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  NGX Declines as Selloffs Hit BUA, Stanbic IBTC Photo Credit: iPleaders The equities segment of the Nigerian Exchange, NGX, experienced a bear-bull fight that plunged market valuation downward following specific selloffs on some companies’ shares. The negative price movement of large and mid-cap stocks like BUA Cement Plc which declined by 1.6% and 5.8% price down in STANBIC IBTC market valuation, thus undermining the market’s performance. Consequently, the key performance indicator or the Nigerian Exchange All share index declined 0.08% week on week to 54,892.53 points due to profit-taking in some defensive stocks with strong fundamentals. Data from the exchange showed that the market capitalization declined by N23.24 billion week on week to N29.90 trillion. Investors’ decision to take profit dragged year-to-date return to 7.11% from 8.87% in the previous week. At the close of the week, the level of market trading activities was positive as the total number of deals decreased by ...

 Banks Issue Fresh Updates as CBN Circulates Naira Notes Photo Credit: TheCable.ng In response to the Central Bank of Nigeria’s (CBN) decision to reverse its naira redesign policy, deposit money banks have announced adjustments to cash withdrawal limits placed on individuals and corporate. Reverting to the old order, the weekly withdrawals limit has now been upgraded strongly while banks said there is no requirement to generate reference codes for cash deposits has also been discontinued. Today, the apex bank floods banks with naira notes to assuage the ongoing cash crunch in the economy. It also directed all commercial banks to open for operation on Saturdays and Sundays to reduce the lingering cash crunch in the economy. The CBN also confirmed on Friday that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers. After the Supreme Court order that upturned the CBN plan to remove old c...