Mixed trends trail Nigerian markets Funding rates to hover around current levels next week barring any significant flows. Published 2 hours ago on June 7, 2020By Abiola Odutola Global stocks tumble on "corona" sell off, BLOODY WEEKS: Coronavirus cost investors N1 trillion, triggers devaluation fears, Global Market Summary on Tuesday, Analysis: The economy is crashing, avoid falling knives,, Debt crisis looms in emerging markets,Debt crisis looms in emerging markets It appears that consumers’ and investors’ confidence are gradually been restored across major markets across the globe. Below are the performances of global markets: Macro Update In a stunning turn of events, the U.S, largest economy, added jobs in May after a record-high number, the previous month. The jobless rate fell to 13.3% from 14.7% in April. In addition, there have been surveys indicating that consumer confidence, manufacturing and services industries were stabilizing. Despite last May’s surprise increase, payrolls are nearly 20 million below their pre-COVID-19 level. However, this could indicate that the post-pandemic recovery may not be as drawn out as feared. Following over 2-months of lockdown as a result of the pandemic, the Federal Government released guidelines of the second phase of the lockdown easing. GTBank 728 x 90 The second phase of the lockdown easing is to last 4 weeks spanning from June 2nd – June 29th and will see airlines begin operating from June 21. While the curfew is still in effect, it has been relaxed and is now in effect from 10 p.m. to 4 a.m. In what appears to be a bid to address the revenue situation that plagues the country as a result of the pandemic, the country has launched its first licensing round for marginal oilfields in nearly 20 years. Marginal fields are smaller oil blocks that are typically developed by indigenous companies. The Federal Government revoked the existing licenses on the fields so that they could be put into the new licensing round; additionally, judges in Lagos have blocked the government’s efforts to revoke two existing oilfield licenses. In a recently concluded OPEC+ meeting, the bloc agreed to extend the supply cut by an additional month, bringing the total length of the cuts to 4 months. It appears the cuts have brought some stability to the oil markets as oil prices gained 48% during its first month. As at print time, oil finally crossed the $40/bbl point ($40.08/bbl) for the first time since March. app Money Markets Funding rates expanded significantly last week on the back of the c.N600 billion retail FX funding and CRR Debit. OBB and Overnight rates rose by 1340 bps and 1380 bps to close the week at 15.60% and 16.70% from 2.20% and 2.90% respectively w/w. Market liquidity is estimated to be c.N150 billion according to market sources. Experts expect funding rates to hover around current levels next week barring any significant flows. Treasury Bills The Treasury Bills market started the week on a relatively quiet note with minimal activity witnessed across board due to the unattractive NTB yields. Hence, activity in the space maintained its relatively weak trend for the rest of the week on the back of the limited market supply. According to experts in Commercio Partner, a similar trend in the Treasury Bills market is expected next week as attention skews towards the PMA. Bond Market The Bond market started the week on a relatively quiet note with minimal volumes seen across as most of the attention was skewed towards the Sukuk bond offering. Nevertheless, activity began to improve slightly throughout the week as liquidity continues to spur a bullish bias in the market. In all yields decline by 9 bps w/w. FX Market Nigeria’s FX reserve declined by 0.54%, USD$17.09 million WoW to $USD36.58 billion, its first decline in weeks. Consequently, the naira depreciated against the US Dollars, pared by 0.04% week-on-week to $1/₦386.50 at the I&E window. At the parallel market, the currency depreciated against the US Dollars, Pound Sterling & the Euro to $1/₦460, £1/₦545 & €1/₦472 from $1/₦450, £1/₦540 & €1/₦470, respectively in the previous week. Equities Market Last week the benchmark index declined by 0.98% to 25,020.72 points. Featuring on the gainers’ chart for the week are SKYAVN (+50.83%), JAPAULOIL (+50.00%), UAC-PROP (+20.00%) and ABCTRANS (+17.14%). On the other hand, AFROMEDIA (-23.08%), UACN (- 13.89%), FIDSON (-12.94%), PZ (-12.73%), and CADBURY (-11.56%) were listed on the laggard’s chart for the week. The Exchange witnessed 3 sessions of gains in all the