The Naira on Wednesday bounced back after consistent three days losses and appreciated at the official market trading at N1,645.40 against the dollar.

Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N44.48.

This represents a 2.63 per cent gain when compared to the previous trading date on Tuesday when it exchanged at N1,689.

Also, the total daily turnover increased to 236.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,698.50 and N1,609.00 against the dollar. (NAN)

Anambra Government says it has initiated low interest loans to support Micro, Small and Medium Enterprises (MSMEs) in the state to become sustainable businesses that would create jobs and wealth.

Mr Christian Udechukwu, Commissioner for Industry, Trade and Investment, said this on Saturday in Awka.

He spoke while inaugurating the Anambra Small Business Summit with the theme:  “Enhancing the Growth of Small Business for Job and Wealth Creation.

Udechukwu, who did not list the interest rates, however, said the mandate of the ministry was to enhance businesses for jobs and wealth creation.

“In the ministry we have funds that we have made available to micro, small, medium and large enterprises.

“For micro businesses, you can apply from zero to NN10 million. It is funded by the Anambra State government and the Bank of Industry,” he said.

He explained that to access more than N10 million loan the business owner had to register with the Corporate Affairs Commission (CAC) and also own assets.

The commissioner emphasized the need for small business owners in the state to register with the Small and Medium Enterprises Development Agency (SMEDAN) and Nigerian Association of Small and Medium Enterprises (NASME).

He said the measure would enable them access the various low interest loans available in the state.

Udechukwu said the government was building structures that would promote the non-oil sector through small scale businesses and agriculture.

Mrs Chito Onuzuluike, the State Coordinator, SMEDAN, said it was unfortunate that small business owners in the state do not take advantage of the opportunities abound in the agency to boost their operations.

Onuzuluike said the plan of SMEDAN to help small scale businesses in the state to develop  was being hindered by lackadaisical attitude of business owners.

Also, Mr Kingsley Ahamefula,  the head of CAC in the state said business registration was important in order to be recognised locally and internationally.

Mrs Bridget Obi, former Commissioner for Women Affairs in the state and a farmer commended the state chapter of NASME for organising the summit.

Obi said the event has exposed participants on many ways to develop small businesses and export goods and services.

Earlier, Mr Chinemerem Oguegbe, the state Chairman NASME said the summit was first of its kind organised by the private sector to provide solutions to the challenges of doing business in the state. (NAN)

Selloffs in BUA Cement and Tier-one banking stocks on Tuesday dragged the Nigerian Exchange Ltd. (NGX) market capitalisation down by N394 billion, a 0.66 per cent decline.

Specifically, the market capitalisation, which opened at N59.812 trillion, closed at N59.418 trillion.

Similarly, the All-Share Index dropped by 0.

This dip also reduced the Year-to-Date (YTD) return to 31.14 per cent.

Market breadth was negative, with 32 losers declining and 26 gainers on the Exchange.

On the losers’ table, Cadbury Nigeria led by 9.89 per cent to close at N16.40 per share, while Northern Nigeria Flour Mill(NNFM) led the losers’ table by 10 per cent to close at N37.

However, analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 96.08 per cent.

A total of 399.32 million shares valued at N8.93 billion were exchanged in 9,547 deals, compared to 353.18 million shares valued at N4.55 billion transacted in 9,417 deals posted previously.

Meanwhile, UBA led the activity chart in volume and value with 90.41million shares worth N2.61 billion.(NAN)