Economy

NSE Angry With Stockbrokers Over Unauthorised Trading

Published

5 years ago

04/02/2020

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) has vehemently kicked against the granting of access to unauthorised persons to its trading facilities by some brokerage companies.

In a circular to stockbroking firms on Monday, the stock exchange reminded those allowing this unlawful act that there is a rule against such, warning them to desist from it or be sanctioned.

The NSE said only authorised employees of stockbroking companies are allowed to use its trading platforms and are not permitted to share their log-in details and passwords with any other person.

“Further to the circular referenced NSE/LARD/BDR/CIR5/15/03/06, dealing members are hereby reminded of certain provisions in the Rulebook of the Nigerian Stock Exchange, 2015 (Dealing Members Rules) and its relevant amendments, which prohibit the sharing of access log-in details and passwords,” a part of the circular sighted by Business Post said.

The rules specifically frowned at unauthorised persons trading on platforms of the exchange; granting unauthorised persons access to trading facilities; disclosure of passwords to other users and unauthorised persons; and authorized dealing clerks not submitting their access control card upon resignation/or a change of designation.

The NSE, in the notice, reminded the stockbroking companies that they are responsible for the actions of their employees, warning that all their workers, who are not “authorized dealing clerks of the exchange are strictly prohibited from accessing the trading facilities of dealing members.”

It also said “the log-in details and password of authorized dealing clerks cannot be shared with other authorized dealing clerks or users” and that “upon the resignation of an authorized dealing clerk, the exchange should be duly notified in writing within 24 hours.”

It said, “Every dealing member is required to return to the exchange, the trading floor badge and access control card of an authorized dealing clerk upon his/her resignation/or a change of designation.”

“Dealing members are also reminded to adhere to the following rules and regulations governing dealing members;

“Rule 9.1: Responsibility for Employees’ Actions, Rulebook of The Exchange, 2015 (Dealing Members’ Rules) which provides that: without prejudice to any regulation, every dealing member shall be responsible for all the actions of its employees.”

“Rule 9.3: Supervision and Internal Controls, Rulebook of The Exchange, 2015 (Dealing Members’ Rules) which provides that:

“(a) Each Dealing Member shall establish and maintain a system to supervise and ensure compliance of the activities of its officers, stockbrokers and employees.

“Final responsibility for proper supervision rests with the Dealing Member. The supervisory system shall provide for written procedures to be established, maintained and enforced that are designed to supervise the types of business in which the dealing member is involved.

“The procedures must identify the individual supervisory persons, the Compliance Officer and their titles and qualifications. The dealing member shall have the responsibility and duty to ascertain by investigation the good character, business repute, qualifications and experience of any person assigned as stockbroker or employee directly involved in the securities business.”

The NSE further said “trading floor badges and access control cards remain the property of the exchange and shall be surrendered to the exchange upon the occurrence of any of the following: (1) Suspension (2) Revocation of registration (3) Resignation (4) Expulsion.”

Economy

OTC Exchange Depreciates 0.34% as Investors Lose N6.78bn

Published

17 minutes ago

08/07/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange opened the first trading day of the week pointing downwards after a 0.34 per cent loss on Monday, July 7.

The OTC exchange was pulled down yesterday by three securities despite the share price of Capital Bancorp Plc went up by 11 Kobo to sell at N2.15 per unit compared with the preceding session’s N2.04 per unit.

During the trading day, Afriland Properties Plc lost N2.13 to finish at N19.17 per share versus N21.30 per share, FrieslandCampina Wamco Nigeria Plc depreciated by N1.39 to close at N59.50 per unit compared with the previous trading session’s N60.89 per unit, and Central Securities Clearing System (CSCS) Plc crumbled by 25 Kobo to end at N31.09 per share, in contrast to last Friday’s N31.34 per share.

Consequently, the market capitalisation slid by N6.78 billion to finish at N1.983 trillion compared with the preceding session’s N1.990 trillion and the NASD Unlisted Security Index (NSI) went down by 11.58 points to close at 3,398.64 points compared with the previous session’s 3,398.64 points.

On Monday, the volume of securities traded by the market participants surged by 1,599.7 per cent to 10.8 million units from the 632,624 units traded last Friday, the value of securities transacted by investors also significantly increased by 137.9 per cent to N42.9 million from N18.1 million, and the number of deals appreciated by 20 per cent to 30 deals from 25 deals.

Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.8 million units sold for N4.9 billion, trailed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 41.8 million units worth N1.8 billion.

Impresit Bakolori Plc ended the session as the most active stock by volume on a year-to-date basis with 536.9 million units valued at N524.8 million, followed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and Geo-Fluids Plc with 268.6 million units worth N476.4 million.

Economy

Naira Sells N1,520 Per Dollar at Official Market, N1,540/$1 at Black Market

Published

33 minutes ago

08/07/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigerian Naira sustained stability against the United States Dollar in the black market segment of the foreign exchange (FX) market on Monday, remaining unchanged at N1,540/$1.

In the same vein, the Nigerian currency improved its value against the greenback during the trading day in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N8.49 or 0.56 per cent to sell for N1,520.00/$1, in contrast to last Friday’s value of N1,528.49/$1.

Equally, the Naira appreciated against the Pound Sterling in the official market window by N2.91 to close at N2,084.18/£1 versus N2,087.09/£1 and against the Euro, it gained N7.14 to finish at N1,793.65/€1 compared with the preceding session’s N1,800.79/€1.

Last week, the Naira found support via sufficient forex liquidity and could find further help based on foreign demand for short-term government debt due to high yields.

Meanwhile, in the cryptocurrency market, profit-taking took charge as volatility signals picked up soon ahead of the June Federal Reserves minutes which are due for release on Wednesday. Further, the 90-day tariff pause for many US trading partners has reportedly been extended to August 1, although there are indications that the July 9 deadline may remain.

Yesterday, Dogecoin (DOGE) slumped by 3.6 per cent to sell at $0.1678, Litecoin (LTC) went down by 1.8 per cent to finish at $86.24, Solana (SOL) depreciated by 1.6 per cent to close at $149.25, and Cardano (ADA) slid by 1.5 per cent to trade at $0.5775.

In addition, Ethereum (ETH) shrank by 0.9 per cent to $2,551.30, Bitcoin (BTC) declined by 0.9 per cent to end at $108,141.36, Binance Coin (BNB) lost 0.4 per cent to settle at $659.59, and Ripple (XRP) depleted by 0.3 per cent to $2.26, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat $1.00 each.

Economy

Oil Market Rises 1% on Strong Demand Amid OPEC+ Surprise Output Hike

Published

49 minutes ago

08/07/2025

Adedapo Adesanya

By Adedapo Adesanya

The oil market improved by 1 per cent on Monday as signs of strong demand outweighed the impact of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) hiking output more than expected for August, as well as concern about the potential impact of US tariffs.

Brent crude futures gained 91 cents or 1.3 per cent to close at $69.20 per barrel and the US West Texas Intermediate (WTI) crude futures appreciated by 57 cents or 0.8 per cent to $67.57 a barrel.

Stronger demand was estimated to have remained above expectations as well after a record number of Americans travelled for the Fourth of July holiday by road and air.

OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 barrels per day hikes carried out in the earlier three months.

The decision of the group will bring nearly 80 per cent of the 2.2 million barrels per day voluntary cuts from eight members back into the market.

The latest hike sends a clear message that the cartel is firmly shifting toward a market share strategy. It was also a response to Kazakhstan and Iraq, which are still overproducing their higher quotas.

Market analysts noted that these overproducers are unlikely to significantly raise their output compared with the recent heights reached during the first quarter.

Also, by approving another output hike, heavyweight OPEC+ leader, Saudi Arabia might seek to up pressure on members for not keeping to agreed quotas by slashing expected oil profits due to lower prices.

Saudi Arabia also raised the August price for its flagship Arab Light crude to a four-month high for Asia.

Amid these development, Goldman analysts expect OPEC+ to announce a final 550,000 barrels per day increase for September at the next meeting on August 3.

Meanwhile, pressure came as US officials flagged a delay regarding when tariffs would begin, but failed to provide details on changes to the rates that will be imposed. Investors are worried that higher tariffs could slow economic activity and oil demand.

The Donald Trump-led administration will make several trade announcements in the next 48 hours.

According to the US Treasury Secretary, Mr Scott Bessent, there are offers from countries to clinch a tariff deal before the July 9 deadline.

On the geopolitical front, Yemen’s Iran-aligned Houthis said it sank a ship in the Red Sea on Monday ahead of Israel’s Prime Minister Benjamin Netanyahu plans to meet with President Trump.