trading session for the week. Hence, YTD return came in at -6.79% from -5.86% in the previous week. Market Capitalization settled at NGN13.05 billion. The equity market breadth closed negative at 0.67x (compared to 1.55x recorded last week) as the market recorded thirty-nine (39) advancers in contrast to twenty-six (26) decliners in the week. In the coming week, the experts expect to see continued profit-taking activities on the exchange. Related NSE Ranks Second in Bloomberg’s Best Performing Indexes Over the Past Month May 8, 2020 In "Business News" Many odds against the naira April 24, 2020 In "Business News" Debt crisis looms in emerging markets April 6, 2020 In "Business News" RELATED TOPICS:BONDS AND TREASURY BILLSEQUITY MARKETGLOBAL MARKETS Abiola OdutolaAbiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan- Atlantic University. You may contact him via email - abiola.odutola@nairametrics.com.CLICK TO COMMENT BUSINESS NEWSHow Bitcoin will hit $100,000? Bitcoin will need to have a market capitalization of $2.1 trillion to hit $100,000, and that is about a quarter the market capitalization of gold. Published 10 hours ago on June 7, 2020By Olumide Adesina What it will take Bitcoin to hit $100,000? For the flagship currency to hit $100,000, Bitcoin will need to have a market capitalization of $2.1 trillion. That is about a quarter of the market capitalization of gold. According to Option trader, Theta Seek stated that for this incredible feat to happen is to envision consistent buying demand from retail investors. The trader said: “At 100K per BTC, the market has to absorb a miner supply of $90 Million USD daily. Assuming that there are 10 million people worldwide buying BTC on a regular basis. It would cost them each $9 daily to sustain those price levels. I’ve met people who spend more than $9 on coffee.” READ MORE: Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market Theta Seek added that hodlers—a term used to define long time Bitcoin holders, most of them have not sold throughout the past three all-time highs of BTC, noting: GTBank 728 x 90 “Data suggests otherwise though, hodlers throughout the past three all-time highs have not been selling in significant portions. 60% of BTC has not moved for more than 2 years. Even if that were to be true, the longtime supply of BTC will eventually equal the mining (new) supply.” (READ MORE:Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market) Data recently obtained from Coinmarketcap, shows the flagship currency having a market capitalization of about $177.5 Billion and at the time this report was drafted, it was trading at $9,648. blockchain technology, Bitcoin giving better returns than the Nigerian stock market, What it will take Bitcoin to hit $100,000? Just recently Bitcoin has received incredible support from top-class global financial brands, strengthening the argument as a store of value in recent weeks. app America’s most valuable bank JPMorgan became the first major bank to open accounts for cryptocurrency exchanges (Coinbase and Gemini) and Grayscale a leading American hedge fund experienced record institutional trading on Bitcoin and other crypto assets in the first quarter of 2020. CONTINUE READINGBLURBThe Wisdom behind Jaiz Bank Founded in 2003, and licensed by the CBN, Jaiz Bank Plc has since expanded its services exponentially. Published 18 hours ago on June 6, 2020By Lawretta Egba Jaiz bank The idea of taking out loans without interest rates as the future of banking might still sound as foreign as flying cars to many, but it is already in motion. Currently, there are over 300 Islamic banks in over 51 countries, including the United States. In Nigeria, Jaiz bank stands at the forefront of this revolution. The bank was created out of the former Jaiz International Plc, which was set up in 2003/2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged Non-Interest Bank. Jaiz and its unconventional Banking methods With Islamic banking, there are two main peculiarities and none of them confer a bias on only members of the religion. The first is the sharing of profit and loss, and the other is the prohibition of the collection of interest as stipulated in Islamic law – otherwise regarded as “riba.” Both concepts feed off each other in that to augment the lack of interest gains, equity participation is employed. In other words, the borrowing business will pay back the loan without interest and also give the bank a share of its profits. Jaiz bank is the first non-interest (Islamic) bank operating in Nigeria. Being