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Dangote, Mobil, BUA, Zenith, GTbank win a home run at Nigerian stock market

Today’s stock market uptrend was impacted by gains recorded in High Cap stocks like Mobil, Zenith Bank, Guaranty Trust Bank, Unilever, and BUACEMENT.



Nigerian stock market maintained positive trend for the fourth trading session as the key market performance measures, All Share Index, ASI, and market capitalization, further grew by 1.05% each.

Today’s uptrend was impacted by gains recorded in High Cap stocks like Mobil, Zenith Bank, Guaranty Trust Bank, Unilever and BUACEMENT.


Market sentiment, as measured by market breadth closed positive, recording 29 gainers against 9 losers. REDSTAREX for the second trading session recorded the highest price gain of 10.00 % to close at N3.75 per share.

Consequently, the All-Share Index rose by 1.05 %to close at 24.758.39 index points as against 24.452.23 points recorded yesterday while market capitalization of equities appreciated by N159.55bn or 1.03 % to close higher at N12.902tn from N12.743tn as market sentiment remained on the green territory.

A turnover of 350.76 million shares valued at N3.70billion in 5,239 deals was recorded in today’s trading. ZENITHBANK (+3.03%) finished the most active in today’s trading to boost market turnover by 57.4million units of shares valued N961.39 million.

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(READ MORE: Dangote, Nestle, Zenith, GTBank hit home run as investors party with N94.4 billion)

The sectoral performance was largely positive as all sector indexes gained. The Industrial index (+5.72%) was the top performer of the day, due to the +9.88 price appreciation in BUACEMENT as earnings report hit the market on Monday.

Businessman makes a strong case against equity investment, stock market

The NSE Oil & Gas index followed to gain 1.44%, on the back of +9.95% gain recorded in MOBIL. Consequently, appreciation in FBNH (+3.88%), ZENITH BANK (+3.03%), WAPIC (+6.45%), and AIICO (+2.02%) spurred the NSE Banking and Insurance Indexes to advance 1.41% and 0.97% respectively. The Consumer Goods index finished the day, +0.38% on UNILEVER (+9.30%) price close.

Top gainers 

BUACEMENT up 9.88% to close at N35.6, MOBIL up 9.95% to close at N194.5, UNILEVER up 9.30% to close at N16.45, GUINNESS up 3.24% to close at N17.55, ZENITH BANK up 3.03% to close at N17


Top losers

ARBICO down 9.91% to close at N2.09,FLOUR MILL down 4.76%  to close at N20, OANDO down 5.76% to close at N2.62N1.9,NPFMCRFBK down 3.55%  to close at N1.9,FIDSON down 1.54% to close at N3.2



Nigeria’s stock market final print was dependent on blue-chip stocks led by MOBIL, BUACEMNT and the banking tickers,( most tier-1 banks) had a going showing. However Nairametrics advise on cautious buying as volume still remains a bit thin

Olumide Adesina a French-born Nigerian, is an Investment Professional at Nairametrics Financial Advocates, owners of Olumide Adesina is a certified Investment trader, with more than 14 years of working experience. His work experience covers trading commodity derivatives and analysis of global equities, currencies, commodities, cryptocurrencies, and Fixed Income instruments. A member of the Chartered Financial Analyst Society. You can follow Olumide on twitter @tokunboadesina and email via

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U.S dollar falls as investors panic over U.S-China relationship

The Index that tracks the American dollar against a bouquet of other major currencies (like the Japanese yen, British pound sterling, Swedish Krona, Euro), closed 0.10% lower to trade at 98.275 after global investors retreated from the safe-haven asset.



The US dollar remains king, U.S dollar gains against major currencies, America threatens China with sanctions.

Owing to the increased tensions over China’s move to control Hong Kong’s citizens with the passage of security laws, the U.S dollar closed lower at the last trading session of the week. Investors’ sentiments appear to have been dissuaded, as the world remains hopeful about the speedy recovery of the global economy.

