Nigeria in 1min: Economic, Business and Financial Headlines - 250121

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Monday, January 25, 2021 / 5:30 AM / By News Aggregator / Header Image Credit: Nairaland


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COVID-19 Health Updates 

  • 24th of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 121,566 cases (New: 964)
  • Discharged:  97,228
  • Deaths: : 1504 (New: 2)

Source: NCDC Read More


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PROSHARE ECONOMY

Energy Shares Plunge as Oil Rally Halts - OIR 220121 - Oil posted some losses at the close of the week, with Brent dipping back below $55 per barrel and WTI down below $52. More travel restrictions in Hong Kong, Shanghai, and the UK led to demand pessimism, and a temporary jump in the dollar also weighed on crude. Source Tom Kool of Oilprice.com Read More

Pre-MPC January 2021: MPC to Maintain Policy Rates - The Monetary Policy Committee (MPC) is expected to hold its first meetings of the year on the 25th and 26th of January 2021. We expect the Committee to assess the developments in the domestic and external macroeconomic and financial markets since its last meeting in November and provide guidance on the path of monetary policy in 2021. Source Cordros Research Read More 

Is Britain on a Slow Road to Totalitarianism? - The COVID-19 Pandemic is a once in a lifetime phenomenon that impacts millions of people across the world. Many people have died from the virus, others have been hospitalised, unemployment is at unprecedented levels, businesses have shut, and borders closed. Source OpEd by Ahmed Olayinka Sule, CFA  Read More


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PROSHARE MARKETS

What to Expect from The Markets This Week - 250121 - According to data from NBS, Nigeria's debt servicing cost increased quarter-on-quarter (Q-o-Q) by +88.8% to N803.69bn in Q3 2020 from N425.7bn in Q2 2020. Furthermore, the debt service fee comprised of the actual external debt service fee of N199.5bn and the actual domestic debt service fee of N604.19bn. Source Proshare Content Read More

CBN Bars Exporters with Unrepatriated Export Proceeds from all Banking Services - The Central Bank of Nigeria (CBN), through its circular, has instructed that all exporters with unrepatriated export proceeds should be barred from accessing all banking services by 31st January 2021. Source Proshare Research Read More

Only Licensed IMTOs Are Permitted to Facilitate Diaspora Remittances into Nigeria - CBN - Further to our circular titled "Receipt of Diaspora Remittances: Additional Operational Guidelines", it has come to our notice that some IMTOs and unlicensed companies continue to facilitate diaspora remittances into the country in Naira, in clear contravention of the Central Bank of Nigeria directive that all remittances be paid to beneficiaries in dollars. Source CBN Read More

Hedge Funds Beef Up Tech Holdings Before Apple, Amazon Earnings - Hedge funds have fallen back in love with technology giants after spending the final months of last year cutting back on these stocks. Just days before earnings land from the likes of Apple Inc. and Amazon.com Inc., professional investors turned more upbeat the industry. Source Bloomberg Read More

 

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PROSHARE BUSINESS

Power Sector Loses N20.5bn as Load Rejection Lingers - About N20.5bn revenue was lost by Nigeria's power sector between January 1 and 22, 2021, as operators in the business complained that energy was still being rejected by distributors. Data obtained from the Federal Ministry of Power on Friday showed that the sector lost N20.5bn within the first three weeks of the year. Source Punch Read More

Apapa Gridlock: NPA Commences Electronic Call System - In a bid to find a permanent solution to the problem of truck congestion around Apapa and its environs, the Nigeria Ports Authority, NPA, has commenced implementation of the much-awaited electronic call-up system for trucks accessing the terminal to load cargoes and containers. Source Vanguard Read More

U.S. Factory Activity Near 14-Year High; Home Sales Rise in December - U.S. manufacturing activity surged to its highest level in nearly 14 years in early January, but bottlenecks in the supply chain caused by the COVID-19 pandemic are driving up prices and signaling a rise in inflation in the months ahead. Source Reuters Read More

Bank of England Told to Stop Buying 'High Carbon' Bonds - A group of British members of parliament said on Monday that the Bank of England should stop buying bonds from businesses whose activities accelerate global warming. Source Reuters Read More


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PROSHARE FINANCE

Insurance Policies Are Beneficial To Women in Nigeria - Adetola Adegbayi - In a recent conversation on 'Insurance and Women in Nigeria', Adetola Adegbayi, Executive Director/General Business, Leadway Assurance explained the importance of insurance as a means for investment, especially for women in Nigeria. Source  WebTV Read More

Adoption Of Micro-Takaful Will Support Nigeria's SIPs - Raheem Musa - Adoption of "Micro-Takaful" in Nigeria will help to support the current efforts of the Federal Government in expanding the Social Intervention Programs (SIPs) for the poor and indigent in the country said Mr. Raheem Musa, MD/CEO of Al-Hayat Microfinance Bank, during a recent discussion on Islamic microfinance. Source WebTV Read More


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