The Federal Government has proposed to spend a total of N2.26tn on debt servicing in the 2019 fiscal year, this was contained in the detailed budget proposal which was obtained by our correspondent in Abuja. The proposal for debt servicing is more than 25 per cent of the N8.83tn which the Federal Government proposed for…
FMDQ OTC Securities Exchange has launched what it called ‘Dealing Member (Specialists) Market’ for trading in fixed income with banks in the Nigerian debt capital market. It said the market development initiative came on the back of the fragmentation identified in the fixed-income market. According to the FMDQ, the market will provide seamless integration of…
Equities Market At the close of today’s Trading session, the Nigerian equities Bourse declined further by 0.96% as measured by NSE ASI and Market capitalization, as they both closed at 30,771.32 points and N11,474.90tr respectively. Year-to-Date ASI is at a negative of 0.96%. Volume, Value of trades both declined by 21.09% and 27.79%, while No…
President Muhammadu Buhari on Tuesday said the Federal Government would release $700m to states to improve the level of governance and public finance management. He said this at the annual conference of Auditors-General of Nigeria. The conference with theme “Nigeria’s drive towards the achievement of Sustainable Development Goals: The strategic roles of Auditors-General” was attended…
The Federal Government’s collected revenue fell by 38.4 per cent in October, and it recorded a deficit of N66.51bn within same period. The Central Bank of Nigeria revealed this in its ‘Economic Report October 2018’ which was released on Monday. In the report, the apex regulator stated, “Federally-collected revenue (gross) was estimated at N682.06bn in…
In its first intervention in the foreign exchange market for December, the Central Bank of Nigeria (CBN) yesterday injected the sum of $210 million in the inter-bank foreign exchange market. Authorised dealers in the wholesale segment of the market received the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments…
Investors’ net worth on the Nigerian Stock Exchange dropped by N581bn in November, amid ‘sell pressure’ ahead of the 2019 general elections and Yuletide celebrations. Data obtained by the News Agency of Nigeria from the exchange showed that the market capitalisation shed N581bn or 4.90 per cent to close at N11.271trn against N11.852trn achieved in October. Also,…
Nigerian equity market was characterised by weak performances in November, which extended the downtrend on the back of dwindling investor confidence, and mixed economic fundamentals, causing market indices to dip further by N413billion in one month. Analysts linked the poor performance to a combination of weak and mixed third quarter earnings, made worse by dwindling…
Equities Market The Nigerian equities Bourse touched appreciated at today’s trading, as both NSE ASI and market capitalization increased by 0.51% respectively, as they both closed at 32,222.24 points and N11,763.61 tr respectively. Year-to-Date ASI is at a negative of 15.79%. Volume and Value of trades both decreased by 9.84%, and 35.59% to 148.101 and…
ECOMOMY Nigeria, others get AfDB’s $40m infrastructure lifeline: A new lifeline for infrastructure funding has been lined up for Nigeria and the rest of the continent’s economies, under the Africa Infrastructure Investment Fund (AIIF3), with $40 million ready for disbursements. An initiative approved by the African Development Bank (AfDB) and the third in a series…
