Nigeria in 1min: Economic, Business and Financial Headlines - 250821


Wednesday, August 25, 2020 / 5:50 AM / By News Aggregator / Header Image Credit: Facebook; Babajide Sanwo-Olu

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COVID-19 Health Updates

  • 24th of August 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 188,243 cases (New: 655)
  • Discharged: 169,035
  • Deaths: 2,281 (New: 5)

Source: NCDC Read More

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Nigeria's Flour Millers Struggle to Cope with Price Spikes, FX Challenges - Nigeria's flour industry has had a hard time finding its way back from a COVID-19-induced downturn. The lockdown of the economy in Q2 and Q3 2020 along with a host of other factors led to a shortfall in the actual demand for flour and a massive disruption to flour supply chains. Source Proshare Research Read More

Agusto And Co: Nigerian Banks Record ROE Less Than 31.6% Due to Aggressive CRR Implementation - Agusto & Co. Limited, Nigeria's foremost research house and rating institution recently released its flagship 2021 Banking Industry Report, which is the most current and comprehensive report on the banking industry in Nigeria based on the review of the financial statements of twenty commercial banks and five merchant banks. Source Agusto & Co. Read More

Oil Rebounds on Mexico Production Outage - OIR 240821 - Crude prices recovered somewhat from last week's freefall, boosted by improving signals coming out of East Asia (China reporting no locally transmitted infections) as well as the Ku-Maloob-Zaap platform seeing a major supply disruption in offshore Mexico. Source Tom Kool of Read More

Nigeria's Tourism Industry Lost 770,000 Jobs to COVID-19 - WTTC - The tourism industry in Nigeria lost 770,000 jobs as a result of the outbreak of the COVID-19 pandemic and its effect across the country, the World Travel and Tourism Council said on Monday. Source Punch Read More

IMF's $650bn Reserves Liquidity Support for Nigeria, Others Takes Off - The International Monetary Fund (IMF) has announced the take-off of its $650 billion set aside under its special drawing right (SDR) to provide liquidity to countries with foreign exchange reserves challenges. Source The Guardian NG Read More

House Threatens to Withhold CAC's 2022 Budget over Non-rendition of Financial Reports - The House of Representatives Committee on Finance has threatened to withhold the 2022 budgetary allocation to the Corporate Affairs Commission (CAC) over the non-rendition of its four-year financial statements. Source THISDAYLIVE Read More

RMAFC Presents New Revenue Formula December - The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said the new revenue allocation formula will be presented to President Muhammadu Buhari by the end of 2021. Source The Nation Read More

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Investors Gain N13.54bn as NSEASI Inches Up by 0.07% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.07% to close at 39,460.68 basis points as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.01%.  Source Proshare Markets Read More

The Definitive Guide in Investing in The Right Order - Investing in forex is like investing in other areas of life. Regardless of the business or enterprise, each has a proper procedure. There are actions to take if you want to ascend quickly, exceed expectations, defeat competitors, and stay on the top. Source George Rossi Read More

Recent FX Pressures: Storm Before the Calm? - Over the past week, renewed pressures have resurfaced in the parallel segment of the FX market with exchange rate closing at N520.00/$, from a pre-BDC FX ban low of N505.00/$. Source United Capital Research Read More

Collaboration between Registrars and Capital Market Operators, Key to Solving Unclaimed Dividends - Collaboration between Registrars and Capital Market Operators is vital to reducing the high cases of Unclaimed Dividends in Nigeria. The Managing Director/CEO of Africa Prudential Plc, Mr. Obong Idiong, made this point while providing views on addressing the tide of unclaimed dividends in Nigeria. Source Ottoabasi Abasiekong for WebTV Read More 


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Dangote Pledges to Boost Engineering in Nigeria, Bags Multiple Awards - The Dangote Group has bagged three awards given by the Nigerian Society of Engineers (NSE) in recognition of its outstanding contributions to the development of the engineering profession in the country. Source Release by Dangote Group Read More

Anchor Borrowers: CBN Incurs N379bn Debt, Farmers Battle Insecurity - The Central bank of Nigeria recorded a shortfall of N378.5bn in loan repayment by beneficiaries under the Anchor Borrower's programme in six years, data obtained from the findings apex bank have shown. Source Punch Read More

Customs, Finance Ministry Disagree Over Waiver For Agric Equipment - About 60 containers belonging to Josepdam Port Service, operator of terminal A, at the Tin Can Island Port complex have been trapped for three years over disagreement between the Nigeria Customs Service (NCS) and its supervisory ministry, Federal Ministry of Finance. Source LeadershipNG Read More


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Fintech Group, Capitalsage Raises Debt Financing to Fulfil Expansion Agenda - CapitalSage Technology Limited, an integrated fintech group, is pleased to announce that it has successfully raised N2.2 billion in a Series 1 Private Company Notes ("PCN") issuance, under its N10 billion programme. Source United Capital Research Read More

Top High Pay Crypto Jobs in Nigeria - Alternative Ways to Earn with Crypto in the Bear Market - In a world where the rate of unemployment is on the rise particularly in Nigeria where the rate of unemployment has increased to 33% from 27.1% in the second quarter of 2020. Blockchain and Cryptocurrency have successfully created wealth and jobs for lots of people across the world. Source Sponsored Post by Media Africa Read More 

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