The U.S. Dollar Index that tracks the American dollar against a bouquet of other major currencies (like the Japanese yen, British pound sterling, Swedish Krona, Euro), closed 0.10% lower to trade at 98.275 after global investors retreated from the safe-haven asset.


READ MORE: FG to give new Executive Orders to tackle international fraud

What it means for Nigerians: Nigerians hoping to meet foreign exchange payment obligations, via dollar transactions to countries like Europe, and Japan, will need to pay more dollars to fulfil such transactions.

The head of global market research at MUFG Bank in Tokyo, Minori Uchida, explained that “At the moment, hopes for economic recovery are strong, but I expect this to gradually fade to increased concern about the U.S.-China relationship.

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READ ALSO: Global oil market to re-balance in 2 months’ time

“When that happens, there will be more risk-off trades, which support the buying of both the dollar and the yen,” Uchida added.

In addition, the U.S dollar’s bullish upside has been capped in recent days as global investors continue to track the U.S.-China relationship. Tensions between the two most powerful world economies aggravated even more last week after China enacted national security laws for Hong Kong.

“The question is how far Trump will go at today’s press conference, as removing Hong Kong’s favoured status would probably spark negative market developments, hitting global risk sentiment,” analysts at Danske Bank reported in a research note to clients.

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Covid-19: Timeline of every pronouncement made by Nigeria to support the economy.

Timeline of every action announced since the outbreak hit Nigeria.



IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction

The number of people living with the Coronavirus Disease (COVID-19) and deaths from it have been on the increase daily.

The Federal Government and its relevant agencies, especially the Central Bank of Nigeria, have responded with policies to cushion the economy, restore investors’ confidence, and support Small and Medium Enterprises (SMEs) and households.


A look at some of the initiatives:

MAY 28. 2020

Central Bank of Nigeria has approved and disbursed N10.5 billion out of the N100 billion credit intervention on the healthcare industry to cushion the impact of the Coronavirus on the operators in the sector.

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The apex bank disbursed the fund for the establishment of advanced diagnostic and health centres and the expansion of some pharmaceutical plants for essential drugs and intravenous fluids

According to the CBN boss, the apex bank had stipulated the requirements to access the funds. Part of it is that a corporate entity must submit its application to a participating financial institution (PFI) which could be either a Deposit Money Bank or a Development Finance Institution of its choice with a bankable business plan.


The Monetary Policy Committee of the Central Bank of Nigeria decided by a unanimous vote to reduce the Monetary Policy Rate (MPR) from 13.5% to 12.5% and to hold all other policy parameters constant. Seven (7) members voted for a reduction of the policy rate by 100 basis points, two (2) members by 150 basis points and one (1) member by 200 basis points.

Highlights of the MPC’s decisions:


I. Reduce the MPR to 12.5 per cent;


II. Retain the Asymmetric Corridor of +200/-500 basis points around the MPR;

III. Retain the CRR at 27.5 per cent; and

IV. Retain the Liquidity Ratio at 30 per cent.

The Committee maintained that although a sharp decline in output growth is expected in Q2 2020 and maybe the third quarter if the current stimulus initiatives are properly implemented, the economy would reverse to positive growth by the fourth quarter.



MAY 27, 2020

Central Bank of Nigeria (CBN), approved regulatory forbearance to restructure credit facilities in the Other Financial Institution (OFI) sub-sector.

The apex bank reduced the interest rates on its facilities through participating financial institutions from 9% to 5% per annum for a year with effect from March 1, 2020.



MAY 21, 2020

CBN introduced N100 billion credit intervention scheme to mitigate the impacts of COVID-19 on businesses, particularly those in the health sector. The scheme, which was planned to be funded from the Real Sector Support Facility – Differentiated Cash Reserves Requirement, is to have an interest rate of 5% per annum until March 1, 2021, when it will revert back to 9%.

