Burning of Properties, Poor Security Will Scare Investors—Buhari, Obasanjo
By Dipo Olowookere
President Muhammadu Buhari has said that the wanton destruction of properties in some parts of the country by hoodlums last week was capable of scaring investors away from Nigeria.
Mr Buhari expressed this fear when he held a crucial meeting with all living former heads of state last Friday, a day after he addressed the nation two days after some soldiers opened fire on peaceful protesters in Lekki, Lagos.
Some youths in the country had expressed their grievances over police brutality through a nationwide protest tagged #EndSARS but it was hijacked nearly two weeks into it, leading to the alleged invasion of two prisons in Edo State and burning of cars in Abuja.
The shooting of protesters in Lagos attracted international condemnation and to curtail the outrage that followed, especially the burning of some businesses and government properties, various state governments imposed a dusk to dawn curfew.
Spokesman of the President, Mr Femi Adesina, in his weekly post on Friday, said Mr Buhari was not happy with the actions of the thugs, especially at a time the nation was making efforts to attract foreign investments through various policies put in place by his administration.
“If you burn factories, release prisoners, then it is anti-investment. We need to behave ourselves,” Mr Adesina quoted the President as saying, adding that Mr Buhari opined that investors would need stability.
The President’s mouthpiece also said former President Olusegun Obasanjo expressed his concern over the damage the security situation in the country can do to foreign direct investments.
“We need heavy local and international investments to make the impact we need to make. Our Foreign Direct Investment is inadequate. And we need to get better results in security, so that the investments can come,” Mr Obasanjo, who Mr Adesina said is known for “his antagonism to the government of the day,” submitted.
However, he said the former military head of state commended Mr Buhari for some points he made during his national broadcast last Thursday.
“You made points that I believe need to be commended. You said peaceful protests were part of democratic practice. You also indicated that the demands of the genuine protesters had been accepted, and you were working on implementation,” the Ota, Ogun State farmer was quoted as saying, though he pointed out that the interventions of the present government to improve the job and economic situations in the country were not far-reaching enough for a population of 200 million people.
Unlisted Securities Market Closes Flat at Midweek
By Adedapo Adesanya
Trading activities ended in a stalemate on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, with no single price gainer or a price loser at the close of business.
As a result of this development, the market capitalisation of the bourse remained intact at N1.03 trillion, as the NASD Unlisted Securities Index (NSI) also remained unchanged at 743.15 points.
The unlisted securities market closed flat in the midweek session amid low investor appetite for the market, as attention shifted to the fixed-income market, where the Central Bank of Nigeria (CBN) sold treasury bills at the primary market, with the stop rate over 14 per cent.
Data from the bourse showed that the volume of securities traded yesterday was abysmally low as it went down by 99.9 per cent to 8,299 units from the 20.1 million units transacted a day earlier.
Likewise, the value of shares traded during the session dropped to N1.2 million, 97.3 per cent lower than the N44.5 million posted in the preceding trading day.
These transactions were carried out yesterday in nine deals, 75 per cent lower than the 36 deals executed on Tuesday.
Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with a turnover of 482.1 million units valued at N544.1 million, UBN Property Plc occupied second place with the sale of 365.8 units worth N309.5 million, while Industrial and General Insurance (IGI) Plc was in third place with the sale of 71.1 million units valued at N5.1 million.
Also, VFD Group Plc ended the session as the most traded stock by value on a year-to-date basis with a turnover of 7.3 million units worth N1.7 billion, Geo-Fluids Plc was in second place with a turnover of 482.1 million units worth N544.1 million, while UBN Property Plc was in third place with the sale of 365.8 million units valued at N309.5 million.
Naira Sells N461.24/$1 at I&E, N764/$1 at P2P, N747/$1 at Black Market
By Adedapo Adesanya
The Nigerian Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) windows of the foreign exchange market on Wednesday, March 30, but depreciated in the black market.
In the P2P segment, it gained N3 against its American counterpart to quote at N764/$1, in contrast to the N767/$1 it was traded on Tuesday as the demand for cryptos, which most traders in this category use the funds to buy, was relatively mild.
In the I&E window or the spot market, the Naira appreciated against the greenback yesterday by 51 Kobo or 0.11 per cent to settle at N461.24/$1 compared with the previous day’s N461.75/$1, according to data obtained from FMDQ Securities Exchange, with the forex turnover put at $74.31 million.
But in the parallel market, the domestic currency depreciated against the US Dollar in the midweek session by N4 to trade at N747/$1 versus Tuesday’s exchange rate of N743/$1.
Also, in the interbank window, the Naira lost N1.93 against the Pound Sterling to sell at N567.68/£1 versus Tuesday’s N565.52/£1, and against the Euro, it slid by N2.25 to at N499.21/€1 compared with the preceding day’s N496.66/€1.
Meanwhile, the digital currency market swayed to the bulls yesterday as most of the tokens tracked by Business Post ended in the green territory amid better-than-expected consumer confidence figures from the United States.
Data from the US Conference Board showed that its monthly survey rose to a reading of 104.2 basis points, better than the 101 mark expected, lifting Bitcoin (BTC) by 4.2 per cent to $28,519.76, as Ethereum (ETH) rose by 0.5 per cent to $1,788.52.
Solana (SOL) grew by 2.1 per cent to $21.08, Dogecoin (DOGE) gained 1.4 per cent to sell at $0.0751, Litecoin (LTC) increased by 0.6 per cent to $90.14, while Cardano (ADA) chalked up 0.5 per cent to quote at $0.3797.
However, Ripple (XRP) dropped 0.4 per cent to trade at $0.5336, Binance Coin (BNB) lost 0.2 per cent to settle at $313.02, and Binance USD (BUSD) and the US Dollar Tether (USDT) traded flat at $1.00 apiece.
Oil Drops on Profit Taking Despite Supply Tightness
By Adedapo Adesanya
Oil edged lower on Wednesday as investors took profits from two straight days of gains amid supply tightness, causing Brent crude to lose 37 cents or 0.5 per cent to trade at $78.28 a barrel, and the US West Texas Intermediate crude to shed 23 cents or 0.3 per cent to sell at $72.97 per barrel.
On the supply side, worries of tightness after an unexpected draw in US oil stockpiles and a halt to some Iraqi Kurdistan oil exports were partially offset by a smaller-than-expected output cut in Russia.
About 450,000 barrels per day of crude export were halted on Saturday from Iraq’s semi-autonomous northern Kurdistan region following an arbitration decision.
The shutdown followed an International Chamber of Commerce court ruling in favour of Iran in a case against Turkey that claimed that the latter should not have allowed for the flow of oil from Kurdistan to Ceyhan without the express approval of the Iraqi government.
Initially, Turkey said it would abide by the court’s decision, but this week, the Turkish Ministry of Energy and Natural Resources said in a statement that the court had in fact ruled that Iraq should compensate Turkey for violating an oil export deal the two countries had.
Also, it was reported that Russian oil production fell by around 300,000 barrels per day in the first three weeks of March, less than the targeted cuts of 500,000 barrels per day.
US crude oil stockpiles fell unexpectedly last week, the Energy Information Administration (EIA) said, as refineries ramped up operations after maintenance season and US imports fell to a two-year low.
The EIA reported a crude oil inventory draw of 7.5 million barrels for the week to March 21 compared with a relatively modest inventory build of 1.1 million barrels for the previous week.
At 473.7 million barrels, the EIA said, crude oil inventories are 6 per cent above the five-year average for this time of the year.
In fuels, meanwhile, the authority estimated a mixed inventory picture after last week’s major draws in both gasoline and middle distillates pushed oil prices higher.
Analysts also said that concerns over banking issues have subsided for now in temporarily relieving expectations for a recession.
Pressure came as the US Dollar edged higher against most major peers, pausing its recent declines. A stronger greenback hurts oil demand as crude becomes more expensive for buyers who hold foreign currencies.
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