Latest business / financial news from Thursday, December 30, 2021
Hello Nigeria, welcome to Naija News Overview of the headlines of today’s economic / financial news Thursday, December 30, 2021.
President Muhammadu Buhari has pledged that his administration would tackle issues related to foreign exchange and the import of raw materials and machinery that are not locally available without hesitation.
Naija News understands that Nigeria’s number one citizen on Wednesday reiterated his government’s commitment to growing manufacturing activities in the country when he hosted the leadership of the Manufacturers Association of Nigeria (MAN) at the Presidential Villa from Abuja.
Speaking to MAN in a statement made available to reporters today shortly after hosting the business-oriented group, President Buhari said the relevant ministry would reconsider MAN’s concerns about increasing rights to excise on identified products and other tariff related issues.
The statement issued by its Special Advisor for Media and Publicity, Femi Adesina, also assured MAN that Nigeria will take action to fully maximize the benefits of the African Continental Free Trade Area (AfCFTA).
Nigerian stocks weakened 1.08 percent or 237.9 billion naira on Wednesday, the first trading day since the market closed for the Christmas celebrations, putting more pressure on a stock exchange that has seen fairly activity. weak lately.
Wednesday’s gloomy trade resulted from the fact that there were few buyers willing to buy stocks like BUA Cement, UPDC REIT and MTNN compared to the relatively large amount of their stocks that were for sale.
“We note that sellers would largely record profits for the previous week as well as for the year (in the case of short-term traders),” analysts at investment bank and broker United Capital said in a forecast for this week seen by PREMIUM. TIME.
The market spread, often used by traders to gauge the level of investor sentiment towards trade, closed on a negative note, with 18 winners reported versus 16 losers.
The all-stock index contracted 455.75 basis points to 41,807.1, while market capitalization fell to 21.82 trillion naira by the end of trading.
Since the start of the year, the index is up 3.82 percent.
Amid the boom in the online financial services industry backed by FinTech companies, Fintechs, the federal government may be on the verge of limiting activities to those authorized and regulated by the Central Bank of Nigeria, CBN.
Currently, most operators are not regulated by any government authority, and they operate in businesses ranging from savings and loans, micro-investments and digital currency trading.
The Federal Competition and Consumer Protection Commission (FCCPC) said the joint committee to fight consumer rights violations in the money-lending industry will shut down illegal businesses.
Giving this indication, FCCPC chief executive Babatunde Irukera told Nigeria’s news agency NAN in Abuja on Sunday that the committee would begin operations soon.
The joint committee is made up of representatives from the FCCPC, the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).
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