Nigeria in 1min: Economic, Business and Financial Headlines – 130818


Monday, August 13, 2018 / 7:10 AM / Proshare News



What To Expect From The Markets This Week - 130818  - We see month on month (MOM) inflation maintaining its northward trajectory moderately from 1.2% in June to 1.22% in July.  Further bolstering a hawkish tone from the Central bank, due to the uptick in liquidity. Source Proshare Read more 

Weekly Economic and Financial Commentary – WE 10th August, 2018 - Turkey’s currency hit a record low of 6.07 against the U.S dollars having lost more than half of its value this year. Source Proshare Read more 

Nigeria’s foreign commercial loans rise to $8.8bn - Nigeria’s exposure to commercial loans has risen by 486.67 per cent in the last three years as the loans now make up 39.87 per cent of the country’s external debt portfolio as of March 31 Source Punch Read more 

Nigerian banks’ll collapse if power firms fail – Discos - Most Nigerian banks will collapse if power generation and distribution companies fail, electricity distributors have warned. Source Punch Read more 

Importers Abandon 2000 Containers Worth N20bn At Lagos Ports - No fewer than 2000 overtime cargoes worth N20billion have been abandoned by importers at the Lagos seaports, LEADERSHIP finding has revealed. Source Leadership Read more 

ECOWAS prioritises migration in €15m pact with German Development Bank - The Commission of the Economic Community of West African States (ECOWAS) in Nigeria has signed an Aide Memoire with the German Development Bank (KfW) and the German Development Agency (GIZ) on behalf of the German Ministry for Economic Cooperation and Develop Source BUSINESSDAY Read more 

Ethiopian Airlines frontrunner in tender for planned Nigerian airline-CEO - Ethiopian Airlines is the frontrunner to set up and manage a new national carrier for Nigeria, its chief executive said on Friday. Source Reuters Read more 

Alstom of France to run Lagos Blue Line rail system in 2022 - Lagos State Government and Alstom SA of France have sealed a deal towards the commencement of passengers’ operation of Lagos Rail Mass Transit (LRMT) Blue Line system in 2022, confirming BusinessDay’s story. Source BUSINESSDAY Read more 

NSIA Transfers $417m to NBET - The  Nigeria Sovereign Investment Authority (NSIA) has announced the payment of US$417.46 million to the Nigeria Bulk Energy Trading Company Plc (NBET), being interest and earnings from US$350 million which it had managed on behalf of the bulk trader since 2014. Source Thisday Read more

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Market Review and Round-Up of Corporate News Announced During The Week Ending 100818 - The equities market recorded negative performance – the listed equities market recorded -2.89% loss WoW while the NASD OTC also went down by -2.57% WoW. Source Proshare Read more 

ASEN Inaugurated; NASD USI Declines by 2.6% WoW – 110818 - The NASD OTC Market ends the week with a decrease in market metrics, as the NASD USI decreased by 2.6%, closing at 687.60 points (as against 705.75 points last Friday). Consequently, total market capitalization declined  closing lower at ₦465.31 billion compared to ₦477.60 billion  last Friday. Source Proshare Read more 

Corporate Earnings for the Week Ending 10818 – GUARANTY Declares N95.58bn PAT in Q2 2018 Results - Seven (7) quoted companies recorded growths in revenue while two (2) recorded decline. Source Proshare Read more 

Bond Yields Spike to 8-Month High as RM offshores cut down on NIGB Holdings amidst EM Rout -  The Bond market traded on a significantly bearish note in today’s session as real money offshore clients cut down on their FGN Bond holdings amidst a global emerging market rout exacerbated by the recent Turkish crisis. Source Proshare Read more 

Forex: CBN Injects $327m, CNY 69m into Retail SMIS - The Central Bank of Nigeria (CBN), on Friday, August 10, 2018, injected the sum $327,440,499.50 into the interbank retail Secondary Market Intervention Sales.Source Proshare Read more

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Turkey Is Caught In A Currency Quagmire  - Over the past few months, Turkey’s economy has been laced with tapestry of macroeconomic woes. Source Proshare Read more 

Rand falls to its weakest levels in 2018 - The rand fell to its weakest level against the dollar in about six weeks breaching the R14 mark, as it was caught up in the Turkish lira’s woes. Source CNBC Read more 

Billionaire Aliko Dangote’s $12bn Dangote oil refinery likely delayed - A huge oil refinery being built in Nigeria by Africa’s richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of the matter said. Source CNBC Read more 

Lira Extends Slide as Turkey Heads Toward a Financial Crisis - Turkey’s lira extended its precipitous slide Monday, with the selloff spreading to other emerging-market currencies, after the nation’s president showed no signs of backing down in a standoff with the U.S. Source Bloomberg Read more

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SEC Nigeria to Constitute Market Wide Committee on Fintech - A Capital market wide committee will be established to drive the guidleines and framework for the Fintech Industry in Nigeria, by the Securities and Exchange Commission. Source Proshare Read more 

How Ghana Became One of Africa’s Top Mobile Money Markets - Once an underdog in Africa’s quest to promote financial inclusion through digital financial services (DFS), Ghana is proving its doubters wrong and giving the oft-heralded East African markets a run for their money. Source Proshare Read more 

Data Science Nigeria releases its Annual Report for 2017 and 2018 - A rapidly growing universal truth today is that all roads lead to data. Data and its application in Artificial Intelligence (AI) can become a sustainable basis for socio-economic development and breakthrough innovations that address the millennium development goals (MDGs). Source Proshare Read more 

MTN to list on NSE by May 2019 – Danbatta - Danbatta said the five infrastructure companies which hold licenses to drive broadband penetration across Nigeria will enjoy N23 billion subsidy Source Leadership Read more

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