that Islamic banking is grounded in Sharia or Islamic principles and morals, the financial institution does not support businesses that could impact the society negatively. So even as it finances business, and shares their risks and profits accordingly, it does not partner with businesses involved in betting, alcohol, and so on. Needless to say, their methods have served them well. From being founded in 2003, to 2011 when it received a license from the CBN to operate as a regional bank, to its official commencement as Jaiz Bank Plc in 2012, the institution has expanded its services exponentially. Today, the company is owned by over 26,000 shareholders who are spread over Nigeria’s six geopolitical zones and its balance sheet has grown from N12 billion in 2012 to about N62 billion, with asset financing of over N30 billion. The bank operates 27 branches and has a full service range of offerings. READ MORE: CBN disburses N50 billion loans through MFBs’ IT platform app The force behind Behind the bank’s recorded success is a strong shareholder base, spread across one foreign shareholder, 108 Institutional, 220 Corporate, 26,157 Individuals, 156 Joint, 6 States and 106 Local Government shareholders. However, seven major shareholders control a total of about 65% of the total share capital of the bank. They include: Dantata Aminu Alhassan having 5.24%, Altani Investment Limited with 7.47%, Dangote Industries Ltd wit 8.48%, Islamic Development Bank (IDB) with 8.50%, Indimi Muhammad with 9.28%, Dantata Inv’t & Sec. Ltd with 12.49%, and, former minister, Mutallab Umaru Abdul with the highest stake of 13.50%. Not only have these business magnates from the northern part of the country created something of an oligarchy, they also obtained the backing of Saudi Arabia’s Islamic Development Bank. Whether or not the oligopoly poses a threat to the corporate governance and decision-making power of the rest of the bank’s shareholders is a question that can only be answered based on the happenings that arise. The Managing Director of the bank, Hassan Usman, had however noted that “fundamental to the vision and mission of Jaiz Bank is to create wealth for MSMEs.” He also assured all that the bank is set to ensure maximum benefits is attained by all stakeholders. READ MORE: Polaris Bank’s profit rises to N26.2 billion from N2.8 billion Performance and Investment Outlook The company has done well in building up funding to keep its operations afloat especially given its style of banking. Just last year, it had secured a N3 billion financing facility from the Bank of Industry (BOI) to boost and develop their operations and give zero-interest loans to Micro, Small and Medium Enterprises (MSMEs) within the country. The company’s performance has also been noteworthy. In 2019, the company declared a profit after tax of N1.79 billion which was a 114% growth as compared to the N834.36 million recorded at the end of 2018. The company is on a growth trajectory; currently, with its low share price of N0.66 on a 52 week average of 0.34 and 0.82, it is a convenient buy. With a price-to-earnings ratio of 9.27, it shows good signs of growth. Its model might just be the thing to spur economic growth as its result-based gains will not just increase the income of the bank but also aid the growth of small businesses within the nation. CONTINUE READINGFEATUREDNaira gains against the dollar at I&E window, as forex liquidity goes up by 358% The performance of the naira at the I&E window, however, seems to contrast with that at the parallel market where the local currency lost N3 to a dollar as it depreciated to N450 to a dollar on Friday. Published 24 hours ago on June 6, 2020By Chike Olisah Central Bank Continues intervention in Forex market to stabilize Naira, Naira to depreciate slightly over $1.52 billion maturing contracts expires, Naira hits N388.84 to $1 at the currency spot market, Investors and Exporters (I&E) window, Naira weakens against the dollar by 1.14% amidst uncertainty The naira has appreciated to N386.50 to a dollar at the Investors and Exporters (I&E) window, despite the uncertainty of the foreign exchange market. The local currency was strengthened by N0.20 against the dollar, when compared to the N386.70 to a dollar that it traded on Thursday, June 4, 2020. The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1. This is also different from the exchange rate at the parallel market, which depreciated to N450 to a dollar, according to information on AbokiFX as of Friday, June 5, 2020. Available information