Money market rates rose significantly despite the fact that inflows from matured FGN Sukuk impacted the financial sector. Transactions remained restricted due to the market’s desire to allocate financing effectively among major players.
According to AIICO Capital Limited, opening system liquidity rose on Thursday as a result of inflows from the FGN Sukuk 2024 maturity. According to Cordros Capital Limited, FGN bond coupon payments resulted in N335.78 billion in inflows into the financial system.
Even with this, interbank rates closed higher as outflows for OMO auction sales during the day by the Central Bank of Nigeria (CBN) weighed on liquidity level in the financial system. The CBN offered ₦500 billion across 96-day, 194-day, and 362-day papers at the primary market auction conducted to drive inflows from foreign portfolio investors into the market.
However, demand was weak, with offers totaling ₦252.90 billion only seen for the longest-dated instrument. Analysts at CardinalStone Securities Limited said this resulted in a bid-to-offer ratio of 0.51x, with the stop rate settling at 24.36%.
In a note, Cowry Asset Limited said the Nigerian interbank offered rate (NIBOR) increased across all maturities, signaling liquidity strain in the financial system on Thursday. Data from the FMDQ platform confirmed that the open repo rate (OPR) and the overnight rate (O/N) increased by 169 bps and 172 bps to 21.97% and 22.67%, respectively.
“We expect the interbank rates to be elevated tomorrow due to the recent OMO auction sale, though the anticipated FGN coupons should support system liquidity,” AIICO Capital Limited said in a note.
The Federal Government has welcomed ExxonMobil’s plans to invest $10 billion in Nigeria’s deep-water (offshore) oil activities.
This was stated by Nigeria’s Vice President, Kashim Shettima, at a meeting with ExxonMobil officials on the margins of the current 79th Session of the United Nations General Assembly in York, United States.
ExxonMobil is one of a few international oil firms (IOCs) that have left Nigeria’s onshore environment to pursue deep-water activities in the oil-rich Niger Delta. Shettima said that the proposed investment demonstrates the administration’s economic reforms and investor-friendly policies.
“This potential investment by ExxonMobil aligns perfectly with the President @officialABAT administration’s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects,” Shettima declared.
What ExxonMobil is Saying
Shane Harris, the Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, underlined the company’s commitment to investing in Nigeria.
According to Harris, the focus of ExxonMobil’s new plan is the Owo project, a significant underwater tie-back that might cost $10 billion.
“Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities.
“We’re working closely with the President’s office and the Special Adviser to the President to secure favourable fiscal arrangements that will make this significant investment possible,” Harris explained.
In addition, ExxonMobil aims to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years.
The naira surges to N1,576 versus the US dollar in the foreign currency (FX) market following notification of FX sales to Bureau de Change (BDC) operators. The considerable daily exchange rate movement was fueled by better FX liquidity conditions in the currency market yesterday.
According to Bizwatch Nigeria, the Central Bank of Nigeria (CBN) announced $20,000 in foreign exchange sales to BDCs at N1,579 per US dollar, capping the operators’ spread at one percent of their respective purchasing rates.
The sale of the US dollar to BDCs lowered demand pressure in the parallel market while increasing investor trust in the official foreign exchange market. Despite increased external reserves, some analysts believe the CBN will not sell foreign exchange through the retail Dutch Auction System in September.
According to data from the apex bank, gross external reserves climbed to $37.868 billion on Wednesday on the back of steady growth in FX inflows in the economy.
But analysts said it is default for the apex bank to deploy the fx reserves to defend the naira because huge part of the balance has been pledged for external deals – including forward, swaps and oil backed loans.
At the Nigerian autonomous foreign exchange window, the naira appreciated by 5.48% against the US dollar, closing at $1 to ₦1,576.10.
The Naira closed at ₦1,675 to the US dollar in the parallel market after FX sales at discount rate but cap on spread. The positive developments, which include rising external reserves, and FX liquidity boost in the parallel market, reduce pressure in the Nigerian currency market.
The next FX inflows could push gross balance in the external reserves above $38 billion, analysts told MarketForces Africa, requesting the apex bank to set a timeline for FX sales auctions to quell the US dollar shortage challenge in the market. In the global commodities market, oil prices fell by nearly 3% due to a report stating that Saudi Arabia plans to increase production later this year.
At the time of the report, Brent prices dropped by 2.87% to $71.35, while WTI prices declined by 3.27% to $67.21. On the other hand, gold prices continued to rise, reaching $2,694.30 per ounce.
In a country where the cost of living seems to rise faster than the minimum wage, managing a food budget can feel like navigating a minefield. The days of spontaneous grocery trips and dining out without a second thought are long gone. But fear not, fellow Nigerians! With a little creativity and planning, you can stretch your food budget without compromising on taste or nutrition.
The saying “fail to plan, plan to fail” is particularly relevant when it comes to food budgeting. Before you even step into the market, make a meal plan for the week. This will help you:
Avoid impulse purchases: When you know what you need, you’re less likely to be tempted by shiny new products.
Reduce food waste: By planning meals, you’ll only buy what you’ll use.
Save time: You won’t have to spend hours deciding what to cook every night.
2. Shop Smart
Make a list: Stick to your grocery list and avoid distractions.
