Nigeria in 1min: Economic, Business and Financial Headlines – 250619

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Tuesday, June 25 2019 / 07:00 AM / By News Aggregator / @AsoRock

 

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PROSHARE ECONOMY

Personal Statements By The MPC Members At The 124 MPC Meeting of May 20-21, 2019 - The 267th meeting of the Monetary Policy Committee (MPC) held against the backdrop of sustained global economic and financial uncertainties. Drivers of rising risks in the world economy include BREXIT, Iran sanctions, volatile commodity (oil) prices as well as the trade war between the United States of 13 America (USA) and China. Source CBN Read More 

CBN Gov, Godwin Emefiele, Unveils 5-Year Policy Thrust of The CBN 2019 - 2024 - Good morning Ladies and Gentlemen and thank you for your presence at this Press Briefing. You would all recall that on 05 June 2014; following my assumption of office as the Governor of the Central Bank of Nigeria, I addressed a similar gathering to share with you my vision for my first term in office. Source CBN Read More 

Nigeria Needs More Reciprocal External Trades - A one-sided relationship is rarely good or sustainable for individuals, organisations or countries. Most enduring relationships are anchored on mutually beneficial tenets. Our review of Nigeria's external trade figures over the years and the relationships with her trading partners show that there is a need to negotiate more reciprocal trading relationships that benefit Nigeria. Source FSDH Read More 

All Commodity Group Export Price Index Rose By 1.85%  In Q1 2019 - The terms of trade (TOT) represents the ratio between a country’s export prices and its import prices. The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms. Source NBS Read More 

Nigeria External Reserves Stand At $45bn As At June – CBN - The CBN Governor, Mr Godwin Emefiele, disclosed this while reeling out the policy road map for his five years second term in Abuja on Monday. Emefiele said the bank put all necessary measure to ensure the steady growth of the country’s external reserves after the recession. Source Vanguard Read More

Oil Prices Rise On US-Iran Concern, Stocks Up Ahead Of G20 Talks - Oil prices extended gains Monday as rising US-Iran tensions fuelled supply concerns, while Asian equities also edged up ahead of a crunch meeting between Donald Trump and Xi Jinping this week. Source Vanguard Read More 

 

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Afrinvest Stock Recommendation For The Week 170619 - The benchmark index was down 0.7% W-o-W to settle at 29,851.29 points following a bearish performance on 4 of the 5 trading days this week. As a result, investors lost a total of N78.1bn as market capitalisation declined to N13.2tn while YTD return worsened to -5.0%. Source Afrinvest Research Read More 

Ecobank Nigeria Enters Strategic Partnership with NIRSAL; Announces N70B Agriculture Financing Scheme - Ecobank Nigeria has entered into a strategic partnership with the Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL) with a N15 billion agricultural investment scheme being the first tranche in agricultural value chain financing. Source Ecobank Nigeria Read More 

Bullish Run Sustained on Buoyant System Liquidity as Average Yield Dips 3bps WoW to 12.39% - The bullish run recorded at the Treasury Bills (“T-Bills”) secondary market was sustained for a second consecutive week following sustained robust system liquidity (N207.3bn positive as at Monday). This was further supported by the absence of Open Market Operations (“OMO”) offer by the Central Bank of Nigeria (“CBN”) all through the week. Source Afrinvest Research Read More 


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Average Money Market Rate Rose By 3.46% To Settle At 8.96% Up From 5.50% - The average money market rate rose by 3.46% to settle at 8.96% up from 5.50% in the previous week despite a buoyant system liquidity seen during the week as CBN held off on the issuance of OMO which contributed to the system liquidity. The increase in the average money market rate was due to the funding pressure since on Monday as a result of the Wholesale, Invisible and SME FX auction. Source Anchoria AM Research Read More 

Investors Lose N18.55bn As Market Opens The Week Negative; NSEASI Dips By -0.14% - Equities market closed today on a negative note, as NSEASI depreciated by 0.14% to close at 29,809.20 points as against 0.29% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.16%. Source Proshare Read More

Nigerian Bank Eurobonds Maintain Rally as First Bank Announces Call on its 2021 Maturity - The FGN Bond market remained relatively flat, with yields marginally higher by c.2bps on the day. We witnessed the most activity on the mid to long end of the curve, with some buy interests on the 34s and some sell interests on the 37s. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS 

Federal High Court Adjourns SEC Vs Oando Case to July 22 - A Federal High Court sitting in Lagos has adjourned till July 22, 2019, hearing of the substantive suit brought by two chief executive officers of Oando Plc, seeking enforcement of their rights. Source Proshare Read More 

Profile of Olufemi Lijadu - Mr Olufemi Lijadu is the Founding Partner at Ukiri & Lijadu Barristers and Solicitors which specialises in Foreign Investment Law, Commercial Law, Banking & Finance Law and Energy Law. He was the Consultant at Femi Lijadu & Co. from September 2003 to September 2011 where he was the Legal & Strategy Consultant to oil and gas industry on Local Content Implementation. Source Proshare Read More 

Bank Loans To Manufacturers, Farmers, Others Hit N241tn – The total credit of Deposit Money Banks to the manufacturing, agriculture, oil and gas firms and companies operating in15 other sectors of the economy hit about N241.87tn during a four-year period, covering 2015 to 2018, an analysis of the banking sector credit has revealed. Source Punch Read More

China, Africa Trade Hits $200bn In 2018 - The volume of bilateral trade between China and Africa stood at $200 billion (USD) in 2018, the Chief Economist of China Development Bank, Liu Yong, said on Monday in Beijing. Trade between the two has been witnessing steady increase for the past 16 years. Source Dailytrust Read More

Trump 'Comfortable With Any Outcome' From Pivotal Xi Talks: Official - U.S. President Donald Trump views this week’s meeting with Chinese President Xi Jinping as a chance to see where Beijing stands on the two countries’ trade war, and is “comfortable with any outcome” from the talks, a senior U.S. official said on Monday. Source Reuters Read More

 

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PROSHARE FINANCE 

Growing Through Education in Nigeria - Our chart of the week, drawn from the IMF’s 2019 economic health check for Nigeria, highlights substantial inequality in access to education between girls and boys, and between rich and poor. Source  IMF Read More 

 

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