from the daily trading at FMDQ (where FX is traded by importers and investors) shows that the naira improved against the dollar by N1.25, closing at N386.50 to a dollar, as against the indicative rate of N387.75 to a dollar that it opened with on Friday. READ ALSO: Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira A cursory look at the data from the FMDQ shows that the turnover for the day went up by about 358% at $112.89 million. This is against the $24.64 million turnovers that was recorded on Wednesday, June 3. GTBank 728 x 90 The performance of the naira at the I&E window, however, seems to contrast with that at the parallel market where the local currency lost N3 to a dollar as it depreciated to N450 to a dollar on Friday as against the previous day’s rate of N447 to a dollar. The Central Bank of Nigeria had promised to provide more liquidity in the foreign exchange market, especially for genuine users while also discouraging currency speculators from heating up the market. The apex bank yesterday debited the accounts of 25 commercial banks with the sum of N460 billion naira ($1.2 billion) as additional cash reserves for missing cash reserve ratio (CRR). Apart from serving as penalty to the banks, this also reduces the excess cash in the money market which might be used to put further pressure on the foreign exchange market. CONTINUE READINGADVERTISEMENT Wealth.ng ADVERTISEMENT ADVERTISEMENT Patricia ADVERTISEMENT devland ADVERTISEMENT financial calculator LATEST TRENDINGAfDB, Lutoyilex Construct Ltd, fraud CORONAVIRUS1 min agoAfDB institutes fiduciary measures to monitor COVID-19 funds for NigeriaGlobal stocks tumble on "corona" sell off, BLOODY WEEKS: Coronavirus cost investors N1 trillion, triggers devaluation fears, Global Market Summary on Tuesday, Analysis: The economy is crashing, avoid falling knives,, Debt crisis looms in emerging markets,Debt crisis looms in emerging markets MARKETS2 hours agoMixed trends trail Nigerian marketsGoogle building its own debit card, Google’s advertising business faces breakup BUSINESS NEWS5 hours agoGoogle’s advertising business faces breakupADVERTISEMENT app ADVERTISEMENT Nairametrics ABOUT US TEAM NAIRAMETRICS CONTACT US CAREERS ANDRIOD APP IOS APP DISCLAIMER PRIVACY POLICY Copyright © 2020

Mixed trends trail Nigerian markets Funding rates to hover around current levels next week barring any significant flows. Published 2 hours ago on June 7, 2020.

By Abiola Odutola Global stocks tumble on "corona" sell off, BLOODY WEEKS: Coronavirus cost investors N1 trillion, triggers devaluation fears, Global Market Summary on Tuesday, Analysis: The economy is crashing, avoid falling knives,, Debt crisis looms in emerging markets,Debt crisis looms in emerging markets It appears that consumers’ and investors’ confidence are gradually been restored across major markets across the globe. Below are the performances of global markets: Macro Update In a stunning turn of events, the U.S, largest economy, added jobs in May after a record-high number, the previous month. The jobless rate fell to 13.3% from 14.7% in April. In addition, there have been surveys indicating that consumer confidence, manufacturing and services industries were stabilizing. Despite last May’s surprise increase, payrolls are nearly 20 million below their pre-COVID-19 level. However, this could indicate that the post-pandemic recovery may not be as drawn out as feared. Following over 2-months of lockdown as a result of the pandemic, the Federal Government released guidelines of the second phase of the lockdown easing. GTBank 728 x 90 The second phase of the lockdown easing is to last 4 weeks spanning from June 2nd – June 29th and will see airlines begin operating from June 21. While the curfew is still in effect, it has been relaxed and is now in effect from 10 p.m. to 4 a.m. In what appears to be a bid to address the revenue situation that plagues the country as a result of the pandemic, the country has launched its first licensing round for marginal oilfields in nearly 20 years. Marginal fields are smaller oil blocks that are typically developed by indigenous companies. The Federal Government revoked the existing licenses on the fields so that they could be put into the new licensing round; additionally, judges in Lagos have blocked the government’s efforts to revoke two existing oilfield licenses. In a recently concluded OPEC+ meeting, the bloc agreed to extend the supply cut by an additional month, bringing the total length of the cuts to 4 months. It appears the cuts have