Nigeria in 1min: Economic, Business and Financial Headlines - 190320

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Thursday, March 19, 2020 / 06:40 AM / By News Aggregator / Header Image Credit: @jidesanwoolu

 

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PROSHARE ECONOMY 

Coronanomics: Figuring Out CBN's Recent Policy Intervention - Against the background of global Central Banks cutting interest rates and buying back domestic treasuries (T-bills and bonds), Nigeria's Central Bank recently announced six strategic policy initiatives to head off a recessionary dip as the Coronavirus pandemic takes a toll on global economies and threatens to lead them into a recession.   Source Proshare Markets Read More 

World Bank Group Increases COVID-19 Response to $14bn To Help Sustain Economies, Protect Jobs - The World Bank and IFC's Boards of Directors approved today an increased $14 billion package of fast-track financing to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19. The package will strengthen national systems for public health preparedness, including for disease containment, diagnosis, and treatment, and support the private sector. Source World Bank Read More 

Coronavirus to Weaken Sovereign Fiscal Positions; Track Record Matters - The economic impact of the coronavirus combined with the associated policy responses is likely to result in a higher-than-average number of sovereign rating actions in 2020, and a more pronounced downward bias in sovereign rating changes than in any year since the aftermath of the global financial crisis in 2009, Fitch Ratings says. Source Fitch Ratings Read More 

Oil Price Plunge to Pressure US Energy States and Locals - The sharp decline in oil and natural gas prices will reduce economic output and revenues in US states, cities, counties, and single-purpose districts with significant energy sector exposure, says Fitch Ratings. Source Fitch Ratings Read More 

COVID-19: CBN to Inject N1trn Stimulus Across Critical Sectors of the Economy - Two days after it unveiled a six-point palliative to ameliorate the continued impact of the corona virus on the Nigerian economy and supply chains round the globe, the Central Bank of Nigeria (CBN) has announced its decision to increase its intervention in boosting local manufacturing and import substitution by another N1trillion across all critical sectors of the economy. Source CBN Read More 

NNPC Announces Reduction in PMS Pump Price to N125 per Litre - In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly. Source NNPC Read More 

Oil Price Sinks To $24, Lowest In 17 Years - The price of Brent crude, the international benchmark, tumbled on Wednesday to the lowest level in 17 years as global markets continued to respond to the price war between Saudi Arabia and Russia amid the spread of the coronavirus pandemic. Brent, against which Nigeria's crude is priced, fell by $3.84 to $24.89 per barrel as of 7.05 pm Nigerian time on Wednesday, its lowest level since late 2002. Source Punch Read More 

IMF Outlines Policy Steps to Address COVID-19 - The Fund, noted that timely and decisive actions by health authorities, central banks, fiscal, regulatory and supervisory authorities could help contain the virus outbreak and offset the economic impact of the pandemic. SOurce Thisday Read More 

ECB Announces 750 Billion Euro Pandemic Bond-Buying Program - The European Central Bank launched an extra emergency bond-buying program worth 750 billion euros ($820 billion) in the latest attempt to calm markets and protect a euro-area economy struggling to cope with the coronavirus epidemic. Source Bloomberg Read More 

FG To Cut Budget By N1.5T, Revises Oil Benchmark Price To $30/b - The government announced a cut in crude oil benchmark price down to $30, against the $57 proposed in the budget on the backdrop of falling crude oil prices on the international market, while crude oil production remains at 2.18m barrels per day as earlier stated in the budget estimates. Source Businessday Read More


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PROSHARE MARKETS 

Investors Gain N128.49bn As NSEASI Inches Up By 1.09%; Erases Previous Day Loss - Equities market closed today on a positive note, as NSEASI depreciated by +1.09% to close at 22,789.64 points as against -0.71% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.10%.  Source Proshare Markets Read More 

Banks Bring Down Cost-to-income ratios As Industry Margins Tighten - As back room discussions continue between banks over mergers and acquisitions, the issues of operating efficiency and cost reduction have become hot button topics. The consequences of the recent Coronavirus outbreak have made the search for efficiency even more pressing as banks review growth strategies for 2020. Source Proshare Read More 

Govt Reduces March Bonds, Auctions N50bn - A circular by the DMO on Wednesday showed the breakdown of the figure to include a N15bn five-year reopening bond that would mature in April 2023 and be offered at 12.75 per cent; a N15bn 15-year new issue bond that would mature in March 2035 and another N20bn 30-year new issue that would mature in April 2050. Source Punch Read More


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Yields Continue to Rally in the Bonds Market as February Inflation Rate Rises to 12.20% - The Bonds Market continued its bullish trend, as yields continue to rally across the bond curve. The mid (2027s) to long-end (2049s) continued to have the most buy-interest, as market players reinvested bond coupon payments of c.N140bn. Yields dropped by c.11bps across the benchmark bond curve. Source Zedcrest Capital Read More 

Demutualization Will Unlock Opportunities In Nigeria's Capital Market-Patrick Ezeagu, ASHON - The planned demutualization of the Nigeria Stock Exchange (NSE) will unlock opportunities for the Nigerian capital market according to Mr. Patrick Ezeagu, President of the Association of Securities Dealing Members Houses of Nigeria, ASHON. Source WebTV Read More 

Invest in FGN Monthly Bond Auction - March 2020 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications. Source DMO Read More

 

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PROSHARE BUSINESS 

Introducing MSMEStandards - The MarketPlace for MSME Services - How far can you go with just that little idea you have, do you have the capacity to see beyond what you are trying to build now into something much more sustainable, contributing to the growth of the nation, self and community? Source MSMEStandards by BAAC Read More

Airline Industry Turmoil Deepens As Coronavirus Pain Spreads - Airline industry turmoil deepened on Thursday as Qantas Airways Ltd (QAN.AX) told most of its 30,000 employees to take leave and India prepared a rescue package of up to $1.6 billion to aid carriers battered by coronavirus, government sources said.  Source Reuters Read More


Oil Pares Gains As Investors Wait To See If Coronavirus Stimulus Works - Oil prices rose on Thursday but pared early gains as investors tried to assess how effective massive stimulus by central banks will be in shoring up the global economy as the shock from the coronavirus pandemic deepens. Source Reuters Read More


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PROSHARE FINANCE 

FG Restricts Entry Into Nigeria from 13 Countries; Suspends Issuance of Visa on Arrival - The Federal Government of Nigeria is restricting entry into the country for travelers from: China, Iran, Italy… These are countries with over 1,000 cases domestically. All travelers returning from these countries prior to the restriction will be in supervised self-isolation, monitored by NCDC and Port Health Services. Source FGN Read More 

Reasons Why Islamic Finance Is Deployed For PPP Projects - The Chairman, Altra Capital United Kingdom, Professor John Davie in a recent presentation on the developments in Islamic Finance at a recent forum in Lagos, identified the reasons why Islamic Finance is deployed for Public-Private Partnerships (PPPs). Source WebTV Read More 

Coronanomics: ICIEC Pledges $150m In Insurance Coverage For OIC Members - As the Global Coronavirus pandemic hits over 7,000 deaths and 200,000 reported cases in over 100 countries, the Islamic Corporation for the Insurance Investment and Export Credit (ICIEC) has pledged $150m as insurance coverage for the investments of Organization of Islamic Countries (OIC) member states. Source WebTV Read More 

NCDC Releases Self Isolation Guidance for Nigerians - Self-isolation means strictly staying at home or identified accommodation, away from situations where you mix with family members or the general public, for the period of 14 days. This means any situation where you may come in close contact with others (face to face contact closer than 2 metres i.e. 5 feet).  Source NCDC Read More

 

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