Economy
Tinubu Begs Senate to Confirm Cardoso as MPC Chairman
By Adedapo Adesanya
President Bola Tinubu has sought the confirmation of the Senate for the appointment of a chairman and members Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) ahead of its first rate-setting meeting in seven months later this month.
Mr Tinubu’s request was conveyed in a letter addressed to the Senate President, Mr Godswill Akpiabio, and read at plenary on Wednesday.
The President in the letter titled Constitution of Monetary Policy Committee for the Central Bank of Nigeria (CBN) said, “In accordance with the provisions of section 12 of CBN Act 2007, I am pleased to present for confirmation by the Senate the confirmation of the under listed 12 persons as Chairman and members of the Monetary Policy Committee of the Central Bank of Nigeria.”
He listed the 12 persons to include Mr Olayemi Cardoso, CBN Governor (Chairman); Mr Muhammad Abdullahi, CBN Deputy Governor (Member); Mr Bala Bello, CBN Deputy Governor (Member); Mrs Emem Usoro, CBN Deputy Governor (Member); and Mr Philip Ikeazor, CBN Deputy Governor (Member).
Others are Mr Lamido Yuguda, the Director General of the Securities and Exchange Commission (SEC) (Member); Mr Jafia Lydia Shehu, the Permanent Secretary in the Federal Ministry of Finance (Member); Mr Muritala Sabo, a CBN Director (Member); Mr Aloysius Uche (Member);, Mr Agu Paulin (Member); Mr Mustapha Akinwumi (Member); and Mr Bamidele Amon (Member).
“While hoping that the request will receive the expeditious consideration of the Senate, please accept the distinguished Senate President, the assurance of my highest regards,” President Tinubu said.
Mr Akpabio thereafter referred the request to Committees on Finance Banking, Insurance and Other Financial Institutions for further legislative inputs and report back to plenary in one week.
The confirmation, by the timeline, should be done ahead of the MPC meeting scheduled for February 25-26.
Business Post reports that according to Section 12 sub-section 2 of the CBN Act 2007, the MPC comprises 12 members of the CBN Governor, the four Deputy Governors of the CBN, two members of the bank’s board, three members appointed by the President, and two members appointed by the CBN Governor.
In a related development, President Tinubu has asked for the confirmation of the Senate for Mr Kelechi Ohiri’s appointment as the Director-General of the National Health Insurance Authority (NHIA).
His request was conveyed in another letter addressed to Mr Akpabio, saying it is in line “with the provisions of section 40, sub-section one of the National Health Insurance Authority Act 2022.
“While hoping that the request will receive the expeditious consideration of the Senate, please accept the distinguished Senate President, the assurance of my highest regards,” Tinubu said.
Mr Akpabio thereafter referred to the request to Senate Committees on Health, for further legislative inputs and report back to plenary in one week.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further grew by 1.00 per cent on Friday as investors look forward to the rates meeting of the Central Bank of Nigeria (CBN) next week.
The Monetary Policy Committee (MPC) meeting of the CBN begins next Monday and analysts anticipate a rate cut due to the reduction in the country’s inflation rate to 22.22 per cent in June 2025.
At its last meeting in May, the committee retained the Monetary Policy Rate (MPR) at 27.50 per cent to study the markets further.
At the stock market yesterday, investors mopped up financial equities, especially the banking space, with FCMB trading 1.3 billion shares valued at N12.6 billion.
Further, Fidelity Bank transacted 1.2 billion equities worth N23.0 billion, Access Holdings exchanged 113.8 million stocks for N3.1 billion, Chams sold 92.6 million shares valued at N293.9 million, and Zenith Bank traded 50.7 million equities worth N3.7 billion.
At the close of business, the market participants bought and sold 3.4 billion stocks for N62.4 billion in 28,593 deals compared with the 1.2 billion stocks worth N42.8 billion exchanged in 37,418 deals on Thursday, a decline in the number of deals by 23.59 per cent, and a rise in the trading volume and value by 183.33 per cent and 45.79 per cent, respectively.
The trio of NCR Nigeria, Learn Africa, and UPDC chalked up 10.00 per cent each to sell for N6.60, N6.27, and N4.84 apiece, as BUA Cement gained 9.98 per cent to close at N123.40, and Ellah Lakes also appreciated by 9.98 per cent to N10.80.
