Connect with us

Economy

Nigeria’s FX Reserves Leap to 3 Month-High of $34.1bn 

Published

on

FX Reserves

By Ashemiriogwa Emmanuel

For the first time since June this year, the total amount in the external reserves of Nigeria has reached the $34 billion threshold.

Data obtained by Business Post from the Central Bank of Nigeria (CBN) showed that the foreign exchange (FX) buffers increased to $34.1 billion on Wednesday, September 1 from $33.5 billion exactly a week earlier.

In other words, the nation’s FX reserves have improved by $618.4 million or 1.8 per cent within seven days.

Between Wednesday, August 25 and Friday, August 27, the total amount grew by $180 million or 0.5 per cent from $33.4 billion to $33.7 billion.

On the first business day of this week, which was on Monday, August 30, the forex reserves further went up by $271.6 million or 0.8 per cent to $33.9 billion.

The next day, the external buffers climbed to $34.0 billion after a marginal improvement of $84.5 million or 0.2 per cent.

On a broader look, it can be observed that this is the first time the reserves is experiencing such improvement since June 1, 2021, when it started dropping from the $34 billion region.

However, on a  year-to-date basis, data showed that the country’s foreign savings have decreased by 4.3 per cent, which means it has lost about $1.5 billion from the $35.6 billion recorded on January 4, 2021.

While it is expected for Nigeria’s foreign reserves to leap to as high as $40 billion by the end of September 2021, the recent position of the external reserves could be attributed to the performance of the global crude oil market in recent weeks.

Economy

CSCS Plans Payment of N1.37 Dividend to Shareholders

Published

on

ISSA CSCS

By Adedapo Adesanya

Nigerian security depository company, Central Securities Clearing System (CSCS) Plc, has disclosed plans to pay N1.37 in dividends to new and existing shareholders for the 2022 financial year.

This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.

The notice indicated that the proposed dividend, comprising 87 Kobo dividend and 50 Kobo in special dividend, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Friday, June 2.

This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.

The payment will be subject to the approval of shareholders at the Annual General Meeting (AGM) of the company scheduled for Monday, June 19, 2022.

According to the, its AGM will hold at the Civic Centre, located at Ozumba Mbadiwe Road, Victoria Island, Lagos, by 10:00 a.m.

If the dividend payment is approved at the meeting, shareholders of the company will be credited on the same day as the annual general meeting.

The notice noted that the closure of the company’s register will be on Monday, June 5, through Friday, June 9, 2023, all days inclusive.

However, there was no bonus stipulated to be paid.

Continue Reading

Economy

Cryptocurrency Trading Strategies: Tips for Maximizing Profits

Published

on

Cryptocurrency trading

Cryptocurrency trading has offered a new way for investors to participate in the growing realm of digital assets. Unfortunately, navigating cryptocurrency trading requires a solid understanding of trading strategies and techniques for success.

As such, besides completing a crypto trading course, crypto traders should keep tabs on various tips to maximize their profits.

Learning various crypto trading principles, risk management strategies, and proper market analysis increases the chances of success. Here are a few tips to help you maximize profits.

Start Small and Scale Up Gradually

Most people venture into crypto trading anticipating overnight success and wealth. However, this is rarely the case for all. Instead, you should start your crypto trading journey with a small investment and increase your portfolio gradually as you gain experience.

Adopting this trading approach allows you to test and familiarize yourself with various trading strategies and market dynamics before risking significantly. Starting small also allows you to manage your emotions better, and you will be less likely to succumb to panic buying or selling.

Starting small also allows you to learn from your mistakes without incurring significant losses. You can gradually increase your investments as you get comfortable with the market and your trading strategy.

Use Stop-Loss Orders and Risk Management Strategies

The crypto market is very volatile, and your investments can disappear in minutes. Therefore, effectively managing your risks is crucial to long-term success. It also preserves your capital. The stop-loss order is among the many risk-management strategies you should always use at any given time.

It will allow you to set a predetermined price at which the trade automatically closes if the market goes against your predictions, limiting potential losses. Other risk management strategies include:

  • Diversification – spreading your investments across different crypto coins and sectors is prudent. It reduces the risk on your investment portfolio and lowers the impact of poor-performing assets.
  • Set realistic targets – you should establish realistic profit targets for your trades. Doing this helps you maintain discipline, as you won’t be stuck in the same position waiting for unrealistic profits.
  • Review and adjust your strategy regularly – monitor and adjust your trading strategies as needed. Refine your choice of assets, entry/exit criteria, and risk management options.

