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Forex: Wholesale market, others get $210m CBN boost

The Central Bank of Nigeria (CBN) has sustained its intervention in the inter-bank foreign exchange market by injecting yet another sum of $210,000,000 into various sums of the market on Tuesday, August 14, 2018.

At Tuesdays trading, the Bank offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55,000,000 each for Small and Medium Enterprises (SMEs) forex window and the invisibles sector, for customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others.

Confirming the figures in Abuja, the Acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor said the Bank was pleased at the performance of the naira, noting that the currency had continued to enjoy stability against the Dollar and other major currencies of the world in recent times.

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its resolve to ensure liquidity in the forex market and maintain stability.

He reiterated that the steps taken by the CBN in forex management had resulted in further reduction in the country’s import bills and accretion to its foreign reserves.

It will be recalled that the CBN last Friday, August 10, 2018, intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $327 million in the agricultural and raw materials and CNY 69 million in the spot and short-tenored forwards.

The Naira continued to maintain its strong stand against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Tuesday, August 14, 2018.



Stock Exchange all share index falls by 0.35 per cent

Activities on the floor of the Nigerian Stock Exchange have continued to fall having significant effect across all boards.

The numbers of registered stocks have also fallen as 33 stocks depreciated, with only 13 stocks gaining and 124 stocks maintaining their prices per share at the close of Tuesday’s trading activities. Whereas on Monday, 14 stocks gained, 26 fell while 130 remained unchanged.

Although, the number of shares traded and the number of deals made on Tuesday increased from 160 million shares in 3,120.00 deals to 164 million shares in 3,448.00 deals, the value decreased from 221 billion Naira on Monday, to the valued of 161 on Tuesday

The All Share Index, ASI, also fell from 35,410.61 basis points on Monday to 35,288.23 basis points on Tuesday.

While the market capitalisation fell from N12,928 trillion on Monday, to close on Tuesday at N12,883 basis points.

On the gainers’ list, MUTUAL BENEFITS ASSURANCE PLC led by 0.03 kobo or 10.00 per cent to close at 0.33 kobo per share after opening at 0.30 kobo per share.

CUSTODIAN INVESTMENT PLC followed with a 0.51 kobo or 9.94 per cent gain to close at N5.64 per share while the third position was occupied by LIVESTOCK FEEDS PLC which opened transaction at 0.63 kobo per share and closed at 0.69 kobo per share, gaining 0.06 kobo or 9.52 per cent.

On the losers’ table, ASSOCIATED BUS COMPANY PLC which opened at 0.40 kobo per share to close at 0.36 kobo per share, falling by 0.04 kobo or 10.00 per cent.

While the second position is occupied by UNION DIAGNOSTIC & CLINICAL SERVICES PLC which opened transactions at 0.30 kobo per share, closed on Tuesday at 0.27 kobo per share, falling by 0.03 kobo or 10.00 per cent.

While NORTHERN NIGERIAN FLOUR MILLS PLCfell by 0.70 kobo or 9.72 per cent to close at N6.50 kobo per share after opening at N7.20 kobo per share.



Osinbajo lauds Nigerian girls’ victory at World Technovation Pitch

Nigeria’s Acting President, Prof. Yemi Osinbajo, has congratulated the young Nigerian ladies, who won the 2018 Technovation World Pitch in California, USA.

Osinbajo’s posted this on his Twitter handle @ProfOsinbajo on Friday.

He tweeted: “These young ladies in Junior Secondary School developed a mobile application called ‘FD Detector’ to tackle the problems of fake pharmaceutical products in Nigeria.

“Yesterday, they won the 2018 Technovation World Pitch in California. Congratulations.  We are proud of you.”

The five girls from Regina Pacies Secondary School Onitsha, Anambra State, South East Nigeria, represented Nigeria and Africa, at the World Technovation Challenge in the Silicon Valley in San Francisco, US, and won the contest.

The team, led by Uchenna Onwuamaegbu Ugwu defeated representatives of other countries to win the pitch.

The young ladies from Nigeria also included Promise Nnalue, Jessica Osita, Nwabuaku Ossai, Adaeze Onuigbo and Vivian Okoye.