Business
NSE To Prioritise Three Initiatives In 2016
The Chief Executive Of
ficer (CEO) of Nigerian Stock Exchange (NSE), Mr Oscar onyema, has said that the exchange would still make more in priotising three initiatives in 2016.
Onyema said the areas include implementation of demutualization of NSE, monetizing service suites and establishing a derivatives market.
The NSE CEO said that if the three initiatives are done right, it will increase the number of new listings across five key asset classes.
Onyema noted that traders in Nigeria’s stock market may be faced with another round of falling prices this year.
He said that the fall in oil prices and China’s economic slowdown will continue to put pressure on stocks at the NSE.
The NSE boss added that 2016 will be a challenging year of the capital market and the domestic economy.
Meanwhile, the NSE All-Share Index (ASI) fell to its lowest point since July 2012 on Monday, down by 4.1 per cent, with fund managers jittery over the central bank’s inability to provide dollars for investors exciting the market.
The Index dropped from 23, 514.04 points to close at 22,550.83 points on Monday, while market capitalization crashed to N7.755 trillion from N8.086 trillion.
Investors traded a total of 196.3 million shares worth N1.674 billion which exchanged hands in 3,248 deals .
However the index of Nigeria’s top 10 banks (NGSEBNK10) also declined by 1.64 per cent, dragging the index lower.
A total of 37 firms recorded losses in their share prices, with Guinness Nigeria Plc, Lafarge Africa Plc, Stanbic IBTC Holdings Plc, FCMB Group Plc and Dangote Cement Plc topping the losers’ table.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.