Nigeria in 1min: Economic, Business and Financial Headlines - 020620


Tuesday, June 2, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov


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COVID-19 Health Updates

  • On the 1st of June 2020, 416 new confirmed cases and 12 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 10578 cases have been confirmed, 3122 cases have been discharged and 299 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 416 new cases are reported from 20 states - Lagos (192), Edo (41), Rivers (33), Kaduna (30), Kwara (23), Nasarawa (18), Borno (17), FCT (14), Oyo (10), Katsina (7), Abia (5), Delta (5), Adamawa (4), Kano (4), Imo (3), Ondo (3), Benue(2), Bauchi(2), Ogun (2), Niger (1). Read More

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MPC - Going With The Flow - In a surprise move, the MPC voted 7:3 to cut the benchmark interest rates by 100bps to 12.5%pa. This is the first rate cut since March 2019. Source FDC Ltd Read More

CBN Revises Timelines for Dispense Errors, Refund Complaints - The Central Bank of Nigeria (CBN), in its determination to further enhance service quality, particularly quick refunds when customers experience failed transactions, dispense errors or disputes, has revised timelines for reversals and/or resolution of refund complaints on electronic channels, with effect from June 8, 2020. Source CBN Read More 

Innovative Economic Solutions to Unlock Mass Prosperity - Poverty computation in Nigeria and Globally: Relative, Dollar a Day, Multi-Dimensional and Absolute. This nationwide consumption and expenditure survey ,.mwere conducted between 2018 and 2019 (in partnership with the World Bank), to measure poverty and inequality, as well as generate a wide range of socio-economic indicators. Source Dr. Yemi Kale Read More 

PMI Reading No 86: A New Low for the Headline - Our manufacturing Purchasing Managers' Index (PMI), the first of its genre in Nigeria, slipped from 45.8 to 43.3 in May. Our partner, NOI Polls, has compiled the data. The index can be found in advanced economies such as the ISM's in the US, larger EMs like China, India and Russia, and some other frontier markets. Source FBNQuest Research Read More 

Manufacturing PMI Stands at 42.4% in May 2020 from 51.1% in March 2020 - The May 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period May 14-19, 2020. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT). Source Read More

How Monetary Policy Should Cushion Bank's Non-Performing Loans (NPLs) -Marcel Okeke - The CEO of Mascot Consult Limited, Mr. Marcel Okeke speaking on the reduction of Monetary Policy rate from 13.5% to 12.5% by the Central Bank's Monetary Policy Committee Meeting insisted that monetary policy expansion would be welcomed. Okeke argued that a 100-basis point reduction in the Monetary Policy Rate (MPR) was a move in the right direction but the monetary authorities needed to go a few steps further. Source WebTV Read More

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Afrinvest Stock Recommendation for the Week 010620 - Last week, the equities market sustained a positive performance as the All-Share index gained 0.3% w/w to close at 25,267.82 points. As a result, market capitalisation advanced N32.9bn to settle at N13.2tn while YTD loss improved to -5.9%. Source Afrinvest Research Read More 

Kelvin Emmanuel To Discuss Global Economy And Implications for Nigeria - Kelvin Ayebaefie Emmanuel started his career as head of business development and training for Alpari (the largest retail FX broker globally at the time). He built the company's corporate communications, and established its regional operations in the North Central & South Southern region of Nigeria. While with the company, client deposit grew from N100m to N1.5bn Naira. Source WebTV Read More 

ACI Witnesses a Downtick - AFEX Commodities Weekly Report 280520 - The AFEX Commodities (ACI) Index composite experienced a downtick as it closed at 178.80 points in the week under review. The index performance reduced by 6.78% WtD. The downward trend was stimulated by the decline in prices of the commodities covered by the index. Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

Anchoria Fixed Income Monitor: CBN Slashes MPR to 12.50% While It Retains Other Parameters - The average money market rate fell significantly last week by 12.72% to settle at 2.60% from 15.32% in the previous week. This is attributable to the inflow from FGN Bond coupon payments worth N5.63 billion and OMO maturities worth N319.72 billion. Source Anchoria AM Research Read More 

Investors Gain N25.19bn as NSEASI Inches Up by 0.19% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.19% to close at 25,316.15 points as against +0.40% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.68%. Source Proshare Markets Read More