The apex bank insisted that the money would be given to people that would import or source for foreign exchange for materials that can be source locally

CBN also postponed the much-awaited  May 2020 Monetary Policy Commission (MPC) meeting. The meeting that was earlier scheduled for Monday and Tuesday, May 25 and 26, 2020,  was shifted to Thursday, May 28, 2020. This is as a result of the
declaration of Monday and Tuesday, May 25 and 26, 2020, as Eid-el Fitr holidays.

The apex bank assured that it has put in place all necessary machinery for the meeting to now hold for only one day on account of the on-going COVID-19 national lockdown and to align this meeting with extant rules of the Presidential Task Force (PTF) on COVID-19 and advisories from other relevant agencies.



MAY 19, 2020

The Central Bank of Nigeria (CBN) tasked industrial conglomerates operating in the country to support efforts of the government to grow the nation’s economy and return it to its green days. CBN Governor, Godwin Emefiele, warned that the apex bank would not support the importation of items that could be produced in Nigeria.

In a virtual meeting with Chief Executive Officers (CEOs) of conglomerates in Nigeria, Emefiele explained that the CBN, in line with President Muhammadu Buhari’s desire, was determined to return the Nigerian economy to the period when the manufacturing and agricultural sectors formed the base of the economy.

READ ALSO: Central banks digital currencies pose a threat against the U.S dollar


MAY 18, 2020

The Central Bank of Nigeria (CBN) tasked industrial conglomerates operating in the country to support efforts of the government to grow the nation’s economy and return it to its green days. CBN Governor, Godwin Emefiele, warned that the apex bank would not support the importation of items that could be produced in Nigeria.

In a virtual meeting with Chief Executive Officers (CEOs) of conglomerates in Nigeria, Emefiele explained that the CBN, in line with President Muhammadu Buhari’s desire, was determined to return the Nigerian economy to the period when the manufacturing and agricultural sectors formed the base of the economy.



MAY 18, 2020

The Federal Government of Nigeria extended the gradual easing of the COVID-19 lockdown across the country by two weeks.

Chairman of the Presidential Task Force (PTF) on COVID-19, Boss Mustapha, stated that in spite of the modest progress made, the country is still not yet ready for full reopening of the economy and said that tough decisions have to be taken for the good of the greater majority.

Central Bank of Nigeria (CBN) also signed an agreement with the Nigerian National Petroleum Corporation (NNPC) to spend as much as N1 billion as quarantine costs for about 3,000 Nigerian returnees.

The decision by the duo regulator was disclosed by Nigeria’s Foreign Affairs’ Minister, Geoffrey Onyeama. According to Onyema, this is a CSR gesture by the CBN and the NNPC. The N1 billion is expected to cover the costs of hotel accommodation and the feeding of the returnees

READ ALSO: Covid-19: CBN wants to fund research for Nigerian Made vaccines



MAY 16, 2020

Federal Government announced that new Micro Small and Medium Enterprises (MSMEs) will access National Agency for Food and Drugs Administration and Control (NAFDAC) registration of their products at an 80% discount, over the next 6 months.

This concession covers MSMEs that are into production of foods, drugs, and related consumables. As an added incentive, the first 200 micro and small businesses to register on the e-platforms will be allowed to do it at no cost – zero tariffs.

In view of current economic challenges faced by businesses due to the pandemic, the government has also authorised NAFDAC to grant a waiver on administrative charges for overdue/late renewal of expired licenses of products for a period 90 days.



MAY 12, 2020

CBN disclosed that it was developing a framework to provide financial support to aid the fight against Coronavirus Disease in the country. According to Emefiele, the fund would be released as soon as the vaccine was validated by health authorities.


MAY 10, 2020

CBN assured foreign investors that repatriating their funds from the country was secured despite forex related revenue shortages due to the drop from the sale of crude oil globally.

