Nigeria in 1min: Economic, Business and Financial Headlines – 301118


 Friday November 30, 2018 / 7:00 AM / Proshare News


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2019 Election Campaigns and Potential Economic Gainers-As the 2019 general election campaigns in Nigeria kicks off, we explore businesses that are likely to be gainers during the period of November, 2018 to April, 2019. Source Proshare Read More 

Increased Global Cocoa Demand Would Push Prices Up And Boost Nigeria’s Export Earnings - The naira is coming under increased pressure in the forex market, falling by 1.08% to N370/$ at the parallel market. Its cumulative depreciation in November is 2.2%. This is greater than its fall in the last 12 months. Source Proshare Read More 

Reps Probe PENCOM Boss Over Alleged Illegal Appointments, Pay Increment - The House of Representatives on Thursday resolved to investigate the acting Director-General of the National Pension Commission, Aisha Dahiru-Umar, over alleged illegal recruitments and increment of her remuneration. Source Punch Read More 

2018 Budget: FG Records N1.1tn Deficit In Eight Months - Between January and August, the Federal Government recorded a fiscal deficit of N1.14tn in its operations, figures obtained from the Budget Office of the Federation have revealed. Source Punch Read More 

NPA Denies Not Remitting N117bn Operating Surplus - The Nigerian Ports Authority (NPA) has described as fictitious, the allegation that it failed to remit the sum of N177 billion operating surplus from its 2017 revenue to the Consolidated Federation Account. Source Thisday Read More 

Nigeria Ranks 129th Out Of 149 Countries In World Prosperity Index - Nigeria has climbed up three positions on the 2018 Legatum Prosperity Index to become 129th among the world’s 149 countries. Source Leadership Read More 


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Financial Stability Report and Stress Test Results (UK) - November 2018-The UK financial system is resilient to the wide range of risks it could face, including Brexit.  Source Proshare Read More 

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African Exchanges Linkage Project (AELP) Roundtable Meeting-The African Securities Exchanges Association (ASEA or the Association) today held the first African Exchanges Linkage Project (AELP) roundtable meeting for brokers on the sidelines of the 22nd Annual ASEA Conference hosted by the Nigerian Stock Exchange (NSE) from November 26-27, 2018 at the Oriental Hotel in Lagos, Nigeria. Source Proshare Read More

Investors Lose N389.57bn in Four Consecutive Trading Days as YTD Returns Hits -19.96%-Equities market closed today on a negative note, as NSEASI depreciated by -1.33% to close at 31,023.47 basis points as against -0.48% depreciation recorded previously. Source Proshare Read More 

FCMB Declares N11.341bn PAT in Q3 2018 Results, (SP:N1.32k)- Source Proshare Read More 

Fixed Income Markets Trend Bearish as CBN Hikes OMO Rate - In reaction to an increase in rates at the CBN OMO auction, especially at the longest tenor to 14.75% (from 14.50% previously), the Bond market traded on a bearish note on the day. Yields at the mid- to long-end of the curve expanded by c.4bps on the average with some trades executed at the market bid. Source Proshare Read More 

Moody’s: Weak Capital Buffers Reveal Tier 2 Banks’ Vulnerability - One of the leading global rating agencies, Moody’s Investor Service, yesterday pointed out that the smaller banks in Nigeria, commonly known as the tier 2 banks, are operating with weaker capital buffers, which indicate vulnerability of these banks. Source Thisday Read More 

Eurobond: External Reserves Record First Increase in 4mths - The nation’s external reserves reversed its four months downward trend, gaining $476 million in three days this week, buoyed by proceeds of the Federal Government’s $2.86 billion Eurobond issue earlier this month. Source Vanguard Read More


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Income Tax Country-by-Country Reporting Regulations, 2018 - Legal Alert - In furtherance of enforcing the existing Tax Laws and Regulations, while also promoting global best tax practices, the Federal Inland Revenue Service (“FIRS”) with the approval of the Federal Minister of Finance recently published the Income Tax (Country–by–Country Reporting) Regulations, 2018 (“CbCR”). Source Proshare Read More


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Focus on the Social Investment Programme in Nigeria-Mrs. Maryam Uwais, Senior Special Adviser to the President on Social Investments in a recent interview with Proshare WebTv explained the role of the Federal Government in ensuring the success of the on-going social investment programme in Nigeria. Source Proshare Read More


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Mobile Communication: Nigeria Targets 2020 For 5G Deployment - The Federal Government has begun regulatory and policy framework that will enable the deployment of 5G network by 2020. Source Punch Read More 

Telecom Industry Contributes $21bn To Nigeria’s GDP - The mobile telecommunications industry contributed $21 billion to gross domestic product (GDP) in 2017, representing 5.5 per cent of Nigeria’s total GDP. In addition, the growth of Nigeria’s digital economy resulted in the creation of nearly 500,000 direct and indirect jobs. Source Leadership Read More


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