Strong Demand Witnessed at PMA; Average Yield in NT-Bills Market Sheds 5bps WoW - Demand in the Nigerian Treasury Bills ("NT-Bills") secondary market was muted at the start of the 3-day trading session as investors anticipated the Primary Market Auction ("PMA"). However, activity level picked up at the end of the week as demand - due to lost bids at the Open Market Operation ("OMO") and primary market auctions - filtered into the market. As a result, average yield across all tenors dipped marginally by 5bps W-o-W to close at 2.1% on Friday. Source Afrinvest Research Read More

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Bank NPLs (17) - IFRS and Accounting Standards - IFRS9 came into effect in Nigeria's Financial Services Sector on 1 January 2018. The new Accounting Standard assesses impairments of financial assets on an expected credit loss basis as opposed to the incurred credit loss basis that was applied under the previous IAS 39 rules. A few other twists are pointed out in the extracts from the Ernst and Young ("EY") guidance manual. Source Debtors Africa Read More

CBN Extends Accounts Submission Deadline For MfBs, Others - The Central Bank of Nigeria has extended the timeframe for the submission of the 2019 audited financial statements of Other Financial Institutions due to the effect of COVID-19 pandemic on their operations. Source Punch Read More

ACCI President Urges FG to Review 'Obsolete' Nigeria-India Economic Ties - The President, Abuja Chamber of Commerce and Industry (ACCI), Prince Adetokunbo Kayode has called on the federal government to renegotiate economic ties between Nigeria and India to achieve a win-win situation. Source THISDAYLIVE Read More

Senegal Gets AfDB's Loan - The Board of Directors of the African Development Bank (AfDB) has approved a loan of 88 million Euros for Senegal, hit hard by the coronavirus pandemic. The fund is to support the country's national COVID-19 Economic and Social Resilience Program. Source THISDAYLIVE Read More

BVN-Linked Accounts Now 41.82m - ACTIVE bank accounts linked to Bank Verification Number (BVN) in Nigeria as at last month stood at 41.82 million, a report by the Nigeria Interbank Settlement System (NBISS) has shown. Source The Nation Read More

U.S. Manufacturing Activity Crawls Off 11-Year Low - U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment. Source Reuters Read More

U.S. Companies Issue Shares At Fastest Rate Ever, Selling The Rally - U.S. public companies sold more than $60 billion in shares in May, the biggest monthly haul ever, as they capitalized on a stock market rally fueled by hopes that the COVID-19 pandemic is subsiding. Source Reuters Read More

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Stakeholders Assess The Role Of GC Index In Driving Digital Transformation - The GC Index has been described as a strategic tool that can enable organizations to fully embrace digital transformation seamlessly, that will bring efficiency and productivity to the system. Source WebTV Read More


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CACOVID - Update on Activities and Phase 2 Rollout Plan - The Private Sector Coalition Against COVID-19 (CACOVID) recently provided an update on its efforts and activities towards combatting the COVID-19 pandemic in Nigeria. Source Proshare Research Read More

OLAM Group Contributes N1 billion to the CACOVID Relief Fund, State Governments, NCDC and NIMR - Olam Group, one of Nigeria's largest food and agri-business companies has contributed One Billion Naira (N1bn) in cash and in- kind to support the fight against COVID-19 in Nigeria. A cash donation of Six Hundred Million Naira (N600m) was made to the private sector led Coalition Against COVID-19 (CACOVID), Three Hundred Million Naira (N300m) of foodstuffs to states across the country and 100 million Naira (N100m) of medical supplies to the Nigerian Centre for Disease Control (NCDC), the Nigeria Institute for Medical Research (NIMR) and the Lagos State Government. Source Olam Nigeria Read More

Nigeria Ranks 64th In Pension Adequacy Index - Report - The Allianz Group has put Nigeria in the 64th position in the global ranking of pension development, highlighting the need for further pension reforms in the country. The first edition of the group's pension report, titled 'Allianz Global Pension Report 2020: Ready or not', analysed different country's pension systems with its proprietary pension indicator, called Allianz Pension Indicator. Source Punch Read More

JE Technical Services Appointed Sole Legal Trade Rep of BioMedomics COVID-19 Test Kit In Nigeria - In support of the current global COVID-19 pandemic, Nigeria's JE Technical Services Ltd has been appointed the sole legal trade representative of BioMedomics Inc COVID-19 IgG/IgM Rapid test kit in Nigeria. JE Technical Services Ltd, a subsidiary of Jean Edwards Consulting UK, is an organisation with the mandate to enhance socio-economic development in Nigeria via strategic Consultancy and Technology. Source The Guardian Read More

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