Compare prices: Don’t just grab the first thing you see. Check prices at different stores and online to find the best deals.
Buy in bulk: If you have storage space, buying in bulk can be a great way to save money. Just make sure you’ll use it before it goes bad.
Look for sales: Keep an eye out for sales and discounts. Many supermarkets offer weekly specials.
Consider store brands: Store brands often offer quality products at lower prices than national brands.
3. Cook at Home
Cooking at home is generally cheaper than eating out. Even if you’re not a culinary whiz, there are plenty of simple and delicious meals you can make with minimal effort.
Learn basic cooking skills: Mastering a few basic techniques like sautéing, grilling, and roasting can go a long way.
Make your own sauces and dressings: These can be expensive to buy pre-made.
Batch cook: Prepare large quantities of meals on the weekend and freeze them for later.
4. Reduce Food Waste
Food waste is a major problem in Nigeria, and it can also be a drain on your budget.
Store food properly: Follow storage guidelines to keep food fresh for longer.
Use leftovers creatively: Turn leftovers into new meals.
Compost food scraps: Composting can help reduce your waste and improve your garden.
5. Grow Your Own Food
Even if you have a small space, you can grow your own herbs, vegetables, or fruits. Homegrown produce is not only cheaper but also fresher and more nutritious.
Start small: Begin with easy-to-grow plants like tomatoes, peppers, or basil.
Use containers: If you don’t have a garden, you can grow plants in pots or containers.
6. Find Free or Low-Cost Resources
There are many organizations and initiatives in Nigeria that provide food assistance or resources for people in need.
Check with your local government: Many local governments offer food banks or meal programs.
Contact non-profit organizations: There are numerous non-profit organizations that provide food aid.
Remember, managing your food budget doesn’t mean you have to sacrifice quality or variety. With a little planning and creativity, you can enjoy healthy, delicious meals without breaking the bank.
Nigerian firms benefited from the more than $3.5 billion in investment deals inked during the Indonesia-Africa Forum 2024 in Bali, Indonesia.
According to a statement issued by the Indonesian Ministry of Foreign Affairs’ Directorate General of Asian, Pacific, and African Affairs, 32 business partnerships worth more than $3.5 billion were signed at the IAF, which took place from September 1-3. The Nigerian delegation was led by Mohammed Idris, Minister of Information and National Orientation, who represented President Bola Tinubu.
Small and medium-sized businesses in Indonesia and African corporations, notably Nigerian firms, signed 16 agreements in industries such as mining, agriculture, renewable energy, and healthcare. According to the statement, leaders from various African countries, including Liberia, Rwanda, Ghana, Eswatini, and Zimbabwe, were in attendance.
Ishmael Balogun, President of the Nigerian-Indonesian Chamber of Commerce and Industry, led the Nigerian business delegation as companies signed memoranda of understanding.
One of the highlights of the forum was the participation of top Nigerian business leaders, including the CEO of Sahara Energy Singapore PTE Ltd, Yomi Benson, who delivered the keynote address, showcasing the growth of Sahara Group in commodities trading, power, and renewable energy.
Also, the Chief Financial Officer of Signature Global Real Estate, Abdulazeez Salawudeen, presented opportunities in Dubai’s real estate sector, while the CEO of AfroKana Ltd, Felix Ezejiogu, shared his entrepreneurial journey, running one of the top African restaurants in Bali.
On the sidelines of the IAF, the 3rd edition of the Indonesian Investment and Trade Forum brought together Nigerian companies to continue exploring opportunities for collaboration in logistics, energy, and other sectors, the statement read.
Nigerian CEOs, including Oluwaseun Ayoade of Seune Integrated Concepts Ltd, a logistics solutions provider, and Timothy Simon of South Africa’s Vutomi Energy, who discussed Africa’s energy solutions, made presentations at the NIITF.
Oil prices decreased as demand worries trumped supply risk in the global commodities market. In its most recent prediction, the Organization of Petroleum Exporting Countries (OPEC) remains optimistic about global demand growth.
Meanwhile, supply fears have subsided in Libya, but demand expectations in China remain bleak, despite efforts to bolster the economy. According to the most recent data, US crude oil stockpiles have decreased, implying that the US demand outlook has weakened in the wake of the Fed rate drop.
Brent crude fell 2.5% to $71.19 a barrel early Thursday. The US benchmark West Texas Intermediate (WTI) slid 2.5 percent to $67.88 a barrel.
The UN Support Mission in Libya announced Wednesday that Libya’s House of Representatives and the High Council of State in Tripoli reached an agreement to appoint the head and deputy of the Central Bank.
The eastern-based Libyan government, headed by Osama Hammad, had declared ‘force majeure’ in all oil fields, ports, and institutions and the suspension of oil production and exports due to disagreements over the management of the Central Bank in August.
The expectation that oil production will return to normal levels with the stabilization of the country puts downward pressure on oil prices. Meanwhile, the concern that the stimulus plan announced in China will not be enough to stir economic movement continues to impact oil price decline. Analysts worry that weak crude oil demand in the world’s largest oil-importing country will lower global demand.
