Nigeria in 1min: Economic, Business & Financial Headlines - 071016


October 7, 2016 7:00 AM / Proshare News   

Nigeria Oil Shock 2.0 and the Treacherous Path to Recovery - After a sharp and rapid deterioration in the economy, policy makers have finally braced up for a robust recovery that calls for a honest understanding of the problem.  The great news is that the CBN and the DMO have started lowering T/Bill rates in a coordinated manner. Source Proshare Read More  

Nigeria's parliament asks Buhari to explain strategy to fight recession - Nigeria's parliament asked President Muhammadu Buhari on Thursday to brief lawmakers on the government's strategy to drag the West African nation out of recession, lawmakers said. Source Reuters Read More

IMF’s zero-interest loan conditions too tough to handle – FG - MANAGING Director, International Monetary Fund,  IMF, Ms Christine Lagarde yesterday said that the board of the multilateral institution has approved a zero interest loan facility for concessionary loans for member countries facing financial challenges. Source Vanguard Read More 

Nigeria Needs Infrastructure, Not iPhones, Adeosun Tells Donors, Foreign Investors - The Minister of Finance, Mrs. Kemi Adeosun, has informed multilateral donor institutions and investors that Nigeria is hungry for infrastructure that can trigger growth, not iPhones and pricey suits that will drive consumption. Source Thisday Read More 

W’Bank: Only 20% of Muslims Have Access to Financial Services - The Vice President and Treasurer of the World Bank, Arunma Oteh on Thursday disclosed that less than 20 per cent, which is approximately 1.6 billion Muslim population across the world have access to financial services. Source Thisday Read More 

Over 80% of MSMEs not registered — CAC - Out of a total of 37 million Micro Small and Medium Enterprises in the country, about five million, representing 13.51 per cent, are registered, the Corporate Affairs Commission has said. Source Punch Read More


Risk Management Guidance on Periodic Risk Reevaluation Of Foreign Correspondent Banking - The Office of the Comptroller of the Currency (OCC) is issuing guidance to national banks, federal savings associations, and federal branches and agencies (collectively, banks) regarding periodic evaluation of the risks related to correspondent accounts for foreign financial institutions (foreign correspondent accounts). Source Proshare Read More 

The Place of Low Interest Rates in Central Banking - Being a speech delivered at The 40th Annual Central Banking Seminar, Sponsored By The Federal Reserve Bank Of New York, New York, New York, October 5, 2016. Source Proshare Read More 

CBN Publishes H1 2016 Financial Stability Report - Global output growth in the first half of 2016 was sluggish and uneven, mainly because of the slow recovery of commodity prices and the impact of the British vote to exit the European Union. In many of the advanced economies, growth has remained depressed, but was divergent in emerging and developing economies. Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – August 2016 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). Source Proshare Read More

CBN Unveils Guidelines for Granting Liquid Asset Status to Sukuk - In a related development, in view of the need to foster financial system and economic growth and development, as well as complement the efforts of government at various levels, the Central Bank of Nigeria (CBN) yesterday unveiled the guidelines for granting liquid asset status to Sukuk Instruments issued by state governments. Source Proshare Read More  


Stocks halt 2-day losing streak, post modest gain amid volatility - The equities market closed today on a positive note, as NSE ASI appreciated by 0.08% to close at 28,031.40basis points, compared with the 0.95% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.13%. Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – August 2016 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). Source Proshare Read More

Nigerian Brewers Sector Update - Value Brands Now in the Front Line - Nigerian brewers have had a challenging H1 2016 (end-June). Although we estimate that the sector’s unit volume grew by mid-single digits y/y over this period, most of the growth was driven by the value segment. Source Proshare Read More 

TNT Management Appoints Red Star Express Plc as Its Associate in Nigeria - Further to the acquisition of TNT by FedEx, we write to inform the general public that TNT Management (Bahrain) E.C has appointed Red Star Express Plc as its Associate in Nigeria effective October 6, 2016.Source Proshare Read More

CBN borrows N130bn via T-Bills at lower yields - Yields on short-dated Treasury Bills fell across the board at an auction on Wednesday, when the Central Bank of Nigeria sold bills worth N129.67bn ($411.65m), it was learnt. Source Punch Read More

Kenya overtakes Nigeria in stock trading -  Investors committed more money to Kenyan stocks than Nigeria’s for the first time in September Source Punch Read More

Travelex begins sale of $15,000 to BDCs today - Travelex, a global foreign exchange dealer, will on Friday (today) disburse the sum of $15,000 to each of the 3,000 registered Bureaux De Change operators in the country. Source Punch Read More 

Uneasy Times for Petroleum Marketers - Last month the National Bureau of Statistics (NBS) released the latest report in its premium motor spirit (PMS) price watch series. It shows the average monthly price for PMS (petrol/gasoline) paid by households across the country. Source Proshare Read More

Ghana Begins Fuel Exports to Nigeria, Burkina Faso, and Other African Countries - Ghana has started exporting fuel and gas oil to the landlocked countries of Burkina Faso, Niger and Mali from the Bolgatanga Petroleum Depot Source Leaders.NG Read More  

NERC slams N6.2m fines on Benin, P/H Discos - The Nigerian Electricity Regulatory Commission has slammed a fine of N6.220million on Benin and Port Harcourt Electricity Distribution Companies (Discos) over their failure to comply with the decisions of Forum Offices rulings in complaints filed by their respective customers. Source Daily Trust Read More  


Sierra Leone will cut government spending by 30 percent - Sierra Leone will cut the cost of running its government by 30 percent to try to tackle an economic crisis triggered by falls in commodity prices and the aftermath of an Ebola epidemic, President Ernest Bai Koroma said in a statement. Source Guardian Read More 

World Bank cuts Uganda's GDP forecast, citing South Sudan - The World Bank cut its 2016/2017 growth forecast for Uganda on Thursday to 5.5 percent from 5.9 percent, citing the impact of South Sudan's conflict on its exports and sluggish investments due to slower economic activity globally. Source Reuters Read More 

Tanzania gets $1.6 bln World Bank package to fund economic revival -  Tanzania has secured $1.6 billion in loans and grants from the World Bank which it said it will use to help end chronic power shortages, rebuild its railways and develop its farming. Source Reuters Read More 

Asia Stocks Fall as Pound’s Flash Crash Supports Yen, Treasuries - Asian stocks fell with U.S. equity index futures and the yen strengthened after a sudden plunge in the pound spooked investors ahead of American payrolls data that may bolster the case for the Federal Reserve to raise interest rates this year. Source Bloomberg Read More 

Pound in Freefall Hurts U.K. Bonds as Goldman Sees More Losses - The shadow of a hard Brexit is spreading across Britain’s financial markets, with the pound’s drop to a 31-year low versus the dollar leading the way. Source Bloomberg Read More


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