Nigeria in 1min: Economic, Business and Financial Headlines – 050918


Wednesday, September 05, 2018 / 7:10 AM / Proshare News


Customs collects N140b in August - The Nigeria Customs Service (NCS) yesterday said it recorded the highest monthly revenue collection of N140,415,355,659.97 in the month of August this year. Source THE NATION Read more 

NCAA makes N16bn from TSC in 8 months - Foreign and domestic airlines have remitted about N16bn as ticket sale charge (TSC) in the last eight months, the Nigerian Civil Aviation Authority (NCAA) has disclosed. Source Daily Trust Read more 

Nigeria’s fishing industry contracts by 1.4% in Q2 2018 - Nigeria’s fishing industry has contracted in the q2 quarter of 2018 by 1.4 percent from a growth of 4.3 percent recorded in the previous quarter, data from the National Bureau of Statistics says. Source BUSINESSDAY Read more

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The August 2018 Nigerian Capital Market Service Report – Proshare - Nigerian Stock Market closed the month of August 2018 in the red zone as NSEASI Declined by -5.86% as against -3.29% loss recorded in the month of July 2018 while market YTD performance dipped further in the negative territory as it stood at -8.88% at the end of the month under review. Source Proshare Read more 

Nigeria’s Equities Market Halts Downtrend as NSEASI Inches Up by 0.28% - Equities market closed today on a positive note, as NSEASI appreciated by +0.28% to close at 34,933.68 basis points as against -0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.65%. Source Proshare Read more 

Central Bank defies expectations, maintains rates at OMO auction - The Bond market traded with mixed sentiments in today’s trading session, as the market which opened on a bearish note saw a reversal towards the close of trading. Bargain hunting by local clients dominated late trades across the mid-end of the curve, mostly on the 2027s. Source Proshare Read more 

Forex: CBN Gives Market $210m Boost - The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange market. Source Proshare Read more 

Unity Bank sells $1.1 bn bad loans to Frontier Capital - Unity Bank Plc says it has sold its $1.1 billion (N400 billion) of bad loans to Frontier Capital Alternative Asset, the advisory and investment arm of Frontier Capital Group. Source BUSINESSDAY Read more 

Power generation rises marginally to 2,982Mw - The Independent System Operator (SO) of the Transmission Company of Nigeria (TCN) yesterday said power generation rose marginally from 2,670Mega watts (Mw) on Monday to 2,982Mw on yesterday. Source THE NATION Read more 

NNPC, Chinese Firms To Build 10 Biofuels Complexes Nationwide - The Nigerian National Petroleum Corporation (NNPC) yesterday said it has signed two Memorandum of Understanding (MoU) in China with Nigerian-Chinese consortia to build not less than ten large biofuels complexes across the country. Source Leadership Read more 

13 power plants shutdown over gas supply, low demand - Thirteen electricity Generation Companies (GenCos) were shut down while five others operated below capacity last Thursday after inadequate gas supply and low energy demand of Distribution Companies (DisCos) denied customers 4,023 megawatts (MW) of electricity. Source Daily Trust Read more

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PEARL Awards Inaugurates New Board of Governors, Plans to Expand into Africa - Organisers of PEARL Awards Nigeria’s premier for rewarding operational excellence and outstanding performance on the Stock Market, today inaugurated its new Patrons and Board of Governors in Lagos. Source Proshare Read more 

UBA Plc’s Leo Goes Live, Banking On WhatsApp Via 234 903 000 2455 - United Bank for Africa (UBA) plc has today formally announced the commencement of its chat bank ‘Leo’ on the WhatsApp platform. Source Proshare Read more 

Rand Plummets After South Africa Enters Technical Recession - South Africa entered recession in the second quarter for the first time since 2009, data showed on Tuesday, in a stinging blow to President Cyril Ramaphosa’s efforts to revive the economy after a decade of stagnation. Source Proshare Read more 

Australia's Economy Expands at the Fastest Pace in Six Years - Australia’s economy grew faster than expected last quarter as households ran down savings to finance their spending -- shrugging off falling house prices and weak wage growth. Source Bloomberg Read more 

Emerging-Market Contagion Fears Rotate From Currencies to Stocks - Pressure on emerging markets shifted from currencies to stocks in Asian trading Wednesday, as prospects for higher funding costs threaten to diminish the appeal of companies benefiting from faster economic growth than in the developed world. Source Bloomberg Read more 

Oil dips as U.S. storm threat eases; Iran sanctions loom - Oil prices fell on Wednesday, partly reversing a strong jump from the previous day, as the impact of a tropical storm on U.S. Gulf coast production was not as strong as initially expected. Source Reuters Read more

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Boost in Mobile Banking Sorely Needed - The latest data from a series from the NBS, produced in collaboration with the CBN, reveal that 510 million transactions valued at N33trn were recorded on electronic payment channels in Q2 2018. As expected, ATM transactions dominated with a volume of 217 million. Source Proshare Read more 

MTN Says Nigeria Is Seeking to Recover $2 Billion in Back Taxes - MTN Group Ltd. said Nigeria is seeking about $2 billion in back taxes from the embattled wireless carrier after refusing to accept the results of a self-assessment by the company. Source Proshare Read more 

Amazon touches $1 trillion, on pace to overtake Apple - Inc (AMZN.O) on Tuesday briefly joined Apple Inc (AAPL.O) to become the second $1 trillion publicly listed U.S. company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing. Source Reuters Read more

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