Experts say the People’s Bank of China (PBoC) needs to announce a more concrete fiscal approach to support economic growth in the nation. Meanwhile, the fall in US commercial crude oil reserves limited downward price movements by reflecting market perceptions of a stronger domestic demand.
Data from the US Energy Information Administration (EIA) released late Wednesday showed a significant drop in US crude oil inventories.
US commercial crude stocks fell by around 4.5 million barrels to 413 million barrels for the week ending Sept. 20, higher than the market prediction of about 1.3 million barrels. OPEC expects global oil consumption to increase to 112.3 mbls/d in 2029 and further to 120.1 mbls/d by 2050 compared to 102.2 mbls/d in 2023.
The demand growth slows down post-2030; however, the organisation does not expect the peak of oil demand in the foreseeable future even as investments in alternate fuels have increased. On the other hand, OPEC sees US crude oil supply peaking by 2030 and declining gradually later on as shale oil production falls.
Olubunmi Tunji-Ojo, the Minister of Interior, had on Wednesday, commanded a thorough investigation within the Nigerian Correctional Service, into allegations of bribery.
While the minister did not specify any particular case, a voice note shared by Martins Otse, also known as VeryDarkMan, in which Idris Okuneye, popularly known as Bobrisky, claimed that after his conviction and sentencing for abuse of the naira notes in April, his godfather, in collaboration with the Controller General of the Nigerian Correctional Service, arranged for him to serve his six-month sentence in a private apartment, preceded his directive.
Meanwhile, human rights lawyer Femi Falana (SAN) refuted any connection to Bobrisky and has given VeryDarkMan a 24-hour deadline to withdraw his statement associating him with Bobrisky.
“We wish to state, without any fear of contradiction, that our client (Falana) has never, in his life, spoken to Brobrisky on his alleged pardon or on any matter whatsoever,” Falana’s lawyer stated in their letter to VeryDarkMan demanding a retraction and an apology.
In a voice note played online by VeryDarkMan, a voice, believed to be Bobrisky’s, was heard saying: “There’s jealousy involved. When I got to court, I admitted guilt, hoping for either a fine or community service. However, the court sentenced me. On my way to prison, my godfather called and assured me I wouldn’t enter prison. He told me not to worry and said he would arrange an apartment near the prison and speak to the Comptroller General of Prisons in Abuja.
“After they spoke, I was taken to an apartment where I was told not to come out until I finished my sentence. They informed the person at the apartment that their boss instructed them to keep me there and not let me leave. The person said he’d collect N10m, so I had to call Elele again. Elele gave me N2m because there was no one else to call.”
Bobrisky, in the same viral voice note allegedly claimed to have paid a N15 million bribe to officials of the Economic and Financial Crimes Commission (EFCC) to have money laundering charges against him dropped, leaving only the charges of naira abuse, for which he was convicted and sentenced.
Additionally, he purportedly mentioned that he had been contacted by the rap musician Falz and his human rights lawyer father, Femi Falana, who proposed to assist him in seeking a Federal Government pardon for a fee of N10 million.
In response to the ongoing controversy, the Interior Minister ordered an immediate investigation through a statement issued on Wednesday by his media aide, Alao Babatunde, emphasizing that no form of indiscipline would be tolerated under his leadership.
“The Minister of Interior has directed an unconditional and comprehensive investigation into the allegations of bribery and corruption within the Nigerian Correctional Service.
“Tunji-Ojo unequivocally condemned the alleged reprehensible behaviour, emphasising that any form of indiscipline, unprofessionalism, or corruption will be met with zero tolerance and severe consequences within the paramilitary services under the ministry’s purview.
“The ministry will not tolerate any compromise on its core values of integrity, transparency, and accountability. We will leave no stone unturned in rooting out corruption and ensuring that those found culpable face the full wrath of the law,” Alao said in the statement.
He added that the Permanent Secretary of the ministry, Magdalene Ajani, would head the team investigating the allegations.
He said, “The minister has called for a special investigative team, headed by the Permanent Secretary of the Ministry of Interior, Dr. Magdalene Ajani, to probe these allegations and submit a comprehensive report.
“The minister reassures the public that the investigation will be rigorous, transparent, and impartial, and that appropriate disciplinary actions will be taken against any personnel found guilty.”
Meanwhile, Falana has written a pre-action letter to VeryDarkMan, who disseminated the vote note, demanding a retraction of the alleged defamatory statement against him.
In a letter, written on his behalf by Taiwo Olawanle of Falana and Falana Chambers, the SAN gave the social media influencer 24 hours to retract the statement and tender an apology or he would face legal action.
The letter read partly: “We are counsel for Mr Femi Falana SAN (hereinafter referred to as “our client”), on whose behalf we write this letter regarding your publication and dissemination of defamatory statements against him.
“Your publication of September 25, 2024, on your Instagram page captioned ‘In everything and everyone that is mentioned here, I will be disappointed if truly FALZ and his father are involved in this whole Bobrisky issue…’ refers.
“In publishing the statement on several online platforms, you informed your large viewership that Mr. Femi Falana ‘spoke to Bobrisky in order to divert justice’.
“Your publication contained multiple allegations and that you did not expect Mr Femi Falana, who was a lawyer to the late Fela Anikulapo Kuti, whom everyone respects, to ‘engage in something like this?’.
