TOP DAILY NEWS HEADLINES TODAY: 2ND AUGUST 2021

Shippers Council to review shipping documents
Importers Incur Demurrage As Customs Server Fails

Importers have incurred huge demurrage and storage charges running into several millions of naira as several cargoes are trapped at the Lagos seaports over recurring server failures of the Nigeria Customs Service (NCS). The server failure has led to delay in cargo clearance at the Apapa and Tin-Can Island seaports as licenced agents and importers cannot clear their cargoes from the port, thereby, attracting huge demurrage charges from shipping companies and storage charges from terminal operators. To read more, click HERE

Foreign Investors Exit Takes Toll As Stock Market Decline by N973.2bn in Seven Months

Profit-taking on price appreciation of stocks recorded last year and foreign investors exit Impacted the Nigerian equities market negatively in the first seven months of 2021 as investors lost N973.2billion. Specifically, market capitalisation, which measures the value of all stocks dropped by N973.2billion in seven months to N20.083trillion from N21.057trillion the stock market opened in 2021. To read more, click HERE

FX Teller Points: Banks Comply With CBN’s Directive

Deposit money banks in the country have started sending emails to their customers notifying them of the setting up of foreign currency teller points at their branches in line with the Central Bank of Nigeria’s (CBN) recent directive, findings by New Telegraph show. One of such emails sighted by New Telegraph partly reads: “Please be informed that we now have designated foreign currency teller points at all our branches. This is in line with the Central Bank of Nigeria (CBN)’s directive and commitment to ensure legitimate FX requests are attended to in a prompt, efficient manner. “Kindly visit the FX teller point at the nearest … To read more, click HERE

FIRS, SystemSpecs Partner To Ease Tax Remittances

As part of efforts aimed at further simplifying tax remittances in Nigeria, SystemSpecs has collaborated with the Federal Inland Revenue Service (FIRS) to strengthen tax administration through its Remita Payment Gateway which powers payments on TaxPro-Max, a solution newly introduced for filing tax returns. According to a statement, the Remita Payment Gateway platform for private sector and government payments, has been integrated with the FIRS’s new TaxPro Max e-filling platform to automate tax filing, enable hassle-free registration, ease tax payments as well as provide a single-view of transaction records. To read more, click HERE

Petrol consumption jumps by 340 million litres in one month

Petrol consumption in Nigeria leaped by 340 million litres within a space of one month, figures released by the Nigerian National Petroleum Corporation showed on Sunday. Providing data contained in its March 2021 financial and operations report, the oil firm said 1.75 billion litres of Premium Motor Spirit, popularly called petrol, was consumed in March 2021.  To read more, click HERE

Fear rises over possible conversion of Dollars in domiciliary accounts into Naira

There is palpable concern that the Central Bank of Nigeria could consider converting dollars in domiciliary accounts of banks held on behalf of depositors into naira. This follows the recent ban on the sale of forex to the BDCs by the apex bank over accusations of fraud and arbitrage. Several panelists who spoke on Nairametrics’ OnTheMoney weekly economic and business roundtable discussion on popular app, ClubHouse session held last Saturday, were concerned that the arbitrary nature of CBN pronouncements could one day lead to an annexation of dollar deposits estimated at about $15 billion. To read more, click HERE

FUGAZ stocks investors lose N50.45 billion during the week

The market capitalization of the top five banks, referred to as the Tier-1 banks decreased to N2.46 trillion at the close of business on the 30th of July 2021, as investors in these banks lost N50.45 billion during the trading week. According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks declined to N2.46 trillion, a 2% depreciation during the week. To read more, click HERE

Seven African exchanges inch towards shared trading

Cross-border trading is set for a lift as the African Securities Exchanges Association (ASEA) has signed a contract to roll out an African Exchanges Linkage Project (AELP) link technology platform for routing orders and trade confirmations among stockbrokers on NGX and six exchanges. Seven of Africa’s leading securities exchanges are working together under the AELP to boost pan-African investment flows and bring more liquidity to African markets. Cross border deals are transactions that involve more than one financial jurisdiction or involving many stock markets and national regulatory authorities. To read more, click HERE

NGX, 6 Others To Boost Pan-African Investment With AELP

The Nigerian Exchange Limited and six of Africa’s leading securities exchanges are working together in the African Exchanges Linkage Project (AELP) to boost pan-African investment flows and bring more liquidity to African markets. To this end, cross-border trading from one African securities exchange to another come a step closer after the African Securities Exchanges Association (ASEA) signed a contract to procure an order-routing system. To read more, click HERE

Exchange Rate Stability: Dissecting The Implosion Of BDC

On July 26 and 27, 2021, the CBN’s Monetary Policy Committee (MPC) held its 280th meeting where it held all policy parameters constant, but announced discontinuation of  sale of weekly foreign exchange (FX) to the Bureau De Change (BDC) segment of the money market. To read more, click HERE