Nigeria in 1min: Economic, Business and Financial Headlines – 160518


Wednesday, May 16, 2018 / 7:10 AM / Proshare News


Headline Inflation Drops to 12.48% in April 2018; 0.86% Lower Than March 2018 Rate - The Consumer Price Index (CPI) which measures inflation increased by 12.48 percent (year-on-year) in April 2018, this is 0.86 percent points less than the rate recorded in March 2018 (13.34) percent and represents the fifteenth consecutive disinflation since January 2017. Source Proshare Read More 

Nigerian Lawmakers Increase 2018 Spending Plans to $25 Billion - Nigerian lawmakers increased spending plans for 2018 by almost 6 percent from what President Muhammadu Buhari proposed in November. Source Bloomberg Read More 

BPE: over 60% of privatised firms performing - Over 60 per cent of privatised enterprises have done well, the Bureau for Public Enterprises (BPE),  has said. Source THE NATION Read More 

FG to settle N45bn ex-Airways debt, contractors liabilities  - Agitating retirees of defunct Nigeria Airways Limited may now heave a sigh of relief as the Minister of Finance, Mrs. Kemi Adeosun, on Tuesday, assured that the Federal Government would settle their N45 billion pending arrears. Source THE SUN Read More 

Customs Records 45,462MT Of Export In Q1 - The export initiative of federal government particularly on agricultural products has started yielding fruitful results as Tin Can Island Port Command of Nigeria Customs Service announced that 45,462 metric tonnes of   export goods were exported through the port between January and March, this year Source Leadership Read More 

FG’s ERGP Focus Labs Identify $22.5bn Investment Opportunities - The first phase of the Nigerian Economic Recovery and Growth Plan (ERGP) Focus Labs has identified 165 projects spread over the six geo-political zones of the country with a total potential investment worth $22.5 billion and 513,981 jobs by 2020. Source Leadership Read More 

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Nigerian Stock Market Maintains Downtrend as NSEASI Dips Further Amid Negative Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.15% to close at 40,615.42. basis points as against -0.84% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.20%. Source Proshare Read More 

Funding Rates Crash Below 20% as CBN SLF hits 6-Month high at N239bn - The bond market traded on a relatively flat note, as initial bullish sentiments following release of the April inflation results were offset by some profit taking by offshore clients especially on the 27s and 37s. Source Proshare Read More 

FG to auction N70bn bonds May 23 - The Federal Government has offered for subscription by auction N70 billion worth of bonds in its May 23 auction, the Debt Management Office said. Source Punch Read More 

CBN injects $210m into interbank forex market - The Central Bank of Nigeria on Tuesday said it injected the sum of $210m into the interbank foreign exchange market to boost liquidity in the system. Source Punch Read More 

Currency-in-Circulation Drops to N1.668 Trillion - The total value of currency-in-circulation in the country reduced by N269 billion year-on-year to N1.668trillion as of the end of March thisyear, down from the N1.937 trillionrecorded in February 2018, the Central Bank of Nigeria (CBN)revealed in its latest money and credit statistics for March. Source Thisday Read More 

Nigeria gives more oil purchase deals to local firms as vote looms - State oil firm NNPC has awarded 50 companies with contracts to buy Nigerian crude and more than half of them are local firms, foreign and Nigerian trading sources said. Source Reuters Read More 

Oil Drops as Traders Assess Surprise Stockpile Build in the U.S. - Oil dropped after an industry report showed a surprise U.S. crude build. Source Bloomberg Read More 

Govt targets 1,200MW from nuclear power plant by 2020 - Nigeria’s first nuclear power plant, with the capacity to generate about 1,200 megawatts of electricity, will be ready for commercial purposes by mid-2020, the Nigeria Atomic Energy Commission has said. Source Punch Read More 

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Executive Summary of Changes to CAMA - The Companies and Allied Matters Decree No. 1 of 1990 was promulgated to repeal the Companies Act of 1968. Since its promulgation into law, the now Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004 (the Act) is now over twenty (20) years with minimal amendments during the period. Source Proshare Read More 

Senate Passes New CAMA Bill into Law; Lists Seven Benefits - At plenary today, the Nigerian Senate passed the new CAMA bill into law after going through the third reading on the floor of the upper chamber of the national assembly. Source Proshare Read More 

TSA: Reps ask Stanbic IBTC to produce approval to keep $4.9m - An ad hoc committee of the House of Representatives has asked Stanbic IBTC Bank to produce evidence of the presidential approval that allowed it to keep $4.9m outside the Treasury Single Account of the Federal Government. Source Punch Read More 

EFCC has recovered over N500 billion, says Magu - For Acting Chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu, it was time yesterday to give account of his stewardship. Source THE NATION Read More 

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Bitcoin Mining Equipment Maker Canaan Files for $1 Billion IPO - Canaan Inc., the world’s second-biggest maker of bitcoin mining hardware, submitted a listing application to the Hong Kong stock exchange. Source Bloomberg Read More 

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Investor Bulletin: Understanding Margin Accounts - The SEC’s Office of Investor Education and Advocacy is publishing this Investor Bulletin to educate investors about the use of margin accounts to buy securities, including the related risks. Source Proshare Read More 


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