₦airaland Forum

Overnight Rate Drops to 11.33% as CBN Sells N119.9b T-Bills
https://www.businesspost.ng/2017/11/16/overnight-rate-drops-11-33-cbn-sells-n119-9b-t-bills/

Overnight Rate Drops to 11.33% as CBN Sells N119.9b T-Bills
https://www.businesspost.ng/2017/11/16/overnight-rate-drops-11-33-cbn-sells-n119-9b-t-bills/

MSCI Deletes Forte Oil, Guinness, FCMB Others from Frontier Markets Indexes
https://www.businesspost.ng/2017/11/15/msci-deletes-forte-oil-guinness-fcmb-others-from-frontier-markets-indexes/

Nigeria Inflation Slightly Drops to 15.91% in October
https://www.businesspost.ng/2017/11/15/nigeria-inflation-slightly-drops-15-91-october/

Investors to Pay N150 for e-Dividend Registration from January 1
https://www.businesspost.ng/2017/11/15/investors-pay-n150-e-dividend-registration-january-1/

By Dipo Olowookere

Inflation in Nigeria in the month of October 2017 marginally moderated to 15.91 percent (year-on-year) from 15.98 percent in September 2017, representing a 0.07 percent margin.

This is according to the data released by the National Bureau of Statistics (NBS) on Tuesday, November 15, 2017.

In the data obtained by Business Post, the drop in the inflation rate for last month is the ninth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year-on-year inflation since January 2017.

According to the stats office, while average headline year-on-year inflation for the first five months of the year (January to May 2017) stood at 17.45 percent, average headline year-on-year inflation for the next five months of the year (June to October 2017), stood at 16.01 percent, indicating disinflation from June to date, compared to from January to May 2017.

On a month-on-month basis, the headline index increased by 0.76 percent in October 2017, 0.02 percent points lower from the rate of 0.78 percent recorded in September. This represents the fifth consecutive month-on-month contraction in headline inflation since May 2017.

While average headline month-on-month inflation for the first five months of the year (January to May 2017) stood at 1.54 percent, average headline month-on-month inflation for the next five months of the year (June to October 2017), stood at 1.06 percent indicating disinflation from June to date compared to from January to May 2017.

This indicates that while prices have remained high in 2017, they have tended to slow down their pace of increase since May 2017 both on a year-on-year and month-on-month basis.

The percentage change in the average composite CPI for the twelve-month period ending in October 2017 over the average of the CPI for the previous twelve-month period, which has also trended downwards since May 2017 was 16.97 percent, showing 0.2 percent point lower from 17.17 percent recorded in September 2017.

The Urban index rose by 16.19 percent (year-on-year) in October2017, up by 0.01 percent point from 16.18 percent recorded in September and the Rural index increased by 15.67 percent in October 2017 down from 15.81 percent in September 2017.

On month-on-month basis, the urban index rose by 0.82 percent in October 2017, down from 0.84 percent recorded in August, while the rural index rose by 0.72 percent in October 2017, down from 0.74 percent in September.

The corresponding twelve-month year-on-year average percentage change for the urban index was 17.57 percent in October. This was less than 17.87 percent reported in September 2017, while the corresponding rural inflation rate in October was 16.41 percent compared to 16.52 percent recorded in September 2017.

Also, high food price and food price pressure continued into September though generally at a slower pace.

The Food Index increased by 20.31 percent (year-on-year) in October, down marginally by 0.01 percent points from the rate recorded in September (20.32 percent).

While average year on year food inflation for the first five months of the year (January to May 2017) stood at 18.67 percent, average year on year food inflation for the next five months of the year (June to October 2017), was higher at 20.22 percent indicating higher food price inflation on average in the second five months of the year compared to the first five months.

On a month-on-month basis, the Food sub-index increased by 0.85 percent in October, down from 0.87 percent recorded in August.

This represents the fifth consecutive disinflation in month on month inflation since a 2017 high of 2.57 percent in May 2017. October 2017 also represents the lowest recorded month on month inflation since September 2016.

While average month on month food inflation for the first five months of the year (January to May 2017) stood at 2.01 percent, average month on month food inflation for the next five months of the year (June to October 2017), stood at 1.27 percent indicating a general slow-down in the rise in food prices from June to date compared to from January to May 2017, though the rate of price increases has remained generally higher on a year on year basis.

