- Stock remains range-bound in a channel of N22.62-N29.00 support/Resistant levels
Power supply hasn’t improved with privatisation– Survey
A survey on power supply situation in the country released by NOI Polls, an indigenous survey agency, has revealed that 63 per cent of Nigerians have experienced no improvement in electricity supply since the privatisation of the sector.
Specifically, the survey stated that in the first quarter of this year, 43 per cent of Nigerians experienced worsened electricity supply, while 20 per cent saw no difference at all in the privatised power sector when compared to when it was run by the defunct Power Holding Company of Nigeria.
Have you rebased your personal finances?
The author of ‘Practical steps to financial freedom and independence,’ USIERE UKO, writes on updating your financial data and knowledge as things change
Rebasing has become a trendy word in Nigeria since the National Bureau of Statistics announced the new Gross Domestic Product about a week ago, making the country Africa’s biggest economy and confirming what most of us already suspected for years going by the boom in the telecoms, services and entertainment sectors.
Banks’ credit to domestic economy fell by 1.2% in January
Banks’ credit to the domestic economy fell to N12.1 trillion, representing 1.2 percent below the level in the preceding month, according to a report by the Central Bank of Nigeria (CBN).
The development was attributed to the 1.2 percent fall apiece in claims on the Federal Government and the private sector during the review month.
Available data from the Economic Report for the month of January released last week by the CBN indicated that total assets and liabilities of the deposit money banks (DMBs) amounted to N24,408.9 billion, showing an increase of 0.3 percent above the level at the end of the preceding month. Funds were sourced mainly from increased mobilisation of time, savings and foreign currency deposits; accretion to capital, and unclassified liabilities. The funds were used, largely, for the acquisition of foreign assets, unclassified assets and Federal Government securities.
Value of Bankers’ Acceptances Drops to N20bn
The value of bankers’ acceptances (BAs), a short-term debt instrument issued by firms guaranteed by deposit money banks (DMBs) declined by 0.60 per cent to N20.34 billion as at January this year, compared to the N20.47 billion it stood at the end of the preceding month.
The development, according to the Central Bank of Nigeria (CBN), was due to the decline in investment in BAs by the DMBs during the month.
Consequently, BAs accounted for 0.29 per cent of the total value of money market assets outstanding, at the end of January 2014, compared to the 0.3 per cent at the end of the preceding month.
On the other hand, the value of commercial paper (CP), an unsecured short-term debt instrument held by banks rose to N10.6 billion at end-January 2014, compared to the N9.3 billion it was at the end of the preceding month. This development was due to the rise in investment in CP by the commercial banks during the month under review.