The total assets under the Contributory Pension Scheme have rose to N12.4tn as of the end of April.
The new data from the National Pension Commission on Wednesday provided data on the approved existing schemes, Closed Pension Fund Administrators and Retirement Savings Funds
The CPS, which lost some funds in recent months, returned to a growth path as it gained N92bn in March.
The data showed that the funds rose to N12.34tn as of the end of March from N12.25tn in February.
The assets, which had been the fastest-growing funds in the economy, lost N7bn in January and another N52bn in February.
According to PenCom, N8.4tn of the funds was invested in Federal Government’s securities in March.
Other investment portfolios where the funds were invested included domestic and foreign ordinary shares; corporate debt securities comprising of corporate bonds, corporate infrastructure bonds, corporate green bonds and supranational bonds.
The funds were also invested in local money market securities, comprising bank placements, commercial papers and foreign money market securities.
The PFAs invested the rest in mutual funds comprising open/close-end funds, real estate investment trusts, real estate properties, private equity funds, infrastructure funds, cash and other assets.
CBN warns banks over foreign exchange malpractices
The Central Bank of Nigeria, CBN, has insisted that the FX operating license of any bank or banks that are found guilty of ongoing investigations in foreign exchange malpractices would be suspended for at least a year.
The circular signed today by the Director Trade and Exchange Department, CBN, Ozoemena Nnaji stated: “In line with the continuing close surveillance of our financial markets in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements).
“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any forms of FX malpractices.
“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”
Naira hits historic low of 543 against dollar
The naira has continued to depreciate on the parallel market, selling for N543 to the dollar on Thursday.
The bureau de change operators in Abuja bought dollar at N540, then it was sold for N543.
The British Pound was also sold for £1/N740.
This comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.
On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.
The CBN said it would also no longer process applications for BDC licences in the country.