The average annual rate of change of the Food sub-index for the twelve-month period ending in October 2017 over the previous twelve month average was 19.14 percent, 0.26 percent points from the average annual rate of change recorded in September (18.88) percent

The rise in the food index, in October 2017 was caused by increases in prices of bread and cereals, meats, oils and fats, coffee tea and cocoa, milk cheese and eggs vegetables and fish.

https://www.businesspost.ng/2017/11/15/nigeria-inflation-slightly-drops-15-91-october/

T-Bills Market Slightly Bullish as CBN Sells N18.7b Bills
https://www.businesspost.ng/2017/11/14/t-bills-market-slightly-bullish-cbn-sells-n18-7b-bills/

Firms Partner to Launch Bitcoin Mobile Wallet
https://www.businesspost.ng/2017/11/14/firms-partner-launch-bitcoin-mobile-wallet/

Naira Opens Week with Marginal Gain Against British Pound
https://www.businesspost.ng/2017/11/13/naira-opens-week-marginal-gain-british-pound/

SEC Expresses Worry over Low e-Dividend Enrolment
**Says December Deadline Intact
https://www.businesspost.ng/2017/11/14/sec-expresses-worry-low-e-dividend-enrolment/

N15b Bond: Bauchi Meets Investors to Renegotiate Terms
https://www.businesspost.ng/2017/11/14/n15b-bond-bauchi-meets-investors-to-renegotiate-terms/

T-Bills Market Quiet as CBN Raises N83.2b to Mop up Liquidity
https://www.businesspost.ng/2017/11/09/t-bills-market-quiet-cbn-raises-n83-2b-mop-liquidity/

By Dipo Olowookere

The ‘big five’ banks in Nigeria; First Bank, UBA, GTBank, Access Bank and Zenith Bank under the nickname FUGAZ, generated nearly N2 trillion (precisely N1.979 trillion) as revenue in the first nine months of 2017 compared with N1.338 trillion they achieved in the corresponding period of 2016.

This is according to the Q3 financial statements released by the lenders last month to the Nigerian Stock Exchange (NSE) for the period ended September 30, 2017, which was analysed by Business Post Nigeria.

From the analysis, Zenith Bank raked the highest figure during the period under review, N531.226 billion versus N380.352 billion last year.

It was closely followed by First Bank, which earned N439.2 billion in 2017 against N417.4 billion in 2016, and Access Bank, which posted N365.055 billion as gross revenue in Q3 2017 in contrast to N275 billion in the same period of 2016.

UBA came fourth with N333.905 billion generated as revenue in Q3 of 2017 versus N265.527 billion in 2016; and GTBank, which came last, suffered a drop in its revenue in the period under review; N310 billion in 2017 against N329.284 billion in 2016.

Further analysis by Business Post Nigeria showed that the five banks grew their profits during the period by 16.5 percent, posting a cumulative gain of N417.967 billion in 2017 in contrast to N358.677 billion in the same period of last year.

A breakdown showed GTBank recording the highest gain; N125.577 billion in Q3 of 2017 versus N117.081 billion in Q3 of 2016.

Zenith Bank came second with N129.235 billion posted as profit in Q3 of 2017 against N95.386 billion in Q3 of 2016; and UBA claimed the third position with N60.920 billion posted as profit in Q3 of 2017 compared with N49.512 billion a year ago.

Access Bank recorded N56.396 billion profit in the period under review against N54.081 billion posted 12 months ago; while First Bank declared N45.839 billion as profit in Q3 of 2017 versus N42.617b in Q3 of 2016.

Also, the FUGAZ banks increased their total assets during the first nine months of this year, with the value of their assets closing at N20.520 trillion in the period under review against N19.581 trillion as at December 31, 2016.

Zenith Bank remains number one with N5.132 trillion total assets as at September 30, 2017 against N4.739 trillion as at December 31, 2016.

It was trailed by First Bank, which has N4.864 trillion as total assets as at September 30, 2017 versus N4.737 trillion as at December 31, 2016; and UBA, which has assets worth N3.771 trillion as at September 30, 2017 compared with N3.505 trillion as at December 31, 2016.

Access Bank’s total assets stood at N3.541 trillion in the period under review compared with N3.484 trillion as at December 31, 2016; while GTBank recorded a total assets of N3.212 trillion as at September 30, 2017 in contrast to N3.116 trillion as at December 31, 2016.

Business Post Nigeria reports that as at the close of business on Thursday, shares of three of the FUGAZ banks were pointing north, while two were pointing south.

GTBank, which closed the day at N42.50k per share, rose by 0.95 percent; First Bank increased by 0.7 percent to end at N7.24k per share; and Access Bank improved by 0.2 percent to finish at N10.3k per share.

Zenith Bank went down by 1.88 percent to settle at N25.10k per share, while UBA depreciated by 1.02 percent to end at N9.70k per share.

https://www.businesspost.ng/2017/11/09/nigerias-5-biggest-banks-generate-n2tr-9months-post-n418b-profit-assets-hit-n21tr/

Nigeria’s 5 Biggest Banks Generate N2tr in 9Months, Post N418b Profit as Assets Hit N21tr
https://www.businesspost.ng/2017/11/09/nigerias-5-biggest-banks-generate-n2tr-9months-post-n418b-profit-assets-hit-n21tr/

Nigeria’s 5 Biggest Banks Generate N2tr in 9Months, Post N418b Profit as Assets Hit N21tr
https://www.businesspost.ng/2017/11/09/nigerias-5-biggest-banks-generate-n2tr-9months-post-n418b-profit-assets-hit-n21tr/

CBN Auctions N35.69b Bills as Overnight Rate Drops to 22.33%
https://www.businesspost.ng/2017/11/08/cbn-auctions-n35-69b-bills-overnight-rate-drops-22-33/

