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Nigeria Won’t Be In Recession For Long—Atiku

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atiku-abubakar

By Modupe Gbadeyanka

Nigeria’s former Vice President, Mr Atiku Abubakar, has predicted that the country’s economy will soon bounce back, urging Nigerians not to lose hope, but support the present administration.

Mr Atiku, in his Sallah message to Nigerians, said the country would soon start to swim in prosperity.

According to the chieftain of the All Progressives Congress (APC), it might however take some time to get there, but said there was surely light at the end of the tunnel.

Also in the message issued from his media office in Abuja, the former Nigeria’s number two citizen particularly urged Muslims in the country to learn to be their brothers’ keepers.

While congratulating them on the celebration of the festival of Eid el-Kabir celebration, Mr Atiku called for sober reflection on the situation in the country.

He called on Nigerians to continue to work hard, persevere and pray for the success of the policies and measures being put in place by the APC government of President Muhammadu Buhari to restore the nation’s economy to good health and improve the lives of the people.

Mr Atiku urged Nigerians to celebrate like other people in the world in spite of the economic situation facing the country.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

Naira Gains N1 at Official Window as TerraUSD Continues Gradual Recovery

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TerraUSD

By Adedapo Adesanya

The Naira strengthened against the US Dollar by N1 or 0.24 per cent at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday, May 25.

According to data from the FMDQ Securities Exchange, the exchange rate of the Naira to the Dollar was N418.00/$1 as against the N418.00/$1 it was sold in the previous session.

This happened despite a spike in the demand for forex at the official exchange window by 24.4 per cent or $21.27 million to $108.33 million from the previous day’s turnover of $87.06 million.

Also, the value of the local currency to the greenback appreciated yesterday at the peer-to-peer (P2P) market segment by N1 or 0.16 per cent to N616/$1 from the preceding session’s N617/$1.

In the same vein, the Nigerian currency put up a better performance against the Pound Sterling at the interbank segment, where the Central Bank of Nigeria (CBN) sells the greenback to commercial banks. The domestic currency gained 75 kobo during the session to quote at N519.02/£1 compared with Tuesday’s closing rate of N519.77/£1 and against the Euro, it appreciated by N2.70 gain to N442.95/€1 from N445.65/€1.

Meanwhile, the crypto market was in bearish territory yesterday on the back of the continued worry about the global market, with Solana (SOL) going down by 3.9 per cent to trade at $47.84, followed by Litecoin (LTC) which lost 3.6 per cent to close at $68.17.

Binance Coin (BNB) recorded a 3.4 per cent depreciation to trade at $332.93, Ethereum (ETH) declined by 3.2 per cent to quote at $1,942.54, Cardano (ADA) depreciated by 2.5 per cent to finish at $0.5134, Dogecoin (DOGE) went down 1.4 per cent to sell at $0.0827, Bitcoin (BTC) lost 1.1 per cent to trade at $29,775.96, Ripple (XRP) depreciated by 0.9 per cent to sell at $0.4075, while the US Dollar Tether (USDT) retreated by 0.01 per cent to $0.999.

However, TerraUSD (UST), which has seen turmoil in the last three weeks, continued its recovery ahead of a planned relaunch soon and yesterday, it chalked up 47.6 per cent to settle at $0.1027.

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Economy

Stock Market Regains 1.24% Despite Sell-Offs in Lafarge, 40 Others

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Stock Market Newspaper

By Dipo Olowookere

The local stock market returned to the positive territory on Wednesday on the back of bargain-hunting in Airtel Africa, Nigerian Exchange (NGX) Group, UAC Nigeria and others.

Business Post observed that investors used the opportunity of the panic selling to mop up shares trading at low prices and this resulted in the exchange growing by 1.24 per cent in the midweek session.

As a result, the All Share Index (ASI) improved by 641.77 points to 52,591.41 points from 51,949.64 points while the market capitalisation increased by N346 billion to N28.353 trillion from N28.007 trillion.

