The Central Bank of Nigeria, CBN said it has concluded a sale of government securities, issuing 1.053 trillion ($680 million) in short-term instruments.
The apex bank made this known in a statement on Monday by its acting Director, Corporate Communications Department, Hakama Sidi-Ali.
The CBN said the sale, which occurred on March 1, 2024, was part of its liquidity management exercise.
In a statement on Monday, the regulator said the 500 billion offered at the open market operations (OMO) auction was oversubscribed, selling 1.053 trillion.
According to the apex bank, 79 per cent of the total bids, or the equivalent of $530 million, came from foreign investors.
It is understood that the Friday auction was the first since the CBN’s monetary policy committee (MPC) meeting, which was followed by a virtual meeting with foreign portfolio investors.
The bank said Olayemi Cardoso, its governor, used both meetings to set a detailed strategy to curb inflation, stabilise the exchange rate, and spur confidence in the banking system and economy.
At the meeting with investors, Cardoso was said to have further highlighted an outlook for sustained increases in the CBN’s foreign currency reserves, improved liquidity in the foreign exchange (FX) market, and imminent settlement of the remaining backlog of genuine FX transactions by the CBN.
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After Two Consecutive Days Of Looting In Abuja, Aisha Yesufu Names Next Target – Lifestyle Nigeria
In a startling turn of events, residents in Abuja catalyzed what social critic and human rights activist Aisha Yesufu dubbed as the onset of a revolution.
The catalyst? A truck laden with essential food items, becoming the unfortunate target of looting. This incident not only illuminated the harsh economic realities confronting many but also signified a watershed moment in the nation’s ongoing struggle against hunger and insecurity.
Aisha Yesufu, renowned for her vocal activism and unyielding dedication to social justice, took to her platform to articulate her perspective on the unfolding events. With poignant clarity, she depicted a society teetering on the brink, warning, “When they are done attacking trucks, they will start with warehouses and shops then estates and houses. The revolution has started.” Her words reverberated profoundly, echoing the mounting frustration simmering within the populace.
This episode, unfolding in Dei-Dei, was not an isolated incident. It followed closely on the heels of another looting spree, where residents pillaged a warehouse belonging to the Federal Capital Territory’s Department of Agriculture. These consecutive acts of plunder laid bare the deepening food crisis in Abuja, laying bare the populace’s escalating hunger and economic turmoil.
The response to these distressing events has been multifaceted. Immediate security measures were swiftly enforced at NEMA stores to forestall further looting. However, the underlying issues of economic distress, food scarcity, and insecurity persist unabated.
In light of these challenges, Civil Society Organizations have mobilized, urging President Bola Ahmed Tinubu to take decisive and holistic action. They advocate for a comprehensive strategy that transcends short-term security measures, calling for solutions that tackle the root causes of the crisis. This includes addressing the disruption of farmlands by terrorists and embracing technological innovations to safeguard food production.
As Abuja grapples with the reverberations of these tumultuous events, the call for concerted and effective action resonates louder than ever, underscoring the urgent need for sustainable solutions to alleviate the plight of the populace and fortify the nation against future crises.
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Transcorp Power Gains 10% On First Day Of Trading
Transcorp Power Plc was listed on the Nigeria Exchange on Monday, March 4th, with its share price gaining 10 percent and closing at a value of N264 per share.
Lifestyle Nigeria reports that as a result, the company’s valuation reached N1.98 trillion, indicating a huge increase of N180 billion on the first day of trading.
This company is part of the Transcorp Group conglomerate, which includes power, hospitality, and manufacturing. It was listed by introduction on the exchange at a share price of N240 per share and has become the second power company to be listed on the exchange, after Geregu Power Plc.
Lifestyle Nigeria reports that Transcorp Power Plc operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW.
The plant had an available capacity of 160MW at the time of acquisition. However, Transcorp Power invested and increased the available capacity to 680.83MW (a 227% increase) within four years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
Transcorp Power Plc is a West African Power Pool member and a participant in the ECOWAS Regional Electricity Market. It supplies electricity to the ECOWAS Regional Market.