August 24, 2016/Reuters The Nigerian currency was quoted at 402 naira per dollar on the black market on Wednesday, traders said, weaker than 397 it traded at its previous session as dollar shortages gripped the official market. The naira, which hit fresh record low since the central bank floated the […]
Updates
Fidelity Clarifies on Temporary Suspension from FX Market, Says Repaid $288 Million
By InvestAdvocate Lagos (INVESTADVOCATE)-Fidelity Bank Plc on Wednesday clarified its temporary suspension from the foreign exchange market by the Central Bank of Nigeria and said it has repaid $288 million of the funds. “Fidelity bank has repaid over $288m of these funds in line with the advised repayment schedule,” the […]
PZ Cussons Nig Plc: Expensive at Current Value; SELL Rating Maintained
August 24, 2016/Cordros Research PZ’s 2016FY revenue was below our forecast by 2% while PAT (-24%) came in much lower. Compared to 2015FY, revenue and PAT both declined by 5% and 53% respectively. Weak revenue (on account of low sales volume) and lower margins (driven by forex-induced cost inflation) primarily […]
