Nigeria in 1min: Economic, Business & Financial Headlines – 150816



August 15, 2016 6:10 AM / Proshare News 


Inflation Rate to Accelerate to 17.2% in July 2016 - Access Bank  - The National Bureau of Statistics (NBS) is scheduled to release the inflation figure for July 2016 in the coming days, based on the Data Release Calendar available on the Bureau’s website. Source Proshare Read More

Continuing Slide of the Naira Leading to Higher Prices of Inelastic Commodities  - The continuing slide of the naira coupled with import restrictions is leading to higher prices of more inelastic commodities such as rice. Nigerians have responded by cutting down on luxuries and switching to cheaper alternatives. Source Proshare Read More

Zamfara Loses $500mAnnually To Smuggled Gold – Min Of Solid Minerals Devt - Information emanating from the Ministry of Solid Minerals Development, MSMD indicates that Zamfara State, North-west Nigeria alone loses $500million annually in revenue to gold smugglers, who illegally enrich themselves through the state’s rich gold deposits. Patrick Ojeka, director in the Department of Artisanal and Small Scale Mining (ASM) in the Ministry of Solid Minerals Development, MSMD. Nigeria has Over 1400 illegal unmanned land routes Source Leadership Read More 

Lagos clamps down on tax defaulters - The Lagos State Internal Revenue Service (LIRS) has started a massive clampdown on corporate tax defaulters and evaders in Lagos. Source THE NATION Read More 



N80bn unclaimed dividends: Banks, registrars to appoint e-dividend champions- SEC - As part of measures to address the rising trend of unclaimed dividends in the nation’s capital market, which has hit the N80 billion mark, banks and registrars have been mandated by both the Central Bank of Nigeria, CBN and the Securities and Exchange Commission, SEC to set up e-dividend champions in their respective institutions. Source Vanguard Read More 

NDIC raises mortgage banks insurance cover to N500,000 - The Nigeria Deposit Insurance Corporation on Sunday said it had granted approval for an upward review of its maximum deposit insurance coverage for the Primary Mortgage Banks from N200,000 to N500,000 per depositor. Source Punch Read More

Sentiment Analysis Report – W/E August 12, 2016 - Analysis of the market activity in the week ended August 12, 2016 technically revealed sustained negative sentiments while investors maintained cautious and low risk appetite approach. Source Proshare Read More

Stocks extend weekly loses, shed N262.07billion in 2weeks - The equities market closed today on a negative note, as NSE ASI depreciated by 0.12% to close at 27,246.88basis points, compared with the 0.51% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.87%. Source Proshare Read More

Corporate Earnings for the Week Ending August 12, 2016 -Source Proshare Read More

Banks deploy N1.2trn to govt securities as pressure on exchange rate resumes - Money market activities closed,  weekend, with a record N1.2 trillion over subscription to the Nigerian Treasury Bills, NTB, indicating that financial institutions are cashing-in heavily on the recent jerk-up of the Monetary Policy Rates, MPR, by the Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN. Source Vanguard Read More 

Interbank rates to rise on FGN bond auction - Financial system liquidity may drop under pressure, resulting to increase in interbank lending rates following anticipated bond auction this week, according to analysts in the asset management sub sector. Source BUSINESSDAY Read More 

Bank, client daily FX volumes surge above $100m as CBN pulls back - The average daily volumes traded between banks and clients on Nigeria’s interbank Foreign exchange (FX) market through the FMDQ OTC platform has surged to over $100 million a day as the Central Bank of Nigeria (CBN), pulls back from actively intervening in the markets. Source BUSINESSDAY Read More 

SunTrust, the branchless bank opens
- SunTrust Bank will formally open for business today as it seeks to reshape the Nigerian banking space and the way consumers interface with their banks. Source BUSINESSDAY
Read More 

Shell executes subsea projects in Nigeria, saves $30m - Shell Nigeria Exploration and Production Company, the deep-water subsidiary of Shell Companies in Nigeria, on Sunday said it had achieved significant savings in the cost of subsea equipment by refurbishing five subsea trees in-country led by Nigerian engineers. Source Punch Read More 

No going back on review of wages of our seafarers — NLNG - The management of the Nigerian Liquefied Natural Gas (NLNG) yesterday said there is no going back on its planned review of wages of its seafarers. Source Daily Trust Read More 

Kerosene now beyond our reach, Nigerians lament - The current scarcity of kerosene has forced the price to skyrocket thereby causing untold hardship to millions of Nigerians that use the product. Source Daily Trust Read More 


IMF Plans to Help Egypt Secure Remaining Money for Loan Deal - The International Monetary Fund said it will help Egypt plug the remaining financing gap for its economic program before the fund’s executive board approves a $12 billion loan deal with the Arab country. Source Bloomberg Read More

Asian Stocks Near One-Year High as Crude Oil Rises With Nickel - Asian shares held near a one-year high and U.S. equity index futures advanced as rising oil prices supported sentiment following disappointing data in the world’s three largest economies. Source Bloomberg Read More

South Korean Growth Will Rise to 3 Percent in 2017, IMF Says - South Korea’s economy will expand 2.7 percent this year and 3 percent next year, the International Monetary Fund said in a statement, which also welcomed recent fiscal and monetary stimulus in Asia’s fourth-largest economy. Source Bloomberg Read More

London house prices lost £1,000 daily in July - A survey has pointed to a dip in house prices in the wake of the EU referendum, with the capital recording one of its biggest month-on-month declines Source Vanguard Read More 

Angola inflation rises to 35 percent year-on-year in July - Angola's inflation quickened to 35.3 percent year-on-year in July from 31.8 percent in June, data from the national statistics agency showed on Friday. Source Reuters Read More 


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