Nigeria in 1min: Economic, Business & Financial Headlines – 160617


June 16, 2017 7:00 AM / Proshare News 

CPI Drops to 16.25% in May 2017, 0.99% Lower Than 17.24% April Rate - The Consumer Price Index (CPI) which measures inflation increased by 16.25 percent (year-on-year) in May 2017. This was 0.99 percent points lower the rate recorded in April (17.24 percent). Source Proshare Read More 

Average Price Of 1kg Of Yam Tuber Increased YoY by 52.69% in May 2017 - NBS - Selected food price watch data for May 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 41.27% and month-on-month by 0.78% to N522.71 in May 2017 from N518.66 in April 2017 while the average price of piece of Agric eggs medium size(price of one) increased year-on-year by 34.58% and decreased month-on-month by 1.05% to N45.73 in May 2017 from N46.22 in April 2017. Source Proshare Read More 

Average Intercity Transport Fare Decreases to N1,5865. in May’17 from N1,587.04 in Apr’17 - The transport fare watch report for May 2017 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (okada) per drop; and  water way passenger  transport. Source Proshare Read More  

Unemployment Steadily Rising - The latest unemployment/underemployment watch from the National Bureau of Statistics (NBS) reveals that the labour force (population of working age between the ages of 15 and 64) increased to 108.59 million in Q4 2016 from 108.03 million recorded in Q3. Source Proshare Read More 

FG to Recruit 7,500 Graduates as Tax Liaison Officers to Boost Revenue - In a bid to increase enrolment into the tax net and boost revenue generation, the federal government is set to recruit no fewer than 7,500 graduates as outreaches in communities across the country in order to raise awareness on the tax system Source Thisday Read More 

EU announces €143m support for North east -The European Commission yesterday announced a support package of €143 million for the early recovery and reconstruction needs in Borno State. The package is meant to ameliorate the suffering from a worsening humanitarian crisis in the state. Source Guardian Read More 

‘Africa loses $60b yearly through illicit financial flow’ - Nigeria Labour Congress (NLC) President, Comrade Ayuba Wabba, has expressed concern over the impoverishment of workers in the country, alleging that about $60 billion leaves the continent annually through illicit financial flows. Source THE NATION Read More 

Nigeria’s wheat import rises 54% as cassava flour supply diminishes - Nigeria’s year-on-year wheat importation has risen by 54 percent,  to N64.7 billion in the first quarter 2017 from N42.1billion in  q1 2016, owing to the unavailability of High Quality Cassava Flour (HQCF)  composite for flour millers to include with wheat for flour production, according to data from the National Bureau of Statistics (NBS). Source BUSINESSDAY Read More 

CBN Moves Against Inflation; Mops up N200 billion in Special OMO - In its latest move to further rein in inflation, the Central Bank of Nigeria (CBN) has unveiled plans to mop up a total of N200.322 billion from the Nigerian banking system through a special Open Market Operation (OMO) at the rate of 16 per cent per annum. Source Proshare Read More 

CBN, banks to establish framework for N26bn equity fund for Agric, SMEs - The Central Bank of Nigeria (CBN) in collaboration with the Bankers Committee, is working on the framework for the N26 billion so far contributed by lenders for equity investment in agriculture and Small and Medium Enterprises (SMEs) called the AGSME fund Source BUSINESSDAY Read More 

NSEASI Inches Up Further by +0.59%; Maintains Positive Stance - Equities market closed today on a positive note, as NSE ASI appreciated by +0.59% to close at 33,797.84 basis points, as against +1.38% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +25.76%. Source Proshare Read More 

FBN Holdco assures market of below 20% NPL by 2019 - FBN Holdings Plc today assured market stakeholders that the current Non-Performing Loans (NPLs) status of the largest financial services company in Nigeria, will  witness a drastic reduction from the current level of 20-25% by the end of the 2017-2019 strategy period. Source Proshare Read More

Fitch Rates Nigeria's USD Diaspora Bonds 'B+(EXP)' - Fitch Ratings has assigned Nigeria's upcoming USD- denominated senior unsecured bonds an expected rating of 'B+(EXP)'. Source Proshare Read More

Invest in FGN Monthly Bond Auction – June 2017 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications. Source Proshare Read More  

Federal Republic of Nigeria's Proposed Diaspora Bonds Assigned 'B' Issue Ratings - S&P Global Rating - S&P Global Ratings said today that it has assigned its 'B' long-term issue ratings to the proposed U.S. dollar-denominated Diaspora  bonds to be issued by the Federal Republic of Nigeria (B/Stable/B). Source Proshare Read More  

