Nigeria in 1min: Economic, Business and Financial Headlines - 231219

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Monday, December 23, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @DangoteGroup

 

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PROSHARE ECONOMY

CBN Reviews Charges On ATM, Card Maintenance and Others - The CBN also removed Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of one Naira per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers' account in other banks on current accounts only. Source CBN Read More 

Average Price of 1kg of Rice Increased By 16.44% MoM In November 2019 - The average price of 1kg of tomato decreased year-on-year by -14.66% and increased month-on-month by 7.64% to N251.21 in November 2019 from N227.50 in October 2019. NBS Read More 

Rates Continue to Decline as Banks Struggle to Meet CBN's 65% Minimum LDR - Over the last few days, there have been notices from a couple of banks advising a downward review of deposit rates. Banks have continued to lower their lending and deposit rates as they struggle to comply with CBN's 31 December 2019 deadline to achieve the 65% minimum loan-to-deposit ratio (LDR). Source CSL Research Read More 

Fitch Revises Outlook on Nigeria to Negative; Affirms at 'B+' - Fitch Ratings has revised the Outlook on Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the rating at 'B+'. Source Fitch Ratings Read More 

Fowler's Fouls: What Tunde Fowler Did Wrong at FIRS - Kicking a man when he is down is poor form. Despite his desperate best efforts, Tunde Fowler did not get a second term as Executive Chairman of Nigeria's Federal Inland Revenue Service (FIRS), with President Buhari naming one Mohammed Nami as his replacement on December 9th. So what was it like inside FIRS when Fowler held sway? In many ways it is a cautionary tale for his replacement. Source Read More 

Bullish Sentiment Remains Despite Oil Price Dip - OIR 201219 - Oil didn't move a lot this week, but it may have consolidated gains achieved earlier this month. The trade talks continue on a positive trajectory, and economic sentiment is slightly upbeat. Source Oilprice Read More 

The Nigerian Economy And Prospects in 2020. Source FDC Read More 

High Indebtedness, Low Growth Shapes 2020 Global Credit Outlook - A combination of slowing economic growth, sustained low interest rates and unprecedented levels of indebtedness will broadly influence the global credit outlook in 2020. Source Fitch Ratings Read More 

Why is Inflation increasing? - With the year 2019 crawling to an end, consumers and investors alike are worried about the spike in the domestic inflation rate. In a sharp reversal of a 19-month downward pattern, the domestic inflation rate has commenced a steady and sustained rise. Source Proshare Read More 

GDP Growth: How Far Can Monetary Policy Go? - For Nigeria, economic progress is projected to continue at its tepid pace before it accelerates. According to the Economist In-telligence Unit (EIU), Nigeria is forecast to grow at 2% in 2020 - unchanged from 2019. This remains below the population growth of 2.6% and implies that per capita income will fall further. However, the IMF still believes that GDP growth will increase to 2.3%. Source FDC Read More 

Africa Borrowing Like It's the 1990s Worries the IMF -  Record commodity prices and low global interest rates have encouraged African countries to borrow like they did in the 1990s, but now some are struggling to pay up as their revenue slows along with economic growth. Source FDC Read More 

Nigerian Governors Forum Laud Dangote On Petrochemical Refinery Project - As the Largest single line petrochemical refinery complex in Sub-Saharan Africa, built by Alhaji Aliko Dangote, begins to take shape, the Nigerian Governors Forum has lauded the private project. Source WebTV Read More 

West Africa Renames CFA Franc But Keeps It Pegged To Euro -  West Africa's monetary union has agreed with France to rename its CFA franc the Eco and cut some of the financial links with Paris that have underpinned the region's common currency since its creation soon World War Two. Source Reuters Read More

Crude Oil, Gas Exports Increase By 53% - NNPC - The Nigerian National Petroleum Corporation on Sunday announced that crude oil and gas export sales increased by 52.84 per cent to $355.93m in September 2019. NNPC's crude oil and gas exports in September were $123.06m higher than the $232.87m recorded in August 2019. Source Punch Read More 

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week- 231219 - Global equity indices hit record highs at the end of the week, as optimism pervaded markets after the U.S. and China, agreed on an initial ('phase-one') trade deal. European shares (Euro Stoxx: +1.1%; FTSE 100: +3.2%) led the way following positive company and economic updates. Source Proshare Read More 

Another Fine Outcome For The DMO - At this week's monthly auction of FGN bonds, the DMO sought to collect N150bn, raised N264bn (US$860m) and attracted a total bid of N288bn for the five, ten and 30-year benchmarks. Source FBNQuest Research Read More 

Investors Lose N3.59bn WoW As NSEASI Dips By -0.04% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.22% to close at 26,526.35 points as against -0.30% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.60%.  Source Proshare Markets Read More 

STANBIC Lists Additional 31.52m Ordinary Shares Resulting From Scrip Dividend Option For H1 2019 - Dealing Members are hereby notified that 31,515,400 ordinary shares of Stanbic IBTC Holdings Plc ("Stanbic IBTC" or "the Company") were today, 19 December 2019, listed on the Daily Official List of The Nigerian Stock Exchange (The Exchange). Source NSE Read More 

NASD OTC Market CAP Increased By 0.62% WoW To Close At N501.14bn - As at close of trade week on 20 December 2019, market Capitalisation increased to N501.14 billion from last week's previous N498.04 billion, which shows a 0.62% increase in Capitalisation. Also the NSI for the week ended 20 December 2019 recorded a increase from 693.22 points to 697.54 points. Source NASD Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 201219 - The equities market recorded mixed performance - the listed equities market recorded -0.04% loss WoW while the NASD OTC recorded +0.62% gain WoW. Source Proshare Markets Read More

 

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PROSHARE BUSINESS  

On This 13th Year of Proshare's Founding - A Message from The Founder - It is possible that our work helps to democratize financial information and promote financial intelligence including new products and players. It is also possible we may help the educational sector by making the platform an aide memoire and outlet for thoughts that lead to change. Source Proshare Read More 

NCC Cleans Up 24 Million Subscribers' Records - The commission, in a statement highlighting its activities from January to October 2019, said the subscribers' registrations were regularised using Automated Fingerprint Identification System in order to ensure a credible database of telephone subscribers. Source Punch Read More 

 

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PROSHARE TECHNOLOGY   

Nigeria, Needs to Prepare for The Fourth Industrial Revolution - Juliet Ehimuan - With the advent of the fourth industrial revolution (4IR), Nigeria could develop by leveraging the opportunities offered by digital technology. Source WebTV Read More 

Active Voice Subscribers Grew By 2.96% QoQ in Q3 2019 - NBS - Telecoms data for Q3 2019 reflected that a total of 179,176,930 subscribers were active on voice as against 174,024,116 in Q2 2019 and 162,032,481 in Q3 2018. This represented 2.96% increase in voice subscriptions Quarter on Quarter and 10.58% Year on Year. Source NBS Read More

 

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PROSHARE FINANCE 

Islamic Finance Global Asset Projected To Reach $3.8trn By 2023 - Tajudeen Sekoni - The total global Islamic Finance assets will reach $3.8trn by 2023, with an annual growth rate of 7.7%. Source WebTV Read More 

How We Raised Pension Assets To N1.27trn In 2019 - PenCom Boss - The Commission has remained focused on its mandate of providing effective regulation and supervision of the pension industry throughout 2019. Particular attention has been given to provision of continuous capacity building and provision of necessary infrastructure in order to keep pace with developments in the global pension market and in the Nigerian economic environment. Source Dailytrust Read More 

 

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