“Your publication further alleged that Mr Femi Falana SAN wanted to get a presidential pardon for Bobrisky for the sum of N10,000,000.00.
“As if that was not enough, you proceeded to state as follows: ‘I don’t even believe that Femi Falana would bring himself down to this level, the whole Femi Falana would engage himself with something like this’… ‘The man started the pardon and he said he wanted to send it to the Minister of Justice in Abuja, who will send it to the President to approve it but you know Nigeria with corruption.’
“’Femi FALANA collected N10,000,000 in order to wipe his name off record. These are people I respected. These are people I look up to…it is obvious that Nigeria will not go anywhere soon.’”
The letter said the social media post by VeryDarkMan portrayed Falana in a bad light as “the direct meaning of the imputation, and/or innuendo contained in the false, misleading and defamatory statements is that: Mr Femi Falana is deceitful and that his motivation for fighting against injustice and corruption in Nigeria and entire Africa is a ruse.
“Mr Femi Falana spoke to Bobrisky to divert justice (sic) with a view to perverting justice for financial gains and material benefits.
“Mr. Femi Falana solicited a brief from Bobrisky and thereby contravened the Legal Practitioner Rules of Professional Conduct.
“Mr Femi Falana has participated in a device that constitutes subterfuge in concert with others who you also characterised as corrupt.”
“Mr Falana’s fight against injustice is inconsistent with his publicly acclaimed and validated record of competence, honesty and integrity.”
“Mr Falana, who is a Senior Advocate of Nigeria, has engaged in conduct that is incompatible with his professional role and duty as a legal practitioner in Nigeria.”
VeryDarkMan’s publication was described by the chamber as “a vicious, wicked and reckless ploy to impugn the reputation of our client and lower him in the estimation of right-thinking members of the public.”
It said while the social media influencer had the fundamental right to freedom of expression guaranteed by the Nigerian Constitution, “you are duty bound to ensure that what you publish and disseminate is credible and factual in every material particular. In other words, you have no right under the law to damage the reputation of any citizen by spreading baseless allegations based on sheer falsehood.”
The lawyers, therefore, “demand immediate retraction of the offensive and derogatory publication as well as an apology prominently published in all the platforms to which you have disseminated it without any justification whatsoever.”
“Be advised that if we do not receive your formal retraction and apology as demanded within 24 hours of the receipt hereof, we shall proceed with our client’s instructions to seek appropriate legal remedies, including monetary damages, against you for your incendiary publication and dissemination of defamatory statements,” they said.
New charges have been filed against the former governor of Kogi State, Yahaya Bello, by the Economic and Financial Crimes Commission (EFCC), accusing him of involvement in a N110 billion fraud.
Previously, the EFCC had charged the former governor, along with his nephew Ali Bello, Dauda Suliman, and Abdulsalam Hudu, with 19 counts of money laundering offenses totaling N80,246,470,088.88.
In the new 16 charges dated September 25, obtained on Wednesday, the total amount for the same money laundering offenses has increased to N110,446,470,089.00. Bello, Umar Oricha, and Abdulsalami Hudu are listed as the first to third defendants.
He, alongside other defendants, was alleged to have bought a total of 12 houses in various locations in Abuja with the money.
The trio were alleged to have committed criminal breach of trust in respect of the total sum of N110, 446, 470, 089.00 entrusted to them.
Also, the EFCC said Bello, Oricha and Hudu in 2023, in Abuja, while having dominion over the state’s treasury, dishonestly used the total sum of N950,000,000.00 for the acquisition of a property known as No: 35 Danube Street, Maitama District, Abuja.
The offence, the EFCC said, was contrary to Section 311 of Penal Code Law Cap.89 Laws of Northern Nigeria, 1963 and Punishable under Section 312 of the same Law.
The commission added, “That Bello, Oricha and Hudu sometime in 2021, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N100,000,000.00 for the acquisition of a property known as No: 1160 Cadastral Zone C03, Gwarimpa II District, Abuja.”
The anti-graft agency, additionally alleged that while having access to the state treasury, the defendants dishonestly used N920,000,000.00 to acquire a property at No. 2 Justice Chukwudifu Oputa Street, Asokoro, Abuja.
The EFCC claims the defendants acquired other properties while managing the state treasury, including a property at Block D, Manzini Street, Wuse Zone 4, Abuja, purchased for N170,000,000.00 in 2022; a N100 million property at No. 1773 Guzape District, Abuja, in 2018; and a N550 million property at No. 2934A Cadastral Zone A06, also known as No. 1 Ikogosi Spring Close, Maitama District, Abuja, in 2020, among others.
The EFCC also reported that in 2021, the defendants dishonestly transferred $570,330.00 and $556,265.00 to account No. 4266644272, held at TD Bank in the United States.
