Some financial experts have expressed mixed reactions to the bullish trend witnessed by the Nigerian stock in the past three weeks.
They told The Tide source in Lagos, Wednesday, that the bullish trend could be achieved with increase in oil price and increased output. The Head of Banking and Finance Department, Nasarawa State University, Keffi, Dr Uche Uwaleke, said that the bullish trend in the stock market would be sustained, as long as crude oil price and output continue to rise. Uwaleke said that the downside risks for the market remained the renewed threat of attack on oil facilities by Niger Delta militants.
He said that the delay in implementation of the 2018 budget was another factor that could affect market growth and development.
Uwaleke attributed the uptrend in the equities market, primarily driven by positive investors’ sentiments to the optimism concerning the Nigerian economy.
He said that the International Monetary Fund (IMF) and the World Bank forecasts of real Gross Domestic Product (GDP) growth rate for Nigeria in 2018, at 2.1 and 2.5 per cent respectively, contributed to investors’ renewed interest in the market.
The lecturer said that another factor responsible for the remarkable year-to-date performance of stock market was the decline in money market rates.
He said that the decline in money market rates made the equities market attractive to pension funds and other institutional investors. Mr Bayo Adeleke, the immediate past Secretary, the Independent Shareholders Association of Nigeria, said that the market trend was not sustainable. Adeleke urged investors to invest with caution to avoid burning their hands.
“The trend is not sustainable. We are approaching an election year. Foreign investors will enter very cautious mode by third and fourth quarters of the year,’’ he said The Tide source reports that the market capitalisation of the Nigerian Stock Exchange (NSE), which opened for the year at N13.609 trillion, rose by N2.55 trillion or 18.70 per cent, to close trading on January 19 at N16.154 trillion. Also, the All-Share Index, which opened for the year at 38,243.19, inched 6,849.64 points or 18 per cent, to close trading on January 19 at 45,092.83.
Implementation Of Cashless Policy Is In Public Interest –Emefiele
The Governor of Central Bank of Nigeria (CBN) Mr Godwin Emefiele says the implementation of cashless policy in six states of the federation is in public interest to promote efficient payment system.
Emefiele stated this while fielding questions from journalists after the Monetary Policy Committee meeting held in Abuja, last Friday.
The CBN had, last Tuesday issued a circular to deposit banks to commence the implementation of the cashless policy in six pilot states across the country.
The apex bank directed that implementation should commence from Sept 18 in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States, as well as the Federal Capital Territory (FCT).
It, however, stated that the nationwide implementation of the cashless policy would take effect from March 31, 2020. The CBN explained that transactions will attract three per cent processing fees for withdrawal and two per cent processing fees for lodgement of amounts above N500, 000 for individual accounts.
Similarly, corporate accounts will attract five per cent processing fees for withdrawal and three per cent processing fee for lodgement of amounts above N3 million.
The CBN’s directive has, however, received knocks from many Nigerians.
Reacting, Emefiele said the policy was not new as it was inaugurated in the country in 2012 and implementation began in 2014 while several engagements were held across multiple stakeholders before its commencement.
He said withdrawal charges had been in place since then, only deposit charges were new now to some people though it was part of it from beginning but later withdrawn.
“The policy says if you deposit money in the bank above a particular threshold which for individual is N500,000 and N3 million for corporate bodies, then you will be charged, same for withdrawal.
“It has been like this but after stakeholders engagement, we agreed that it was too early to begin to charge people who want to deposit money in banks.
“We agreed at that time that they were a lot of cash outside the bank industry and there is no need to penalise the people who want to bring in their money to the banks and then we relaxed the essence of charging on deposit.
“We expected that after five years, that is from 2015 to 2019, all cash kept in peoples’ houses should have been brought to the banks,” he explained. He announced that full cashless policy would commence all over the country by March, 2020.
He stated that the policy was not designed to defranchise hard working Nigerians as perceived by some categories of people.
According to him, a data conducted, revealed that close to 95 per cent of cash deposited and withdrawn fall bellow this threshold.
SON Seeks Media Partnership Against Substandard Goods
The Standard Organisation of Nigeria (SON) has solicited active working synergy with journalists and other stakeholders in the fight against substandard goods in the country.
The SON Coordinator in charge of Sokoto and Zamfara states, Mr Wanza Kussiy made the appeal in Sokoto, last Friday.
Kussiy emphasised the need for increased awareness for Nigerians to patronise quality products and services with required valuable standards.
He said SON had the mandate of safeguarding people’s lives through ensuring maximum quality of all categories of goods and services as well as rid the country of substandard goods.
According to the coordinator, fighting substandard goods and services should be collective responsibility of all Nigerians.
“ There is need for increased partnership between SON, law enforcement agencies, media professionals, governmental agencies, non-governmental organisations and community-based groups.
“ SON fights substandard goods to ensure quality assurance of products and services across the country” Kussiy said.
He said officials were always encouraged to provide conducive platforms on collaborations where all stakeholders could contribute toward achieving the mandate.
Kussiy cautioned people against demanding for cheap items, which he described as a dangerous way of encountering with counterfeit products.
He explained that SON had unified measures of certifying quality of products and services comprising imported ones and those produced within the country, and also issue out compliance certificates.
The coordinator urged people to report or register their complaint on items or services suspected to be of substandard quality for immediate action.
He stressed that the aim was to ensure that people obtained goods and services with maximum required value.
Xerox To Partner RSG On Information Management
A leading company in documents equipments and solutions, Xerox H.S Nigeria Limited has said that it would remain focused in providing the modern technology to drive excellence in documentation and information management in public service and the private sector.
General Manager Sales and Marketing of the company, Mr Femi Abidoye, disclosed this during a product exhibition of the company in Port Harcourt at the weekend.
He said the company was ready to partner with the Rivers State Government and other stakeholders in documentation and information management, to enhance productivity, “in the face of dynamic, ever changing technological advancement
“It is on record that Xerox has been visibly represented in Port Harcourt (Rivers State) for more than three decades now and their contributions in the state had altered the face of business and official transactions, from documents generation, storage, retrieval and archiving in daily corporate world of business,” he said.
Abidoye said the company has continued to blaze the trail in the changing phase of transaction in business, politics and social devices,adding that the exhibition was to showcase its latest innovations to the company’s customers in Rivers state.
Earlier, the Chairman of the occasion, Engr Benson Okwonu, had described Xerox as one of the top centres of business activities in Rivers State , Nigeria and the world at large, leading in documents equipment and solutions with wide range of modern technologies.
Okwonu who is the Executive Director, Engineering, Niger Delta Basin Development Authority (NDBDA) urged the company to maintain its pace in technological advancement and service delivery.
Sports5 days ago
Barca Faces Threat Of Stadium Closure
Sports5 days ago
Brazil To Clash With Nigeria, Senegal In Singapore
Featured5 days ago
Coutinho To Spark Bayern’s Champions League Charge
Sports3 days ago
Joshua Vows To Review Approach For Ruiz Rematch
Sports3 days ago
Egypt FA Imports German Referee For Cairo Derby
Sports3 days ago
KFC: Head Coach Sure To Emerge Victorious
Sports3 days ago
Amapakabo Takes Charge Of CHAN Team …2020 Qualifiers Resume, Today
Sports3 days ago
Kenya’s Kamworor Smashes Half Marathon World Record