The World Bank's decision to postpone its board meeting that was scheduled to hold today till October is a likely sign of the multilateral agency's growing impatience with Nigerian policy ambivalence on exchange rate unification and the adoption of cost reflective tariffs.
Nestle Nigeria's (Nestle) Q2 PBT was down -23% y/y on account of a gross margin contraction of -751bps y/y, reflective of an fx-induced inflationary environment. The company sources the majority of its raw materials locally, but the pass-through effect of the devaluation fueled an increase in local input prices.
The FGN bond market opened too wide but better bided across the curve. The auction papers say most of the market joy especially on the 2026s which started at 7.90/6.50 at the early hours but closed with most of its trades settling around 7% levels.
The Debt Management Office (DMO) wishes to announce the resumption of its Offer of the Federal Government of Nigeria Savings Bond (FGN Savings Bond) effective August 2020. The DMO was constrained to suspend the Monthly Offers of the FGN Savings Bond in April 2020 due to the restrictions on activities and movement as part of measures adopted by the Government to curtail the spread of COVID-19.
The Lagos Government has reviewed the Land Use Charge (LUC) Law by reversing the rates to pre-2018, thereby undertaking reforms to reduce financial pressure on citizens and accommodating the agitations of Lagosians in respect of the exorbitant rates.
Small " Medium Enterprises Development Agency of Nigeria (SMEDAN) in Partnership with Leapworld Limited will on June 30, 2020 celebrate the 2020 United Nations MSME Day with small business owners as well as key experts and policy makers in the industry.
The NSEASI inched up by 0.88% as against -3.12% loss recorded in the month of June 2020 while the NASD USI closed southwards with -2.05% loss recorded at the end of the month under review as against 3.48% gain in June 2020.
The use of Voice over Internet Protocol ("VoIP") enabled Apps and devices as a communication tool by both organisations and individuals has been on the steady increase, particularly in the wake of the COVID-19 pandemic ("the Pandemic"). Aelex takes a look at the rise of VoIP, how it is disrupting the telecommunications industry, and the key provisions of the NCC Guidelines as it relates to VoIP in Nigeria.