Browsing: CBN

NDIC Begins Liquidation of Heritage Bank, to Pay Depositors The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of…

The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect, according to an official statement. 

The Central Bank of Nigeria (CBN) announced on Friday its plan to re-issue N1.56 trillion in treasury bills during the third quarter of 2024, matching the amount set to mature between June and August this year.

The Director-General, Nasarawa State Geographical Information Services (NAGIS), Mr Sonny Agassi, said the agency generated N536 million as revenue between January and April 2024.

Buying interest in Oando Plc, Nestle Nigeria, banking names, and other supporting stocks is pushing the market capitalisation of the Nigerian bourse upward. The latest rally in the stock market has been boosted by dividend payment expectations and overall positive expectations in the Lagos bourse.

Contrary to expectations that FX market intervention would help the exchange rate level around N1,000 per US dollar at the official window as predicted by Goldman Sachs, the naira disappointed, according to data from the FMDQ Securities Exchange for the official daily quote shows.

The average yield on Nigerian Treasury bills rose in the secondary market as portfolio holders adjusted their positions downward. The risk off sentiment culminated from the need for liquidity while inflation continues to damage market returns.The average yield on Nigerian Treasury bills rose in the secondary market as portfolio holders adjusted their positions downward. The risk off sentiment culminated from the need for liquidity while inflation continues to damage market returns.

The naira appreciate by 12.35%  to N1,173.88 at the official market at the close of business on Tuesday but FMDQ left fx spot rate data at N1339 instead, creating confusion for majority of news platforms. However, the platform has corrected after flood of wrong FX spot were reported.

Nigeria’s sovereign Eurobonds experienced positive trading activity in the international market, which caused yield to decline by 7 basis points. Foreign investors logged fresh demand for Nigeria’s US dollar, causing the average yield to decline by 0.07% to 9.91%, according to Cowry Asset Management Limited.

In the bond market, there was slight trading activity for FGN Bonds in the secondary space. However, the average yield stayed muted at 18.69%, sustaining negative interest yield on naira asset.