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Economy

Weekly FX Turnover at I&E Window Drops 13.9% to $677.4m

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weekly FX turnover

By Sodeinde Temidayo David

The total turnover at the Investors and Exporters (I&E) window of the foreign exchange (FX) market declined by 13.9 per cent week-on-week, according to a Business Post analysis.

The forex market recorded a weekly FX turnover of $677.4 million in the first week of August, representing a decrease of $109.1 million from the $786.5 million achieved in the previous week (last week of July), official data showed.

According to data tracked from Monday, July 26 to Friday, August 6, by this newspaper on the FMDQ Securities Exchange, last Monday, (August 2), the total transactions stood at $143.2 million.

On Tuesday, August 3, the value of trades declined by $28.03 million or 24.3 per cent to $115.17 million and at the midweek session (Wednesday, August 4), the turnover rose by $11.75 million or 10.2 per cent to $126.92 million.

The next day, the total turnover dropped to $103.9 million and at the final session of the week, Friday, August 6, the value of trades rose to $188.26 million, bringing the total turnover to N677.4 million.

In the preceding week, the transactions at the FX segment on Monday, July 26 stood at $139.5 million and on Tuesday (July 27), the demand for forex dropped to $115.67 million.

However, following the outcome of the two-day Monetary Policy Committee (MPC) meeting held July 26 – 27, where the Central Bank of Nigeria (CBN) announced a new policy to stop the sale of forex to Bureaux De Change (BDCs) operators, there was panic in the FX ecosystem and resulted in a spike in the demand for forex at the investors’ window.

As a result, the value of trades at the market window on Wednesday, July 28, skyrocketed to $352.1 million but receded to $58.1 million the next day (Thursday, July 29) and jumped to on Friday, July 30, to $121.08 million, indicating a 108.5 per cent or $63.01 million spike, bringing the total turnover for the week to $786.5 million.

On an average basis, the turnover for the first week of August (2-6) was $135.48 million per day compared with the $157.3 million per day in the preceding week, July 26-30.

Data also showed that in the month of July, there was a drop in turnover compared to June.

According to the data, a total of $2.8 billion was exchanged in the seventh month of the year compared to $3.0 million in June, signifying a 6.7 per cent month-on-month fall.

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Economy

How Much Do You Really Know About Credit Restoration? Learn More Here

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Credit Restoration

Like most people, you probably think of credit restoration as a way to fix your credit score after you’ve made some mistakes. But what if I told you that credit restoration is about so much more than just fixing your credit score? Credit restoration can be one of the most important steps to rebuilding your financial life. So what exactly is credit restoration, and why is it so important? Keep reading to find out.

What is Credit Restoration?

In short, credit restoration is the process of repairing your credit history and improving your credit score. However, for credit restoration to be effective, it’s essential to understand the factors that go into your credit score. Your payment history is the most important factor, accounting for 35% of your score.

This means that if you have a history of late payments or defaults, your credit score will suffer. The next most important factor is your credit utilization, which makes up 30% of your score. This is the amount of debt you have compared to your credit limit: the lower your credit utilization, the better.

Should You Find a Credit Repairing Service Provider?

If your credit score is suffering, you may wonder if you should find a credit repair service provider. While these companies can be helpful, it’s important to remember that you can do most of the work yourself. A good credit restoration service will help you understand your rights under the Fair Credit Reporting Act (FCRA). They will also dispute any inaccurate or outdated information on your credit report. Following the proper steps can improve your credit score and get you back on track financially.

Credit repair companies often charge high fees, so it’s crucial to weigh the cost before you decide to use one. Go online for information on the best experts. If you decide to use services that can help restore your credit, choosing one that is reputable and has a good track record is essential. You can check reviews online to see what others have said about the company or ask for recommendations from friends.

What is the Credit Restoration Process?

The first step is to order your credit report from all three major credit bureaus. This will give you an idea of where you stand financially.

Next, you’ll want to dispute any negative items on your report by writing a letter to the credit bureau. Be sure to include any evidence you have to support your dispute.

Once you’ve disputed the negative items on your report, it’s time to focus on rebuilding your credit. This can be by paying down your debt and making on-time payments. By taking these steps, you can improve your credit score and get back on track financially.

How Do I Start Credit Restoration?

If you’re ready to start credit restoration, the first step is to get a copy of your credit report. You can get a free copy of your credit report from each of the three major credit bureaus – Experian, Equifax, and TransUnion. Once you have your credit report, please review it carefully to identify any negative items you want to dispute.

Also, take a look at your credit utilization ratio. This is the amount of debt you have compared to your credit limit; the lower your credit utilization, the better. Besides, it’s elemental to develop good financial habits like paying your bills on time and staying within your credit limit.

If you find any negative items on your credit report, you can dispute them by writing a letter to the credit bureau. Be sure to include any evidence you have to support your dispute. Once you’ve disputed the negative items, it’s time to focus on rebuilding your credit. You can do this by paying down your debt and making on-time payments.

Why is Credit Restoration Important?

