decisions.
The solution is an inner inquiring on why you do what you do, beyond money. Understanding who you are, then beginning to drive decisions that make you grow, manage and scale your finances in a way that aids the life you want,” she told Business Post.
Participants will also have the opportunity to receive one-on-one coaching with the finance guru.
The event is scheduled to be held from Friday, July 17 to Saturday, July 18, 2026, at an in-house venue on Lagos Mainland.
Ticket prices were pegged at N40,000 for individual attendees and N76,000 for duo tickets, with organisers noting that limited slots remain available.
Interested participants can register through the official registration link.
By Adedapo Adesanya
A 0.91 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 22, after the share prices of four securities ended in green.
According to data, FrieslandCampina Wamco Plc went up by N15.61 to N179.67 per share from N164.06 per share, Newrest Asl Plc grew by N6.11 to N67.26 per unit from N61.15 per unit, Food Concepts Plc appreciated by 17 Kobo to N2.75 per share from N2.58 per share, and Nitrox Industrial Gases Plc added 6 Kobo to sell at N25.50 per unit compared with the previous day’s N25.44 per unit.
At the close of business, the market capitalisation chalked up N23.22 billion to settle at N2.561 trillion versus Thursday’s N2.538 trillion, and the NASD Unlisted Security Index (NSI) increased by 38.81 points to 4,281.28 points from 4,242.47 points.
During the session, the price of Central Securities and Clearing System (CSCS) Plc was down by N3.13 to N71.07 per share from N74.20 per share.
The activity chart showed that the volume of securities transacted by the market participants decreased yesterday by 81.6 per cent to 590,339 units from the 3.2 million units recorded on Thursday, as the number of deals shrank by 28.6 per cent to 30 deals from the 42 deals recorded a day earlier, while the value of securities increased by 0.5 per cent to N95.3 million from the preceding session’s N94.8 million.
Great Nigeria Insurance (GNI) Plc closed the day as the most active stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units traded for N4.1 billion.
The most active stock by volume on a year-to-date basis was GNI Plc, with the sale of 3.4 billion units for N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange witnessed a decline in transactions on Friday despite closing higher by 0.22 per cent on the back of sustained bargain-hunting.
During the last trading session of the week, investors transacted 711.9 million equities valued at N29.1 billion in 62,386 deals compared with the 1.1 billion equities worth N31.0 billion traded in 62,448 deals in the previous day, indicating a decline in the trading volume, value, and number of deals by 35.28 per cent, 6.13 per cent, and 0.10 per cent, respectively.
Fidelity Bank closed the day as the most active stock with the sale of 198.1 million units for N4.6 billion, Access Holdings traded 69.7 million units worth N1.8 billion, Mutual Benefits exchanged 42.7 million units valued at N197.4 million, Japaul transacted 33.9 million units worth N134.4 million, and Zenith Bank sold 24.4 million units valued at N3.2 billion.
Yesterday, the industrial goods index rose by 0.53 per cent, the consumer goods sector jumped 0.28 per cent, the banking industry improved by 0.25 per cent, and the energy counter soared by 0.18 per cent, while the insurance space shed 0.18 per cent.
At the close of business, the All-Share Index (ASI) gained 536.98 points to finish at 249,712.37 points compared with the previous day’s 249,175.39 points, and the market capitalisation grew by N344 billion to N160.077 trillion from N159.733 trillion.
Aluminium Extrusion and DAAR Communications expanded by 10.00 per cent each to sell for N9.90 and N2.09, respectively, RT Briscoe surged by 9.93 per cent to N14.06, Learn Africa increased by 9.79 per cent to N12.90, and Red Star Express advanced by 9.56 per cent to N34.95.
On the flip side, Trans-Nationwide Express depreciated by 9.92 per cent to N5.72, Livestock Feeds dipped by 9.64 per cent to N8.90, The Initiates crashed by 8.65 per cent to N33.80, Ellah Lakes drowned by 8.64 per cent to N10.05, and Neimeth lost 6.36 per cent to trade at N10.30.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn