Nigeria in 1min: Economic, Business & Financial Headlines – 070417



April 07, 2017 7:10 AM / Proshare News 

Nigeria: Economic Update March 2017 - Following the raft of policy measures implemented by the apex bank in February—which shrank the parallel and interbank market spread from a high of 49% in February to 19% in March—largely reflective of over 28% NGN appreciation in the former, the CBN bolstered its campaign with further moves aimed at strengthening the convergence between both markets. Source Proshare Read More 

Nigeria needs $139/pbl oil price for balanced budget – Fitch - International agency Fitch Ratings yesterday said that Nigeria needs crude oil price of $139 per barrel to achieve balanced budget in 2017, adding this makes the country worst in oil break-even point among 14 top oil exporters. Source Vanguard Read More 

Explaining The Impact Of The Oil Price Decline On Nigeria - This chapter examines the degree to which economic fundamentals at the time of the recent oil price decline explain the intensity of its impact on the Nigerian economy. Source Proshare Read More 

Export of raw minerals to be banned soon – Minister - The Minister of Mines and Steel Development, Dr Kayode Fayemi, has said that government has put in place measures to stop exportation of raw solid minerals by October. Source Daily Trust Read More 

Domestic production of vehicles hit 45,000 units per annum - Like cement, Nigeria appears to be on the track towards becoming vehicles manufacturing country again as local production has increased to 45,000 units per year, up 80 per cent from 25,000. Source Vanguard Read More 

Customs Command Generates N649.1m In March - The Tin-Can Island Port 2 Customs Command , Ijora in Lagos ,on Thursday, said it generated the sum of N649.11 million in March. Source Leadership Read More 

Nigeria’s domestic airlines lose out on ‘Open Skies’ benefits - The troubled aviation sector’s contribution to the economy is expected to shrink further in 2017 as domestic airlines are not taking full advantage of the ‘Open Skies’ arrangements Nigeria has entered into to boost their operations. Source BUSINESSDAY Read More 

Yet-to-be Fulfilled Election Promises Stoking Tension in Nigeria, IMF Warns - The International Monetary Fund (IMF) has cautioned that the perception of policy ineffectiveness and yet-to-be fulfilled election promises are stoking social tensions in Nigeria. This according to the fund could complicate policy implementation. Source Thisday Read More 

Terminal Operators’ Earnings Decline by 22.4% - Deloitte - A report by top global accounting and audit firm, Deloitte has revealed that Terminal Handling Charges (THC), which is the main revenue stream of terminal operators, declined by 22.4 per cent between 2006 and 2016 as a result of depreciation of the naira and inflation. Source Thisday Read More 


Main Takeaways of the FSB-IOSCO Roundtable on Compensation Practices in the Securities Sector - The Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) jointly organized a Roundtable on Compensation Practices in the Securities Sector on 13 December 2016. Source Proshare Read More 

CBN releases guidelines for non-interest Islamic MFB - The Central Bank of Nigeria (CBN) on Thursday released guidelines for the regulation and supervision of Non-Interest (Islamic) Microfinance Bank (NIMFBs) in the country Source BUSINESSDAY Read More 

NDIC warns the public, identifies MMM schemes as virtual currencies - Nigeria Deposit Insurance Corporation, NDIC, has called on the public to be cautious over various Ponzi Schemes popularly called Mavrodi Mundi Movement, MMM, as well as other forms of digital and block-chain currencies. Source BUSINESSDAY Read More 

FG recorded N3.21tn fiscal deficit in 2016 – CBN - The Federal Government recorded a fiscal deficit of N3.21tn in its operations last year, figures obtained from the Central Bank of Nigeria revealed. Source Punch Read More 


Stock Market Maintains Positive Stance as NSEASI Inches Up Further by +1.11% - Equities market closed today on a positive note, as NSE ASI appreciated by +1.11% to close at 25,755.18 basis points, as against +0.81% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.17%. Source Proshare Read More

Current Account Back Into Surplus - We can see from the balance of payments for Q4 2016 that the current account changed direction from a deficit equivalent to -0.1% of GDP to a surplus of 3.3%. The main influences were a recovery in oil exports, a further compression in merchandise imports, a fall in the net outflow on services and stronger inward transfers. Source Proshare Read More

CBN Boosts BDCs; Makes $10,000 Midweek Intervention - The Central Bank of Nigeria (CBN) in its bid to sustain supply of liquidity to the foreign exchange market, has decided to make a special intervention in the Bureau de Change (BDC) segment of the market on Thursday, April 6, 2017.Source Proshare Read More 

UACN Plc FY 2016: Earnings To Shake-off Temporary Worries, BUY Recommendation - Based on recently released FY 16 audited numbers, UAC of Nigeria Plc. (UACN) reported its first growth in operating profit in four years as the combined effect of higher prices and cost containment (OPEX and finance charges) masked sizable input cost pressures witnessed over the period. Source Proshare Read More  

Unilever Nigeria Plc. - Upward Revision to Estimates; SELL Rating Retained - Overall, we think the positives will be sufficient for UNILEVER to achieve low single-digit PBT growth of N4.44 billion in 2017F -- which compares favourably to the N1.43 billion we had forecasted.  Source Proshare Read More 

Union Bank to Raise N50bn to Bolster Capital - Union Bank Plc plans to raise N50 billion ($164 million) by the end of the second quarter via a rights issue to boost its capital adequacy and tap opportunities to lend to agribusinesses, its chief executive said. Source Thisday Read More 

West African Digital-Currency Project Shunned by Central Bank - The Central Bank of West African States distanced itself from plans to introduce a digital currency in Senegal, saying it isn’t involved in the project and won’t consider doing so. Source Bloomberg Read More 

MFBs shrink as assets, deposits, loans, others nose-dive - … Recession, forex delay investors dividend payment … Analysts task Govt on bail-out Crisis may soon erupt in the Microfinance Banks (MFB) sub-sector as the total assets of 978 micro institutions decreased to N341.68 billion at the end-December 2016, from N455.96 billion at end-June 2016, reflecting a decrease of 25.06 percent. Source BUSINESSDAY Read More 

NNPC reopens Warri refinery after power outage - The 125,000 barrels per day (bpd) Warri refinery has resumed production of petrol, diesel and kerosene following the repair of an electric fault at the plant. Source Daily Trust Read More 

NEITI seeks probe of $15.8bn NLNG dividends - The Nigeria Extractive Industries Transparency Initiative has called on the Federal Government to commission an independent investigation into the status and utilisation of all dividends and loan repayments by the Nigeria Liquefied Natural Gas Limited to the Nigerian National Petroleum Corporation. Source Punch Read More 

Niger Delta states indicate interest in community- based modular refineries -States in the Niger Delta have indicated interest in working with the Federal Government and the Private Sector to develop the Modular Refinery concept as a way to put an end to illegal refineries in the region. Source BUSINESSDAY Read More 

Gbaramatu kingdom, Missouri Energy plan 20,000 bpd modular refinery - The oil-rich Gbaramatu Kingdom of Delta State and its partners, Missouri American Energy, say they are ready to build the first modular refinery in the country to process 20,000 barrels of crude per day. Source BUSINESSDAY Read More 

33 electricity turbines shut, grid loses 2,591mw over gas - The national electricity grid lost 2,591 megawatts (mw) on Wednesday due to gas shortage, line constraint and low water level across 12 Generation Companies (GenCos), Daily Trust reports. Source Daily Trust Read More 


South African banks fall on S&P downgrade, rand weakness - South Africa's banking sector fell by nearly three percent on Thursday after S&P cut the credit ratings of several major financial institutions following a sovereign downgrade. Source Reuters Read More 

"Junk"-rated debt could cost South Africa more than $10bn in lost funds - If South Africa loses two of its prized investment grade credit ratings for foreign and local currency borrowing in the turmoil triggered by the sacking of the finance minister, the country could lose more than $10 billion in investment funds. Source Reuters Read More 

Rosneft Said to Prepay About $1 Billion for Kurdistan Oil - Rosneft PJSC’s commitment to pay in advance for crude oil from the Kurdish region of Iraq is about $1 billion, according to two people with knowledge of the matter who asked not to named as the supply deal is private. Source Bloomberg Read More 

Kuwait Is Best Off, Nigeria Worst in Fitch's 2017 Oil Break-Even - Kuwait’s in the best position of major oil exporting nations in the Middle East, Africa and parts of Europe to have a balanced government budget this year with oil forecast to average $52.50 a barrel, according to Fitch Ratings Ltd. Source Bloomberg Read More 

IMF Working With Egypt to Help Control Inflation as Costs Soar - The International Monetary Fund said it is working with Egypt to help bring inflation under control, as the government moves ahead with an economic reform program that boosted investment but also sent prices soaring. Source Bloomberg Read More 

Gold Rallies on Haven Demand as U.S. Missiles Hit Syrian Targets - Gold rallied after the U.S. launched a missile strike against Bashar al-Assad’s regime in Syria, with Secretary of State Rex Tillerson telling reporters that steps are being taken to mobilize a coalition to remove the leader after his government was said to have used poison gas to kill civilians. Source Bloomberg Read More 

Oil Spikes as U.S. Strike Against Syria Roils Global Markets - Oil jumped as the U.S. cruise missile attack against Syria roiled global financial markets. Source Bloomberg Read More 

FBN Merchant Bank teaches students good saving and investing habits - In line with the commitment to promote financial literacy and encourage a strong savings culture among children, FBN Merchant Bank Limited, a subsidiary of the FBN Holdings Plc, educated the students of six secondary schools on money, saving and entrepreneurship. Source Proshare Read More 


North Korea Hacking Nigerian Banks, Financial Institutions of 17 Other Countries - North Korea’s hacking operations are growing and getting bolder and increasingly targeting financial institutions worldwide. Source Thisday Read More 





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