Invest Data Consulting Ltd

In its first intervention in the inter-bank foreign market for the month, the Central Bank of Nigeria (CBN) on Friday, November 2, 2018, injected a total of $337.16m into the retail Secondary Market Intervention Sales (SMIS), in addition to CNY 56.17m in the spot and short tenored forwards segment. According to the CBN’s Director, Corporate Communications, Isaac Okorafor, the intervention was to meet requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi denominated Letters of Credit. Okorafor said the market continue to enjoy stability, due to the regular interventions, which he said have guaranteed a stable exchange rate for the Naira. Continuing, he assured that the apex bank’s management remains committed to ensuring that all sectors of the forex market continue to enjoy access to the needed foreign exchange. The CBN had on Tuesday, October 30, 2018 intervened in the wholesale segment of the inter-bank Foreign Excha...

Management of the Nigerian Stock Exchange (NSE), on Monday announced suspension of trading in the shares of six companies with immediate effect. They include: DN Tyre & Rubber Plc; FTN Cocoa Processors Plc; International Energy Insurance Plc; and Thomas Wyatt Nigeria Plc. Others are: Union Dicon Salt Plc; and Unic Diversified Holdings Plc. The suspension, according to a notice by the exchange follows the failure of the company boards to comply with the post-listing Rule 3.1- Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”). It provides that “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; (b) Suspend trading in the Issuer’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market ...