The apex bank had put in place policies to ensure an orderly exit for those that might be interested in doing so and also urged investors to be patient as such repatriations were being processed, owing to the Bank’s policy of orderly exit of investments.



MAY 3, 2020

CBN and the Bankers’ Committee ordered all banks in the country not to retrench or lay-off any staff of any cadre (either full-time or part-time). The apex bank also said that its approval must be sought if it became absolutely necessary to lay-off any such staff.


MAY 2, 2020

The Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance bank, on behalf of the Central Bank of Nigeria (CBN), started the disbursement of the N50 billion Targeted Credit Facility (TCF) to beneficiaries.

The facility is a stimulus package which was introduced by CBN, to help mitigate the impact of the coronavirus pandemic on households and MSMEs.


APRIL 30, 2020

CBN extended the deadlines issued to Microfinance banks (MFB) to comply with its revised minimum capital requirements.



APRIL 29, 2020

CBN resumed the sales of dollars to SMEs who need foreign exchange for essential imports, as well as Nigerian students in foreign schools who need to pay their school fees.

This comes as the world-wide COVID-19 lockdown begins to ease up, even as business activities are expected to gradually return to normal. In view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria.




APRIL 28. 2020

The apex bank lifted the temporary suspension placed on cheque clearing in the country with effect from Tuesday, April 28, 2020.
In the circular, it explained that it lifted the suspension in furtherance of its efforts in the development of a safe and efficient payment system in the country.

IMF loan
The executive board of the International Monetary Fund (IMF), approved $3.4 billion as Rapid Financing Instrument (RFI) as fiscal support to Nigeria during this period of coronavirus pandemic.

The fund that was requested by Nigeria is to be used to mitigate the impact of the coronavirus pandemic on Nigeria’s economy as the country grapples with dwindling government revenue and an economic crisis following the crash of crude oil prices globally.

READ ALSO: CBN discloses conditions for assessing N100 billion credit facility, addresses ‘process problems’

APRIL 14, 2020

In preparation for post-COVID-19, CBN announced four major areas of focus. They are:

Provision of affordable housing: Here the CBN will create an intervention fund which will target housing construction by developers who provide proof of profiled off-takers with the capacity to repay the loan.

The BVN will be used to verify the information given by the off-takers before the developers can access the facility. The CBN will also assist the mortgage finance sub-sector, assist land administration agencies at the states to build capacity for prompt processing and issuance of land titles.

Renewable energy: The CBN, over the next three years, will be providing financial support to environmentally friendly energy production, as this has tangential long term health benefits.

Cutting edge research: Also, the bank will be providing funding and encouraging efforts aimed at driving innovation and research in every sector through our universities, research institutions, creative industry initiatives and so on.

Light manufacturing: The apex bank plans to set up a N500 billion intervention fund over a medium, and targeted at manufacturing firms for the procurement of state of the art machinery and equipment and automated manufacturing models that would fast track local production. It will also help increase the patronage of locally processed products.

CBN intends to close the funding gap needed for the replacement of machinery and equipment in order to enhance local production.



MARCH 30, 2020

* The Federal Government also gave a directive that all economic and social activities in Ogun, Lagos States and Federal Capital Territory should be suspended for two weeks. The lockdown affected the movement of people across the states, except for people in the essential services sectors.

• CBN suspended the clearing of all cheque instruments in the Nigerian Clearing System. According to the bank, the directive was intended to “ensure hitch-free clearing and settlement activities” during the previous 14-day lockdown.

CBN’s suspension was based on the earlier envisaged two-weeks lockdown which was later extended to about 5 weeks.



MARCH 27, 2020

CBN and the Banker’s Committee formed the Nigerian Private Sector Coalition Against COVID-19. The apex bank explained that the coalition was in partnership with the private sector, led by Aliko Dangote Foundation and Access Bank.


MARCH 25, 2020

Following the request of the Association of Bureau de Change Operators of Nigeria (ABCON) to declare market holiday on its members’ weekly bidding, the CBN suspended the sales of foreign exchange to operators of Bureau de Change.


