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 Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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