The domestic bourse closed with only 11 price gainers yesterday led by Chams, which gained 9.52 per cent to settle at 23 kobo and was trailed by Airtel Africa, which rose by 9.39 per cent to N1608.00.

FTN Cocoa appreciated by 6.06 per cent to trade at 35 kobo, Veritas Kapital improved its share price by 4.76 per cent to 22 kobo, while Royal Exchange went up by 3.64 per cent to N1.14.

A total of 41 equities depreciated in price on Wednesday, with McNichols and Champion Breweries recording the heaviest fall as they lost 10.00 per cent each to close at N1.98 and N3.42 respectively. PZ Cussons depreciated by 9.92 per cent to N11.35, Regency Assurance fell by 9.68 per cent to 28 kobo, while NEM Insurance declined by 9.25 per cent to N3.63.

As earlier stated, the mood of the market was weak during the midweek session as reflected in the market breadth and the performance of the sectors, which closed in the red zone due to heavy profit-taking.

The insurance sector deflated by 3.70 per cent, the banking index went down by 2.13 per cent, the consumer goods counter decreased by 1.33 per cent, the energy space crashed by 0.76 per cent, and the industrial goods sector declined by 0.40 per cent.

Unlike the previous day, the level of activity was low as the trading volume declined by 46.90 per cent to 382.5 million units from 720.2 million units, the trading value depreciated by 52.25 per cent to N4.2 billion from N8.9 billion, while the number of trades contracted by 2.85 per cent to 5,922 deals from 6,096 deals.

UAC Nigeria attracted the highest trading volume with a turnover of 48.2 million shares worth N618.6 million, UBA sold 31.9 million equities valued at N250.5 million, Access Holdings exchanged 30.7 million stocks for N300.8 million, FBN Holdings traded 30.6 million equities valued at N327.3 million, while Transcorp transacted 27.3 million shares worth N32.4 million.

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Economy

Brent Hits $114 as US Stockpile Drops Amid Tight Supply

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Brent Price

By Adedapo Adesanya

Brent crude rose by 43 cents or 0.38 per cent to $114.46 per barrel on Wednesday as the Energy Information Administration (EIA) reported that crude oil inventories in the United States shed one million barrels compared with the preceding week’s draw of 3.4 million barrels.

Also, the West Texas Intermediate (WTI) crude futures appreciated by 57 cents or 0.52 per cent yesterday to $110.90 per barrel as the agency disclosed that at 419.8 million barrels, crude oil inventories are 14 per cent below the five-year average for this time of the year.

Crude oil prices also remained elevated as the demand/supply situation remains unchanged even though worry about recession has served to limit the upside potential of benchmarks.

On the demand front, Shanghai is scheduled to see lockdowns end on June 1 after a gradual easing beginning on May 21.

This is coming after risks of a rebound in infections were controlled as authorities implemented epidemic prevention and control to fully restore normalcy to production and life in the city.

Meanwhile, Beijing stepped up quarantine efforts to end its month-old COVID outbreak.

Global crude supplies continue to tighten as buyers avoid oil from Russia, the world’s second-largest exporter, after the invasion of Ukraine.

European companies, among others, have taken it upon themselves not to patronize Russian crude which has led to a record amount of Urals crude oil sitting in vessels at sea struggling to find buyers.

This is happening as the European Union (EU) hopes to agree on sanctions that would phase out Russian oil imports before the next meeting of the European Council, its president, Mr Charles Michel, said on Wednesday.

Also, the market is high with this weekend’s Memorial Day travel in the US, which is expected to be the busiest in two years, causing fuel demand to rise as more drivers hit the road and shake off coronavirus pandemic restrictions despite high fuel prices.

The de facto leader of the Organisation of the Petroleum Exporting Countries (OPEC), Saudi Arabia, signalled once again it had no plans to boost production further.

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