BUSINESS ROUNDUP: Naira falls against U.S dollars; Insurance companies pay N4bn following #EndSARS protests; Other stories | Ripples Nigeria
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BUSINESS ROUNDUP: Naira falls against U.S dollars; Insurance companies pay N4bn following #EndSARS protests; Other stories

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Private sector got over N46trn in loans from banks in 9 months –NBS

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

 

Here are the Headlines:

  • Naira falls against U.S dollars, as external reserves drop
  • Insurance companies pay N4bn claims in wake of #EndSARS protests
  • CBN announces new decision on Naira for dollar promo
  • Anyone who defaces naira to be jailed six months —CBN

 

Summary:

Nigeria’s naira weakened against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Thursday, according to data from the FMDQ Security Exchange market where currencies are officially traded.

Nigeria’s currency closed at N411 at the Thursday trading session. This signifies a 50 kobo devaluation from N410.5 it closed on Wednesday.Read more

The Nigerian Insurers Association (NIA) has revealed that insurance companies paid N4 billion as claims arising from over 2,000 businesses affected by the #EndSARS protests.

Mr Ganiyu Musa, Chairman, NIA, who disclosed this at a news conference in Lagos on Thursday, also assured customers that all genuine claims emanating from the protests would be paid. Read more

The Central Bank of Nigeria has announced a decision on its Naira for Dollar Scheme scheduled to end on Saturday, May 8.

The scheme designed to reward diaspora remittances recipients with N5 for every dollar received, CBN says, will now be extended until further notice.Read more

The Central Bank of Nigeria (CBN) has issued a warning to Nigerians to desist from defacing the Naira currency.

This warning was issued by Mrs Dorothy Onyene, the CBN’s Currency Operations Department, at the CBN Fair at Dora Akunyili Women Development Centre, Awka, Anambra State, on Tuesday.Read more

READ ALSO: BUSINESS ROUNDUP: Naira gains as dollar supply rises; Ikeja Hotel loses N60 million in three months; Other stories

On NSEROUNDUP: stockholders lose N40 billion, as investors reduce investment in Nigeria’s capital market

The capital market ended with investors losing N40 billion due to a decline in Thursday’s N20.47 trillion equity capitalisation, which dwindled to N20.43 trillion on Friday.

The capital market recorded a jump in the All Share Index on Friday after gaining 0.21 percent to rise to 39,198.75 ASI, against the 39,114.73 recorded on Thursday.

On Friday, the capital market recorded a significant decline in investors’ trading activities, as 238.93 million shares valued at N2.95 billion were exchanged in 3,947 deals.

This is below the 403.51 million shares traded by investors in 4,342 deals worth N4.80 billion.Read more

On the tech scene, Nigeria’s food enterprise, Zhal Foods, opened the week with its ultimate winning of the Quickteller Business contest. The Niger State-based venture walked away with 1 million naira cash prize.

Zhal Foods won a virtual pitch contest organised by the Fintech company, beating nine other contestants to win the edition. Read full review

Remarks

Thanks for joining the roundup this week. See younext week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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