The naira firmed marginally on the interbank market yesterday after oil companies sold dollars to buy the local currency and dollar demand from importers slowed, traders said.
The naira closed at N162.28 to a dollar, slightly firmer than Friday’s close of N162.38 to a dollar.
A unit of France’s Total sold $42 million and China’s Addax sold $8 million, boosting dollar liquidity and support for the local currency.
“The naira should be range bound this week … don’t see it depreciating to N163 to a dollar anytime soon, probably N162.70 to the dollar,” one dealer said. The naira has traded around N162-N162.50 in recent time.
NIDF to Pay N44m Interim Dividend to Investors
Afrinvest Asset Management Limited is set to pay note holders of the Nigeria International Debt Fund (NIDF), an interim coupon of N44.172 million for the 2014 financial year.
NIDF is a mutual fund listed on the Nigerian Stock Exchange (NSE). It invests in fixed income securities of federal and state governments.
The Managing Director of Afrinvest Asset Management Limited, which is the fund manager of NIDF, Ola Belgore, said in a statement yesterday that the N44.172 million interim dividend would be distributed among note holders on the register of the NIDF by July 29, 2014, while payment would be made within two weeks of the closure.
“This is the 32rd coupon in the life of the fund which was launched in 1997. Since the NIDF is an open-ended fund it is estimated that a minimum of N36.00 per note would be paid to note holders who are in the books of the NIDF on the closure date which is July 29, 2014.
“The interim distribution is in line with the structure of the NIDF, as the fund is designed to pay distributions twice a year, as indicated in the Fund’s Trust Deed,” Belgore said.
The NIDF invests in the domestic and international debt instruments of the Federal Government of Nigeria as well as those of the 36 States.
Belgore explained that NIDF offers investors safety, capital preservation, steady returns, diversification and value, and has a consistent dividend history making it quite attractive for both individual and institutional investors such as Pension Fund Administrators (PFAs), insurance companies, asset managers and gratuity funds.
Meanwhile, trading at the stock market resumed on a positive note as the Nigerian Stock Exchange (NSE) All-Share Index rose 0.24 per cent to close at 42,936.06. Similarly, market capitalisation added N34.1 billion to close at N14.18 trillion.
Four of the five NSE sectoral indices appreciated which reflected the broader market’s performance. The NSE Insurance Index led with a 1.57 per cent increase, while the NSE Banking Index followed with a 1.22 per cent growth. The Industrial Index and Oil/Gas Index rose by 0.69 per cent and 0.09 per cent respectively.
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Courtesy This Day & AGENCIES ……… Source ……… Our Freelance Contributor in Abuja