Latest Business/Finance News For Thursday, 30 December, 2021

Good day, Nigeria, welcome to Naija News roundup of business/finance news headlines for today Thursday, December 30th, 2021.

Buhari Speaks On FOREX, Promises To Address Importation And Supply Issues

President Muhammadu Buhari has promised that his administration will address without hesitation issues relating to foreign exchange and importation of raw materials and machines that are not available locally.

Naija News understands that the number one citizen of Nigeria on Wednesday reiterated his government’s commitment towards growing manufacturing activities in the country when he played host to the leadership of the Manufacturers Association of Nigeria (MAN) at the Presidential Villa, Abuja.

Addressing MAN in a statement made available to newsmen today shortly after playing host to the business-oriented group, President Buhari said the relevant ministry would revisit MAN’s concerns about the increase in excise duties on the identified products and other tariff-related matters.

The communique issued by his Special Adviser on Media and Publicity, Femi Adesina, also assured MAN that Nigeria will take steps to fully maximize the benefits of the African Continental Free Trade Area (AfCFTA).

Nigerian stocks lose N238 billion as investors take profit ahead of new year

Nigerian stocks weakened by 1.08 per cent or N237.9 billion on Wednesday, the first trading day since the market closed for yuletide celebrations, heaping more pressure on a bourse that has been pretty low activity lately.

Wednesday’s gloomy trade resulted from the fact that there were few buyers willing to buy the shares of the likes of BUA Cement, UPDC REIT and MTNN compared to the relatively large quantity of their shares that were up for sale.

“We note that sellers would largely be booking profits from the prior 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 TIMES.

Market breadth, often used by traders to gauge the level of investors’ sentiment towards trade, closed on a negative note as 18 gainers were reported relative to 16 losers.

The all-share index contracted by 455.75 basis points to 41,807.1, while market capitalisation dropped to N21.82 trillion at the end of trade.

Year to date, the index is up by 3.82 per cent.

Crackdown on illegal financial services providers underway

Amidst the boom being recorded in the online financial services industry championed by financial technology companies, Fintechs, the Federal Government may be on the way to limiting activities to only those licensed and regulated by the Central Bank of Nigeria, CBN.

Presently, most of the operators are not regulated by any government authority and they engage in activities ranging from savings to lending as well as micro-investments and digital currency trading.

The Federal Competition and Consumer Protection Commission (FCCPC) says the joint committee tackling violation of consumer rights in the money lending industry will shut down the illegal businesses.

Giving this indication, the Chief executive officer of FCCPC, Babatunde Irukera, told the News Agency of Nigeria, NAN, in Abuja on Sunday that the committee would commence operation soon.

The joint committee is made up of representatives from FCCPC, the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).