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Economic uncertainties and slowdown of market activities have continued to weaken investors’ appetite for equities on the floor of the Nigerian Stock Exchange (NSE) as the All-Share Index and market capitalisation depreciated further by 0.6%. 
 Specifically, at the close of transactions last week, the market capitalistaion, which stood at N13.637 trillion when the market reopened for transactions on July 9, lost N94 billion or 0.6 per cent, to close at N13.545 trillion at the weekend.
  Also, the ASI depreciated by 255.16 points from 37,647.93 to 37,392.77.

Furthermore, turnover of 1.219 billion shares worth N17.333 billion were recorded in in 17,362 deals by investors on the floor of the Exchange lower than 1.842 billion shares valued at N16.594 billion that changed hands in 18,941 deals during the preceding week.
 Similarly, all other indices finished lower with the exception of the NSE oil/gas and the NSE Lotus II Indices that appreciated by 0.71 per cent  and 0.37 per cent respectively.
  Analysts attributed the downturn to the impact of 2019 elections and ongoing security challenges that have bedeviled the nation’s political space.
  For instance, the Chief Reseatch Officer of Investdata Consulting Limited, Ambrose Omodion, said: “The unfolding events regarding weekend’s Ekiti State governorship election confirm the fears among investors and analyst.
“For many, happenings around the July 14, 2018, election continue to feed the polity with unnecessary wrong signals that none of the regulators or government is doing much to play down, ahead of general election in 2019.
“We expect a slowdown in the decline that leads to reversal soon as Q2 earnings season kicks off any moment from now, since equities remain undervalued with higher yields. Investors should review their position in line with their investment goals and act as events unfolds in the global and domestic environment.

 “However, we would like to reiterate our advice that investors should go for equities with intrinsic value, especially during this season were Q2 interim dividend payment are expected in the market arena very soon.”
  Analyst at Codros Capital Limited said the continued selloffs and the absence of a near term one-off positive catalyst dampen the outlook for equities in the short-to-medium term, adding that strengthened macroeconomic fundamentals remain supportive of gains in the long term.

Vetiva Research Limited said: ”With market sentiments staying negative after a week of bearish trading, we expect the tepid sentiments to filter into the market at week’s opening.”
  Further breakdown of last week’s trading showed that the financial services Industry led the activity chart with 842.823 million shares valued at N9.587 billion, traded in 9,231 deals; thus contributing 69.15 per cent to the total equity turnover volume.
 The consumer goods industry followed with 113.667 million shares worth N4.657 billion in 3,120 deals, while the services industry ranked third with a turnover of 105.623 million shares worth N519.813 million in 593 deals.
  Trading in the top three equities- Access Bank Plc, Zenith International Bank Plc and Nigerian Aviation Handling Company Plc accounted for 497.482 million shares worth N6.619 billion in 2,251 deals, contributing 40.82 per cent to the total equity turnover volume.

Also traded during the week were 79,304 units of Exchange Traded Products (ETPs) valued at N1.491 million and executed in 18 deals, compared with 25,220 units valued at N454,438.90 that were transacted last week in four deals.
  A total of 13,517 units of Federal Government valued at N14.899 million was traded this week in 30 deals, compared with a total of 2,359 units valued at N2.188 million transacted last week in 24 deals.

