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Economy

NSE market indices drop by 1.53%

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…As CBN lifts foreign exchange market with $210m***

Weekly activities on the Nigerian Stock Exchange (NSE) resumed on depressed note on Monday as the market indices dropped by 1.53 per cent.

The market capitalisation shed N233 billion or 1.53 per cent to close at N15.068 trillion from the N15.301 trillion recorded on Friday.

The All-Share Index, which opened at 42,638.83, lost 650.65 points or 1.53 per cent against the 41,988.18 achieved on Friday.

Some blue chips posted price losses.

They were led by Nestle Nigeria which lost N58.20 to close at N1, 341.80 per share.

Dangote Cement trailed with a loss of N8.60 to close at N251.30, while Nigerian Breweries was down by N2.10 to close at N128.90 per share.

PZ Industries dropped N2 to close at N23, while Enamel West Africa declined by N1.15 to close at N22.10 per share.

On the other hand, International Breweries led the price gainers’ table, appreciating by N1.25 to close at N59 per share.

GTB followed with a gain of N1 to close at N47.50, while CCNN added 35k to close at N18.50 per share.

Fidson Healthcare gained 22k to close at N4.69, while Mansard Insurance rose by 13k to close at N2.78 per share.

In all, investors exchanged 287.18 million shares valued at N2.29 billion in 4,646 deals.

This was in contrast to the 815.85 million shares worth N8.06 billion traded in 4,808 deals on Friday.

The banking equities maintained its leadership as the most active with
Skye Bank dominating with 57.99 million shares worth N63.21 million.

Diamond Bank followed with 40.33 million shares valued at N106.72 million, while FCMB Group traded 35.34 million shares worth N89.42 million.

Jaiz Bank traded 18.98 million shares valued at N20.37 million, while Zenith International Bank sold 15.65 million shares worth N497.02 million.

In the meantime, the Central Bank of Nigeria (CBN) has provided fresh 210 million dollars to meet customers’ requests in various segments of the foreign exchange market.

The Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor in a statement on Monday in Abuja, said that 100 million dollars was offered to authorised dealers in the wholesale segment of the market.

Okorafor said that the Small and Medium Enterprises (SMEs) segment got 55 million dollars, while customers in need of foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), were allocated 55 million dollars.

Okorafor reiterated the CBN’s commitment to continuous intervention in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

He said that the CBN would continue to strategically manage the foreign exchange market with a view to reducing the country’s import bills and halting depletion of its foreign reserves.

On Feb. 12, the CBN had intervened to the tune of 210 million dollars to cater for requests in the various segments of the market.

Meanwhile, the naira continued its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau De Change segment of the market.

Economy

Court Dissolves Marriage With 3 Children Over Wife’s Stubbornness

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Court Dissolves Marriage With 3 Children Over Wife’s Stubbornness

…Orders 3 months iddah period before wife could remarry

An Area Court, sitting at Centre-Igboro, Ilorin, has dissolved an Islamic marriage between Omotosho Hakeem and Salamat Abdulrasak on mutual agreement.

The Presiding Judge, Ahmed Abdul Kadir, dissolved the marriage and ordered that the wife should observe a three-month iddah period before she could remarry.

The petitioner had earlier told the court that he was no longer interested in the marriage, saying that she usually refused to apologise for any wrongdoing.

He, therefore, sought a divorce, praying the court to compel his estranged wife to pack her belongings, along with their three children out of the house.

The respondent agreed to the divorce suit but wanted the husband to provide a place where she would observe her three-month iddah period with her children.

She also wanted the petitioner to be responsible for her feeding during the period and pay N15,000 monthly for the children’s upkeep.

The case was consequently adjourned till May 16 for report of settlement and custody of the children. 

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Economy

Naira Depreciates Wednesday, Sells N1,421.06 Against Dollar

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Naira Depreciates Wednesday, Sells N1,421.06 Against Dollar

Government efforts at strengthening the Naira has again suffered a setback as the Naira slightly depreciated at the official market on Wednesday, trading at N1,421.06 to the dollar.

Data from the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N4.49.

This represents a 0.31 per cent loss when compared to the previous trading date on Tuesday when it exchanged at N1,416.57 to a dollar.

However, the daily turnover increased to N164.74 on Wednesday, up from 160.77 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,440 and N1,335 against the dollar. 

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Economy

Go back Home; Court Orders Estranged Husband To Return To Matrimonial Home

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Blasphemy: Court Orders Hearing Notice To Be Served On Cleric, Counsel To Appear

An Upper Shari’a Court sitting in Tudun Wada, Kaduna State, on Tuesday, ordered the husband in a divorce suit, Abdulmalik Ojoka, to return to his marital home and take care of his wife and two children.

The judge, Malam Iliyasu Umar, gave the order after Ojoka’s wife, Maimuna Sulaiman, asked the court to dissolve their marriage on the grounds of her husband’s irresponsibility and failure to pay house rent, school fees, and cater for other family needs.

Umar also counselled the petitioner in the divorce case to exercise more patience and accept her husband when he returned.

Also Read: Bad Business: I Got N880,000 Not N1m After My Kidney Was Removed- Minor

The judge further ordered Maimuna to report back to the court on June 3 of any attitudinal changes by her spouse upon his return home.

Earlier, the complainant told the court that she had been married to her husband for 29 years, but anytime they had financial challenges, he would pack his bags and leave.

”He left me and my children during Ramadan when our house rent was due; I had to go borrow money and pay to avoid eviction.

“I paid the school fees for my four children, even though two of them are now married; I want the court to dissolve the marriage since he has packed out,” she said.

Giving evidence before the court, Ojoka denied the allegations and informed it that he had been a responsible father paying his children’s school fees until he lost his job.

He said that when he lost his job, his wife refused to understand his financial situation and insisted that the children should continue to attend private school when he suggested they transfer to a public school.

The respondent also denied the allegation of not paying the house rent.

According to him, his wife moved out of the house the family was living in claiming that it was not comfortable.

“She moved into another house and paid the rent; anytime I am home it’s a quarrel, no peace,” Ojoka told the court. 

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