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Stock Exchange market indices resume trading with 0.14 per cent

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The Nigerian Stock Exchange (NSE) crucial market indices resumed trading for the week on Monday with a growth of 0.14 per cent.

The News Agency of Nigeria (NAN) reports that the market capitalisation increased by N19 billion or 0.14 per cent to close at N13.483 trillion against N13.464 trillion on Friday.

Also, the All-Share Index which opened at 27,630.46 rose by 38.92 per cent to close at 27, 669.38 achieved on Friday.

An analysis of the price movement shows that Dangote Flour led the gainers’ table, growing by N1.85 to close at N20.35 per share.

MTN Nigeria Communication followed with a gain of N1.25 to close at N128.25, while Cement Company of Northern Nigeria added 65k to close at N13 per share.

On the other hand, Ecobank Transnational topped the losers’ chart, dropping by 80k to close at N7.20 per share.

Dangote Sugar Refinery trailed with a loss of 20k to close at N9.80, while FBN Holdings was also down by 20k to close at N5.40 per share.

NPF Micro Finance Bank declined by 11k to close at N1.18, while Lafarge Africa dropped by 10k to close at N14.30 per share.

Further analysis of the activity chart indicates that investors traded 280.69 million shares worth N1.41 billion transacted in 3,314 deals.

This was against the 161.65 million shares valued at N4.80 billion exchanged in 3,088 deals on Friday.

Sterling Bank was the most active stock during the day, exchanging 198.68 million shares worth N436.74 million.

Zenith International Bank followed with an account of 19.41 million shares worth N353.94 million, while Dangote Flour Nigeria sold a total of 7.51 million shares valued at N153.23 million.

Ecobank Transnational Incorporated traded 7.16 million shares valued at N51.91 million, while FBNHoldings sold six million shares worth N32.98 million.

(NAN)

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Business

Customs seizes N5 billion codeine, tramadol

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The strike force of the Controller General of Customs on Friday raided a warehouse in Lagos where cartons of codeine, tramadol, and other illegal drugs worth N5 billion were kept.

The warehouse, located along the Mile-Oshodi expressway, was raided after a trailer load of the hard drugs was intercepted at Maryland in Lagos.

Usman Yahaya, team leader of the Customs Strike Force Zone A, said the trailer was intercepted around 2 a.m. on August 13 by his operatives.

“Immediately it was brought to our notice, we carried a preliminary investigation that led to the discovery of a warehouse along Oshodi-Mile 2 road stocked dreaded tramadol, codeine and other unregistered pharmaceutical products without NAFDAC numbers”.

He said that after evacuating the warehouse of the hard drugs with street value of N5 billion, one suspect was arrested.

“The warehouse was immediately sealed with a detachment of well armed officers to guard the place”.

“The drugs estimated to be loaded in 21 trailers with street value of over five billion Naira are being evaluated for custody and subsequent judicial process/destruction.”

Three weeks ago, the agency in collaboration with the National Administration of Food Drug Administration and Control (NAFDAC) destroyed 48 by 40feet of controlled drugs worth N146billion at a destruction site in Ogun State.

“We therefore call on well meaning Nigerians to support the Nigerian Customs Service on this patriotic resolution”.

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Inflation gets low in July – NBS

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The average change in the prices of foods and services reduced in July compared to June, the statistics bureau, NBS, has said.

According to the NBS, the Headline Inflation reduced to 11.08 per cent in July from 11.22 per cent in June.

The Food Inflation reduced from 13.56 per cent in June to 13.39 per cent in July while the Core Inflation reduced from 8.84 per cent in June to 8.80 per cent in July.

Details later…

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CBN outlines new guidelines to banks

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The Central Bank of Nigeria (CBN) says it has released guidelines for the disbursement of lower denominations of the Naira through microfinance banks (MFBs) across the country.

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor, made this known in a statement in Abuja on Thursday.

Okorafor said this development was contained in a circular issued by the Director, Currency Operations Department of the bank, Mrs Patricia Eleje, in Abuja on Thursday.

He explained that the circular indicated that all microfinance banks must have a Composite Risk Rating (CRR) of above average in the most recent Risk Based Supervision (RBS) target examination before they were considered for the scheme.

He explained that the measure was to ensure that only MFBs with good corporate governance practices took part, NAN reports.

“Meanwhile, the participating MFBs must be willing to accept a mixture of new and other banknotes, and that the MFBs shall give 20 per cent of any withdrawal in lower denomination notes subject to a maximum of N50,000.

“Where beneficiaries withdraw more than once in a day, the circular said that disbursement will only apply to one transaction per day.

“Similarly, the MFBs are allowed to exchange notes subject to a maximum of N50,000 for customers with bank accounts and N10,000 for customers without bank accounts.

“In that situation, the banks must not exchange for same beneficiaries more than once a week,” he added.

According to him, MFBs are to maintain a register of amounts received from the CBN through their correspondent commercial banks.

Okorafor said the MFB must also maintain another register of the beneficiaries of the lower denomination notes as well as ensure that withdrawal teller slips contain breakdown of the denomination of the currency to customers with accounts.

“The circular also warned MFBs against hawking, hoarding or using of funds obtained under the intervention for any other purpose.

“It also instructed the banks to put in place effective control measures that will ensure that banknotes disbursed to customers with or without accounts are not sold.

“Furthermore, the circular directed the banks to render weekly and monthly disbursement return to CBN branches where the intervention would be monitored periodically, and appropriate sanctions applied to erring MFBs,” he said.

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