Nigeria’s apex bank last week introduced a new policy targeted at reducing cash in use. The new regulation sees additional charges levied on bank customers making cash deposits and withdrawals, effective from September 18, 2019.
In a circular issued to deposits money banks (DMBs), the regulator said withdrawals of five hundred thousand Naira (N500,000) for individual accounts would attract 3 percent processing fees, while a 2 percent processing fee will be charged for lodgments of the same amount. For corporate accounts, commercial banks would charge 5 percent processing fees for withdrawals and 3 percent processing fee for lodgments of amounts above three million Naira (N3,000,000). More details here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 20th of September, 2019. This economic index gives you a glimpse into recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:
Nigerian Stock Exchange
Nigerian Stock Exchange
Data released by the Nigerian Stock Exchange (NSE), as of September 20, 2019, showed that the NSE All-Share Index and Market Capitalization both depreciated by 0.29 percent to close the week at 27,698.69 and N13.484 trillion respectively. However, all other indices finished higher with the exception of NSE All-Share, NSE Main Board and NSE Asem Indices.
Top five price gainers and decliners in the week under review:
Top five price gainers
Cornerstone Insurance Plc.
Livestock Feeds Plc.
Stanbic IBTC Holdings Plc.
NEM Insurance Plc.
UACN Plc.
Top five price decliners
Airtel Africa Plc.
Champion Brew. Plc.
Portland Paints & Products Nigeria Plc.
NCR (Nigeria) Plc.
Associated Bus Company Plc
How did the Naira fare?
The Naira maintained its value against the dollar at the close of last week. The exchange rate stayed at 362 Naira per dollar on the 20th of September 2019, the same as a week before.
How did the price of oil fare?
After rising to over $69 per barrel following the attacks on Saudi Aramco facilities, Brent oil prices closed out the week on 20th, September 2019 at $66.12 per barrel, a six percent increase from $62.14 recorded a week earlier.