“That Bello, sometime between 2017 and 2018, in Abuja, within the jurisdiction of this Honorable Court, had under your control the total sum of N677 848,000 unlawfully obtained from Bespoque Business Solution Limited,” the charge sheet added.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1705.00 per $1 on Thursday, September 26, 2024. Naira traded as high as 1660.00 to the dollar at the investors and exporters (I&E) window on Tuesday.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1690 and sell at N1705 on Wednesday 25th September 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1690
Selling Rate
N1705
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1659
Selling Rate
N1660
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
How Government Interventions Could Reduce Dangote Petrol Prices Below ₦600/Litre – Refiners
Experts in the petroleum industry has suggested that with effective government intervention, petrol from the Dangote Refinery could be sold for less than ₦600 per litre.
The Crude Oil Refiners Association of Nigeria (CORAN) expressed optimism that local refineries, including Dangote’s, could reduce fuel costs if proper measures are put in place.
The Publicity Secretary of CORAN, Eche Idoko, shared with Sunday PUNCH that the ₦898 per litre price quoted by the Nigerian National Petroleum Company (NNPC) for petrol purchased from Dangote’s refinery was a result of the high exchange rate.
However, Idoko stated that with the exchange rate capped at ₦1,000 to the dollar for locally-produced petroleum, the price could fall to ₦550 per litre.
Idoko clarified that the petrol currently being sold by Dangote was refined from crude purchased in June, with 60% of it supplied by NNPC and the remainder imported by Dangote at international prices.
“If you remember, we did say that if we begin to refine locally and there is a naira sale, the price of PMS will drop. We still stand strongly by that position. This particular batch of product that is being sold by Dangote, the crude was purchased in June at the international price.
“NNPC supplied 60 per cent of that crude and the remaining percentage was imported by Dangote at the international price. Now, when they refine that product, they have to sell at the international price because they are a business, they have to make money,” Idoko said.
On Wednesday, the House of Representatives resumed discussion of the Federal Capital Territory (FCT) 2024 Supplementary Appropriation Bill, which totals N419.8 billion. Rep. Julius Ihonvbere (APC-Edo), the Majority Leader, submitted the bill in response to President Bola Tinubu’s request in Abuja.
Presenting the bill, Ihonvbere stated that of the N419.8 billion, N38.06 billion is for overhead costs and N381 billion is for capital expenditure. He asked lawmakers to adopt the bill so that the FCT can function effectively.
In his remarks, Speaker Tajudeen Abbas submitted the bill to the House Committee on FCT for further legislative action. Members of the FCT committee decided to offer an accelerated hearing to budget.
The Chairman of the Committee, Rep. Aliyu Betara (APC-Borno) said that the committee will lay a report on the bill before the house for further consideration and adoption.
The Federal Government has approved an increase in corps members’ monthly payment to N77,000, effective July 2024. Caroline Embu, NYSC’s Acting Director of Information and Public Relations, confirmed this in a statement late Wednesday.
According to the News Agency, before the hike, corps members received a monthly payment of N33,000. According to Embu, the rise is consistent with the implementation of the National Minimum Wage (Amendment) Act 2024.
“This is contained in a letter from the National Salaries, Incomes and Wages Commission, dated Sept. 25 and signed by the Chairman, Mr Ekpo Nta.
“Prior to this, the Director-General, National Youth Service Corps (NYSC) Brig.-Gen. Yusha’u Ahmed, had paid an advocacy visit to the chairman in which he solicited for a robust welfare package for corps members.”
Embu said that the NYSC director-general was thankful to the Federal Government for the gesture which he described as timely.
She added that he was optimistic that it would not only bring much needed succour to the corps members, but also boost their morale and motivate them to do more on their service to the nation.
Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), stated that the lifting of petroleum products from the Dangote Refinery will help alleviate foreign exchange demand pressures. Speaking on Tuesday in Abuja while presenting a communiqué from the apex bank’s 297th Monetary Policy Committee meeting, Cardoso added that this measure would also reduce transportation costs, thereby easing food prices.
“The committee expressed optimism that the lifting of refined petroleum products from Dangote refinery will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term.
This is also expected to moderate foreign exchange demand for importation of refined petroleum products, with a positive spill over on external reserve and improvement in the overall balance of payment position,” he said.
Cardoso also said that an assessment of the performance of Nigeria’s financial institutions indicated that they were stable.
“This is also expected to reduce foreign exchange demand for importing refined petroleum products, positively impacting external reserves and improving the overall balance of payments position,” he stated.
Cardoso also noted that an assessment of Nigeria’s financial institutions showed they were stable.
“Members assessed the performance of key financial soundness indicators and noted with satisfaction that inspite of familiar headwinds, the banking industry remains safe, sound, and stable.
“The Committee, however, emphasised the need to sustain supervisory oversight on the industry to strengthen its continued support to the economy,” he said.
Cardoso regarding food inflation, noted that the primary risks included flooding, rising energy prices, petrol scarcity, and, most importantly, insecurity in farming communities.
Given the significant weight of food in the Consumer Price Index (CPI) basket, He highlighted that the MPC identified the Federal Government’s efforts to address insecurity in farming communities.
He stressed the need to remain steadfast. ”In addition, the MPC applauded the ongoing effort of the Federal Government to bridge the food supply deficit through the duty-free import window for food commodities,” he mentioned.
Due to an outflow from the Federal Government of Nigeria (FGN) bond auction, which reduced liquidity in the financial system, interbank rates in the money market showed mixed movements . The market reacted to a 50 basis point interest rate hike, expected to increase the rate at the apex bank’s standing lending facility.
