Nigeria in 1min: Economic, Business and Financial Headlines - 181120


Wednesday, November 18, 2020 / 7:18 AM / By News Aggregator / Header Image Credit: Twitter; @FinMinNigeria

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COVID-19 Health Updates

  • 17th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 65,457 cases (New: 152)
  • Discharged:  61,337
  • Deaths: : 1,163 (New: 0)

Source: NCDC Read More

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Average Prices of PMS, AGO, HHK and Cooking Gas - October 2020 - Average price paid by consumers for premium motor spirit (petrol) increased by 10.79% year-on-year and month-on-month by 0.07% to N161.17 in October 2020 from N161.06 in September 2020. Source NBS Read More

Higher Energy and Food Prices Pushed Headline CPI to 14.23% YoY - The headline inflation index expanded by 1.54% MoM in October, above 1.47% MoM in September and in line with our estimate of 1.53% MoM. While the pressure from food prices continued to intensify, the core index delivered a jump in October MoM from the prior month. Source NOVA Merchant Bank Read More

Second-best Equity Market in the World - As of Friday, the Nigerian Stock Exchange was the world's best-performing equity market in local currency terms and its second-best performer in US dollar terms. The market was up 30.53% year-to-date in Naira and up 24.60% in US dollars (translating at the NAFEX rate). Source Coronation Research Read More

Nigeria's Inflation Maintains Upward Trend Amidst Structural Rigidities - The misery index of Nigeria has continued to worsen as headline inflation showed no sign of respite in Q4 2020. Rising inflation has reduced consumer real purchasing power and the real returns on domestic investments. Source Proshare Research Read More

October Inflation: A Blip or Trend? - Headline inflation continued its upward trajectory in October, jumping to as high as 14.23%. This is 0.52% above September's figure (13.71%). It is also the highest level in 32-months and the 14th consecutive monthly increase. Source FDC Research Read More

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Governments Can Unlock Potentials Through Privatisation - SEC - The Securities and Exchange Commission, SEC has stated that the Federal and State Governments have the capabilities to unlock enormous potentials through privatisation. Source SEC Nigeria Read More

CBN's Stress Test Reveals Nigerian Banks Vulnerability to Economic Headwinds - The CBN has revealed that based on the stress test conducted on twenty-seven (27) financial institutions, most banks are vulnerable to economic headwinds. However, the banking industry's solvency and liquidity position remain robust. Source FDC Research Read More

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Investors Lose N277.59bn as NSEASI Dips by -1.53% Amid Positive Market Turnover - Equities market closed today on a negative note, as NSEASI depreciated by -1.53% to close at 34,242.83 basis points as against -0.75% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +27.57%. Source Proshare Markets Read More

ALERT: 45.90% of UAC-PROP's Outstanding Shares Traded on NSE Today - At the close of trading today, a total volume of 8.52bn units of shares of UAC Property Devt Company of Nigeria Plc valued at N5.94bn were traded. This represents 91.02% of the total market volumes of 9.36bn while the value of UAC-RPOP shares traded represents 49.61% of the total market value traded which was put at N12.02bn. Source Proshare Research Read More

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NCDMB, EFCC, Others to Collaborate on Local Content Enforcement - Federal Government agencies including the Nigerian Content Development and Monitoring Board (NCDMB), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), Nigeria Police, Nigerian Customs Service. Source Guardian Nigeria Read More

COVID-19 to Take Toll on African Banks, S&P Predicts - One of the global rating agencies, Standard and Poor's (S&P) has predict that the Covid-19 pandemic will significantly hurt banks in Nigeria, Tunisia, Kenya, South Africa, Morocco and Egypt for at least three years. Source THISDAYLIVE Read More

Senate Summons DG, BPE Over Planned Sale, Concession of Some National Assets - The Senate has summoned the Director-General, Bureau of Public Enterprises, BPE, Alex Okoh over the planned outright sale and concessions of some National Assets across the country in order to fund part of the 2021 Budget. Source THISDAYLIVE Read More 


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NSE CEO Highlights Opportunities For Islamic Finance And Banking In Nigeria - Islamic finance has continued to prosper and gain prominence across the globe spurred by the adoption of socially responsible and investment principles. The CEO of the Nigeria Stock Exchange Mr. Oscar Onyema, OON made this point as a keynote speaker at the 2020 NSE/Red Money Islamic Finance Nigeria On Air Forum Report 2020, which explored how Islamic Finance and Banking can flourish in the country. Source WebTV Read More

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