CBN Auctions N48.2b OMO Bills as T-Bills Yields Drop to 18.69%
https://www.businesspost.ng/2017/11/08/cbn-auctions-n48-2b-omo-bills-t-bills-yields-drop-18-69/

Corporate Bond Market to Rebound as FGN Securities Yields Drop
https://www.businesspost.ng/2017/11/07/corporate-bond-market-rebound-fgn-securities-yields-drop/


Ade Bajomo, Jalo-Waziri Resign as NSE Directors
https://www.businesspost.ng/2017/11/07/ade-bajomo-jalo-waziri-resign-as-nse-directors/

Corporate Bond Market to Rebound as FGN Securities Yields Drop
https://www.businesspost.ng/2017/11/07/corporate-bond-market-rebound-fgn-securities-yields-drop/

Stock Recommendation for this Week (November 6)
https://www.businesspost.ng/2017/11/07/stock-recommendation-week-november-6/

Stock Recommendation for this Week (November 6)
https://www.businesspost.ng/2017/11/07/stock-recommendation-week-november-6/

CBN Sells N25.5b Bills as Overnight Drops to 38.92% amid Tight Liquidity
https://www.businesspost.ng/2017/11/06/cbn-sells-n25-5b-bills-overnight-drops-38-92-amid-tight-liquidity/

CBN Sells N25.5b Bills as Overnight Drops to 38.92% amid Tight Liquidity
https://www.businesspost.ng/2017/11/06/cbn-sells-n25-5b-bills-overnight-drops-38-92-amid-tight-liquidity/

Nigerian Stocks Shed 0.02% as Jaiz Bank Trades 227m Shares
https://www.businesspost.ng/2017/11/06/nigerian-stocks-shed-0-02-jaiz-bank-trades-227m-shares/

By Modupe Gbadeyanka

Pan-African financial institution, United Bank for Africa (UBA) Plc, has updated its ‘terms and conditions’ clause for account opening packages.

In an email sent to its customers last week, the lender explained that the update became necessary as a result of the recent announcement by the Central Bank of Nigeria (CBN) of a new regulatory framework for Bank Verification Number (BVN) and watch-list for the Nigerian financial system.

The new framework would require banks to apply restrictions to accounts and BVN if fraudulent activity is associated with the operations of those accounts and BVNs, the bank said.

In the notice to customers obtained by Business Post, UBA said, “In addition, the bank is required to report the affected accounts and BVNs to the appropriate agencies.”

“In compliance with the CBN directive, the ‘terms and conditions’ clause in our account opening packages have been updated with the following disclaimer:

“If a fraudulent activity is associated with the operation of your account, you agree that we have the right to apply restrictions to your account and BVN and report to appropriate law enforcement agencies.

“Thank you for your continued patronage,” the bank said in the notice.

https://www.businesspost.ng/2017/11/06/uba-updates-account-opening-terms-conditions-clause/

FGN Savings Bond Offer for November Begins Today
https://www.businesspost.ng/2017/11/06/fgn-savings-bond-offer-november-begins-today/

FGN Savings Bond Offer for November Begins Today
https://www.businesspost.ng/2017/11/06/fgn-savings-bond-offer-november-begins-today/

Nigeria’s Falling Yield Could Lead to Shift in Investment Strategy
https://www.businesspost.ng/2017/11/06/nigerias-falling-yield-lead-shift-investment-strategy/

Nigeria’s Falling Yield Could Lead to Shift in Investment Strategy
https://www.businesspost.ng/2017/11/06/nigerias-falling-yield-lead-shift-investment-strategy/

FMDQ Quotes Wema Bank N17b Commercial Paper Notes
https://www.businesspost.ng/2017/11/04/fmdq-quotes-wema-bank-n17b-commercial-paper-notes/

297-Day Bills Worth N181.01b Mature Next Week
**As CBN Sells N135.73b T-Bills in 5 Days
https://www.businesspost.ng/2017/11/04/297-day-bills-worth-n181-01b-mature-next-week/

CBN Sells N11.72b Bills as Overnight Rate Jumps to 39.42%
https://www.businesspost.ng/2017/11/04/cbn-sells-n11-72b-bills-overnight-rate-jumps-39-42/

FMDQ Okays Registration of FCMB N100b CP Programme
https://www.businesspost.ng/2017/11/03/fmdq-okays-registration-fcmb-n100b-cp-programme/

Inflation to Marginally Drop to 15.91% in October—FSDH
https://www.businesspost.ng/2017/11/03/inflation-marginally-drop-15-91-october-fsdh/

MTN Nigeria May List Shares on NSE May 2018
https://www.businesspost.ng/2017/11/03/mtn-nigeria-may-list-shares-nse-may-2018/

Lagos, Delta, Rivers Lead Competitiveness Index in Nigeria
https://www.businesspost.ng/2017/11/02/lagos-delta-rivers-lead-competitiveness-index-nigeria/


Investors Trade $9b Worth of OTC FX Futures Contracts on FMDQ
https://www.businesspost.ng/2017/11/02/investors-trade-9b-worth-otc-fx-futures-contracts-fmdq/