Conversely, Red Star Express depleted by 9.97 per cent to N12.92, Union Dicon lost 9.62 per cent to finish at N10.80, Academy Press shed 6.67 per cent to quote at N7.00, Sterling Holdings decreased by 4.34 per cent to N6.17, and First HoldCo slumped by 4.10 per cent to N33.95.
The market breadth index was positive during the trading session after the bourse ended with 46 price gainers and 25 price losers, implying a strong investor sentiment.
Business Post reports that the All-Share Index (ASI) increased by 1,301.80 points to 131,585.66 points from 130,283.86 points and the market capitalisation expanded by N823 billion to N83.241 trillion from N82.418 trillion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the last trading session of the week higher by 0.03 per cent on Friday, July 18.
This was buoyed by the gains recorded by the duo of Central Securities Clearing System (CSCS) Plc and Lagos Building Investment Company (LBIC) Plc.
According to data from the alternative stock exchange, CSCS Plc rose by N4.50 to close at N38.00 per share compared with the preceding day’s N36.80 per share, and LBIC Plc appreciated by 4 Kobo to N3.12 per unit from N3.04 per unit.
However, the price of FrieslandCampina Wamco Nigeria Plc went down by N3.94 to end at N61.00 per share versus Thursday’s value of N64.94 per share, and Acorn Petroleum Plc weakened by 13 Kobo to finish at N1.20 per unit compared with the preceding day’s N1.33 per unit.
At the close of transactions, the market capitalisation of the trading platform surged by N630 million to N2.043 trillion from N2.042 trillion and the NASD Unlisted Security Index (NSI) soared by 1.07 points to 3,488.74 points from the 3,487.67 points it ended a day earlier.
Yesterday, there was a 49,784.9 per cent increase in the volume of securities to 125.9 million units from 252,312 units, just as there was 1,783.6 per cent rise in the value of securities to N125.9 million from N21.4 million, while the number of deals declined by 4 per cent to 24 deals from 25 deals.
Impresit Bakolori Plc was the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.8 million, trailed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and Geo-Fluids Plc with 277.2 million units traded for N516.3 million.
Okitipupa Plc also remained the most traded stock by value on a year-to-date basis with 153.9 million units transacted for N4.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.3 million units valued at N1.8 billion.
By Adedapo Adesanya
A marginal loss of 10 Kobo or 0.01 per cent was suffered by the Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, July 18.
According to data obtained from the Central Bank of Nigeria (CBN), the exchange rate closed at N1,533.32/$1 compared with the N1,533.22/$1 it ended on Thursday.
Similarly, the Nigerian currency depreciated further against the Pound Sterling in the official market during the trading session by N3.56 to trade at N2,060.08/£1 compared with the previous day’s N2,056.52/£1 and lost N8.60 against the Euro to finish at N1,785.02/€1 versus the N1,776.42/€1 it was exchanged a day earlier.
The further decline in the local currency came amid concerns about the sustainability of the currency defense strategy of the central bank as well as the weak state of oil earnings, subdued foreign portfolio investment inflows, and uncertainties around external financing.
Meanwhile, there are positives that the Naira may latch onto including improved crude output as well as enhanced foreign portfolio investment (FPI) inflows amid slowdown in import trade-related outflows.
In the black market, the Nigerian Naira closed flat against the Dollar yesterday at N1,535/$1.
The cryptocurrency market succumbed to profit-taking after President Donald Trump fulfilled part of his vow to establish US crypto regulations on Friday, signing legislation into law that formally established rules for stablecoin issuers.
The milestone marked a first step that the digital assets industry hopes will end with the more important regulatory regime governing the wider crypto markets.
The GENIUS Act will now be forwarded to the federal financial and banking agencies that must implement its various provisions. That will include formalizing the definitions for what kind of firms make acceptable issuers of stablecoins.
Litecoin (LTC) dropped 5.9 per cent to sell at $102.48, Cardano (ADA) lost 5.9 per cent to trade at $0.8244, Solana (SOL) declined by 3.8 per cent to close at $176.55, Ripple (XRP) fell by 3.5 per cent to $3.44, Ethereum (ETH) tumbled by 2.2 per cent to $3,575.00, Binance Coin (BNB) depreciated by 1.9 per cent to $732.95, and Bitcoin (BTC) slumped by 1.8 per cent to $118,218.96.
However, Dogecoin (DOGE) jumped by 1.8 per cent to $0.2511, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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