Credit: The Guardian

Persistent price depreciation in the shares of most highly capitalised firms on the Nigerian Stock Exchange (NSE), yesterday dragged the All-share index further by 0.07 per cent.
Specifically, at the close of transactions yesterday, the All-Share Index (NSE-ASI) shed 26.81 absolute points, representing a decline of 0.07 per cent to close at 37,226.44 points.
Also, the market capitalisation declined by N10billion to close at N13.485trillion.The decline was occasioned by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Forte Oil, Nigerian Breweries, Dangote Sugar, and GlaxoSmithKline Consumer Nigeria.
Analysts at Afrinvest Limited said: “As highlighted, we continue to see some late bargain hunting in the market, albeit, insufficient to upturn market performance. Hence, we expect to see a similar trend in today’s trading activity.”
Market breadth closed negative, with 15 gainers versus 30 losers. Custodian and Allied Insurance recorded the highest price gain of 8.45 per cent to close at N6.80 per share. International Breweries gained 5.61 per cent to close at N40.50.
Multiverse Mining and Exploration appreciated by five per cent to close at 21kobo per share.Vitafoam Nigeria added by 4.52 per cent to close at N3.24, while Japaul Oil & Maritime Services gained 3.03 per cent to close at 34kobo per share.
On the other hand, Beta Glass led the losers’ chart by 10 per cent, to close at N81 per share. Tantalizers followed with a decline of 9.09 per cent to close at 30kobo, while McNichols shed 8.99 per cent to close at 81kobo, per share.
Nigerian Aviation Handling Company (NAHCO) declined by 7.25 per cent to close at N3.71, and Honeywell Flour shed 6.37 per cent to close at N1.91 per share.However, the total volume traded rose by 22.08 per cent to 350.47 million shares worth N4.6billion traded in 3,228 deals. Transactions in the shares of NAHCO topped the activity chart with 88.13 million shares valued at N483.47million. Access Bank followed with 42.87 million shares worth N428.75million, while Zenith Bank traded 40.84 million shares at N980.23million.
Sovereign Trust Insurance traded 33.77 million shares valued at N7million, while International Breweries transacted 20.95 million shares worth N777.03million.
Source: The Guardian
The Nigeria Customs Service, Federal Operations Unit, Zone ‘A’ Ikeja, Lagos has realized about N8.6 billion from intercepted contrabands and duty received on imported goods in the last six months.
Giving a breakdown of the earnings, Public Relations Officer, FOU, Jerry Attah said the duty paid value (DPV) of various intercepted contraband stood at N8.6 billion, while about N405.2 billion was realized from duty payments and demand notices on vehicles and general goods that tried to cut corners from seaports, airport and border stations through wrong classification, transfer of value, and shortchange in duty payment that are meant for the government coffers.
Attah said about 596 different seizures were made between January and June 2018, as a result of its strengthened its anti-smuggling operations. He stated: “107 suspects were arrested in connection with 596 different seizures comprising 34,652 foreign parboiled rice (equivalent to 58 trailers); 167 units of exotic vehicles (Toyota Prado/Lexus; bullet proof), Toyota C-HR , Toyota Camry LE, Toyota Prado(s), Toyota Hilux, Ford F150, Pajero Jeeps, Mercedes Benz ranging from 2015-2018 models respectively); 8,987 cartons frozen poultry products, 4,586 jerrycans of vegetable oil, 3,463 cartons of different pharmaceutical/medicaments, 370 parcels/98 sacks of Indian hemp weighing 1,350kg, and various general merchandise.
“Remarkable among the seizures within this period, was the interception of 460 sacks of pangolin scales weighing 12, 264 kg and 218 elephant tusks, making it the highest seizure of such endangered species in the history of Federal Operations Unit Zone A,” he stated, adding that the seized pangolin and elephant tusk are valued at N2.7 billion with two Chinese national as suspects.
Commenting on the seizures, Comptroller Mohammed Uba said: “In order to ensure full implementation of the Government policy banning the importation of rice through land borders, we re-strategized our operational modalities and beam our searchlight at the creek, water side, and at various locations in southwest zone and hence the reason for the massive rice seizure within the months under review. We will continue to make sure smugglers within our areas of jurisdiction count their losses until they repent from sabotaging our economy”
Uba reiterated that even though smuggling is a global phenomenon that cannot be eradicated entirely, all hands must be on deck so that it could be reduced to its barest minimum. He commended the officers/men who have put their lives on the line making these seizures; most especially the over 58 trailers load of rice knowing fully well it’s a big battle at the creek.
He also charged his officers/men to be professional and diligent in performing their statutory responsibilities; most especially in the area of anti-smuggling operations by making sure all revenue linkages are blocked and encouraged them to keep thwarting the antics of those dare devil smugglers who used different methods for smuggling.

The Federal Government of Nigeria received N3.211 trillion as Petroleum Profits Tax (PPT) and Royalties from the third quarter of 2015 to third quarter of 2017, according to the Economic Report of the Central Bank of Nigeria (CBN).

Breakdown of the revenue to the government showed that the country received N495.39 billion as PPT/royalties in third quarter of 2015; N388.66 billion, in fourth quarter of 2015; and N314.04 billion during first quarter of 2016.The revenue from PPT/royalties declined in second quarter of 2016 to N212.78 billion; later increased to N392.38 billion in third quarter of 2016; and decreased to N273.13 billion in fourth quarters of 2016.