SunTrust denies withholding NASS members’ salaries - SunTrust Bank has debunked the claim that the bank failed to pay some staff of the National Assembly who protested non-payment of their salaries on Tuesday. Source Proshare Read More  

Julius Berger suffers N3.7 billion loss in a decade- The profit margins for corporate organisations are beginning to lay bare the dire strait of the Nigerian economy as local Investors in construction giant, Julius Berger Nigeria Plc, for the first time in over two decades of operation in the country did not smile home with dividend pay-outs. Source Guardian Read More 

CBN Dollar Sales on I&E Forex Window Falls Below 30% - The Central Bank of Nigeria (CBN) dollar sales on the Investors and Exporters’(I&E) foreign exchange (forex) window have reduced to below 30 per cent, the Deputy Managing Director, Stanbic IBTC Bank Plc, Mr. Demola Shogunle, disclosed thursday. Source Thisday Read More 

NAICOM Approves Accounts of 32 Insurance Firms - The National Insurance Commission (NAICOM), has approved the financial reports of 32 out of the existing 59 insurance and reinsurance firms in the country. Source Thisday Read More 

Monetary policy too weak to reduce inflation – NECA - The Nigerian Employers’ Consultative Association has said that the monetary policy of the Central Bank of Nigeria is too weak to significantly reduce inflation in the country. Source Punch Read More 

215MW Kaduna power plant gets zero gas supply - The Senate on Thursday raised the alarm over an imminent blackout in the northern part of the country due to zero gas supply to the 215 megawatts Kaduna power plant, adding that the development had led to a shutdown of the industrial sector in the region. Source Punch Read More 

Nigeria spends N4.69trn on petrol import, demurrage - The Federal Government is expected to save N4.69 trillion yearly from massive importation of petroleum products, as it plans to become a net exporter by end of 2019, according to statistics released by the Federal Ministry of Petroleum Resources. Source Guardian Read More 

Oil Prices Are Set To Rebound  - The latest selloff in oil prices have left speculators in a predicament: The fundamentals continue to look poor with unimpressive drawdowns in crude oil stocks, but there is a general consensus that the extension of the OPEC deal should push the market towards a rebalancing over the next few quarters. Source Proshare Read More 

IMF Says Euro Area Strengthening, Warns About High-Debt Nations - The International Monetary Fund said the euro area’s economic recovery “has gained momentum” while it warned that some of the region’s high-debt countries may face difficulties when monetary policy accommodation is reduced. Source Bloomberg Read More 

Oil Set for Longest Run of Weekly Losses Since 2015 Amid Glut - Oil headed for the longest run of weekly losses since August 2015 as U.S. crude stockpiles remain stubbornly high and as Libyan production climbs toward the most in four years. Source Bloomberg Read More 

Egypt Expects to Raise Up to $150 Million From Enppi Share Sale - Egypt expects to raise up to $150 million from the initial public offering of Enppi as the government pushes ahead with a plan to sell stakes in state-controlled companies. Source Bloomberg Read More 

Bitcoin Tumbles Most in More Than Two Years After Record Run - Bitcoin sank as much as 19 percent, putting the digital currency on pace for its worst week since January 2015, as volatility climbs following a record-setting surge in the price. Source Bloomberg Read More 

South Africa's Gigaba to cut budget as recession bites - South Africa's Finance Minister Malusi Gigaba said on Thursday the Treasury was looking for ways to cut government spending further and reallocate funds to help boost growth while maintaining its fiscal target. Source Reuters Read More 

Egyptian economy grows 4.3 pct year/year in third quarter of 2016/17 - Egypt's gross domestic product grew 4.3 percent in the third quarter of the 2016-17 fiscal year compared with the same period the previous year, said Planning Minister Hala al-Saeed on Thursday, predicting a growth rate of 4 percent by year-end. Source Reuters Read More 

Ivory Coast says long dated Eurobond raised $1.25 bln, 625 mln euros - A Eurobond that Ivory Coast launched this month raised $1.25 billion in 16-year debt and 625 million euros in 8-year paper, the prime minister said on Wednesday. Source Reuters Read More

Eight Of The Best Fintechs From Across The World Selected For The FinLab’s Accelerator Programme - After sieving through close to 400 applications across 44 countries, The FinLab, Singapore's first corporate fintech accelerator, selected 8 innovative fintech businesses for its second cycle of acceleration. Source Proshare Read More 

UK's Financial Conduct Authority Provides Update On Regulatory Sandbox - The Financial Conduct Authority (FCA) today provides an update on its regulatory sandbox and unveils the list of firms that were successful in their applications to begin testing in the second cohort of the sandbox. Source Proshare Read More 






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