Nigeria in 1min: Economic, Business and Financial Headlines – 260619


Wednesday, June 26 2019 / 06:50 AM / By News Aggregator / Header Image Credit: @followlasg


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Thoughts on CBN’s 5-Year Monetary Policy Blueprint (Re: Monetary Trespass) - It is in this context of the neo-orthodox monetarists in Nigeria that we seek to analyze the meaning of the audacious 5-year monetary policy blueprint of the Central Bank of Nigeria (2019 - 2024). Source Bismarck Rewane Read More

How To Buy Gold For $3 An Ounce - What Wall Street knows as an incontrovertible truth is this: Fear is a bargain. And right now, there's so much fear floating around the market that gold is back on everyone's radar, with incredible bargains. Source Ian Jenkins of Read More 

Nigeria Scores Low On Development Indices - The Central Bank of Nigeria’s (CBN) FX reserves are currently reported at (a three-month moving average of) US$45.09bn. Since the beginning of the year US$11.41bn has been injected into the NAFEX market through Foreign Portfolio Investment (FPI) while the CBN’s contribution has been just US$0.56bn. We believe that the current reserve level is sufficient for the CBN to defend the Naira exchange rate through to the end of 2019. Source Coronation Research Read More 

Implications of CBN's Five-Year Policy Thrust - Event: CBN unveils five-year policy thrust aimed at supporting Nigeria’s macro-economic growth and development. FBNQuest Read More 

N2trn Realized From Sale of State Enterprises Since 1999 - BPE - About N2trillion has been raised by the Bureau of Public Enterprises (BPE) in the sale of State Owned Enterprises, SOEs, in Nigeria since 1999. The Director-General of the BPE, Mr. Alex Okoh, disclosed this as a guest speaker at the 2019 Institute of Directors, Nigeria Fellows Luncheon in Lagos. Source Proshare Read More

Power Generation Falls To 3,390MW, Seven Plants Idle - Electricity generation has been hovering around 2,600MW and 3,800MW as of 6.00 am every day since the start of this month, according to data obtained by our correspondent. It plunged to 2,692.7MW on June 7. Source Punch Read More

Nigeria’s Crude Exports To Hit 954,000 Bpd In August - Exports of four major Nigerian grades of crude oil were set to rise in August, according to preliminary export programmes seen by traders. According to Reuters, Nigeria’s planned August exports for Bonga, Bonny Light, Qua Iboe and Forcados grades were set to hit 954,000 barrels per day (bpd), up 155,000 bpd from July. Source Vanguard Read More


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CBN Mandates Banks To Return Mutilated Naira Notes In 93 Days - The Central Bank of Nigeria, CBN, said it has given banks 93 days (from June 3 to September 2, 2019) to return mutilated naira notes for re-issuing. Source Vanguard Read More


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Airtel Africa Plc Initial Public Offer; Announcement of Offer Price and Allocation of Ordinary Share - Please be informed that Airtel Africa ("The Company") has announced plans of an Initial Public Offering (“IPO”)  of shares worth $780.0m (N270.0bn) on the premium board of the London Stock Exchange ("LSE") and subsequently, the Nigerian Stock Exchange (‘’NSE’’). Source Afrinvest Research Read More 

Nigerian Breweries Plc Up To N15bn Series 3 and 4 Commercial Paper Issue Now Open - FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited and Stanbic IBTC Capital Limited are pleased to inform you that the Nigerian Breweries PLC Series 3 & 4 Commercial Paper (“CP’) offer under its renewed N100 billion CP Programme is now open. Source Stanbic IBTC Stockbrokers Read More 

NSEASI Dips Further By -0.47% As Market Sentiment Remains Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.47% to close at 29,668.28 points as against 0.14% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.61%. Source Proshare Markets Read More

Expected N351bn FGN Bond Maturity to Boost Auction Demand - The FGN Bond market remained relatively stable, with yields slightly lower by c.4bps on the day, following renewed demand interests on the short end of the curve. Source Zedcrest Capital Read More


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GISI Partners With CISI To Combine Ghanaian Financial Services Best Practise With Global Portability - The Chartered Institute for Securities & Investment (CISI) and the Ghana Investment and Securities Institute (GISI) are delighted to announce that they are working together to enhance the Ghanaian investment and securities profession with a partnership focusing on qualifications, continuing professional development (CPD) and ethics. Source GISI Read More

Court of Appeal Concludes That “An Unregistered NOTAP Agreement Is Not Void” - The Court of Appeal has reversed the decision of the Federal High Court (“FHC”) in Stanbic IBTC Holdings Plc (“Stanbic”) v Financial Reporting Council of Nigeria (FRCN) & Anor (2015), which had held that failure to obtain NOTAP approval (on a registrable contract) rendered the contract illegal and void; and payment could not be made on an unregistered contract. Source PwC Nigeria Read More

U.S. Aims To Restart China Trade Talks, Will Not Accept Conditions On Tariff Use - The United States hopes to re-launch trade talks with China after President Donald Trump and President Xi Jinping meet in Japan on Saturday, but Washington will not accept any conditions around the U.S. use of tariffs in the dispute, a senior administration official said on Tuesday. S0urce Reuters Read More

Dollar Slips On Fed Prospects; Safe-Haven Swiss Franc, Gold Shine - The dollar hit a multi-month low against the euro and the yen on Tuesday on the prospects of monetary easing by the Federal Reserve while the safe-haven Swiss franc and gold rose on Middle East tensions. Source Leadership Read More

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South Africa Working on New Oil and Gas Policy to Enable Growth - South Africa is working on a policy to govern the development of oil and gas resources after calls by potential investors to shield the industry from a long-running debate over laws that apply to mining exploration. Source Bloomberg Read More

CBN Plans Fresh Banks’ Recapitalisation As Capital Base Weakens By $3.5bn - The depreciation of the naira between 2004 when the last banking sector recapitalisation took place and now has cut the value of the capital of each Deposit Money Bank by about $175m. Source Punch Read More

NCC Grants Landing Permit To Avanti For Satellite-Based Internet - The Nigerian Communications Commission (NCC) has approved a landing permit for the HYLAS – 4 satellite space segment for Avanti Communications over Nigerian territory. Source Dailytrust Read More


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