There was a rebound of revenue to N325.38 billion in first quarter of 2017; N320.49 billion in second quarter and N489.41 billion during the third quarter of 2017. The CBN report for the third quarter of 2017 released recently, revealed that N103.46 billion was allocated to the 13 per cent Derivation Fund for distribution among the oil producing states. 

analysing the report, CBN disclosed that oil receipt at N1.27 trillion during the quarter under review was lower than the proportionate quarterly budget estimate by 6.2 per cent, but was above the receipts in the preceding quarter by 59.7 per cent. According to the CBN, the decline in oil revenue relative to the proportionate quarterly budget estimate was due to the shortfall in receipts from crude oil/gas exports, owing to the decline in crude oil production, arising from leakages and shut-ins/shut-downs at some NNPC terminals.

It disclosed that Nigeria’s crude oil production, including condensates and natural gas liquids, averaged 1.83 million barrels per day (mbd) or 168.36 million barrels (mb) in the review quarter.This, it noted, represented an increase of 0.17 mbd or 10.2 per cent, compared with 1.66 mbd or 151.06 mb recorded in the preceding quarter. The development was due to sustained peace in the oil production region.CBN said that crude oil export stood at 1.38 mbd or 126.96 mb, representing 14.0 per cent increase over 1.21 mbd or 110.11 mb in the preceding quarter.

The development, it hinted, was due, mainly, to reduced activities of vandals in the Niger Delta region.Allocation of crude oil for domestic consumption was maintained at 0.45 mbd or 41.40 million barrels in the review quarter.

Nigerian National Petroleum Corporation (NNPC) Chief Operating Officer, Upstream, Malam Bello Rabiu, proposed some key amendments to the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Act to enable the Federal Government optimize the collection of royalties and other revenue in deep water oil production activities.He noted that it was imperative to effect increment in royalties across all categories to increase government take.

“It is our opinion that the proposal to increase the royalty rate for terrains beyond 1000 metres, from zero per cent to three per cent, is commendable but it is necessary to also make corresponding adjustments in other categories,’’ he said.He argued that in the alternative, the graduated royalty scale as provided in the Act should be removed while the Minister of Petroleum Resources should be empowered to intermittently set royalties payable for acreages located in deep offshore and inland basin production sharing contracts through regulations based on established economic parameters.

“It is our opinion that these incentives have outlived their usefulness and are now impediments to the Federal Government’s revenue collection efforts. The use of such incentives can be terminated by an amendment of section 4 of the Act,’’ the Corporation noted.He called on the National Assembly to seek relevant input from the Federal Inland Revenue Service, to resolve the divergent opinions regarding the methodology for the computation of the taxes which would arise as a result of the proposed royalty regime.

