- The FMDQ OTC Securities Exchange recorded a 36.13 percent growth in fixed income and currency markets transactions in July. The company posted transactions worth ₦12.74 trillion in July compared with ₦9.36 trillion recorded in the preceding month, indicating a growth of 30.60 percent or ₦3.38 trillion. A breakdown of the report indicated that foreign exchange transactions accounted for 27.52 percent of the turnover compared with 26.07 percent achieved in June. Transactions in treasury bills contributed 33.62 percent to total turnover in contrast to 38.14 percent in June. The report stated that the first Naira-settled OTC FX Futures contract – NGUS JUL 27 2016 priced at ₦279 per dollar matured during the review period with a total settlement amount of ₦962.23 million paid to counterparties.
- Brent Crude rose on Monday to its highest level in a month on rising speculation that major producers may work out ways to support prices in an oversupplied market. Brent, against which half of the world’s oil is priced, rose by 2.6 percent to $48.20 per barrel as of 1805 WAT. The rise comes as indications emerge that the OPEC could revive talks on freezing oil output levels when it meets non-OPEC nations next month. OPEC members will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on September 26-28.
- The CBN is in the middle of a bank examination, with the nation’s macroeconomic challenges and NPLs said to ensure that a significant portion of lenders may not get a favourable score. Banking sector NPLs are predicted to jump to 12.5 percent of total loans this year, up from the central bank’s target level of five percent at the end of 2015, according to Agusto & Co, Nigeria’s main rating agency; the effect worsened by weakening consumer confidence and a slide in the country’s GDP.
- MainOne has said its data centre subsidiary, MDXi, is now an SAP-certified provider of infrastructure services solutions. This new certification is a vote of confidence in the ability of the company to deliver high-quality cloud and infrastructure operations services for customers running SAP solutions and recognises the company as the region’s first SAP-certified data centre. MainOne provides network and internet solutions, voice, data centre and cloud services to businesses in Nigeria, Ghana and the wider West African region.
- Lagos governor, Akinwunmi Ambode has ratified the state properties protection law, which prescribes a jail term of 10 years for suspects guilty of land-grabbing. He also signed the state neighbourhood safety corps law which he said would boost the security of lives and property in all 20 LGAs and 37 LCDAs. He said the safety corps would assist the police and other security agencies “to maintain law and order across the communities. The Neighbourhood Safety Agency will be established to register all private home security and any other person employed for private home security, amongst other things.”
- PenCom has recovered ₦9.38 billion from various employers across the country that failed to remit pensions deducted from their workers’ salaries under the Compulsory Pension Scheme to the employees’ respective Retirement Savings Accounts. The contributions of about 127,555 workers to the pension funds as of March this year are still outstanding, according to a new PenCom report, according to the Punch. The report also showed that the defaulting firms were made to pay fines of ₦348.81 million.