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news you can trust I * *MONDAY 18 JUNE 2018 I vol. 15, no 77 I N300
Sell
$-N 360.00 362.00
£-N 479.00 489.00
€-N 416.00 426.00
@
FMDQ Close
Foreign Exchange
Market
Spot $/N
I&E FX Window 361.07
CBN Official Rate 305.85
3M 6M 5 Years 10 Years 20 Years
0.00
11.20 -0.18
12.83 -0.00%
13.16% 0.00%
13.46% 0.00%
13.56%
g
Stocks on path to historical
sell-off before elections
SOBECHUKWU EZE & EMEKA UCHEAGA
G
F
rom its obscure years
of trading at less than a
kobo to 1 CFA Franc in
1986, the CFA Franc has
risen tremendously in value and
now trades at around 54 kobo to
1 CFA Franc.
In the last 5 years, the CFA
Franc is up roughly 80 percent
against the Naira. A similar
Continues on page 37
Continues on page 4
Inside
P. 39
R-L: Oliver Andrews, chief investment officer, Africa Finance Corporation; Andrew Alli, president/chief ex-
ecutive officer, Africa Finance Corporation, honoured with excellence in finance award, and Christopher
Moore, publisher, EMEA Finance, at the EMEA 2017 Champions of Finance Award recently in London.
Aircraft towing persists at Nigerian airports
as poor infrastructure hampers operations
IFEOMA OKEKE
World Cup Result
Costa Rica 0 - Serbia
Germany 0 - Mexico
Brazil
1
1
1 -Switzerland 1
INSIGHT
CFA Franc
racing to parity
with naira
Emeka Ucheaga
eneral elections due
in 2019, and a slight
buildup of pressure
against the currency
(naira) should push
Nigerian equities lower in the
second half (H2) of the year if
history is anything to go by.
The stock market is up just
1.79 percent year to date. This
performance pales against the
market performance of 16 per-
cent in the first half of 2017.
Stocks peaked this year at
45,092.83 points on January 19,
and have since suffered a correc-
Long wait for
Lagos-Badagry
Expressway
reconstruction
fgn bonds
Treasury Bills
I
n addition to the numerous
charges airline pay to service
providers, they have contin-
ued to pay ground handling
companies over N985million
annually to tow their aircraft
into the aerobridge , which is the
point to disembark passengers
after landing.
BusinessDay’s checks show
that in other countries, airlines
taxy their aircraft into the aero-
bridge but in Nigeria, airlines
pay to taxy their aircraft to the
bridge. A business man close to
the government alleged that he
had personally volunteered to
assist the concerned agencies
fix the problem but they have
refused because of the amount
they realise from towing aircraft
into the bridge on a daily basis.
Experts say that this develop-
Continues on page 37
Why Money
Market funds
are attracting
large inflows
OGHOGHO EDOSOMWAN &
CYNTHIA IKWUETOGHU
M
oney market funds
are open-ended
mutual funds that
invest in shor t-
term debt securities such as
treasury bills, certificate of de-
posits, and commercial paper.
They are usually managed by
skilled fund managers who are
competent to optimize share-
holder returns by arranging a
Continues on page 4