Source: The Guardian

Total revenue from the solid mineral sector in Nigeria in the past nine years stands at about N262 billion, maintaining a slow rise from N8.1 billion in 2007 to N65.7 billion in 2015.
Analysis of data provided in the Nigeria Extractive Industries Transparency Initiative (NEITI) audit dashboard showed that the country’s revenue from the sector in 2008 stood at N9.5 billion and moved to N19.4 billion in 2009. In 2010, the figure declined to N17.3 billion but moved to N26.9 billion, N31.4 billion, N33.8 billion in 2011, 2012 and 2013 respectively. In 2014, the revenue went to N49.6 billion before hitting N65.7 billion in 2015.
However, while the total royalty earned for the period under review stood at N7.4 billion, the total metric tons of solid mineral produced in the country stood at about 330 million metric tons with contributions from limestones hovering at 54.5 per cent of the total production.
According to the report, production of solid mineral reached the peak in 2014, when the country produced about 47 million metric tons of solid mineral while the lowest production was recorded in 2007, when the country produced about 13 million metric tons of solid minerals.
Though Nigeria is blessed with numbers of solid minerals, including coal, lignite and Coke, gold, columbite wolframite and tantalite, bitumen, iron Ore, uranium, mining of minerals only accounts for 0.5 per cent of Gross Domestic Product (GDP), a situation blamed on the influence of vast oil resources.
Chief Executive Officer, EPINA Technologies Limited, Prof. Eguakhide Oaikhinan, noted that while the sector could add as much as $50 billion (about N15.3 trillion) to the nation’s GDP by climbing from 0.5 per cent to 10 per cent growth, government has been insensitive to the call for the overhaul of the sector.
“Everybody seems to be concerned with oil or the mining of the minerals. In the raw state, these mined minerals sell at very low prices but when characterised and processed, it could have very competitive market value for the country,” he noted.
While the Advisory Partner and Mining Leader at Pricewaterhousecoopers (PwC) Nigeria, Cyril Azobu, told The Guardian that Nigeria is a fast evolving mining jurisdiction, he insisted that the sector could contribute much more given that most of the country’s rich solid minerals endowment remain largely untapped.
He noted that the lack of proper policy in the sector remained a basic challenges there must be tackled if desired objective would be achieved in the sector.
Azobu said: “There has over the years been a preponderance of largely informal operations fraught with the use of crude equipment and extremely dangerous working practices because of the absence of a formal policy on artisanal mining.
“We have a situation where for a very long time the solid minerals sector was neglected by the government. The agriculture sector also suffered from this neglect. Because of this, the sector has remained underdeveloped with no real structures put in place by successive governments to unlock its potential.”
Source: The Guardian
The bears strengthened hold on the equity sector of the Nigerian Stock Exchange (NSE) yesterday, as more bluechip stocks depreciated in price, causing market capitalisation to dip further by N9 billion.
Specifically, at the close of transactions yesterday, market breadth closed negative, with 12 gainers against 35 losers.Precisely, Japaul Oil led the losers’ chart by 7.32 per cent to close at 38 kobo, while Eterna Oil shed 5.04 per cent to close at N6.41 per share.
First Aluminium and Prestige Assurance depreciated by five per cent each to close at 38 kobo and 57 kobo, respectively, while Cement Company of Northern Nigeria declined by 4.86 per cent to close at N23.50 per share.
Union Bank appreciated by 4.24 per cent to close at N6.15, while Africa Prudential Insurance gained 3.90 per cent to close at N4 per share.On the other hand, C&I Leasing recorded the highest price gain of 4.66 per cent, to close at N2.02 per share, as Unity Bank gained 4.49 per cent to close at 93 kobo, while Transnational Corporation of Nigeria (Transcorp) appreciated by 4.38 per cent to close at N1.43 per share.
Consequently, the All-Share Index (ASI) shed 24.61 absolute points, representing a decline of 0.06 per cent to close at 37,963.93 points, while the market capitalisation declined by N9 billion to close at N13.752 trillion.The decline was occasioned by losses recorded in medium and large capitalised stocks, amongst which are Okomu Oil, Cement Company of Northern Nigeria, Seplat Petroleum Development Company (Seplat), Mobil Nigeria and Zenith Bank.
Analysts at Cordros Capital noted that despite still-positive macro-economic fundamentals and favourable stock entry prices, the absence of likely catalysts to spark off potential gains in the equities market dents our positive outlook for the market in the medium term.Also analysts from APT Securities and Funds Limited said “the ASI remained within the red zone for two consecutive days. We anticipate positive reactions to second quarter results of quoted companies.”
However, the volume of trade depreciated by 31.02 per cent to 372.24 million shares, worth N3.18 billion, and traded in 3,800 deals.Transactions in the shares of Sterling Bank topped the activity chart with 172.63 million shares valued at N241.03 million, as Zenith Bank followed with 31.54 million shares worth N792.74 million, while Transcorp traded 22.92 million shares valued at N31.98 million.United Capital traded 21.18 million shares valued at N69.34 million, while UBA transacted 16.62 million shares worth N175.79 million.
Source: The Guardian
Labour broking, working hours and minimum wages are hot potatoes in South Africa but the country is not alone in grappling with them. From Angola, Kenya and Nigeria to Tanzania, the United Arab Emirates (UAE) and Israel, employers are dealing with many of the same employment challenges as in South Africa – along with some twists unique to the jurisdictions they operate in. This is the view of Lusanda Raphulu, partner at Pan-African law firm Bowmans, after moderating one of the sessions at the 2018 Africa/ Middle East Client Conference of the Employment Law Alliance (ELA).
When it comes to the latest employment law trends, there are striking similarities across much of Africa and the Middle East.
Take the question of working hours which, it turns out, is highly topical in Israel and the UAE at the moment.
Laws cast in stone stand in the way of flexible hours
In the UAE, a major challenge for many employers is the extremely low oil price, which is hitting business hard. One obvious cost-cutting method is for employers to implement more flexible working arrangements. This is easier said than done as the labour laws that were written in 1980 are far from flexible.
