Nigeria in 1min: Economic, Business and Financial Headlines – 170918


Monday, September 17, 2018 / 7:00 AM / Proshare News



What To Expect From The Markets This Week - 170918 -  In recent time, interbank call  rate softened   from   an heist  of  25% at  the  beginning of the  year  to  4.2% at  the  end  of  August 2018.  The softening in the interbank rate witnessed   is due to the  growing  rise in liquidity. Source Proshare Read More 

FG plans N8.9tn budget for 2019 - The amount is an increase of N305.86bn over the original estimates of N8.61tn presented to the legislature on November 7, 2017 by President Muhammadu Buhari for the 2018 fiscal year. Source Punch Read More 

Headline Inflation Increased by 11.23% in August 2018; 0.09 Higher Than July 2018 Rate - The consumer price index, (CPI) which measures inflation increased by 11.23 percent (year-on-year) in August 2018. Source Proshare Read More 

Agri-Business Markets And Issues: Lessons Learned And A Path Forward - CFTC - Good morning.  It is great to be here with all of you, and a pleasure to kick off this important conference on beautiful Mackinac Island.  Before I begin my remarks, I want to thank our host, the Michigan Agri-Business Association, for the kind invitation to speak with you. Source Proshare Read More 

Nigeria Challenges HSBC Report On President Buhari And The Economy - The Presidency wishes to make clear to all Nigerians, and particularly the global banking giant @HSBC which said the second term of Pres. @MBuhari would stunt the economy, that what killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders...the type which was actively supported by HSBC. Source Proshare Read More 

ICE Begins West African Crude Oil Swaps - The InterContinental Exchange (ICE) has launched its first set of derivatives linked to the West African crude oil market. Source Proshare Read More 

Nigeria, African Countries Lose N15.12tn to Climate Change Annually  - Chairman of the African Union (AU) and President of Rwanda, Paul Kagame, has called on African governments to put measures in place to protect Africa’s rich marine resource and the environment, saying the continent already loses a whooping $42 billion (N15.12 trillion) annually to the devastating effect of climate change. Source Thisday Read More 

BPE: Insurance Premium Increased by N225bn in 10 Years - The insurance sector in Nigeria has continued to enjoy steady growth with premiums increasing from N75 billion to over N300 billion between 2005 and 2015, the Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh has disclosed. Source Thisday Read More 

BoI, China’s Exim Bank sign $500m MoU - A $500 million financing support agreement has been signed by the Bank of Industry (BoI), the Development Finance Institution (DFI) and the Export-Import Bank of China (CEXIM). Source THE NATION Read More 

Contributory pension: 334,765 retirees paid N538bn - No fewer than 334,765 retirees have been paid a total of N538.118bn under the Contributory Pension Scheme as of the end of June 2018. Source Punch Read More

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Market Review and Round-Up of Corporate News Announced During The Week Ending 140918 - The equities market recorded mixed performance – the listed equities market recorded -5.02% loss WoW while the NASD OTC also went down by -2.05% WoW. Source Proshare Read More 

Markets Take a Breather as CBN Pauses on OMO - Yields in the bond market moderated slightly in today’s session, as some of the sell pressures witnessed in the previous session quietened following absence of an OMO auction by the CBN today. Source Proshare Read More 

Mutual Benefits closes N2b rights issue - ApplicationS for the N2 billion rights issue by Mutual Benefits Assurance Plc closed at the weekend. Source THE NATION Read More

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CBN Publishes Circular On Revised Nigeria Bankers’ Clearing System Rules, 2018 - The Central Bank of Nigeria (CBN), in furtherance of its mandate for the development of electronic payments system in Nigeria, hereby issues the revised Nigeria Bankers’ Clearing System (NBCS) Rule Source Proshare Read More 

CBN Releases Circular On The Regulations On Instant Electronic Funds Transfer Services In Nigeria - The Central Bank of Nigeria {C835}, in furtherance of its mandate for the development of electronic payments system in Nigeria, hereby issues the Regulation on instant (Inter-Bank) Electronic Funds transfer Services in Nigeria. Source Proshare Read More



Egypt signs oil, gas exploration deal with Shell, Petronas worth about $1 bln: statement - Egypt has signed a deep-water oil and gas exploration deal with Royal Dutch Shell and Malaysia’s Petronas worth around $1 billion for 8 wells in the country’s West Nile Delta, the petroleum ministry said on Saturday. Source Reuters Read More 

Oil prices ease as trade row clouds demand outlook - Global oil prices eased in early Asian trading on Monday on concerns that the United States is poised to impose additional tariffs on China, outweighing supply fears from upcoming sanctions on Iran. Source Reuters Read More

The Emerging Market Rout Is Nearing a Turning Point, Templeton Says - Franklin Templeton Investments says the rout in emerging markets may be nearing a bottom, though reckons there are still countries that will suffer, like the Philippines. Source Bloomberg Read More 

Kenya President Halves Fuel Tax, Proposes Austerity Measures - Kenyan President Uhuru Kenyatta proposed a 50 percent reduction on an unpopular new tax on petroleum products and promised expenditure cuts across government departments. Source Bloomberg Read More 

Deutsche plans to shift more assets from London - Blow to City as bank bows to ECB pressure and eyes moving 75% of its balance sheet Source FT Read More

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NLC demands MTN probe for fraud, tax evasion - The Nigeria Labour Congress has asked the Economic and Financial Crimes Commission to probe the operations of MTN Nigeria following allegations of illicit financial flow and tax evasion levelled against the firm. Source Punch Read More 

We Will Not Interfere with CBN, AGF Orders on MTN, Says NCC - The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Professor Umar Garba Danabtta has said the commission will not interfere with government’s decision on MTN, concerning the recent directive of the Central Bank of Nigeria (CBN) and the Attorney General of the Federation (AGF). Source Thisday Read More 

Value of mobile money transactions falls by 23% in H1’18 - The value of mobile money transactions  through licensed mobile payment operators (interscheme)  fell by 23 percent, year-on-year (YoY) in the first half of 2018 (H1’18). Source Vanguard Read More 

Salesforce co-founder to buy Time magazine for $190m - Purchase by Marc Benioff from Meredith is latest media acquisition by tech figure Source FT Read More

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CIBNBFC2018:Infrastructure, Skills, Access to Markets key for MSMEs-Rewane - Seasoned Nigerian economist Mr Bismark Rewane has made a strong case for investments in infrastructure, skills development and increasing traditional opportunities and access to markets for MSME growth in Nigeria. Source Proshare Read More 

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5th #NSECorporateChallenge:Over N57m raised for Mobile Cancer Clinics - The Nigeria stock exchange in partnership with philanthropic organizations and listed corporate entities, have raised over N57m through its annual corporate challenge, for the purchase of Mobile Cancer Clinics in Nigeria. Source Proshare Read More



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