A total of N264.53 billion was debited from the financial system, representing investors’ payments for FGN bonds sold by the Debt Management Office. On Monday, the debt office conducted a primary market auction, offering N150 billion worth of government borrowing instruments to market participants.
The auction was oversubscribed, driven by investor expectations of rate adjustments, disinflation, and a slowdown in bond supply. Consequently, the total outflow increased the negative balance in the financial market to N710.9 billion from N188.14 billion on Tuesday, according to Futureview Financial Limited.
Opening system liquidity declined due to the debits for the FGN bond auction, resulting in mixed interbank rates. The Open Repo Rate (OPR) decreased by 5 basis points to 20.28%, while the Overnight Rate (ON) increased by 7 basis points to 20.95%, as confirmed by data from the FMDQ platform.
Analysts told MarketForces Africa that the adjustment to the monetary policy rate will have widespread market impacts, noting that banks with strong cash profiles will seek or request higher rates from net borrower lenders.
According to Cowry Asset Limited, the Nigerian interbank offered rate (NIBOR), increased across all maturities, indicating system illiquidity.
Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has announced a game-changing partnership with the Nigeria Interbank Settlement System (NIBSS) that will make your payment transactions smoother and faster than ever before. Buckle up, because your payment experience is about to level up big time!
So what’s the scoop? The Central Bank of Nigeria (CBN) has just dropped a new directive, making it mandatory for all Point of Sale (POS) transactions to go through a Payment Terminal Service Aggregator (PTSA). And so, Interswitch is partnering with NIBSS to serve as its primary PTSA partner. This partnership goes beyond meeting regulatory requirements. it is about setting new standards for payment excellence.
The CBN’s directive is all about ramping up the monitoring of digital transactions across Nigeria. It’s designed to make sure your transactions are secure, reliable, and most importantly, super smooth and efficient, setting the stage for a stronger and more robust digital payment landscape.
What’s in it for you, the awesome merchants and agents? First off, get ready for more seamless and secure POS transactions. With both Interswitch and NIBSS bringing their A-game and leveraging their robust infrastructures, you can look forward to major boosts in connection speed, system reliability, and overall transaction success. Say goodbye to payment delays and hello to a faster, smoother experience.
But that’s not all! This partnership will also drive innovation at lightning speed! Interswitch is rolling out cutting-edge solutions for terminal re-certification and ensuring optimal transaction processing uptime, so your transactions are up and running 24/7 without a hitch.
And here’s the icing on the cake: customers can enjoy a hassle-free payment experience with no service disruptions. Interswitch is committed to making this transition as smooth as possible, with ongoing pilots and rigorous testing in place to ensure everything runs perfectly. Get ready for an upgraded payment experience that makes every transaction effortless and seamless.
The collaboration between Interswitch and NIBSS signals a major leap forward for digital payments in Nigeria. With their combined strength, the payment ecosystem is set to become more robust, efficient, and secure. As both companies continue to innovate and raise the bar, merchants and consumers alike can look forward to a smoother, more reliable payment experience that drives the future of digital transactions in the country.
Equities investors made a gain of around N241 billion on the Nigerian Exchange (NGX) due to continuous purchasing interest in stocks with upside potential.
The market trend pushed key performance indicators higher by 42 basis points, or 0.42 percent. Investors continue to buy stocks with potential upside, even as they anticipate yield repricing in the fixed income market following the rate hike.
According to trading statistics from the local exchange, the market index, or All-Share Index, rose 418.83 basis points today, or 0.42%, to close at 98,987.42.
The market rallied for four straight days, fueled by investor demand for some medium and large-cap stocks. Investors’ wealth increased by around ₦539 billion in four days.
However, market activities were mixed, as the total volume traded for the day dropped by 20.93%, while the total value traded rose by 6.75%. In a note, Atlass Portfolios Limited said approximately 603.30 million units valued at ₦12,575.46 million were transacted across 9,723 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 20.19% of the total volume of traded. Other volume drivers include FBNH (18.04%), TRANSCORP (13.69%), UBA (6.95%), and MANSARD (4.09%) – marking top 5 on the volume chart.
FBNH emerged as the most traded stock in value terms, with 27.49% of the total value of trades on the exchange. FLOURMILL and SEPLAT topped the advancers’ chart with a price appreciation of 10.00 percent each.
Other gainers include ELLAHLAKES (+9.97%) HONYFLOUR (+9.87%), ABCTRANS (+9.57%), DEAPCAP (+9.52%), REGALINS (+9.43%) and twenty-four others.
Twenty-four stocks depreciated, according to data from the NGX. MULTIVERSE was the top loser, with a price depreciation of -9.90%. Other loser include CAVERTON (-9.86%), FBNH (-6.45%), FIDELITYBK (-6.40%), JAPAULGOLD (-5.38%), and CHAMPION (-2.81%).
Today, market breadth closed positive, recording 31 gainers and 24 losers. Also, the market sector performance was positive, as three of the five major market sectors inched higher.
The oil and gas sector grew by +3.27%, followed by the consumer goods sector, up by +0.50%, and the industrial sector surged by +0.03%.
