Nigeria in 1min: Economic, Business and Financial Headlines - 050320

Thursday, March 5, 2020 / 06:35 AM / By News Aggregator / Header Image Credit: NSE

Click Here To Read Latest News Updates

PROSHARE ECONOMY 

Invest in Oyo - The Pitch, Frank Talk and Optimism - Being a speech by Seyi Makinde, The Governor, Oyo State of Nigeria titled "Improving Nigeria's Economy - Challenges and Opportunities: The Oyo State Journey" at the Nigerian-American Business Forum in Tampa, Florida, on February 29 and March 1, 2020. Source Seyi Makinde Read More 

The Nigerian Palm Oil Sector Update - Earnings at Risk on Falling Global CPO Prices - The outbreak of the coronavirus has resulted in global CPO prices shedding 25.3% YTD. If domestic prices were to mirror this move, our model suggests that average selling prices for both OKOMUOIL and PRESCO would decline by 19.3% y/y and 17.3% y/y, respectively. Source Cordros Capital Read More 

World Bank Group Announces Up to $12bn Immediate Support for COVID-19 Country Response - As COVID-19 reaches more than 60 countries, the World Bank Group is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak. Source World Bank Group Read More 

Commodity Prices Tumble Again as Markets Undergo Worst Week Since 2008 - COVID-19 panic spread across global markets last week causing an 11% week-on-week drop in the S&P 500, the worst week for equities since 2008. This sentiment spilled over into commodities prices, which fell 1.8% as measured by the IHS Markit Material Price Index (MPI). Source William May, Senior Economist, IHS Markit Read More 

CBN Releases Exposure Draft of the Guidelines for the Regulation and Supervision of MFBs in Nigeria - The Central Bank of Nigeria (CBN), in 2012, issued the Revised Supervisory and Regulatory Guidelines for Microfinance Banks in Nigeria to support the development and sustainability of Microfinance Banks (MFBs). Source CBN Read More 

Covid-19: When It Rains, It Pours - LBS Executive Breakfast Session - March 2020 - The Nigerian economy has been a subject of four downgrades to its growth projections and economic outlook in the last four months. One was by the IMF reducing the GDP growth forecast to 2% while the others were by the rating agencies lowering the country's economic outlook from stable to negative. Source FDC Read More 

Electronic Payments Hit N10.89tn In January - Nigerian banks facilitated electronic payments valued at N10.89tn in January, a 29 per cent increase in transactions as against N8.41tn recorded in January 2019.This is as the volume of electronic payments rose to 160.18 million, recording 58 per cent increase from the 2019 figure, which was 101.38 million, latest statistics obtained from the Nigerian Inter-Bank Settlement Scheme have shown. Source Punch Read More

Auditor General, ICPC To Probe Revenue Leakages In FIRS, Others - The Office of the Auditor General for the Federation and the Independent Corrupt Practices and Other Related Offences Commission will jointly audit the revenue generating agencies including the Federal Inland Revenue Service. Source Punch Read More 

FG to Review 2020 Budget - The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed wednesday disclosed that the federal government will carry out a mid-term review of the 2020 Budget. Source Thisday Read More

Click Here to Read More News on Economy

PROSHARE REGULATORS 

CBN New Directive on Cashless Policy Takes Effect from April 1st 2020 -The Central Bank of Nigeria has announced that charges on cash deposits over N500,000 will be implemented nationwide effective from Wednesday, April 1st, 2020. Source CBN Read More 

Click Here to Read More News on Regulators

PROSHARE MARKETS

The February 2020 Nigerian Capital Market Service Report - Proshare - Nigeria's Equities Market closed the month of February 2020 in red as market witnessed Sell pressure during the month under review. The NSEASI dipped by -9.11% as against +7.46% gain recorded in the month of January 2020 while the NASD USI closed northwards with +0.26% gain recorded at the end of the month under review as against +0.15% gain in January 2020. Source Proshare Read More 

Sell-off in the T-bills Market as Yields Continue to Retrace Across the OMO Curve - The Bond Market traded on a mixed note, with decent activity across the curve. The mid- to long-end saw the most traction, with local investors exhibiting a bullish demeanor, as the market continues to recover from last week's bearish view, buoyed by the news of the first case of the Coronavirus pandemic in Nigeria. Yields, however, expanded by an average of 3bps across the benchmark bond curve. Source Zedcrest Capital Read More 

Stakeholders List Benefits Of NSE Demutualization - The Nigeria Stock Exchange (NSE)yesterday held a court-ordered meeting and extraordinary general meeting, to set the pathway for achieving full demutualization of the Exchange. Source WebTV Read More 

Investors Gain N83.59bn As NSEASI Inches Up Further By 0.61% - Equities market closed today on a positive note, as NSEASI appreciated by +0.61% to close at 26,415.54 points as against +1.70% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.59%.  Source Proshare Markets Read More

Click Here to Read More News on Markets

PROSHARE BUSINESS 

Firstbank Wins 2019 Oil and Gas Banker Award - First Bank of Nigeria Limited was recently presented with the Oil and Gas Banker of Year 2019 award at the Patrons' Dinner and Industry Awards of the Nigeria International Petroleum Summit held on Monday 10, February 2020 at Transcorp Hilton Abuja. Source Firstbank Read More 

Zenith Bank Retain Position as Nigerian's most Valuable Banking Brand - Zenith Bank Plc, Nigeria's leading financial institution, has again emerged as the Most Valuable Banking Brand in Nigeria in the recently released Banker Magazine Top 500 Banking Brands 2020. Source Zenith Bank Read More 

FG launches Nigeria Visa Policy 2020 - On Tuesday, 4 February 2020, President Muhammadu Buhari, GCFR, officially launched the new Nigeria Visa Policy 2020 (NVP 2020) as the new guidelines for entry and exit of migrants. Source KPMG Nigeria Read More  

OPEC Seeks Russia's Support For Deeper Production Cut - Saudi Arabia and other members of the Organisation of Petroleum Exporting Countries are seeking to win support from Russia to join them in new additional oil output cuts to prop up prices, which have tumbled by a fifth this year because of the coronavirus outbreak. Source Punch Read More 

Oil Rises More Than 1% Ahead Of OPEC Meeting To Discuss Supply Cuts - Oil prices rose more than 1% on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.  Source Reuters Read More