brought some stability to the oil markets as oil prices gained 48% during its first month. As at print time, oil finally crossed the $40/bbl point ($40.08/bbl) for the first time since March. app Money Markets Funding rates expanded significantly last week on the back of the c.N600 billion retail FX funding and CRR Debit. OBB and Overnight rates rose by 1340 bps and 1380 bps to close the week at 15.60% and 16.70% from 2.20% and 2.90% respectively w/w. Market liquidity is estimated to be c.N150 billion according to market sources. Experts expect funding rates to hover around current levels next week barring any significant flows. Treasury Bills The Treasury Bills market started the week on a relatively quiet note with minimal activity witnessed across board due to the unattractive NTB yields. Hence, activity in the space maintained its relatively weak trend for the rest of the week on the back of the limited market supply. According to experts in Commercio Partner, a similar trend in the Treasury Bills market is expected next week as attention skews towards the PMA. Bond Market The Bond market started the week on a relatively quiet note with minimal volumes seen across as most of the attention was skewed towards the Sukuk bond offering. Nevertheless, activity began to improve slightly throughout the week as liquidity continues to spur a bullish bias in the market. In all yields decline by 9 bps w/w. FX Market Nigeria’s FX reserve declined by 0.54%, USD$17.09 million WoW to $USD36.58 billion, its first decline in weeks. Consequently, the naira depreciated against the US Dollars, pared by 0.04% week-on-week to $1/₦386.50 at the I&E window. At the parallel market, the currency depreciated against the US Dollars, Pound Sterling & the Euro to $1/₦460, £1/₦545 & €1/₦472 from $1/₦450, £1/₦540 & €1/₦470, respectively in the previous week. Equities Market Last week the benchmark index declined by 0.98% to 25,020.72 points. Featuring on the gainers’ chart for the week are SKYAVN (+50.83%), JAPAULOIL (+50.00%), UAC-PROP (+20.00%) and ABCTRANS (+17.14%). On the other hand, AFROMEDIA (-23.08%), UACN (- 13.89%), FIDSON (-12.94%), PZ (-12.73%), and CADBURY (-11.56%) were listed on the laggard’s chart for the week. The Exchange witnessed 3 sessions of gains in all the trading session for the week. Hence, YTD return came in at -6.79% from -5.86% in the previous week. Market Capitalization settled at NGN13.05 billion. The equity market breadth closed negative at 0.67x (compared to 1.55x recorded last week) as the market recorded thirty-nine (39) advancers in contrast to twenty-six (26) decliners in the week. In the coming week, the experts expect to see continued profit-taking activities on the exchange. Related NSE Ranks Second in Bloomberg’s Best Performing Indexes Over the Past Month May 8, 2020 In "Business News" Many odds against the naira April 24, 2020 In "Business News" Debt crisis looms in emerging markets April 6, 2020 In "Business News" RELATED TOPICS:BONDS AND TREASURY BILLSEQUITY MARKETGLOBAL MARKETS Abiola OdutolaAbiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan- Atlantic University. You may contact him via email - abiola.odutola@nairametrics.com.CLICK TO COMMENT BUSINESS NEWSHow Bitcoin will hit $100,000? Bitcoin will need to have a market capitalization of $2.1 trillion to hit $100,000, and that is about a quarter the market capitalization of gold. Published 10 hours ago on June 7, 2020By Olumide Adesina What it will take Bitcoin to hit $100,000? For the flagship currency to hit $100,000, Bitcoin will need to have a market capitalization of $2.1 trillion. That is about a quarter of the market capitalization of gold. According to Option trader, Theta Seek stated that for this incredible feat to happen is to envision consistent buying demand from retail investors. The trader said: “At 100K per BTC, the market has to absorb a miner supply of $90 Million USD daily. Assuming that there are 10 million people worldwide buying BTC on a regular basis. It would cost them each $9 daily to sustain those price levels. I’ve met people who spend more than $9 on coffee.” READ MORE: Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market Theta Seek added that hodlers—a term used to define long time Bitcoin holders, most of them have not sold throughout the past three all-time highs of BTC, noting: GTBank 728 x 90 “Data suggests otherwise though, hodlers throughout the past three all-time highs have not been selling in significant portions. 