The forbearance is a relief package to assist some operators who took “margin loans” to buy shares which value were affected by the crisis in the Nigerian Stock Exchange (NSE). It is to help them offset the debts estimated at about N300 billion.
The Minister of Finance had promised that the Federal Government would assist them to get out of the debt overhang as part of the solution to the crisis rocking the stock market.
The operators told the News Agency of Nigeria (NAN) in Lagos yesterday that government’s silence on the crisis rocking the market was negatively affecting investor confidence in the market.
Alhaji Rasheed Yussuf, the Managing Director of Trust Yield Securities Ltd., said that the market had remained unstable due to the inability of the government to release the forbearance package.
Yussuf said that the capital market was showing signs of recovery, but still remained illiquid, adding that the forbearance package would kick start activities and strengthen confidence of stakeholders.
He said that the liquidity crisis in the market would linger until the problem of margin loans was resolved as brokers would continue to be inactive in the market.
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Solidstonez
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