Nigeria in 1min: Economic, Business and Financial Headlines - 031120


Tuesday, November 3, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @dabiodunMFR

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COVID-19 Health Updates

  • 2nd of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 63,036 cases (New: 72)
  • Discharged:  59,328
  • Deaths: : 1,147 (New: 1)

Source: NCDC Read More

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N424.71bn Generated as VAT in Q3 2020 - NBS - Sectoral distribution of Value Added Tax (VAT) data for Q3 2020 reflected that the sum of N424.71bn was generated as VAT in Q3 2020 as against N327.20bn generated in Q2 2020 and N275.12bn generated in Q3 2019 representing 29.80% increase Quarter-on-Quarter and 54.37% increase Year-on-Year. Source NBS Read More

PMI Reading No 91: In the Shadow of Protests - Our manufacturing Purchasing Managers' Index (PMI), the first of its genre in Nigeria, slipped from 54.8 to 51.3 in October. Our partner, NOI Polls, has gathered the data. The index can be found in advanced economies such as the ISM's in the US, larger EMs like China, India and Russia, and some other frontier markets. Source FBNQuest Research Read More


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Investors Lose N26.81bn as NSEASI Dips by 0.17% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.17% to close at 30,479.39 basis points as against +3.71% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +13.55%. Source Proshare Markets Read More

ACI Experienced a Positive Performance - AFEX Commodities Weekly Report 291020 - The AFEX Commodities Index increased marginally by 0.77% closing the week at 271.02 basis points. This increase was because of the increase in the Soybean sub-index outweighing the decrease in the Maize and Paddy Rice sub-index. Source Kainosedge Consulting for AFEX Commodities Exchange  Read More

Average Yield on NT-Bills Expands 12bps WoW as Investor Demand Fades - At the PMA last Wednesday, the Apex bank offered N154.4bn worth of NT-Bills which was met with a 5.3x total subscription of 8N821.5bn across all tenors, with c.85.0%of total demand on the 364-day instrument (N93.9bn offer vs. N694.9bn subscription). Source Afrinvest Research Read More


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CIIA Unveils New Website, Registration and Membership Guidelines - Our new website went live this morning to provide more information about our operations and outlook for the association's objectives toward market development. In line with our primary objective of providing protection to investors generally, the site affords us the opportunity to have very robust feedback and interaction with the public. Source CIIA Read More

Ecobank Restates Commitment to AfCFTA - The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said the bank is prepared to partner with other organizations to explore the opportunities available in the African Continental Free Trade Area (AfCFTA). Source Ecobank Read More

Copycat or Coincidence: Establishing Copyright Infringement in Similar Literary Works - Similarity between two works often implies that one is a copy of the other. However, in the creative world, where different perspectives of an idea can be produced by different authors and each work will be original, similarity without more cannot be conclusive proof of copyright infringement. Source Osundolire, Hassan, & Ojuri of Banwo & Ighodalo Read More

FG Recorded N409.39bn Fiscal Deficit in August - CBN - The Federal Government recorded a fiscal deficit of N409.39bn in August, even as its total federally collected revenue rose by 2.7 per cent to N767.55bn. The federally collected revenue generated in August was, however, below the budget benchmark of N846.84bn by 9.4 per cent. Source Punch Read More

COVID-19: Senate Kicks as FG Approves N5bn Bailout for Aviation Sector - The Senate on Monday rejected the plan by the Federal Government to give N5bn bailout to the operators of the aviation sector following the losses they suffered as a result of the COVID-19 pandemic. Source Punch Read More

WTO Seeks Measures to Bolster Economic Recovery - The Deputy Director General of the World Trade Organisation (WTO), Mr. Yi Xiaozhun, has called on Organisation for Economic Co-operation and Development (OECD) members to step up cooperation with the WTO in order to bolster trade and lay the foundation for strong economic recovery from the devastation created by the COVID-19 pandemic. Source THISDAYLIVE Read More

Oil Price Rises 2% After Falling to $36 - The international oil benchmark, Brent crude, gained nearly two per cent on Monday, shaking off earlier losses, as the United States heads into a contentious presidential election. Brent, against which Nigeria's oil is priced, had fallen more than $2 to around $36 per barrel earlier on Monday but rose to $38.63 per barrel as of 8:30pm Nigerian time. Source Punch Read More

Wall Street Rises but Market Braced for Choppy Week On Eve of U.S. Election - The Dow and S&P closed higher on Monday with the Nasdaq posting slimmer gains on the eve of the U.S. presidential election, as investors girded for what could be big market swings this week. Source Reuters Read More

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E-Payments Industry Continues to Show Promise - NIBSS Instant Payment (NIP) transactions recorded a healthy 39.4% y/y and 66.8% y/y growth in transaction value and volume to N105.3tn and 1.3bn respectively. For POS transactions, total transaction value and volume grew 185.7% y/y and 42.7% y/y respectively to N6.4tn and 440.9m respectively. Source CSL Research Read More 

Nigeria Mobile Money Revolution Delayed by Scarcity of Licences - In late 2018, Nigeria said it would allow non-financial companies to apply for mobile banking licences - part of a money revolution aimed at transforming Africa's biggest economy and unlocking the continent's largest unbanked population. Source Neil Munshi of Financial Times Read More

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When a Bank Puts SMEs First - Last week will go down as one of the most challenging weeks, if not the most challenging, Nigeria has faced in 2020. What started out weeks before as very well-organised peaceful protests by young Nigerians campaigning to #EndSARS... Source FirstBank Read More


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