Nigeria in 1min: Economic, Business and Financial Headlines - 100320

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Tuesday, March 10, 2020 / 06:35 AM / By News Aggregator / Header Image Credit: Kano Focus

 

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PROSHARE ECONOMY 

Gross Official Reserves Declined By US$1.71bn in February 2020 to US36.30bn - Gross official reserves declined by US$1.71bn in February to US$36.30bn. This was the ninth successive monthly decline. The cumulative fall of US$8.82bn is largely due to the exit of foreign portfolio investors (FPIs), which leads the CBN to sell fx from its reserves.  Source FBNQuest Read More 

FAAC Disburses N650.83bn in December 2019 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N650.83bn to the three tiers of government in December 2019 from the revenue generated in November 2019. Source NBS Read More 

FG Proposes Budget Cut As Projected Oil Price Heads For $20 - With cost of governance remaining high and slump in revenue subsisting due to the volatility of oil prices at the international market, the Federal Government, yesterday, announced plans to cut its 2020 budget. Source Guardian Read More 

FG To Review Tax Exemption For Pioneer Firms - The Federal Inland Revenue Service has accused some multinationals operating in Nigeria of not paying the required tax to government by lying on their pioneer status to get tax exemption for five years instead of the three years prescribed by the law. Source Punch Read More


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PROSHARE REGULATORS 

SEC Nigeria Notifies of Ban on Six (6) Online Brokers By Italian Financial Authorities - The attention of the Securities and Exchange Commission (the Commission) has been drawn to the public notice by the Italian securities regulator, Commissione Nazionale per le Societa  e la Borsa (CONSOB) on six (6) online forex brokers who engage in "unlawful" and "misleading" Forex and other retail products marketing practices and financial services. Source SECNigeria Read More 

Currency in circulation dropped to N2.18tn in February - Currency in circulation dropped by N61bn from N2.24tn as of the end of January 2020 to N2.18tn at the end of February 29, 2020. Latest figures obtained from the Central Bank of Nigeria on Monday revealed that the figure which stood at N2.05tn as of the end of October 2019 rose to N2.44tn at the end of December 2019. Source Punch Read More

 

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PROSHARE MARKETS

Global Markets Tumble As Oil Prices Dip To Five Year Lows - Global commodities, equities and fixed income markets have gone into free falls as the Organization of Petroleum Exporting Countries (OPEC) and other non-OPEC countries failed to reach agreement on a cut back in oil output by an additional 1.6m barrels per day. Source Proshare Read More 

Afrinvest Stock Recommendations for the Week 090320 - Last week, the local bourse recorded a positive performance as the All-Share Index (ASI) appreciated 0.2% w/w to settle at 26,279.61 points. As a result, YTD return moderated to -2.1% while market capitalisation advanced N37.4bn to N1.3.7tn. Source Afrinvest Research Read More 

Access Bank Plc FY'19 Audited Result - FX Losses Stills Earnings Momentum - Access Bank Plc (ACCESS: TP 11.17 - HOLD) reported a modest 2.7% YoY growth in earnings in its audited FY'19 result that was supported by stronger net interest income (+59.7% YoY). On a quarterly basis, earnings (-75.7% QoQ) was dragged lower by a c.N89.0 billion FX loss.  Source NSE Read More 

Average Yield Dips Marginally to 4.0% WoW Buoyed by Improved System Liquidity - Last week, performance in the Nigerian Treasury Bills ("NT-Bills") market was mixed albeit slightly bullish as average yield across all tenors shed 1bp to close at 4.0% on Friday. Source Afrinvest Research Read More 

Investors Lose N329.39bn WoW As NSEASI Dips By -2.41% To Open The Week Positive - Equities market closed today on a negative note, as NSEASI depreciated by -2.41% to close at 25,647.54 points as against -0.55% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.45%. Source Proshare Markets Read More 

NSE Demutualization Will Promote Better Corporate Governance- Aigboje Aig-Imoukhuede - With the court-ordered meeting and extra-ordinary general meeting of the Nigeria stock exchange, NSE on its planned demutualization. The Capital market is bracing up for what will be a transformed local Stock Exchange. Source WebTV Read More


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PROSHARE BUSINESS 

AfDB Signs $200m For Nigeria's Power Transmission Projects - The African Development Bank has signed for the release of $200m (about N61.2bn) to Nigeria for the expansion of the country's power transmission infrastructure. It was gathered in Abuja on Monday that the fund signed last week by the bank's management would be used under the Nigeria's Transmission Expansion Programme. Source Punch Read More 

Experts Cautions against Taxing Digital Products - The Chief Executive, Alternative Adverts Networks Limited, Mr. Emmanuel Nwafor, has urged the federal government to reconsider the decision to tax digital products, adding that the government should rather invest in the development of online products particularly App solutions. Source Thisday Read More 

Nigerian Content Implementation Now At New Level With 1% Contractor's Fund - Simbi Wabote - It changes over time. And I think in terms of local content, most of the businesses that have established capacity also are aware of this and they try to meet up with the changing technology. Source Vanguard Read More 

Oil Prices Bounce 7% After Rout On Stimulus Hopes - Oil prices bounced back 7% on Tuesday from the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus despite a price war between top producers Saudi Arabia and Russia. Source Reuters Read More


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PROSHARE TECHNOLOGY  

Nigeria's NBC Kicks Off Broadcast Industry Reform Implementation - Nigeria's Minister of Information and Culture, Alhaji Lai Mohammed, has announced that the National Broadcasting Commission (NBC) has kicked off the implementation of the broadcast industry reforms. Source Broadcast Media Africa Read More 

Telcos Connect 2.6 Million Nigerians Online As Mobile Gender Gap Persists -  Statistics from the Nigerian Communications Commission (NCC) obtained by The Guardian at the weekend, showed that the quartet of MTN, Globacom, Airtel and 9Mobile, pushed Internet subscription from 126.1 million as at December 2019 to 128.7 million in January 2020. Source Guardian Read More

 

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PROSHARE FINANCE 

IsDB To Kickstart Flagship Islamic Finance Inclusion Programme For Women - As part of efforts to achieve economic empowerment for women in the Organization of Islamic Countries (OIC), the Islamic Development Bank (IsDB) is set to kick start the flagship financial inclusion programme. Source WebTV Read More 


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