60% of BTC has not moved for more than 2 years. Even if that were to be true, the longtime supply of BTC will eventually equal the mining (new) supply.” (READ MORE:Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market) Data recently obtained from Coinmarketcap, shows the flagship currency having a market capitalization of about $177.5 Billion and at the time this report was drafted, it was trading at $9,648. blockchain technology, Bitcoin giving better returns than the Nigerian stock market, What it will take Bitcoin to hit $100,000? Just recently Bitcoin has received incredible support from top-class global financial brands, strengthening the argument as a store of value in recent weeks. app America’s most valuable bank JPMorgan became the first major bank to open accounts for cryptocurrency exchanges (Coinbase and Gemini) and Grayscale a leading American hedge fund experienced record institutional trading on Bitcoin and other crypto assets in the first quarter of 2020. CONTINUE READINGBLURBThe Wisdom behind Jaiz Bank Founded in 2003, and licensed by the CBN, Jaiz Bank Plc has since expanded its services exponentially. Published 18 hours ago on June 6, 2020By Lawretta Egba Jaiz bank The idea of taking out loans without interest rates as the future of banking might still sound as foreign as flying cars to many, but it is already in motion. Currently, there are over 300 Islamic banks in over 51 countries, including the United States. In Nigeria, Jaiz bank stands at the forefront of this revolution. The bank was created out of the former Jaiz International Plc, which was set up in 2003/2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged Non-Interest Bank. Jaiz and its unconventional Banking methods With Islamic banking, there are two main peculiarities and none of them confer a bias on only members of the religion. The first is the sharing of profit and loss, and the other is the prohibition of the collection of interest as stipulated in Islamic law – otherwise regarded as “riba.” Both concepts feed off each other in that to augment the lack of interest gains, equity participation is employed. In other words, the borrowing business will pay back the loan without interest and also give the bank a share of its profits. Jaiz bank is the first non-interest (Islamic) bank operating in Nigeria. Being that Islamic banking is grounded in Sharia or Islamic principles and morals, the financial institution does not support businesses that could impact the society negatively. So even as it finances business, and shares their risks and profits accordingly, it does not partner with businesses involved in betting, alcohol, and so on. Needless to say, their methods have served them well. From being founded in 2003, to 2011 when it received a license from the CBN to operate as a regional bank, to its official commencement as Jaiz Bank Plc in 2012, the institution has expanded its services exponentially. Today, the company is owned by over 26,000 shareholders who are spread over Nigeria’s six geopolitical zones and its balance sheet has grown from N12 billion in 2012 to about N62 billion, with asset financing of over N30 billion. The bank operates 27 branches and has a full service range of offerings. READ MORE: CBN disburses N50 billion loans through MFBs’ IT platform app The force behind Behind the bank’s recorded success is a strong shareholder base, spread across one foreign shareholder, 108 Institutional, 220 Corporate, 26,157 Individuals, 156 Joint, 6 States and 106 Local Government shareholders. However, seven major shareholders control a total of about 65% of the total share capital of the bank. They include: Dantata Aminu Alhassan having 5.24%, Altani Investment Limited with 7.47%, Dangote Industries Ltd wit 8.48%, Islamic Development Bank (IDB) with 8.50%, Indimi Muhammad with 9.28%, Dantata Inv’t & Sec. Ltd with 12.49%, and, former minister, Mutallab Umaru Abdul with the highest stake of 13.50%. Not only have these business magnates from the northern part of the country created something of an oligarchy, they also obtained the backing of Saudi Arabia’s Islamic Development Bank. Whether or not the oligopoly poses a threat to the corporate governance and decision-making power of the rest of the bank’s shareholders is a question that can only be answered based on the happenings that arise. The Managing Director of the bank, Hassan Usman, had however noted that “fundamental to the vision and mission of Jaiz Bank is to create wealth for MSMEs.” He also assured all that the bank is set to ensure maximum benefits is attained by all stakeholders. READ MORE: Polaris Bank’s profit rises to N26.2 billion from N2.8 billion Performance and Investment Outlook The company has done well in building up funding to keep its operations afloat especially given its style of banking. Just last year, it had secured a N3 billion financing facility from the Bank of Industry (BOI) to boost and develop their operations and give zero-interest loans to Micro, Small and Medium Enterprises (MSMEs) within the country. The company’s performance has also been noteworthy. In 2019, the company declared a profit after tax of N1.79 billion which was a 114% growth as compared to the N834.36 million recorded at the end of 2018. The company is on a growth trajectory; currently, with its low share price of N0.66 on a 52 week average of 0.34 and 0.82, it is a convenient buy. With a price-to-earnings ratio of 9.27, it shows good signs of growth. Its model might just be the thing to spur economic growth as its result-based gains will not just increase the income of the bank but also aid the growth of small businesses within the nation. CONTINUE READINGFEATUREDNaira gains against the dollar at I&E window, as forex liquidity goes up by 358% The performance of the naira at the I&E window, however, seems to contrast with that at the parallel market where the local currency lost N3 to a dollar as it depreciated to N450 to a dollar on Friday. Published 24 hours ago on June 6, 2020By Chike Olisah Central Bank Continues intervention in Forex market to stabilize Naira, Naira to depreciate slightly over $1.52 billion maturing contracts expires, Naira hits N388.84 to $1 at the currency spot market, Investors and Exporters (I&E) window, Naira weakens against the dollar by 1.14% amidst uncertainty The naira has appreciated to N386.50 to a dollar at the Investors and Exporters (I&E) window, despite the uncertainty of the foreign exchange market. The local currency was strengthened by N0.20 against the dollar, when compared to the N386.70 to a dollar that it traded on Thursday, June 4, 2020. The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1. This is also different from the exchange rate at the parallel market, which depreciated to N450 to a dollar, according to information on AbokiFX as of Friday, June 5, 2020. Available information from the daily trading at FMDQ (where FX is traded by importers and investors) shows that the naira improved against the dollar by N1.25, closing at N386.50 to a dollar, as against the indicative rate of N387.75 to a dollar that it opened with on Friday. READ ALSO: Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira A cursory look at the data from the FMDQ shows that the turnover for the day went up by about 358% at $112.89 million. This is against the $24.64 million turnovers that was recorded on Wednesday, June 3. GTBank 728 x 90 The performance of the naira at the I&E window, however, seems to contrast with that at the parallel market where the local currency lost N3 to a dollar as it depreciated to N450 to a dollar on Friday as against the previous day’s rate of N447 to a dollar. The Central Bank of Nigeria had promised to provide more liquidity in the foreign exchange market, especially for genuine users while also discouraging currency speculators from heating up the market. The apex bank yesterday debited the accounts of 25 commercial banks with the sum of N460 billion naira ($1.2 billion) as additional cash reserves for missing cash reserve ratio (CRR). Apart from serving as penalty to the banks, this also reduces the excess cash in the money market which might be used to put further pressure on the foreign exchange market. CONTINUE READINGADVERTISEMENT Wealth.ng ADVERTISEMENT ADVERTISEMENT Patricia ADVERTISEMENT devland ADVERTISEMENT financial calculator LATEST TRENDINGAfDB, Lutoyilex Construct Ltd, fraud CORONAVIRUS1 min agoAfDB institutes fiduciary measures to monitor COVID-19 funds for NigeriaGlobal stocks tumble on "corona" sell off, BLOODY WEEKS: Coronavirus cost investors N1 trillion, triggers devaluation fears, Global Market Summary on Tuesday, Analysis: The economy is crashing, avoid falling knives,, Debt crisis looms in emerging markets,Debt crisis looms in emerging markets MARKETS2 hours agoMixed trends trail Nigerian marketsGoogle building its own debit card, Google’s advertising business faces breakup BUSINESS NEWS5 hours agoGoogle’s advertising business faces breakupADVERTISEMENT app ADVERTISEMENT Nairametrics ABOUT US TEAM NAIRAMETRICS CONTACT US CAREERS ANDRIOD APP IOS APP DISCLAIMER PRIVACY POLICY Copyright © 2020