Many employers who can no longer afford to have all their employees working full time would like to introduce part-time work or shifts. However, the law in the UAE prohibits anyone from working more than eight hours a day, and part-time work is not an option for foreign workers (making up the majority of the workforce) who must have the sponsorship of one, full-time employer. There is no easy way around this, with penalties for breaching the employment regulations including fines, imprisonment or deportation. The only way to introduce flexible working arrangements is to obtain direct approval from the Ministry of Labour, a difficult and lengthy process that can take eight or nine months to complete.
The situation is similar in some ways in Israel (whose labour laws were written in 1951), where the working week was recently reduced from 43 hours to 42 hours, without any cuts in pay, under a collective agreement between unions and employers.
One of the difficulties with this change is that numerous employees in Israel are paid by the hour and the complexities of adapting reduced working hours for hourly paid workers were not fully taken into account. This is a practical consideration that has had perplexed employers knocking on the door of law firms, seeking advice.
Still, in a country whose employees work significantly longer hours than their counterparts in Europe and the United States, a shorter working week is considered a welcome step towards better work-life balance.
Time off for breastfeeding stirs controversy in Kenya
Kenya is also grappling with the practical consequences of a change in employment laws, this time requiring employers to give nursing mother’s time off during the working day to breastfeed their babies. This has generated a discussion among politicians, lawyers, the media and celebrities with some commentators praising the government for its commitment to maternal and infant health and others expressing grave reservations about the practicalities and added burden on employers.
Another controversial labour issue in Kenya currently is the minimum wage, which differs in urban and rural areas and recently increased by about 5%. Commentators feel that the increase could have serious implications for certain industries, especially the private security industry. It has become the norm in Kenya for homes and businesses, especially those of national and international companies, to be guarded 24 hours a day but this is only possible while wages are low – a dilemma that highlights the tension between protecting workers’ rights and minimising job losses caused by cost cutting.
The risks and costs of using labour brokers
Meanwhile, in Nigeria and Tanzania, a labour law issue preoccupying many employers, not to mention the labour courts, is labour broking and specifically the issue of who the employer is.
In Nigeria, this used to be a straightforward matter. For many years, the broker was the employer. That has no longer been the case since the National Industrial Court of Nigeria ruled that a sacked worker who went to court had two employers, the labour broker and the end-user.
Since there is a significant gap between what employers and labour brokers pay, this could have expensive implications for employers. Experts suggest a rule of thumb for employers trying to keep their costs down in Nigeria is to keep their distance from day-to-day matters affecting labour-broking employees. This way labour brokers, and not employers, are the ones managing the employees, which reduces the risks for employers.
Although Tanzania does not yet have labour-broking regulations, the position is similar: the entity that has day-to-day control of the employees is considered to be the employer. The risk of the same employee receiving benefits from two employers has prompted some of Tanzania’s largest institutions to move away from labour broking and to start hiring people themselves, even though this is complicated and could virtually double their employee costs.
One country where the law is cut and dried on labour broking is Angola. Employers in that country are discouraged from using the services of labour brokers unless this is temporary and strictly for short periods. Since 2016, the maximum period for hiring temporary workers has been two years. After two years, the employer must hire the person directly and cannot get around this by replacing him or her with someone else as the law prohibits such replacement.
All in all, the discussions at the ELA conference showed that South Africa is far from alone in dealing with employment law challenges such as labour broking, minimum wages and the like. Other countries are in much the same boat and perhaps even navigating more challenging waters than South Africa’s currents.
Credit: CNBCAfrica
Analysts predict further losses on bargain hunting
At the end of yesterday’s transactions on the equity sector of the Nigerian Stock Exchange, the NSE All-share index and market capitalization depreciated by 2.74 per cent to close the week at 37,862.53 and N13.716 trillion respectively.
Similarly, all other indices finished lower with the exception of the NSE Insurance Index that appreciated by 3.55 per cent, while the NSE ASeM Index closed flat.Meanwhile, a total turnover of 1.097 billion shares worth N15.471 billion were recorded  in 16,288 deals by investors on the floor of the Exchange in contrast to a total of 1.738 billion shares valued at N18.462 billion that was exchanged hands in 14,790 deals during the preceding week.
The drop in tutnover may, however be attributed to the one day holiday declared on Monday June 18th,  2018 to commemorate the Eid-al-Fitr celebrations.Specifically, the financial services industry (measured by volume) led the activity chart with 816.547 million shares valued at N9.425 billion traded in 9,263 deals; thus contributing 74.44% to the total equity turnover volume .
The consumer goods industry followed with 76.361 million shares worth N2.992 billion in 2,545 deals. The third place was occupied by the oil and gas industry with a turnover of 51.600 million shares worth N594.590 million in 1,744 deals.Trading in the top three equities namely – United Bank for Africa Plc, Zenith International Bank Plc and FBN Holdings Plc (measured by volume) accounted for 325.580 million shares worth N4.854 billion in 3,381 deals, contributing 29.68% to the total equity turnover volume.
Analysts at vetiva Reseatch said: “Sentiment this week was largely bearish, characterized by huge losses in select large caps. Though there is still some room for further losses, we foresee bargain hunting at week open as investors take position on depressed stocks.”
Further breakdown of last weeks trading showed that  a total of 61 units of Exchange Traded Products (ETPs) valued at N899.80 executed in seven deals last week, compared with a total of 62,392 units valued at N1.004 million that was transacted last week in 13 deals.
A total of 370 units of Federal Government valued at N371,261.96 were traded this week in 3 deals, compared with a total of 9,850 units valued at N9.999 million transacted last week in 10 deals.
25 equities appreciated in price during the week, lower than 40 in the previous week. 44 equities depreciated in price, higher than 28 equities of the previous week, while 100 equities remained unchanged lower than 101  equities recorded in the preceding week.
Credit: Sunday Times