Credit Restoration Important

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There are a few reasons why credit restoration is so important. First, your credit score is one of the most critical factors in determining your financial future. If you have a low credit score, you’ll likely have difficulty qualifying for loans and lines of credit. You may also be charged higher interest rates, making it difficult to get out of debt.

Second, your credit history is a reflection of your financial responsibility. If you have negative items on your credit report, it’s essential to take steps to improve your credit history. This will show future lenders that you’re committed to paying off your debts and making on-time payments.

Finally, credit restoration can help you save money. If you have a high credit score, you’ll likely qualify for lower interest rates on loans and lines of credit. This can save you hundreds or even thousands of dollars over the life of your loan.

Credit restoration is a necessary process that can help you improve your credit score and get back on track financially. If you have negative items on your credit report, dispute them. Also, focus on rebuilding your credit by paying down your debt and making on-time payments. By taking these steps, you can improve your financial future.

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Economy

NGX Rebounds by 0.16% on Renewed Bargain Hunting

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Cross Deals

By Dipo Olowookere

Renewed bargain hunting spurred a 0.16 per cent growth on the floor of the Nigerian Exchange (NGX) Limited on Tuesday, with BUA Cement and others in the forefront.

Business Post reports that the gains printed by 10 stocks during the session were enough to wipe off the losses reported by the 22 depreciating shares.

Cutix rose by 7.50 per cent to N2.15, Lasaco Assurance appreciated by 5.88 per cent to N1.08, Union Bank improved by 3.45 per cent to N6.00, and Academy Press expanded by 2.97 per cent to N2.08, while BUA Cement gained 2.63 per cent to sell for N54.60.

Conversely, UPDC REIT finished the day as the heaviest price loser after its value went down by 9.86 per cent to N3.20, PZ Cussons lost 9.27 per cent to close at N9.30, Courteville reduced by 8.93 per cent to 51 Kobo, Japaul dropped 8.11 per cent to quote at 34 Kobo, while Coronation Insurance declined by 6.82 per cent to 41 Kobo.

It was observed that the market was very quiet yesterday despite the bargain hunting as only 204.2 million shares worth N1.6 billion exchanged hands in 3,643 deals compared with the 210.8 million shares worth N2.2 billion transacted in 4,122 deals on Monday, implying a decline in the trading volume, value and number of deals by 3.17 per cent, 25.02 per cent and 11.62 per cent respectively.

FBN Holdings was the most traded equity yesterday as investors exchanged 36.8 million units for N396.2 million, with eTranzact executing 30.0 million units valued at N68.4 million. UBA traded 20.5 million units worth N143.7 million, Access Holdings transacted 20.1 million shares for N171.5 million, while Eterna traded 12.3 million stocks valued at N86.1 million.

At the close of trades, the insurance, energy and consumer goods counters lost 0.97 per cent, 0.51 per cent and 0.36 per cent apiece, while the industrial goods and banking sectors grew by 0.96 per cent and 0.31 per cent respectively.

As a result, the All-Share Index (ASI) increased by 80.03 points 49,709.46 points from 49,629.43 points, while the market capitalisation went up by N43 billion to N26.812 trillion from N26.769 trillion.

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Economy

Again, NASD OTC Market Capitalisation Falls Below N1trn

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NSE market capitalisation stock value

By Adedapo Adesanya

The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange went below the N1 trillion mark on Tuesday after the bourse closed lower by 0.39 per cent due to a series of losses in the past trading days.

The value of stocks at the OTC market depreciated by N3.9 billion yesterday to N996.35 billion from N1.000 trillion, while the NASD Unlisted Securities Index (NSI) went down by 2.97 points to end the day at 756.86 points as against the 759.83 points it recorded in the previous session.

The unfavourable outcome was triggered by the trio of NASD Plc, Central Securities Clearing Systems (CSCS) Plc, and Niger Delta Exploration and Production (NDEP) Plc.

NDEP Plc lost N19.50 to end the day at N190.50 per share versus N210.00 per share, CSCS Plc decreased by 58 Kobo to trade at N14.33 per unit versus Monday’s N14.91 per unit. while NASD Plc declined by 16 Kobo to close at N14.33 per unit as against N14.91 per unit of the previous day.

However, the share price of FrieslandCampina Wamco Nigeria Plc improved during the session by N1.34 to N90.09 per unit from N88.75 per unit.

On the activity chart, the volume of securities increased by 378.1 per cent to 571,592 units from the previous day’s 119,564 units, the value of trades went down by 55.3 per cent to N10.4 million from N23.2 million, while the number of deals grew by 157.1 per cent to 18 deals from the seven deals reported on Monday.

AG Mortgage Plc remained the most traded stock by volume on a year-to-date basis with 2.3 billion units valued at N1.2 billion, CSCS Plc stood in second place with 686.5 million units worth N14.2 billion, while Food Concepts Plc was in third place with 147.8 million units valued at N128.4 million.

CSCS Plc also remained the most traded stock by value on a year-to-date basis with 686.5 million units worth N14.2 billion, VFD Group Plc was in second place with 11.1 million units exchanged for N3.3 billion, while FrieslandCampina WAMCO Nigeria Plc was in third place with 14.0 million units valued at N1.7 billion.

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