Nigeria | - Part 49

Nigeria considers foreign exchange reforms as dollar shortages bite

LAGOS (Capital Markets in Africa) – Nigeria is considering amendments to its foreign exchange laws to curb illegal fund transfers and insider dealing and stop individuals holding hard currency outside the banking system, a draft bill seen by Reuters on Monday showed. But a senior member of the upper house of parliament said the Senate would reject the plans proposed by the Nigerian Law Reform Commission (NLRC), which advises the government. Africa’s largest economy is facing…

Pre-MPC Note: Blunted Policy Tools Call for Rollback of Administrative Measures

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Next week Monday and Tuesday (21st and 22nd November), the Monetary Policy Committee (MPC) of the CBN will be holding its 6th and last meeting in 2017 to review major developments in the global and domestic space in order to make vital policy decisions. Since the last MPC meeting held in September, the global risk landscape and policy outlook have changed dramatically, underlined by the emergence of Donald Trump…

Nigeria Capital Markets Update Week Ending Nov 18 2016

Posted on by The Editorial Team

Equities Market Review and Outlook The bearish trend in the local bourse was unrelenting this week in continuation of last week’s performance as the equities market closed in the red on all trading days owing to negative sentiment towards large cap stocks across sectors. Accordingly, the All Share Index (ASI) fell 2.4% W-o-W to settle at 25,537.54 points whilst YTD return worsened to -10.8%. Market capitalization also contracted N218.1bn to close at N8.8tn. The benchmark…

Nigeria needs billions in new investment to raise oil output, producer says

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria needs at least $14 billion a year in new investment over the next five years to raise oil output to 2.2 million barrels a day (bpd) and even higher spending to lift it to 3 million bpd, the head of a company producing oil in the country said. Ladi Bada, chief executive of Shoreline Natural Resources, a joint venture with oil and gas interests in southern Nigeria, estimated that about $9 billion…

Nigerian Equity Markets | 17 Nov 2016: Equities Extend Bearish Streak to 5th Session …NSE ASI down 0.2%

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Equities market recorded a loss for the 5th consecutive session at the end of trading today as the All Share Index (ASI) pared 0.2% to settle at 25,599.79 points, bringing YTD loss to 10.6%. Sell pressure on NIGERIAN BREWERIES (-0.6%), FORTE (-5.0%), TOTAL (-4.8%) and GUARANTY (-0.7%) dragged market performance as investors lost N18.4bn bringing market capitalization to N8.7tn. Activity stayed mixed as volume traded rose 10.9% to 161.6m…

Nigerian Equity Markets | 16 Nov 2016: Equities Extend Bearish Streak to 5th Session …NSE ASI down 0.2%

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The bearish sentiment in the Nigerian bourse continued as sustained sell-offs in bellwether equities dragged the index down 0.8% to berth at 25,653.14 points (a 25-week low) whilst YTD loss worsened to -10.4%. Bearish sentiment towards NESTLE (-1.8%), GUARANTY (-1.8%), and FORTE (-7.4%) impacted market performance as investors lost N70.2bn in value, bringing market capitalization down to N8.8tn. However, activity level remained mixed as volume traded dipped 23.2% to…

Nigerian Property Crash Attracts Funds Looking Beyond Recession

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A property market crash in Nigeria offers opportunities for brave investors betting that Africa’s most populous nation will deliver high returns when it climbs out of recession. Rents for residential and office property in the commercial capital Lagos have dropped by around 20 percent, year on year, due to a supply glut as projects planned prior to 2014, when oil prices started to fall, are now coming online. Investing…

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