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Nigerian stocks fell 2.6 percent yesterday after global index provider, MSCI, said it would leave the country in its former index until at least November, when it will assess the investor access to the market.

MSCI said Nigeria would remain a frontier mrket, with the possibility of being downgraded to “stand alone” status, leading shares to retreat. According to Reuters, the index of Nigeria’s top 10 banks, its relatively liquid sector, shed 2.6 percent partly on the MSCI news, and after Etisalat Nigeria failed to agree a debt renegotiation deal with lenders.

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Just like the Nigerian Communications Commission (NCC), the leadership of the Central Bank of Nigeria (CBN) has informed the 13 banks that extended a $1.2 billion facility to Etisalat Nigeria that it would resist the move by the lenders to take over the network operator without its express approval.

This was the fallout of a meeting held between CBN officials and CEOs of the 13 banks yesterday in Abuja. Citing the Nigerian Communications Act (NCA), the NCC on Tuesday had stepped into the crisis that has enveloped the country’s fourth largest network operator, reminding the banks that they could not take over Etisalat’s operating license without its approval.

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The Chartered Institute of Stockbrokers is seeking increased government interest and participation in the capital market, which is faced with critical challenges. The institute said it was worried by the consistent absence of government’s representatives in capital market fora and its dire consequence on the market development.

It is also clamouring for the utilization of the capital market to fund the 2017 budget deficit as a demonstration of the government’s belief in the market’s capacity to provide long-term fund for capital projects.

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The National Bureau of Statistics on Thursday released the Consumer Price Index, which measures inflation, with the index dropping from 17.24 percent in April to 16.25 percent year-on-year in May.

The NBS stated that on a month-on-month basis, the headline index rose by 1.88 percent in May, representing a 0.28 percentage points higher than the 1.60 percent recorded in April. The report read in part, “The Consumer Price Index, which measures inflation, increased by 16.25 percent (year-on-year) in May compared to 17.24 percent in April.

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There were strong indications on Thursday that the Economic and Financial Crimes Commission would reopen investigation into allegations of corruption against the Chairman of the Code of Conduct Tribunal, Justice Danladi Usman.

Sources at the anti-graft agency in Abuja said the commission had started screening all outstanding petitions against the CCT Chairman. A top officer of the EFCC, who confided in the PUNCH, said after scrutinizing all the petitions against the CCT Chairman, the anti graft commission would invite him for interrogation.

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Barely 24 hours after after signing the 2017 Appropriation Bill into law, Acting President Yemi Osinbajo on Tuesday in Abuja started preparatory activities for the 2018 budget based on Federal Government’s Economic Growth and Recovery plan.

Anchored by the Ministry of Budget and National Planning, the process is to ensure that the 2018 budget aligns with the provisions of the ERGP and is ready for presentation to the National Assembly by early October this year.

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The Senate on Tuesday stated that business enterprises could not survive under the current interest rates being charged by financial institutions,which range between 25 and 30 percent.

The Legislature noted that the economy would not grow despite the current efforts by the Federal Government to revive it if the interest rates remained high. This was made known at a round-table between the Senate and stakeholders in the country’s financial and business sector in Abuja.

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The Naira has recorded further gian, closing at N365 to the United States Dollar. The local currency closed at N367/$ on Friday after closing between N367/$ and N368/$ for most days of the last week.

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