Nigeria in 1min: Economic, Business and Financial Headlines - 030920

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Thursday, September 3, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @EmekeIweriebor

 

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COVID-19 Health Updates

  • 2nd of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 54,463 cases (New: 216)
  • Discharged:  42,439
  • Deaths: : 1,027 (New: 4)

Source: NCDC Read More


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PROSHARE ECONOMY 

Nigeria's Merchandise Trade Falls Steeply in Q2 2020 Due to Sharp Drop in Exports - The value of total trade fell sharply by 27.30% in Q2, 2020 compared to Q1, 2020 and 27.46% compared to Q2, 2019. The value of total imports dropped by 10.69% in Q2, 2020 against the level recorded in Q1,2020 but increased by 0.39% year-on-year. Source NBS Read More 

Naira Strengthens Against the Dollar - Speculators in Nigeria's foreign exchange market are set to count huge losses as the Naira continues to surge against the dollar, following the interventions made by the Central Bank of Nigeria (CBN) in the Investors and Exporters (I&E) window. Source CBN Read More

PPMC Increases Ex-depot Price of PMS to N151.56 per Litre - The Petroleum Products Marketing Company (PPMC) has increased the ex-depot price of petrol from N138.62 to N151.56 per litre. The ex-depot price is the cost at which the product is sold to marketers. Source The Cable Read More

S and P Global Ratings Affirmed Nigeria's Long-Term Rating At 'B-'; Outlook Stable - On Aug. 28, 2020, S&P Global Ratings affirmed its 'B-/B' long- and short-term sovereign credit ratings on Nigeria. The outlook is stable. At the same time, we affirmed our long- and short-term Nigeria national scale ratings at 'ngBBB/ngA-2'. Source S and P Global Ratings Read More

Why Nigeria Needs to Drive Productivity and Fiscal Restructuring - Tope Fasua - An economist and CEO of Global Analytics, Mr. Tope Fasua, has urged the Nigerian government to drive productivity, prioritize fiscal restructuring and spend more money in the area of stimulus Post COVID-19. Source WebTV Read More 

Sefton Fross to Host Webinar Focused on Improving the Resilience of Oil and Gas Firms - Sefton Fross, one of Nigeria's leading full-service law firms, has announced its webinar series designed to discuss the vulnerabilities and emerging opportunities for businesses in the Nigerian economy in the challenging economic climate that has trailed the COVID-19 pandemic. Source Sefton Fross Read More

 

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PROSHARE MARKETS 

Investors Gain N23.89bn, NSEASI Inches Up by 0.18%, Maintains Positive Posture - Equities market closed today on a positive note, as NSEASI appreciated by +0.18% to close at 25,460.00 basis points as against +0.34% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.15%. Source Proshare Markets Read More

CBN BDC Sales: Speculative Supply Hit The Streets Bringing Parallel Market Exchange Rates Down - It was an unremarkable trading session for FGN bonds to start off the new month, as the lull in the market mood continues to hang overhead. Despite continued wide quoted spreads, some trades were executed at mid-levels at the long-end of the curve, most notably the 2049s securities which traded at 10.15%. Source Zedcrest Capital Read More

Sugar Prices To Remain At Current Levels On Low Demand For Cane Based Ethanol - The US dollar fell to a two-year low against a basket of currencies and a 9.7% appreciation of the Naira to N435/$. Brent also rallied by 1.15% to $45.80pb. Source FDC Read More


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PROSHARE BUSINESS

Reps Minority Caucus Rejects Fuel Pump Price Increase - The minority caucus in the House of Representatives has condemned the increase in the pump price of Premium Motor Spirit (petrol) from N148 to N151.56k per litre. The Petroleum Product Marketing Company, on Wednesday, announced that the Nigerian National Petroleum Corporation retail outlets would now sell petrol for N151.56k per litre. Source Punch Read More

NLC, MAN, Others Kick Against Electricity Tariff Hike - Electricity consumers, labour unions and key stakeholders in the economy on Tuesday kicked against increase in electricity tariff implemented by power distribution companies across the country on Tuesday. Source Punch Read More

Adhere to Mining Procedures, Minister Charges Stakeholders - The Minister of Mines and Steel Development, Olamilekan Adegbite, has charged mining companies and other operators in the minerals and metals sector to operate within the operational guidelines in the Mining Act. Source Punch Read More

U.S. Recovery, Slow and Uneven, Is Hampered By 'Uncertainty': Fed Survey - U.S. business activity and employment ticked up through late August, the Federal Reserve said on Wednesday, but economic growth was generally sluggish as COVID-19 hotspots hampered reopening efforts that fueled an early-summer rebound. Source Reuters Read More


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PROSHARE TECHNOLOGY 

Online Trading Ranking Report 2020 - Trading in a Period of a Virus; Building Good Habits - The new evolution of trading in financial markets rests on digital platforms that enable clients and traders to develop relationships that save time, improve quality and hedge risks. Source Proshare Research Read More

Technology Times Forum: Stakeholders Call For Holistic Approach To Data Protection - Stakeholders at a recent forum organized by Technology Times Media Limited agreed that there must be a holistic approach to Data Protection and Privacy in Nigeria. Source WebTV Read More

 

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PROSHARE FINANCE

NAICOM, PenCom Unveil Regulation on Retirees' Life Annuity - The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have introduced the revised guidelines on retirees' life annuity. They are the guidelines on Group Life Insurance Policy for Employees and CPS Retiree Pack. Source THISDAYLIVE Read More

 

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