The Chartered Institute of Stockbrokers has requested some strategic support from the Central Bank of Nigeria to enhance financial intermediation roles of its members and boost transactions in the Nigerian securities market.
Adeosun, who noted that Cardoso had been a long-standing member of the Institute, explained that stockbroking firms required some supports fromBesides, Adeosun affirmed the capacity and willingness of stockbrokers to support the proposed recapitalization of banks in the next 24 months. According to him, this has been demonstrated during the previous recapitalization programmes in Nigeria.
“We request that securities of publicly listed banks should be allowed as marginable securities as long as these securities pass the “Criteria for Determining Marginable Securities” test. Margin lending drives the growth of capital markets in the advanced countries by enabling investors to acquire securities in excess of their direct savings within a regulated market framework.
Given the critical role of pension fund investment in galvanizing liquidity in the domestic equity market, Pension Fund Administrators should be investing a substantially higher proportion of their funds on equities. We therefore seek the support of the CBN to engage with PENCOM in this regard”, said Adeosun
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dollar crashes to ₦1,140 on black market after CBN reviews BDCs’ exchange rateDiscover how the Dollar to Naira exchange rate crashed to ₦1,140 on the black market after CBN's strategic review, offering hope for Nigeria's economy.
Source: TODAY - 🏆 12. / 53 Read more »
Naira fails to appreciate against Dollar in forex market despite CBN interventionThe Naira has failed to appreciate against the US dollar at the foreign exchange market despite the Central Bank of Nigeria's recent additional release of $10,000 to Bureau De change operators. FMDQ data showed that the Naira recorded another drop to N1308.52 per Dollar on Wednesday compared to N1,300.15 exchanged on Tuesday.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
CBN to sell $16m to BDCs at N1,021/$ amid fresh panic in FX marketTo halt the fresh panic building over the fate of the naira, the Central Bank of Nigeria (CBN) is set to disburse another tranche of liquidity intervention to 1,583 Bureau de Change operators.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Banks' market cap down N1.74trn since CBN announced recapitalisation planCommercial banks' market capitalisation has depreciated by N1.74 trillion since CBN directed financial institutions to conduct a recapitalisa
Source: thecableng - 🏆 2. / 80 Read more »
BDCs ask CBN to ban non-oil exporters from obtaining FX at official marketThe Association of Bureau De Change Operators of Nigeria, ABCON, has told the Central Bank of Nigeria, CBN, to ban non-oil export domiciliary account holders from obtaining foreign exchange through the official market. ABCON's president, Aminu Gwadabe, disclosed this in a Thursday Lagos statement.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
CBN bans foreign currency collateral: Will foreign investors be wary of the Nigerian market?Nigeria's CBN policy bars foreign currency as loan collateral, raising questions about the impact on foreign investment and banking stability.
Source: TODAY - 🏆 12. / 53 Read more »