MARCH 24, 2020

The Monetary policy committee unanimously voted to:
• Retain the MPR (Monetary policy Rate) at 14%.
• Retain the asymmetric corridor at +200/-500 basis points.
• Retain the CRR (Cash Reserve ratio) at 27.5% and retain liquidity ratio at 30%.


MARCH 20, 2020

• The CBN officially devalued the naira by 15% moving from N307/$1 to N360/$1. Depreciation at the “market-determined” I&E window is 5%, having moved from N360/$1 to N380/$1.

• CBN sold dollars to banks at N380/$1 in a move signifying a devaluation of the currency. Banks trading at the Investor and Exporter (I&E) window bought dollars at N360/$1 from the CBN on Friday, March 20, 2020. The I&E window is the official market where forex is traded between banks, the CBN, foreign investors, and businesses



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Dollar supply: What Nigerians expect from the CBN

CBN has been rationing forex to protect the naira amid the fall in crude oil prices and deadly COVID-19 that has reduced the country’s foreign earnings. 



Having so much naira wealth does not guarantee you getting dollars

It is important for the Central Bank of Nigeria (CBN) to ensure it keeps to its promise of boosting the nation’s Forex supply, manufacturers and experts have demanded.

Ola Oladele, CFA, in a telephone  with Nairametrics, explained that the apex bank should keep its word, as the persistent downtrend in the currency black market persists. She said:


“The depreciation of the naira in the parallel market is because of low supply of FX from official sources and less optimistic outlook on the economy due to falling oil prices.

“The Bureau De Change operators haven’t received supply from official sources since our borders were closed and the crash in oil prices has made natural sellers of FX more cautious.

“We hope that the recent statements by the regulator will restore confidence and subsequently, supply to the market.”

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READ ALSO: AfDB’s Akinwumi Adesina hits back, denies allegations against him

Meanwhile, manufacturers are also experiencing tough times getting dollars to fulfill their forex obligations, even when having so much naira to trade with, according to Bloomberg News.

CBN has been rationing forex to protect the naira amid the fall in crude oil prices and deadly COVID-19 pandemic that has reduced the country’s foreign earnings.

Dollar scarcity and a weakening naira are already adding to inflation in a country that imports all major products used by pharmaceutical firms.

“Manufacturers can’t open letters of credit as dwindling oil receipts and the lack of intervention by the central bank pushed international banks to withdraw credit relationships with local lenders,” said Fidelis Ayebae, the Chief Executive Officer of Fidson Healthcare Nigeria Plc.


“You now have a situation where nobody is holding letters of credit, no manufacturer is getting anything from their suppliers abroad because even the ones that we owe, we are not able to pay,” said Ayebae, who also heads the 180-member pharmaceutical group of Nigeria’s manufacturers’ association. “Some companies may shut 45 days from now if they are not able to import.”


(READ MORE: CBN’s MPC unlikely to cut rates, as Nigeria’s foreign reserves hit $36.16 billion)

Having so much naira wealth does not guarantee you getting dollars

The administrative costs of the pharmaceutical company gained at least 22% due to the current headwinds and it may be forced to close operations from July, if the scarcity of dollar persists.

While the drug maker, according to Bloomberg news, got N2.5 billion from the central bank’s COVID-19 intervention fund, he has only secured $80,000.

“I need dollar equivalent of N2.5 billion. If I get $5 million today, I will be an incredibly happy man,” he added.


(READ MORE: Naira appreciates at the I&E window, as CBN Governor promises more liquidity)

However, recently, CBN started the weekly dollar sales of $100 million for small businesses and individuals in genuine need of foreign exchange.

Still, CBN Governor, Godwin Emefiele some days ago insisted that there were no shortage of dollars, and sales would resume to bureaux de change when the COVID-19 induced lockdown had eased sufficiently.

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