I&E Window transacts $900m, as reserves stagnate at $47.6 billion
There was near excess in the quantity of money in circulation last week, save for the increased mop up exercise by the Central Bank of Nigeria (CBN), following the repayments of N66.7 billion and N377.6 billion worth of Treasury Bills (T-Bills) and Open Market Operations.

The movement in system liquidity during the week had risen in two of the four trading days, resulting to 3.7 per cent rise in the quantity of money in circulation to N842 billion compared to N812.1 billion in the preceding week.Consequently, the two most popular traded instruments among banks- Open Buy Back and the Overnight rates, trended southwards by 0.7 percentage points (ppts) and 0.5ppts to 2.8 per cent and 3.6 per cent respectively.

During the rollover of the instruments, investors showed apathy for short tenored bills, as they asked for higher rates, causing an under-allotment to reduce cost for government, which subsequently left a sizable quantity of money in circulation till the weekend.Analysts at Afrinvest Securities Limited said this week, despite the absence of maturing bills, except N183.3 billion worth of OMO maturities, the apex bank will sustain its trend of liquidity mop ups and money market rates could trend higher.

Similarly, at the foreign exchange market, the naira remained stable, defying the influence of speculations ahead of the biannual meeting of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, at the weekend, which increased oil production by one million barrels per day.

The decision, which is expected to influence global oil price, would further affect Nigeria’s external reserves that have remained stagnant in weeks at $47.6 billion, as crude oil accounts for a large proportion of the nation’s foreign exchange earnings.

Specifically, the reserves have stagnated in the last three weeks, with an earlier back and forth movement, as reports showed that Nigerian crude oil cargoes from the June programme took long before they were cleared, as demand was not strong enough and differentials were too high to spark much buying of July barrels.During the week, the Central Bank of Nigeria (CBN) continued its weekly intervention, offering $210 million through the Wholesale SMIS window to maintain stability, as well as sustain liquidity in the foreign exchange market.

Consequently, the CBN spot rate appreciated five kobo when measured week-on-week to N305.80 per dollar from N305.85 per dollar in the previous week, while at the parallel market, the naira traded flat for the second consecutive week at N362 per dollar.

In the same vein, the local unit, at the Investors and Exporters’ (I&E) forex Window, appreciated seven kobo week-on-week to N361/$ from N361.07/$ in the previous week.On the activity level, transactions improved by 15.1 per cent at the autonomous window, as investors exchanged about $900 million against $800 million recorded the previous week.

Source: The Guardian

Investors looking for a haven amid the rout in emerging markets over the past two months would have found one in Nigeria’s domestic debt.
Naira bonds issued by the government have returned 8.4 percent in dollar terms this year, the most in the Bloomberg Barclays Global EM Local Currency Index, which includes 25 countries from Argentina to Turkey. And it’s the only local-currency debt not to have made losses this quarter.
Nigeria's local bonds have outperformed peers since March
Note: Average total return for government local debt in dollar terms
Franklin Templeton Investments and BlackRock Inc. are among global money managers that are bullish on Nigerian securities, enticed by average yields of 13.4 percent, which, while down from almost 17 percent in August, are still among the highest in the world.
They’re also confident the OPEC member will be able to keep the naira stable, thanks in part to oil prices having climbed around 60 percent in the past year. The naira’s barely budged since a devaluation last year, and held its own as other emerging currencies began to tumble in April. The Abuja-based central bank is keen to keep it that way, at least until February’s elections.
South: Bloomberg News
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