Stay Informed

The cryptocurrency market is dynamic and widely known for rapid fluctuations. Therefore, traders should always be in the know and ready to adjust to market changes. Industry news, trends, and developments will give valuable insights to guide your trading decisions. Simple ways to stay informed include:

  • Following reputable news sources – you should subscribe to reliable crypto websites, blogs, and newsletters to stay updated on recent market developments, regulatory changes, and tech advancements.
  • Monitor social media platforms and influencers – social platforms and influencers are good news sources. However, you shouldn’t follow them blindly. Assess and weigh your options before doing anything.
  • Engage with the crypto community – you should be active in online forums, chat platforms, and social media groups with discussions revolving around cryptocurrencies.

The Bottom Line

While there’s no pre-defined strategy for maximizing cryptocurrency trading profits, adhering to some best practices increases your chances of success. Develop a trading strategy, diversity your portfolio, stay updated on market news and use take profit and stop loss orders. Never trade blindly.

Continue Reading

Economy

Unity Bank Grows Gross Earnings to N57bn in 2022 as Customer Deposits Rise

Published

on

Unity Bank

By Aduragbemi Omiyale

Despite the economic headwinds that affected many businesses in the 2022 financial year, Unity Bank Plc gave its shareholders something to savour as its performance improved in the period under review.

In the audited full-year financial statements of the company for 2022 submitted to the Nigerian Exchange (NGX) Limited, it was observed that gross earnings grew by 13.1 per cent to N57 billion from N50.2 billion in 2021, as the pre-tax profit stood at N1.1 billion and the net profit at N941.4 million.

A brief analysis showed that the total comprehensive income expanded by 262.1 per cent to N1.2 billion from N744 million in the corresponding period of 2021, as the 7.5 per cent increase in the loan book to N289.4 billion from N269.3 billion resulted in the improvement in interest and similar income to N48.9 billion from N43.2 billion.

Similarly, income from fees and commissions recorded significant growth, rising by 25.7 per cent to N7.68 billion from N6.1 billion.

More so, deposits from customers saw marginal growth, increasing by 1.6 per cent to N327.4 billion from N322.2 billion, as the lender pushes for deeper penetration of its retail footprint with the rollout of products targeting different market segments.

Meanwhile, Unity Bank also released its unaudited financials for Q1, 2023, in which it sustained improved performance, posting a 21 per cent growth in profit after tax to N1.04 billion from N869.2 million. Its gross earnings for the quarter also rose by 17 per cent to N15.9 billion, in contrast to the N13.6 billion posted a year earlier.

Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun, noted that the bank’s focus on building back momentum continues to reflect in the key performance indicators despite economic headwinds and volatilities that characterized the operating environment in the 2022 financial year.

“There are highs and lows as we look at the gross earnings, with 13.7 per cent growth, increase in liquid assets by 7.5 per cent and deposits recording moderate growth of 1.6 per cent, while maintaining steady growth in profitability,” she stated.

“Overall, the financial statement thus threw up both strong and less optimal points which inform the outlook for our business,” she further stated.

She reassures that going into the new financial year, the bank will focus on our strategic choices and key growth drivers to push all the indices and elevate growth to double-digit territory.

“The performance posted for Q1’23 in terms of the PBT, gross earnings, and other key indicators are strong reinforcement of adequate measures being adopted and a testament of our resolve to sustain and equally improve upon the fundamental initiatives adopted to strengthen growth throughout the financial year,” Mrs Somefun stated.

She further said: “Since late 2022, the Bank has begun significant investment in technology and innovation in line with its strategic pursuits to win in the retail space with our focus on digital and lifestyle banking, dynamic product development, and accelerated onboarding.

“As part of our transformation journey, we will double down on these investments in the coming months to achieve our aspirations of (1) significantly reducing customer pain points and simplifying customer experience; (2) increasing the rate of customer acquisition; (3) expanding the frontiers of partnerships; and (4) ultimately developing new and sustainable income lines for the bank.”

According to her, the bank will further give attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and brand visibility as it expands the range of products and services to meet the evolving needs of its esteemed customers.

Analysts believe that the growing retail footprint driving the repositioning strategy of the bank aligns with the market expectations, which is also reflected in the increasing uptake of the bank’s offering.

Continue Reading
%d bloggers like this: