Economy
CBN, NGX, Others Boost Students’ Financial Literacy
By Aduragbemi Omiyale
A symposium to boost the financial literacy level of some students in Lagos to mark the 2024 Global Money Week has been organised by the Nigerian Exchange (NGX) Limited, the Central Bank of Nigeria (CBN) and other capital market operators.
The other partners for this year’s global celebration themed Protect Your Money, Secure Your Future included Chapel Hill Denham, Coronation Group, Central Securities and Clearing System Plc and Miniemoney.
The acting chief executive of NGX Limited, Mr Jude Chiemeka, in his welcome address, urged the students to embrace financial literacy and be aware that it is a lifelong endeavour.
“I believe this theme holds particular significance, especially for young individuals like yourselves, who stand at a pivotal juncture in laying the groundwork that will ultimately shape the trajectory and quality of your lives a decade or more from now.
“This event represents a significant step in our ongoing commitment to cultivating a community of financially literate future leaders who possess the knowledge and skills to make well-informed financial decisions through the array of financial literacy resources at their disposal.
“As we navigate the complexities of the financial world, it becomes increasingly evident that financial literacy and responsible money management are not just desirable traits but essential tools for achieving long-term financial security and prosperity.
“I want to assure you that the Nigerian Exchange Limited is here to support you every step of the way,” he said.
Also speaking, Mr Lanre Gbadamosi of the Consumer Protection department at the Central Bank of Nigeria, highlighted the Sabi Money Platform of the apex bank and how educative it is for school children.
“Sabi money platform is an avenue where we have packaged 15 series of financial literacy topics. Financial planning has to start today and it has to start with you the children,” he said.
The Chief Economist and Head of Economic Research/Intelligence at Coronation Merchant Bank, Ms Chinwe Egwim, in her presentation, educated the students on the different economic terms and how they affect them.
“The first step for securing your future is attending events like this. Having clear goals can help you protect your money. There are some life skills that you need when investing, two of them are patience and self-control,” Ms Egwim stated.
Ms Adaora Obikili, the Head of Retail Strategy and Development at Chapel Hill Denham, noted in her presentation that early starters in investing benefit the most from the power of compound interest. “Saving a portion of your income (at least 3 months’ worth) prepares you for rainy days. The best time to start saving and investing is yesterday, the next best time is today.”
Stating the role of the CSCS in the market, Ms Onome Komolafe, Divisional Head, Business Services and Customer Experience, said the firm is like the bank for the Nigerian stock market. It is responsible for keeping track of who owns what stocks and making sure that when people buy or sell stocks and other assets, everything gets handled smoothly and safely.
The GMW is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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