Nigeria is Not a High-Debt Risk Nation—DMO

By Adedapo Adesanya The key performance indicators of the NASD Over-the-Counter (OTC) Securities Exchange remained unchanged at the close of transactions on Tuesday amid a mixed activity level chart. Business Post reports that the stalemate occurred after the NASD OTC exchange recorded no price gainer or loser, as the prices of stocks on the platform closed flat. Also, the total value of the alternative equity market, measured by the market capitalisation, remained unchanged at N1.138 trillion, and the NASD Unlisted Securities Index (NSI) closed flat at 805.29 points. During the trading session, investors traded a total of 501,437 units of

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By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Precious Olisa The Nigerian Extractive Industries Transparency Initiative (NEITI) has said the Nigerian National Petroleum Company (NNPC) Limited only remitted 57.27 per cent of the revenue it generated in 2021 to the federal government. The agency made this claim in a report released earlier this week, noting that the country generated $23.05 billion from the oil and gas sector in 2021 compared with the $20.43 billion achieved in 2020, with the NNPC and others keeping some funds back. Analysis showed that about $8.67 billion came from the sale of crude oil and gas, $13.37 billion was from taxes and

By Dipo Olowookere Shares of International Energy Insurance appreciated 57.14 per cent on the floor of the Nigerian Exchange (NGX) Limited last week, closing at 99 Kobo compared with the preceding week’s 63 Kobo. The underwriting is getting the attention of investors after the embargo on trading on the company’s stocks was lifted a few weeks ago. In the week, Northern Nigerian Flour Mills gained 44.44 per cent to trade at N9.75, Geregu Power rose by 36.88 per cent to N219.00, MRS Oil improved by 20.94 per cent to N19.35, and John Holt increased by 20.91 per cent to N1.33.

By Dipo Olowookere The persistent squeeze in foreign exchange (FX) liquidity in Nigeria has further battered the value of the Naira against the United States Dollar in the black market. The exchange rate of the Naira to the Dollar crashed to N750/$1 on Friday noon, according to data obtained by Business Post from forex traders on the streets of Lagos. “We have not been able to get Dollars from the various sources, which is putting pressure on the Naira. The few with us are being rationed,” a forex trader in the Alimosho area of Lagos State, Mr Abdulahi Musa, told

By Dipo Olowookere The Nigerian government said it would try to mitigate the effects of the delay in the passage of the 2018 appropriation bill presently with the National Assembly. The budget was submitted to the parliament in November 2017 by President Muhammadu Buhari, but a disagreement between the executive and the legislature, especially with the Senate, has delayed the passage. Addressing newsmen at a conference in Abuja on Friday after a meeting with World Bank executives, Minister of Finance, Mrs Kemi Adeosun, agreed that the delay in passage of the 2018 budget would have some impact on the nation

By Adedapo Adesanya Transactions worth N340.8 million were carried out on the trading platform of the NASD Over-the-Counter (OTC) Securities Exchange on Friday, Business Post reports. This was higher than the N7.2 million worth of trades executed on the OTC market for unlisted securities in Nigeria on Thursday, representing an increase of N333.6 million or 4,612 percent. During yesterday’s trading session, a total of 1,700,413 units of shares of company on the platform were transacted by investors, higher than the 128,728 units that exchanged hands in the previous day, indicating that the trading volume rose by 1,220.9 percent or 1,571,685

FSDH Research expects business profit and consumer income to grow higher in 2018 than in the last three years. Our analysis of the recent data from the Central Bank of Nigeria (CBN) on the business and consumer expectations confirms this position. The surveys that the CBN conducted in December 2017 show that the expectations of firms and consumers about the next 12 months improved from previous months. The improvement in the business expectations should drive business expansion and increase the employment of labour. This in turn will increase the consumers’ purchasing power. On the other hand, the increase in consumer

By Modupe Gbadeyanka Next month, Nigeria plans to sell $2.5 billion Eurobond and proceeds from the sale would be used to fund the 2017 budget, Bloomberg reports. Also, after the October Eurobond sale, the Federal Government will issue another $3 billion Eurobond before the end of the year, the reputable media outfit added. This would bring to $7 billion the country has sold this year alone. Here is the Bloomberg report Nigeria plans to sell as much as $5.5 billion of Eurobonds in the next three months to fund capital projects and replace local-currency debt, according to the Debt Management

By Modupe Gbadeyanka A total of N142 trillion market turnover was realized on the trading floor of the FMDQ OTC Securities Exchange in 2017. This was buoyed by the platform’s drive to support and champion growth and development in the Nigerian debt capital, foreign exchange (FX) and derivatives markets. According to its 39th edition of its monthly report made available to Business Post on Wednesday, FMDQ noted that the turnover for last year showed a year-on-year growth rate of 24.97 percent from the N113.65 trillion recorded in 2016. FMDQ has remained steadfast and continues to focus on delivering its mandates

By Dipo Olowookere The N3 billion proposed in the 2018 Appropriation Act presently before the National Assembly for the use of Office of the Accountant General of the Federation (OAGF) has been described as too inadequate. Speaking yesterday at the budget defence session for the OAGF, Chairman of the Senate Public Accounts Committee (SPAC), Mr Matthew Urhoghide, urged the Presidency to prioritize the OAGF so as to act effectively. Mr Urhoghide described the OAGF as a major instrument in curbing corruption by in the country, especially the public service. According to him, the 2018 budget proposal of more than N3