The banking and insurance sectors declined by 0.70% and 0.35%, respectively. Overall, the Nigerian Exchange market cap increased by ₦240.67 million, representing a growth of 0.42%, settling at ₦56.88 trillion.
The naira slid 54 basis points to N1,667 per US dollar midweek as the foreign currency (FX) market turmoil worsened. Despite high foreign exchange inflows into external reserves, the local currency’s value declined.
Despite increased external reserves, the Central Bank of Nigeria (CBN) has kept the market wondering about its next FX market intervention, which affects both official and informal currency segments.
Nigeria’s external reserves increased to $37.708 billion this week, up from $37.471 billion the previous Friday, according to Central Bank figures. The inflow of US dollars into Nigeria’s economy has been robust, but it has often been accompanied by rising demand for foreign payments due to the central bank’s refusal to protect the naira.
Despite the resumption of retail Dutch FX auctions early in August, the CBN has refused to conduct another auction sale 47 days later. Analysts said the authority may continue to keep the market guessing about the next move to boost FX liquidity in the currency market.
The Apex Bank recently sold US dollars to authorised dealer banks to raise the forex market liquidity balance, its first reaction to the wobbling exchange rate after $900 million in domestic US dollar bonds.
On Wednesday, the FX market was heated up by increased demand for foreign currencies, notably, US dollar, which has become dominant in import payments. According to FX spot data from the FMDQ, the exchange rate worsened by 0.54%, with the naira closing at ₦1,667.42 per US dollar at the official market.
In the parallel market, the naira fell from N1,660 to close the trading session at ₦1,675 to the US dollar as demand for invisible FX payments continues to increase. Elsewhere, oil prices experienced a decline of over 1% as investors re-evaluated whether China’s recent stimulus measures would effectively boost its economy and increase fuel demand as the largest importer of crude in the global commodities market.
At the time of reporting, Brent prices dropped by 2.26% to $73.49, while WTI prices rose by 2.56% to $69.71. Conversely, gold surged to a new high due to expectations of another substantial interest rate cut by the U.S. Federal Reserve. Currently, gold is showing an increase of 0.81% at $2,677.60 per ounce.
In the bustling rhythm of modern life, sleep often takes a backseat, relegated to a mere afterthought. Yet, the restorative power of slumber is undeniable. Sleep is not merely a passive state; it is a complex biological process that rejuvenates our bodies and minds. And when it comes to sleep, early to bed often means early to rise, a practice that has been lauded for its numerous advantages.
1. Enhanced Cognitive Function
One of the most compelling reasons to prioritize early sleep is its profound impact on cognitive function. During sleep, the brain consolidates memories, processes information, and enhances problem-solving abilities. Studies have consistently shown that individuals who get adequate sleep perform better on tasks requiring attention, concentration, and critical thinking.
2. Boosted Mood and Emotional Well-being
Sleep plays a crucial role in regulating our emotions. Insufficient sleep has been linked to increased irritability, anxiety, and even depression. Early sleep allows the brain to process and manage emotional experiences, promoting a more balanced and positive outlook on life.
3. Improved Physical Health
Beyond mental well-being, early sleep is essential for maintaining optimal physical health. During sleep, the body repairs tissues, strengthens the immune system, and regulates hormones. Adequate rest is vital for preventing chronic diseases such as heart disease, diabetes, and obesity.
4. Increased Energy and Productivity
Contrary to popular belief, early sleep does not lead to fatigue. In fact, it can provide a significant boost of energy throughout the day. When you get enough rest, your body is better equipped to handle the demands of daily life, leading to increased productivity and focus.
5. Stronger Immune System
Sleep is a critical component of a robust immune system. During rest, the body produces specialized cells that help fight off infections. By prioritizing early sleep, you can bolster your natural defenses and reduce your susceptibility to illness.
6. Weight Management
Sleep deprivation can disrupt hormonal balance, leading to increased appetite and cravings for unhealthy foods. Early sleep helps regulate hormones that control hunger and satiety, making it easier to maintain a healthy weight.
7. Enhanced Creativity
Sleep is often associated with creativity. During rest, the mind wanders freely, making connections and generating new ideas. Early sleep can provide the mental space needed for inspiration and innovation.
Medical Evidence Supports the Benefits of Early Sleep
Numerous scientific studies have confirmed the advantages of early sleep. For example, a study published in the journal Sleep found that individuals who went to bed before 10 p.m. had a lower risk of developing heart disease compared to those who stayed up past midnight. Another study revealed that early sleepers were more likely to have a positive mood and better overall well-being.
Tips for Establishing an Early Sleep Routine
Create a relaxing bedtime routine: Engage in calming activities such as reading, taking a warm bath, or practicing meditation before bed.
Limit screen time: The blue light emitted by electronic devices can interfere with sleep. Avoid using screens for at least an hour before bed.
Create a sleep-conducive environment: Ensure your bedroom is dark, quiet, and cool.
Avoid heavy meals before bed: Eating a large meal close to bedtime can disrupt sleep.
Manage stress: Practice stress-reduction techniques such as deep breathing or yoga to improve sleep quality.
