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Naira Rises to 375 as Dollar Demand Drops

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Naira

The naira rose to 375 against the dollar at the parallel market on Monday as the demand for the greenback began to drop.

The demand for the United States’ currency, which closed at 390 against the naira on Friday, had been on the rise in the past two weeks, forcing the local currency to enter a free fall mode.

Foreign exchange dealers told our correspondent that the demand for the greenback started waning after President Muhammadu Buhari restated its resolve that he would not devalue the naira.

“The demand for forex, especially the dollar has started reducing; it became obvious over the weekend when the President repeated his decision not to devalue the naira,” a forex dealer at Lagos Island, Alhaji Ibrahim Lawal, told our correspondent.

“I cannot determine if this will continue throughout this week; we hope the naira will firm up over the coming days,” he added.

The CBN official interbank rate remained at 199.50 to the dollar at the close of trading on Monday.

The central bank has resisted the depreciation by imposing hard currency curbs. It banned dollar sales to retail currency outlets last month, sending the naira to record lows on the parallel market, and later stopped daily sales to the interbank market, in an effort to external reserves, now at their lowest in more than 11 years.

Financial analysts and experts said the outlook for the naira looked bleak.

“The naira may moderate slightly this week at the parallel market given the recent statement of the CBN on school fees and medical bills. However, the spread will continue to incentivize round-tripping and speculations,” the Head, Investment Research, Afrinvest West Africa, Mr. Ebo Ayodeji, said on Monday.

Economists are divided as to whether the CBN needs to devalue the naira or not.

While some believe the CBN needs to act fast and devalue the currency, others believe there is little the central bank can do in the absence of robust external reserves.

Punch

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Banking Sector

Wema Bank Changes Date of Board Meeting to October 26, 2021

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Wema Bank- Investorsking

Wema Bank Plc, one of Nigeria’s banks, on Monday announced it has changed the date of its board meeting from October 26, 2021 to October 28, 2021.

The lender disclosed in a statement signed by Johnson Lebile, Company Secretary and Legal Adviser.

The statement reads, “Further to the previous notice of September 30, 2021, in line with the Rules of the Nigerian Exchange Limited (the Exchange), we hereby inform the investing public that the meeting of the Board of Directors of Wema Bank Plc (the Bank or Company), earlier scheduled for October 26, 2021 to consider and approve the Company’s third quarter performance and Unaudited Financial Statements for the period ended 30 September 2021 (2021 Q3 UFS) along with other corporate actions, has been rescheduled to hold on October 28, 2021 at 10.00 a.m. in Lagos.

“The Company’s Closed Period which commenced on 1 st October 2021 will continue until 24 hours after the Bank’s 2021 Q3 UFS and other corporate actions have been made public in line with the Rulebook of the Exchange.”

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Nestle Nigeria Posts N11.852 Billion Profit in Q3 2021

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Nestle Nigeria - Investors King

Nestle Nigeria Plc, a publicly listed food and beverage specialty company headquartered in Lagos, has reported N90.151 billion in revenue for the third quarter (Q3) ended September 30, 2021. This represents an increase of 25.72 percent from N71.707 billion recorded in the third quarter of 2020.

In the company’s unaudited financial statements released on Monday, the cost of sales responded to the increase in revenue, rising by 30.04 percent from N42.52 billion filed in the corresponding period of 2020 to N55.29 billion in the quarter under review.

Accordingly, Gross profit inched higher from N29.187 billion in the same period of 2020 to N34.857 billion in Q3, 2021. While marketing and distribution and administrative expenses stood at N12.123 billion and N2.94 billion in Q3 2021 from N10.931 billion and N2.398 billion in the same quarter of 2020, respectively.

Results from operating activities grew from N15.857 billion in the corresponding period of 2020 to N15.857 billion in the third quarter of 2021.

Nestle Nigeria’s finance income jumped by 228.4 percent from N229.253 million in Q3 2020 to N752.943 million in Q3 2021. However, finance costs escalated by 240.35 percent to N2.34 billion in Q3 2021, up from N687.581 billion recorded in Q3 2020.

Profit before tax rose from N15.399 billion achieved in the third quarter of 2020 to N18.205 billion in the same period of 2021.

Nestle Nigeria paid N6.352 billion in income tax to post N11.853 billion profit after tax in the third quarter of 2021, a 17.2 percent increase from N10.113 billion filed in Q3 2021.

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Banking Sector

Stanbic IBTC Reiterates Strategic Youth Agenda

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Stanbic IBTC - investorsking.com

Determined to further strengthen the strategic position young Nigerians occupy in the country, Stanbic IBTC, a member of Standard Bank Group, has continued to promote various programmes to get Nigerian youths engaged and empowered for better productivity and participation in the development of the nation.

The Group aimed one of its initiatives, the ‘Youth Leadership Series’ (YLS), at deepening financial and entrepreneurial knowledge among Nigeria’s younger generations. The initiative, which was launched in 2018, is held in institutions of higher learning across the nation and brings together mentors from across various sectors of the economy to encourage and inspire the next generation. 

Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, spoke of the initiative. He stated that through one of the organisation’s CSI pillars, ‘economic empowerment’, the YLS was birthed as an avenue to get young Nigerians engaged and empowered to become future business leaders.

He said that Nigerian youths required support, guidance, and empowerment to propel them to the pinnacle of their various fields, and added that innovative projects and tech disruptions championed by youths in virtually every sector have proved their ingenuity, skill, brilliance, and resourcefulness.

Sogunle further stated that since youths easily get distracted by different challenges, the organisation wanted to ensure that they were aptly and constantly guided, mentored, inspired, and motivated, not just to attain their goals but to actualise their full potentials.

This year’s event which held virtually attracted youths from across Nigeria and various parts of the world including the UK, USA and UAE. It featured an array of speakers – Debo Adebayo, better known as Mr. Macaroni and  Ms. Ifedayo Agoro, the founder of Diary of a Naija Girl (DANG), an online lifestyle website, who spoke on ‘Winning with Social Media’; the duo of Olumide Soyombo, co-Founder, Bluechip Technologies and Tracy Batta, co-Founder, Smoothie Express who spoke on ‘Winning with Entrepreneurship’; while Akin Bamidele Akintola, Head of Equity Sales, Stanbic IBTC Stockbrokers and Yanmo Omorogbe, co-founder of Bamboo Invest, an investment platform that allows Nigerians to invest in United States stocks, both spoke on ‘Winning with Investments’.

All speakers shared their entrepreneurial experiences, challenges, and success stories in these areas.

Speakers at previous editions of the YLS included Kechi Okwuchi, a survivor of the ill-fated Sosoliso plane crash of December 2005, who later went on to bag a First Class Degree from the University of Thomas Houston, Texas and emerged a finalist at America’s Got Talent; Member Feese, survivor of the United Nations Building bomb blast in Abuja and Cobhams Asuquo, renowned music producer, who was born blind.

Also, Stanbic IBTC Bank, in collaboration with Creative Youth Community Development Initiative (CYCDI), and Covenant University, Ota and in alignment with the 73rd session of the United Nations General Assembly (UNGA) in New York City, engaged Nigerian youths on better understanding of the United Nations (UN) Sustainable Development Goals (SDGs) and their role in its attainment.

The organisation also said that some needs of youths have been catered to with the Stanbic IBTC BluEdge Youth Account, targeted to help students and youths cultivate a savings culture very early in life.

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