Nigeria in 1min: Economic, Business and Financial Headlines – 260918


Wednesday, September 26, 2018 / 8:00 AM / Proshare News


MPC Treads Cautiously As Economic And Political Environment Remains Cumbersome - The MPC maintained status quo on all monetary policy parameters for the 13th consecutive time since July 2016. The committee of 10 members voted 7:3 in favor of keeping rates unchanged at 14% p.a. – indicative of a growing hawkish sentiment. Three members also voted in favor of a hike in the benchmark interest rate by 150 basis points. Source Proshare Read More 

CBN Communiqué No. 120 of the MPC Meeting – Sep 24-25, 2018 - The Monetary Policy Committee (MPC) met on the 24th and 25th of September, 2018 and evaluated developments in the global and domestic economic and financial environments in the first eight months of 2018, as well as the outlook for the rest of the year. Source Proshare Read More 

Untapped Potential of Oil Palm - The narrative on agriculture is gradually changing, and the sector has the potential to become the economy’s new backbone. Over the past four years, agriculture has posted uninterrupted quarterly growth, with crop production emerging as the leading contributor to the sector. Oil palm, a cash crop, falls within this segment. Source Proshare Read More 

FG spends $44.5m annually on imported industrial minerals – Bwari - Minister of State for Mines and Steel Development Abubakar Bwari says that about $44.5 million (N16 billion) is being spent annually by the federal government on importing industrial minerals. Source THE SUN Read More 

World Bank commits $124m to exploration of Nigeria’s industrial minerals - The World Bank has concluded a deal with the Federal Government to invest $123.5 million in the exploration of industrial minerals in Nigeria. Source Guardian Read More 

Foreign airlines get Dec. deadline for 5% revenue automation - The Nigerian Civil Aviation Authority (NCAA) yesterday ordered foreign airlines to comply with the automated revenue payment platform for the remittance of five per cent Ticket Sales Charge/Cargo Sales Charge (TSC/CSC) on or before December 31. Source Guardian Read More 

Delta spends N1.6 billion on 150 SDG projects - The Sustainable Development Goals (SDGs) in Delta State said it had received a total of N1.6 billion as counterpart funds which were used in execution of over 150 projects across the 25 local government areas of the state. Source THE SUN Read More

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SkyeBank - The Rise, The Fall And The Bridge - To understand what happened on the 21st of September 2018, you need to go back to the very beginning. For the purpose of this article, I will like to categorize it under three headings.  Source Proshare Read More 

The Distress of Skye Bank - Unintended Consequences - The CBN revoked the operating license of Skye Bank two years after its regulatory intervention and subsequent injection of funds. Consequently, a bridge bank, Polaris, in collaboration with Asset Management Corporation of Nigerian (AMCON), will turnaround the operations of the distressed bank. The optimization of internal business process will position the bank for a competitive takeover by interested buyers. Source Proshare Read More

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NSEASI Inches Up by 2.08% to Close Above 33,000bpts as MPC Retains MPR at 14% - Equities market closed today on a positive note, as NSEASI appreciated by +2.08% to close at 33,114.44 basis points as against -0.31% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.41%. Source Proshare Read More 

Funding Rates Spike As CBN Reverses Paris Club Credits - The Bond market remained largely order driven, with yields closing relatively flat on the day. We witnessed slight sell on the 2027s which inched higher by c.5bps, as market players priced in expectations for the auction tomorrow. Source Proshare Read More

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EFInA seeks support of the Media in Boosting Financial Inclusion in Nigeria - The role of the media in driving financial inclusion in Nigeria, was the thrust of the discourse of the forum hosted today by the Enhancing Financial Innovation and Access , a financial development agency funded by the UK Department for International Development and Bill & Melinda Gates foundation. Source Proshare Read More 

IoD Nigeria Inaugurates Ethics Committee - In line with its desire to ensure that its members are properly guided in their conducts and behaviour, both in their personal and business undertakings, the Institute of Directors, Nigeria (IoD Nigeria) has constituted and inaugurated an Ethics Committee saddled with the responsibility of developing a code of ethics for its members. Source Proshare Read More 

South Africa's stimulus plan unlikely to boost growth significantly: Fitch - South African President Cyril Ramaphosa’s multi-billion dollar plan to turnaround the economy will do little to lift the country’s sluggish economic growth rate, ratings agency Fitch said on Tuesday. Source Reuters Read More 

Bank of Ghana keeps policy rate unchanged at 17 pct - Ghana’s central bank kept its benchmark interest rate unchanged at 17 percent on Monday as expected, mindful of possible inflationary headwinds as the dollar strengthened, governor Ernest Addison said. Source Reuters Read More

Pressed by Trump, OPEC Fears Oil Glut’s Return - Crude rose to $80 a barrel days after President Trump chastised OPEC delegates in a tweet about “higher and higher oil prices.” Source WSJ Read More 

South Africa Business Cycle in Longest Slump Since 1945 - The business cycle in South Africa, where the economy entered its first recession in almost a decade in the second quarter, is in its longest downward phase since records started in 1945. Source Bloomberg Read More 

India Is Cutting Imports of Iranian Oil to Zero in November  - India isn’t planning to buy any Iranian oil in November, raising the prospect that Tehran will lose another major customer as U.S. sanctions hit and spurring speculation over whether China will follow suit. Source Bloomberg Read More 

Trump tells UN that Opec is ‘ripping off’ the world - Warning on high oil prices comes with plea to other nations to squeeze Iran Source FT Read More

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Nigeria's central bank governor optimistic over $8.1 bln MTN transfer dispute - Nigeria’s Central Bank Governor Godwin Emefiele said on Tuesday he was optimistic the bank would resolve a dispute linked to allegations that South African telecom firm MTN moved funds out of the country illegally. Source Reuters Read More 

China to further boost $3.8 trillion digital economy, create more jobs - China’s state planner on Wednesday called for further advancement in the country’s $3.8 trillion digital economy, saying sectors such as big data and artificial intelligence (AI) will become drivers of job creation. Source Reuters Read More



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