Tectono Business Review: NIGERIAN STOCKS SLIP AS FEARS RISE OVER NAIRA DEVALUATION

Wednesday 8 July 2020

NIGERIAN STOCKS SLIP AS FEARS RISE OVER NAIRA DEVALUATION

Lukman Otunuga,

Senior Research Analyst at FXTM

In the face of economic uncertainty, dollar scarcity and depressed Oil prices, the Central Bank of Nigeria (CBN) has devalued the Naira for the second time this year.

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At an auction of importers last Friday, the CBN asked that bids for foreign exchange to be made at 380 Naira per dollar, compared with 360 previously. While this move may harmonize Nigeria’s multiple exchange rates and even improve transparency, it may come at the cost of higher inflation. Given how consumer prices have already jumped to 12.40% in May amid border closures and supply chain disruptions, a weaker Naira that fuels inflationary pressures could hit living standards of Nigerians.

This negative sentiment was reflected on the Nigerian Stock Exchange, as the All Share Index closed in the red despite equity markets across the globe rallying. Buying sentiment towards local stocks may remain heavily influenced by coronavirus developments and domestic economic data. With the economic calendar for Nigeria void of Tier 1 economic releases this week, the focus may turn towards Oil prices which account for over 90% export earnings and roughly 70% of government revenues.

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Nothing much has changed in the Oil arena since the EIA reported a 7.2 mbpd drop in oil stockpile last week. The commodity pretty much remains driven by coronavirus related developments and factors influencing fuel demand. Appetite towards the Oil received a minor boost thanks to the positive US jobs report; however, gains were later capped by risks around a new round of lockdowns due to rising coronavirus cases.

Looking at the technical picture, it’s the same old story with WTI Crude. $40 remains a strong resistance level. Sustained weakness below this point may open a path back towards $36. Should the $40 level give way, the next key point of interest may be found around $43.70.

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GOF AD

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EXPORT

Hmmm!!! Folks, let us say the truth and shame the #devil. Many #Nigerian #non-oil products #exporters have been defrauded of huge amount of #money in the process of #exporting #agricultural #commodities and solid #minerals to #foreign #countries. Do you know why? They were not trained on #export #operations, #management, #documentations and the best methods of #payment in export #trade. This is terrible!!! Nigerians cannot continue to lose money to #foreigners in the course of export #business. Exporters, would you like to keep on being scammed? Why don’t you get a practical manual that explains the stages of export trade from processing and #packaging of commodities to receipt of payment by the foreign buyers? It explains export operations, export management, export documentations and methods of payment in export trade? Yes, it is a #contemporary step-by-step #guide to export trade. It tells all the contemporary dynamics in export trade. To get it, click on this link: http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

EXPORT

Fellow #Nigerians, are you aware that our #crude #oil will soon become useless? Yes, it will, in no distant time, become #valueless owing to the fact that the #countries that rely on it as their only source of #energy are developing more affordable #alternative sources of energy. When this finally happens, what will we do? How are we currently preparing for this imminent #economic doom? Which other sector will continue to stabilize our economy? Nigerians, the only #solution is developing the #agricultural sector. In fact, this is the only #solution. Very soon, the major source of revenue will become agriculture and #agro-exports. How are you positioning yourself to play big in agro-export #business? Why don’t you get a practical manual that explains the stages of export trade from #processing and #packaging of #commodities to receipt of #payment by the #foreign buyers? Yes, arm yourself with the #contemporary #trends in #export #trade. This manual explains export #operations, export #management, export #documentations and methods of #payment in export trade? Yes, it is a contemporary step-by-step guide to export trade. It tells all the contemporary dynamics in export trade. To get it, click on this link: http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

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Wednesday 8 July 2020

NIGERIAN STOCKS SLIP AS FEARS RISE OVER NAIRA DEVALUATION

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