ASSETS & FINANCIALS

Assets and Financial is MMS Plus featured news items on the capital and money market. It takes you into the financial and stock world, with company performance measurement

Experts blame insecurity, low production, forex as inflation hits 18.17%

Inflation, Devaluation Eroding N30,000 Minimum Wage, TUC, Others Lament

Nigeria’s rate of inflation, which has maintained a continuous increase for more than a year, rose again in March, hitting a high of 18.17 per cent, according to data released on Thursday by the National Bureau of Statistics. A number …

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SEC, CBN in talks on crypto market regulation

Bitcoin loses market share

The Securities and Exchange Commission has said it is in discussion with the Central Bank of Nigeria on how to better understand and regulate the cryptocurrency market in the country. SEC said on Thursday that it would continue to engage …

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FX scarcity cripples local airlines, spike airfares

Naira weakens to 532/dollar despite rising forex reserves

‘Airlines should interline, codeshare to survive’  The foreign exchange (FX) liquidity crisis is eating deeper into the daily operations of the local airlines, causing airlines’ capacity to dwindle and hitting up airfares. Media yesterday, learned that operators in the aviation …

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Senate alleges N7.6bn secret withdrawal, summons Ahmed, AG

Mambilla: FG directs NSIA to source $200m judgment debt for Chinese firm

The Senate Public Accounts Committee on Tuesday summoned the Minister of Finance, Zainab Ahmed, and the Accountant General of the Federation, Ahmed Idris, over an alleged secret withdrawal of N7.5bn from the two per cent National Automotive Design and Development …

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Manufacturing sector intervention fund now N803bn –CBN

BULLS: Happy Birthday Emefiele

Manufacturing sector’s intervention funds disbursed by the Central Bank rose to N803bn as of February. Figures obtained from the CBN reports on the Monetary Policy Committee revealed this on Tuesday. “Under the N1tn manufacturing intervention stimulus, the total of N803.36bn …

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Cryptocurrency market now worth $2tn -Report

Bitcoin loses market share

The cryptocurrency market has grown exponentially in 2021 and is now worth a staggering $2.0 trillion as it increasingly attracts interest from big names on Wall Street. As digital currency exchange Coinbase prepares to list Tuesday in New York, AFP …

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Households, businesses can apply for N50bn COVID-19 loans – CBN

CBN unveils guidelines for payments system firms

The Central Bank of Nigeria has said that households and businesses affected by the COVID-19 can now apply for loans under its N50bn Targeted Credit Facility. It said the stimulus package was to support households and Micro, Small and Medium …

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Fear grips housing market over increase in cement, iron bar prices

Fear grips housing market over increase in cement, iron bar prices

Another increase in prices of cement, iron bar and other building components was made recently, which could become stumbling block for low-cost housing in the country. Media source gathered that the high cost of building materials has affected house affordability …

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Nigerian stocks fall further, investors lose N30bn

Stock market plunges further, investors lose N24bn

The Nigerian stock market fell further last week as the market value of equities fell by N30bn. The Nigerian Stock Exchange All-Share Index and market capitalisation depreciated by 0.13 per cent to close the week at 38,866.39 and N20.33tn respectively. …

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CAC sets three-hour circle for company registration

CAC sets three-hour circle for company registration

The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021. …

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CBN freezes another 194 accounts of firms, BDCs, others

CBN unveils guidelines for payments system firms

The Central Bank of Nigeria on Thursday said it got orders from the Federal High Court, Abuja division, to freeze 194 bank accounts belonging to firms and Bureaux de Change to enable it to conduct investigations into suspicious activities. It …

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CBN freezes 11 bank accounts

CBN engages British fintech to develop digital currency

The Central Bank of Nigeria on Wednesday said it got an order from the Federal High Court, Abuja division, to freeze 11 bank accounts to enable it conduct investigations into suspicious activities. It disclosed this in two documents posted on …

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Skill mismatch worsening unemployment crisis, says LCCI

Inflation, forex scarcity hitting businesses hard, says LCCI

The Lagos Chamber of Commerce and Industry says skill mismatch contributes to persistent worsening of the Nigeria’s unemployment situation, the News Agency of Nigeria reports. LCCI President, Mrs Toki Mabogunje, said this on Tuesday at a news conference organised in …

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NSE resumes from Easter holidays with N78bn loss

Stock market ends five-day rally, investors lose N66bn

The Nigerian stock market resumed after the Easter public holidays on Tuesday with a loss of 0.39 per cent due to persistent bearish trend, the News Agency of Nigeria reports. Specifically, the All-Share Index lost 150.13 points or 0.39 per …

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Shoprite concluding arrangements to exit Nigeria 2021 – CEO

Shoprite concluding arrangements to exit Nigeria 2021 – CEO

South African Company, Shoprite Holdings Limited, has announced that the sale of its Nigerian outlets was being concluded. The company said it would shut down operations in the country by disposing a 100 per cent equity stake in its Nigerian …

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Billionaires list: Dangote, Adenuga, Rabiu’s wealth rises by $5.7bn

Billionaires list: Dangote, Adenuga, Rabiu’s wealth rises by $5.7bn

The combined net worth of three of Nigeria’s richest persons increased by $5.7bn in one year to $22.5bn, according to Forbes’ 2021 World’s Billionaires list. The list, which was released on Tuesday, includes 14 African billionaires, with the President/Chief Executive …

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IMF extends debt relief to 28 low-income countries

Nigeria recorded $85.21bn net foreign liabilities – IMF

The executive board of the International Monetary Fund approved a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust. The IMF said in a statement on its website titled, ‘IMF …

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2,210 workers withdrew N3.18bn from voluntary pension contributions – PenCom

PenCom stop charges on artisans’ savings below N5m

A total of 2,210 workers withdrew N3.18bn from their Retirement Savings Accounts with their respective Pension Fund Administrators in six months after making additional voluntary contributions, the National Pension Commission has said. PenCom said this in its quarterly report, ‘Access …

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External reserves lost $178m in March – CBN

External reserves gain $280m in two weeks

The country’s foreign reserves continued its downward trend, losing $178m in March, figures obtained from the Central Bank of Nigeria revealed on Thursday. The reserves which stood at $34.99bn as of the end of March 1, dropped to $34.82bn as …

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Competition will drive down petrol price – Rainoil boss

Competition will drive down petrol price – Rainoil boss

The Group Managing Director of Rainoil Limited, Dr Gabriel Ogbechie, has said full deregulation of the downstream petroleum sector will increase competition among marketers and this will drive down the pump price of petrol. Ogbechie said full deregulation would bring …

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