Nigeria in 1min: Economic, Business and Financial Headlines – 070518


Monday, May 07, 2018 / 7:00 AM / Proshare News 


What To Expect From The Markets This Week - 070518 - It is important to note that eliminating poverty comes with great effort, policy persistence, time and prudence of social trust, unfortunately there are no short cuts to any of them. Source Proshare Read More 

FG spent N4.3tn to service debt in three years — Budget office - The Federal Government spent a total of N4.3tn to service the country’s debt obligations to local and foreign debtors between January 2015 and September 2017, figures obtained from the Budget Office on Friday showed. Source Punch Read More 

NIRSAL targets N135bn revenue for farmers - The Nigeria Incentive-Based Risk Sharing for Agriculture Lending has unveiled plans to assist farmers generate gross revenue of N135bn this year through the Anchor Borrowers Programme of the Central Bank of Nigeria. Source Punch Read More 

Afreximbank Urges Infrastructure Upgrade to Enhance African Trade - Africa must urgently upgrade its maritime and logistic infrastructure in order to successfully promote the continent’s trade, especially intra-African trade, the African Export-Import Bank (Afreximbank), has said. Source Thisday Read More 

Nigeria’s export to Argentina in 2017 stood at $463m - The Minister Plenipotentiary Head of Mission Embassy of Argentina, Elena Mikusinski, has said that Nigeria’s export to Argentina in 2017 stood at $463 million. Source Daily Trust Read More 

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CBN demands N15b collateral from settlement banks - The Central Bank of Nigeria (CBN) has asked settlement banks to provide a clearing collateral of not less than N15 billion worth of treasury bills to enable them perform settlement roles. Source THE NATION Read More 


Market Halts Downtrend as NSEASI Inches Up by 0.27%; Records -0.06% Loss WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.27% to close at 41,218.72. basis points as against -0.48% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.78%. Source Proshare Read More 

NASD USI Gains 3.2% WoW - The NASD OTC Market ends the week with an increase in market metrics, as the NASD USI increased by 3.2%, closing at 714.44 points (as against 692.52 points last Friday). Consequently, total market capitalization gained 3% this week, closing higher at ₦484.15 billion compared to ₦468.52 billion last Friday. Source Proshare Read More 

The Nigeria and China Currency Swap: How Much Room? - At the end of 2017, the total amount of goods imported from China stood at N1.788 trillion, thereby imports from China grew by 3% compared to previous horizon. Source Proshare Read More 

Excess liquidity to persist as TBs record N808bn oversubscription - Credit to private sector slows to N22.44tr in March Analysts highlight risks of China/Nigeria currency swap Source Vanguard Read More 

NNPC seals $26.9b upstream deals - The  Nigerian National PetroleumCorporation (NNPC) has struck $26.9billion deals in the upstream segment, showing investors’renewed confidence in the oil industry, its Group Managing Director, Dr. Maikanti Baru, has said. Source THE NATION Read More 

Despite NNPC’s Massive Importation, Marketers Still Sell Petrol Above Official Ex-depot Price  - Despite the flooding of the Nigerian market with petrol by the Nigerian National Petroleum Corporation (NNPC), which has led to the sale of the product at official pump price, some depot owners are still selling above the official ex-depot price, THISDAY’s investigation has revealed. Source Thisday Read More 

Power sector lost N154bn in 125 days —FG - Between January 1 and May 5 this year, the power sector lost about N154bn as a result of the unavailability of gas, distribution and transmission infrastructure, as well as water reserve challenges, the Federal Government has said. Source Punch Read More 

Rainstorms force power generation down by 1,148MW - Power supply worsened over the past week as generation fell by over 1,000 megawatts amid violent rainstorms sweeping through the country. Source Punch Read More 

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South Africa's Sibanye to replace KPMG as auditor in 2019 - Sibanye-Stillwater said on Friday that it would this year start a process of finding a new external auditor for 2019 to replace KPMG’s scandal-hit South African arm. Source Reuters Read More 

Fitch downgrades Commonwealth Bank's long-term debt default outlook - Fitch Ratings on Monday downgraded its outlook on Australian lender CBA’s (CBA.AX) Issuer Default Rating (IDR) to ‘negative’ from ‘stable’, citing risks associated with ongoing inquiries into the sector that it says may leave CBA in a weaker operating environment than its peers. Source Reuters Read More 

U.S. oil rises above $70 for first time since November 2014 on Venezuela, Iran worries - U.S. oil prices rose above $70 a barrel on Monday for the first time since November 2014, as a deepening economic crisis in Venezuela threatened the country’s already tumbling oil supplies. Source Reuters Read More 

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Banking Sector Records 457.23m Volume of Transactions in Q1 2018 - NBS - A total volume of 457,226,406 transactions valued at N32.48 trn were recorded in Q1 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Source Proshare Read More 

NCC Shuts Down Firms over 5.4GHz Deployment - The Nigerian Communications Commission (NCC), the telecoms industry regulator has extended its ongoing enforcement plan to Uyo in Akwa Ibom State, and Calabar in Cross River State, where it sealed up operations of most telecoms firms for violating the guidelines for the deployment of 5.4GHz frequency band in the states. Source Thisday Read More

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