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PZ, NEM, John Holt Lead N17bn Market Loss

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Nigerian Stock

PZ Cussons Nigeria Plc, NEM Insurance Company Nigeria Plc and John Holt Plc emerged as the top three losers at the close of trading on the floor of the Nigerian Stock Exchange on Monday, slashing market capitalisation by N17bn.

The NSE All-Share Index also dropped by 0.24 per cent, opening the week on a negative note following mixed performances across key sectors.

The NSE market capitalisation slid to N9.517tn from N9.534tn recorded on Friday last week.

A total of 195.024 million shares valued at N1.57bn exchanged hands in 3,221 deals.

Global markets traded higher following a rally in oil prices and as disappointing United States non-farm payroll data for August lowered expectations of a potential interest rate hike by the US Fed in September.

At the NSE, the industrial goods sector extended its downward trend amid continuous sell pressure in Dangote Cement Plc, which recorded a drop of 0.57 per cent. Consumer goods reversed previous session’s gains following losses in large capitalized firms like PZ (4.97 per cent loss) and Nigerian Breweries Plc (0.71 per cent loss).

Conversely, the financial services and the oil and gas sectors extended their positive run on the back of gains in Zenith bank Plc (1.01 per cent gain), United Bank for Africa (3.69 per cent gain), Diamond Bank Plc (4.46 per cent gain) and Oando Plc (2.10 per cent gain).

Market breadth turned negative with 13 advances and 21 declines.

To this end, analysts at Vetiva Capital Management Limited, said, “Notwithstanding some few periods of gains, the NSE ASI traded under water for most part of the trading session. Coupled with the mixed closing positions across key sectors, we expect market to remain volatile in the sessions ahead.”

Other losers at the close of trading were AIICO Insurance Plc, United Capital Plc, Unity Bank Plc, International Breweries Plc, Academy Press Plc, Africa Prudential Registrars Plc, FBN Holding Plc, Transnational Corporation of Nigeria Plc, Vitafoam Nigeria Plc, Champion Breweries Plc, among others.

The top three gainers were May and baker Nigeria Plc, Cutix Plc and Diamond Bank Plc.

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.

Naira

Naira Exchange Rates; Tuesday, May 18, 2021

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nigerian currency - Investors King

Nigerian Naira opened at N484 to a United States Dollar on Tuesday at the parallel market, popularly known as the black market. Against the British Pound, it exchanged at N678 and N581 to a single Euro.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
18/05/2021 480/484* 670/678* 577/581* 62/68 390/402 292/320
17/05/2021 480/484 670/678 577/581 62/68 390/402 292/320
14/05/2021 480/484 670/680 576/581 62/69 390/400 292/320
13/05/2021 479/483 665/673 576/581 62/69 391/402 292/320
12/05/2021 479/483 665/673 576/581 62/69 395/400 292/320

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
18/05/2021 475/482 670/677 575/584
17/05/2021 475/482 670/677 575/584
15/05/2021 475/482 670/677 575/584
14/05/2021 475/482 670/677 575/584
13/05/2021 475/482 665/674 573/584
12/05/2021 475/482 665/674 573/584

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
5/10/2021 US DOLLAR 379 379.5 380
5/10/2021 POUNDS STERLING 535.4891 536.1956 536.902
5/10/2021 EURO 461.3946 462.0033 462.612
5/10/2021 SWISS FRANC 421.8141 422.3706 422.9271
5/10/2021 YEN 3.4868 3.4914 3.496
5/10/2021 CFA 0.6777 0.6877 0.6977
5/10/2021 WAUA 543.4332 544.1502 544.8671
5/10/2021 YUAN/RENMINBI 58.9792 59.0574 59.1357
5/10/2021 RIYAL 101.0451 101.1784 101.3117
5/10/2021 SOUTH AFRICAN RAND 26.8863 26.9218 26.9572

 

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Naira

Naira Exchange Rates; Monday, May 17, 2021

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Naira - Investors King

The Nigerian Naira opened the week at N484 to a United States Dollar on Monday at the parallel market. The local currency remained stable against the  British Pound at N678 and N581 to a single Euro.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
17/05/2021 480/484 670/678 577/581 62/68 390/402 292/320
14/05/2021 480/484 670/680 576/581 62/69 390/400 292/320
13/05/2021 479/483 665/673 576/581 62/69 391/402 292/320
12/05/2021 479/483 665/673 576/581 62/69 395/400 292/320

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
17/05/21 475/482 670/677 575/584
15/05/21 475/482 670/677 575/584
14/05/21 475/482 670/677 575/584
13/05/21 475/482 665/674 573/584
12/05/21 475/482 665/674 573/584

Central Bank of Nigeria’s Official Naira Rates

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Forex

Nigeria’s Diaspora Remittances Decline by 28 Percent to $16.8 Billion in 2020

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US dollar - Investors King

Nigeria’s diaspora remittances declined by 27.7 percent or $4.65 billion from $21.45 billion in 2019 to $16.8 billion in 2020, according to the World Bank Migration and Development report.

A critical look into the report shows remittances to sub-Saharan Africa declined by 12.5 percent in 2020 to $42 billion. This was largely due to the 27.7 percent recorded by Africa’s largest economy, Nigeria, which accounted for over 40 percent of the total remittance inflows into the region.

The report noted that once Nigeria’s remittance inflows into the region are excluded, remittances grew by 2.3 percent in 2020 with Zambia recording 37 per cent.

Followed by 16 percent from Mozambique, 9 percent from Kenya and 5 percent from Ghana.

The decline was a result of the global lockdown that dragged on the livelihood of most diaspora and unclear economic policies.

In an effort to change the tide, the Central Bank of Nigeria (CBN) introduced a Naira 4 Dollar Scheme to reverse the downward trend and boost diaspora inflows into the economy.

However, the reports revealed that other external factors like insecurities, global slow down, weak macroeconomic fundamentals, etc continue to discourage capital inflows.

On Tuesday, the CBN, in a new directive, announced it has halved dollar cash deposit from $10,000 to $5000 per month.

The move is geared towards discouraging overreliance on the United States Dollar and encourage local patronage and production.

Mr. Guy Czartoryski, Head of Research at Coronation Asset Management, had said in the report, “We looked at the top 10 banks and the breakdown of their deposits showed that 40 per cent of their deposits are in dollars and it is quite astonishing.”

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