Economy
Group Lauds Impact of CBN Interventions on Nigerians
By Adedapo Adesanya
The African Centre for Justice and Human Right has lauded the interventions introduced by the Central Bank of Nigeria (CBN), saying they have had a positive impact on the lives of Nigerians.
This praise was given by the Centre’s Deputy Head of Communication, Mrs Jasmine Akpeh, who stressed that the organisation was aware that these interventions, under the CBN Governor, Mr Godwin Emefiele, have been boosting job creation in the country, thereby saving millions of Nigerians, especially youths, from unemployment.
She said the group has also received testimonies from across the country on how some of the interventions have been lifting millions of others from poverty.
“Some of these interventions that have been making lives more meaningful for teeming Nigerians include but are not limited to the Anchor Borrowers Programme (ABP), the creative financing initiatives, solar energy interventions, family house ownership scheme, the interventions to cushion the effect of the COVID-19 pandemic on the economy, firms and individuals among others.
“We, therefore, urge the apex bank to sustain these pro-people initiatives. We also urge Nigerians to embrace these life-changing interventions since they were designed for our benefits,” she stated.
President Muhammadu Buhari launched the ABP in 2015 to boost agricultural production and reverse Nigeria’s negative balance of payments on food.
Farmers captured under this programme include those cultivating cereals (rice, maize, wheat etc.) cotton, roots and tubers, sugarcane, tree crops, legumes, tomato and livestock.
Loans are disbursed to the beneficiary farmers through Deposit Money Banks (DMBs), Development Finance Institutions (DFIs) and Microfinance Banks (MFBs), which the programme recognises as Participating Financial Institutions (PFIs).
The creative financing initiative of the apex bank is aimed at providing facilities Creative in the four pillars of fashion, information technology, movie, and music.
The Solar Power Naija Program is a N140 billion Central Bank of Nigeria (CBN) intervention facility intended to expand energy access to 25 million Nigerians, by enabling 5 million new, solar-based electricity connections in communities that are not connected to the grid.
The family housing scheme financing initiative seeks to support the Federal Government’s Economic Sustainability programme to fast track the deployment of 300,000 homes in the 36 states of the federation and the Federal Capital Territory and to create up to 1.5 million jobs in 5 years.
The apex bank then released several initiatives to cushion against the coronavirus pandemic, including a N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the outbreak among others.
By Aduragbemi Omiyale
A significant step has been taken by Stanbic IBTC Asset Management to protect mutual fund holders from scams.
This is being implemented through a campaign launched by the organisation to raise awareness of scam attempts that may mislead customers into using incorrect account details, highlighting the tactics used by scammers to keep customers informed and vigilant.
Stanbic IBTC Asset Management intends to use this means to build trust and reassurance, reinforcing its dedication to the financial safety of its clients.
This move, taken in response to an alarming rise in scam attempts targeting mutual fund holders, will educate customers on protecting their investments and understanding the correct procedures for mutual fund subscriptions.
The firm has advised customers to verify the payment accounts for any Stanbic IBTC mutual fund investments, encouraging due diligence in confirming the legitimacy of financial communications.
The chief executive of Stanbic IBTC Asset Management, Ms Busola Jejelowo, said, “At Stanbic IBTC, our top priority is our customers’ financial safety, and we are fully committed to ensuring that our clients have the security they need while managing their investments.
“This campaign is designed to protect our customers and empower them with the knowledge necessary to recognise and verify the authenticity of any communications they receive.
“By doing so, we aim to foster a sense of confidence and security among our clients regarding their financial decisions.”
It was gathered that recently, enquiries about the authenticity of mutual fund subscription messages have surged. Many of these messages contain differing and potentially incorrect account numbers, leading to confusion and concern among investors.
The company has made it clear that customers should not hesitate to contact the support team directly with any concerns, questions, or suspicions regarding communications or transactions.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) recorded a 0.67 per cent appreciation on Thursday, November 28, with the portfolios of investors on the platform rising by N7.09 billion to N1.061 trillion from the N1.053 trillion it closed in the preceding session and the NASD Unlisted Security Index (NSI) growing by 20.22 points to wrap the session at 3,026.60 points compared with 3,006.38 points recorded on Wednesday.
This happened after the unlisted securities market finished the trading session with three price gainers and two price losers.
Afriland Properties Plc gained N1.58 to end at N17.39 per unit compared with the midweek’s closing price of N15.81 per unit, as Acorn Petroleum Plc improved its value by 14 Kobo to close at N1.69 per share, in contrast to the previous day’s N1.55 per share, and Central Securities Clearing System (CSCS) Plc went up by N1 to sell for N23.00 per unit compared with the preceding session’s N22.00 per unit.
On the flip side, First Trust Microfinance Bank Plc lost 4 Kobo to finish at 32 Kobo per share versus Wednesday’s closing price of 36 Kobo per share and Geo-Fluids Plc slumped by 3 Kobo to sell at N3.90 per unit compared to N3.93 per unit it was sold a day earlier.
There was a 191.9 per cent rise in the volume of securities traded in the session as investors exchanged 2.9 million units compared with the previous trading day’s 1.0 million units.
Equally, there was a 283.9 per cent surge in the value of shares traded yesterday to N7.9 million from the N2.1 million recorded in the previous day, and the number of deals increased by 300 per cent to 12 deals from the three deals executed in the preceding day.
At the close of transactions, Geo-Fluids Plc was the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, trailed by Okitipupa Plc with 752.2 million units sold for N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.
Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.
By Adedapo Adesanya
The value of the Naira rose against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.96 per cent or N15.97 to exchange at N1,644.86/$1 on Thursday, November 28 compared with the preceding day’s N1,660.83/$1 amid a surge in FX transactions.
Data showed that the forex turnover increased during the session by 66.2 per cent or $223.27 million to $560.34 million from the $337.07 million recorded at the midweek trading session.
However, the domestic currency weakened against the Pound Sterling in the official market by N8.42 to sell at N2,124.86/£1 compared with the preceding session’s N2,116.44/£1 but appreciated against the Euro by N10.18 to quote at N1,773.18/€1 versus midweek’s closing rate of N1,783.36/€1.
A look at the parallel market showed that the Nigerian currency traded flat against its American counterpart yesterday at N1,750/$1.
Meanwhile, cryptocurrencies were largely positive as Ripple (XRP) rose by nearly 6 per cent, precisely by 5.9 per cent to trade at $1.56to as Thanksgiving holiday saw the market avoid a feared historical massacre.
Traders said the Japanese Yen briefly crossed 150 against the Dollar due to expectations of a Bank of Japan (BOJ) rate increase in December, spurred by higher-than-expected inflation data.
The movement was also likely spurred by month-end financial adjustments and low liquidity due to Thanksgiving.
Further, Cardano (ADA) went up by 3.4 per cent to trade at $1.04, Solana (SOL) jumped by 1.1 per cent to quote at $241.14, Bitcoin (BTC) went up by 0.8 per cent to settle at $95,661.36 and Binance Coin (BNB) grew by 0.2 per cent to finish at $654.44.
On the flip side, profit-taking in Dogecoin (DOGE) saw its price down by 0.5 per cent to sell at $0.4054, Litecoin (LTC) depreciated by 0.5 per cent to quote at $96.36, and Ethereum (ETH) depleted by 0.4 per cent to end the session at $3,578.26, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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