Conclusion
Early sleep is a powerful tool for enhancing both physical and mental health. By prioritizing rest, you can improve your cognitive function, boost your mood, strengthen your immune system, and increase your overall well-being. So, make sleep a priority in your life and reap the rewards of a well-rested mind and body.
The yield on Nigerian Treasury bills surged dramatically as the market reacted to the central bank’s monetary policy rate hike, which was part of measures to anchor the country’s double-digit headline inflation rate.
In the secondary market, fixed interest securities investors sold their Treasury Bill holdings, signaling a shift in sentiment from the previous day’s market surge. While the real return on investment has improved, the market reacted with a rapid profit-taking attitude during the Central Bank of Nigeria’s (CBN) primary auction on Wednesday.
The market negative interest yield fell to 4.9% after the CBN increased the benchmark interest rate to 27.25% to anchor inflation, which decelerated to 33.15% in August. The apex offered investors N127 billion worth of Nigerian Treasury bills at its main market auction on Wednesday.
In the past auction sales, the CBN slashed rates across standard tenor as inflation moderated. Trading activities were relatively low as participants shifted their focus to the primary market auction. However, the market sentiment was bearish, with yields rising strongly, up by 108 basis points, with sell pressure seen across the short, belly, and long ends of the curve.
As a result, the average mid-rate across the benchmark NTB papers increased by 108 bps to settle at 21.8%. “We expect the NTB auction result to influence market direction on Thursday,” fixed income traders said. In its market update, Cordros Capital Limited stated that across the curve, the average yield advanced at the short (+137bps), mid (+94bps), and long (+99bps) segments.
The yield expansion seen across these curves in the secondary was due to sell pressures on the 78-day to maturity, with 491bps yield surge. Investors selling pressure at the belly of the curve nudged the yield on 134-day to maturity upward by +180bps.
At the long end of the curve, investors sell activities on the 211-day to maturity Treasury bill, which pushed its yield higher by +165 bps. Conversely, the average yield dipped by 2 bps to 23.6% in the OMO bills segment, traders said in a note.
Detty December is more than just a month; it’s a cultural phenomenon in Nigeria. It’s a time for celebration, indulgence, and unforgettable experiences. If you’re planning to make this December your best yet, it’s time to start planning. Here’s a guide to help you create a truly detty December.
Before you dive into the festivities, it’s crucial to set a realistic budget. Consider your income, expenses, and savings. Decide how much you’re comfortable spending on gifts, outings, and parties. This will help you avoid overspending and enjoy the festivities without financial stress.
2. Plan Your Outfits
Detty December is all about looking your best. Start planning your outfits early. Check out the latest trends, and decide on your preferred style. Consider the events you’ll be attending, and choose outfits that are appropriate and comfortable.
3. Explore Party Venues
Detty December is synonymous with parties. Research popular party venues in your city. Look for venues with good music, a lively atmosphere, and affordable drinks. Consider factors like location, transportation, and security when making your choices.
4. Make a Travel Plan
If you’re planning a vacation during Detty December, start planning early. Research popular destinations, book flights and accommodations, and plan your itinerary. Consider factors like budget, interests, and travel time when making your decisions.
5. Plan Your Social Gatherings
Detty December is a time to connect with friends and family. Plan social gatherings, such as house parties, dinners, or game nights. Make a list of people you want to see, and invite them well in advance.
6. Consider Charitable Giving
While Detty December is about celebration, it’s also a time to give back to the community. Consider donating to a charity or volunteering your time. This can be a meaningful way to contribute to the festive spirit.
7. Stay Safe and Healthy
With all the excitement of Detty December, it’s easy to forget about your health and safety. Make sure to eat healthy, get enough sleep, and stay hydrated. Avoid excessive alcohol consumption and practice safe driving.
8. Embrace the Spirit of Detty December
Most importantly, embrace the spirit of Detty December. Have fun, make memories, and enjoy every moment. Let the festive atmosphere fill your heart with joy and excitement.
Remember, Detty December is about creating unforgettable experiences. By planning ahead and following these tips, you can ensure that this year’s festivities are truly detty and unforgettable.
The Central Bank of Nigeria (CBN) has decided to provide discounted US dollar sales to Bureau de Change (BDC) operators as the exchange rate fluctuates. In the official FX market, the naira fell to N1667.42, with the exchange rate settling at N1675 per US dollar.
Both rates have already reached the central bank’s “fear index,” at which point the authority reacts with market innovation and keeps its cool in the currency markets at rates lower than these.
In a statement, the apex claimed it had permitted 20,000 US dollar sales to Bureau de Change (BDC) operators in the informal currency market at a cost of N1590, which was N77.42 at the official exchange rate on Wednesday.
In the parallel market, the naira dropped from N1,660 to close trading session at N1,675 to the US dollar as demand for invisible FX payments continues to increase.
After keeping the market participant guessing about its next move, the CBN move to boost FX liquidity to meet retail market demand for eligible invisible transaction in the parallel market.
“This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market.
“To this end, the CBN has approved the sale of US$20,000.00 to each eligible Bureau de Change operator at the rate of N1,590. This is to meet the demand for invisible transactions,” the apex bank said in a statement.
According to the statement, all BDCs are allowed to sell to eligible end-users at a margin of not more than one percent (1%) above the purchase rate from CBN.
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