Naira Gains 0.09% at I&E on Rising Demand for Fixed Income Assets

Image

Cowry Asset

The local currency further gained 0.09 percent against the Dollar last week at the Investors & Exporters (I&E) segment of the foreign exchange to close at N360.18 as foreign portfolio inflows rose amid increasing demand for fixed income assets.

Also, the Naira/Dollar exchange rate at the parallel market appreciated by 0.28 percent to finish at N359/$.

However, at the interbank segment of the market, the exchange rate remained unchanged at N356.92/$ amid weekly injections of $210 million by the Central Bank of Nigeria (CBN) into the forex market via the Secondary Market Intervention Sales (SMIS) of which: $100 million was allocated to Wholesale SMIS, $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles, as did at the Bureau De Change (BDC) market segments, to close at N357/$.

Meanwhile, the Naira/Dollar exchange rate fell further for most of the foreign exchange forward contracts – 1 month, 2 months, 3 months, 6 months and 12 months rates moderated by 0.17 percent, 0.20 percent, 0.17 percent, 0.05 percent and 0.59 percent respectively to close at N362.35/$, N365.28/$, N369.02/$, N381.31/$ and N401.67/$ respectively.

However, the Naira/Dollar exchange rate rose at the spot market by 0.02 percent to close at N306.95/$ respectively.

In the new week, we expect stability in the Naira/USD rate in most market segments, especially at the BDC segment, as CBN sustains its special interventions.

Share
Related Stories
Image
29-February-2024

EnjoyCorp Buys Heineken’s Stake in Champion Breweries

By Adedapo Adesanya EnjoyCorp Limited, a holding company established for food, beverage and hospitality brands, has reached an agreement with Heineken B.V., to acquire its entire shareholding in The Raysun Nigeria Company Limited. The firm holds an 86.5 per cent stake in Champion Breweries Plc, a leading regional brewer listed on the Nigerian Exchange (NGX) Limited. The proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in the second quarter of this year (Q2 2024). EnjoyCorp intends to keep Champion Breweries Plc listed on the NGX. Heineken will continue to support Champion

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

More Stories
Image
26-January-2021

NASD OTC Exchange Records Stalemate Monday

By Adedapo Adesanya The new week at the NASD Over-the-Counter (OTC) Securities Exchange started in stalemate on Monday, January 25. This was because the major performance indicators finished flat at the close of transactions at the unlisted securities market in Nigeria yesterday. As a result, the market capitalisation of the bourse closed at N529.09 billion, while the NASD Unlisted Security Index (NSI) remained unchanged at 737.39 points. However, the activity chart witnessed movements during the session as the number of shares transacted by investors reduced by 64.9 per cent as only 12,607 units of securities exchanged hands on Monday as against

Image
21-September-2018

Lafarge, Guinness Nigeria, Others Gain as NSE Index Rebounds

By Dipo Olowookere The loss recorded by the local stock market on Wednesday was quickly reversed on Thursday after closing 0.33 percent higher as a result of renewed buying interest. It was observed that the volume of equities traded yesterday increased by 18.74 percent just as the value went up by 32.06 percent. At the end of the day’s trading, a total of 226 million shares worth N2.3 billion exchanged hands in 2,873deals compared with the 190.4 million equities valued at N1.8 billion transacted the previous session in 2,780 deals. These trades were dominated by the financial stocks, accounting for

Image
01-August-2017

8 Sure Causes of Business Failure

By Adeniyi Ogunfowoke With the trending economic situation, many businesses have failed. Regardless, many of the causes of business failure can be prevented. These causes shared by Jumia Travel, the leading online travel agency will help you put together a plan to make sure your business is around for decades. Lack of experience Lack of experience is one of the causes of business failure. If you are inexperienced or your management is made up of novices, then your business is likely to fail. When starting a new business, it is advised you get the services of people experienced in that field.

Image
29-October-2019

Loan Default Dangerous to Economy—Ecobank CEO

**Tasks Bankers to Support Economic Growth By Dipo Olowookere Nigerian bankers have been charged to collaborate to ensure that the banking industry does its bit to support the development of the nation’s economy. Chief Executive Officer of Ecobank Transnational Incorporated (ETI), Mr Ade Ayeyemi, who said this in Lagos recently, noted that there was also need to build capacity of people within the banking industry to be able to understand what needs to be done and to support the Nigerian government in doing the right things. The Ecobank chief and some other bankers were recently honoured by the Chartered Institute

Image
10-December-2019

Stanbic IBTC Pensions Harps on Benefits of Data Recapture Exercise

In order to enhance seamless operations and improve customers’ experience, Stanbic IBTC Pensions Managers Limited has enjoined employers to ensure that their employees participate in the on-going Data Recapture Exercise being undertaken for the company’s enrollees. Speaking at the Stanbic IBTC Pension Employers’ Forum held recently in Abuja, Mr Eric Fajemisin, Chief Executive, Stanbic IBTC Pension Managers Limited (SIPML), urged employees to always update their information with their Pension Fund Administrators to facilitate easy access to their retirement benefits. Mr Fajemisin stressed that organisations should encourage their employees to leverage the Enhanced Contributor Registration System, newly deployed by the National

Image
11-March-2022

AfDB Approves Debt Policy for Low-Income Countries

By Adedapo Adesanya The African Development Bank (AfDB) Group has approved a policy that will strengthen and bring transparency to debt management among low-income countries. The board of the pan-African lender approved the Sustainable Borrowing Policy which targets recipients of the African Development Fund, the concessional window of AfDB Group. The Fund caters to low-income and transitional countries on the continent. According to AfDB, the policy responds to a changing debt landscape in Africa, especially among the low-income countries. “In recent years, low-income countries have gained access to new sources of finance, including private creditors and creditors outside the Paris

Image
11-September-2017

Shell, Shoreline Energy Seal $300m Gas Deal

By Modupe Gbadeyanka A gas deal worth $300 million has been signed between Royal Dutch Shell and Shoreline Energy International, an indigenous firm with interests in power & energy, infrastructure & engineering, investments & trading, as well as telecommunications. According to Shoreline, the deal is to develop, buy, market, distribute and sell natural gas in the Victoria Island, Ikoyi, Lekki and Epe districts of Lagos State. On the part of Shell, it would finance and develop a transmission and distribution pipeline network to generate revenues from a 20-year gas concession, originally owned by Gasland Company, in which Shoreline took a

Image
23-March-2017

Edo Governor Assures Residents 24 Hour Electricity

By Modupe Gbadeyanka Resident of Edo State may soon start to enjoy 24 hour supply of electricity if the words of their Governor, Mr Godwin Obaseki, are to be taken seriously. This is because the Governor has promised that in the next six months, residents of the state would begin to be in cloud nine and make the state probably the first to enjoy uninterrupted power supply. Speaking at flagging off the National Industrial Skills Development Programme (NISDP), Mr Obaseki stated that, “In six months, Edo State government intends to provide 24 hours electricity to some sections of the state

Ad
Ad
Recent Stories
Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its