Nigeria in 1min: Economic, Business and Financial Headlines - 060919


Friday, September 06, 2019 / 07:00 AM / By News Aggregator / Header Image Credit: @oyostategovt


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Total Value Of Capital Importation Stood At $5,820.21m In Q2 2019 - NBS - The total value of capital importation into Nigeria stood at $5,820.21m in the second quarter of 2019. This represents a decrease of -31.41% compared to Q1 2019 and +5.56% increase compared to the second quarter of 2018. Source NBS Read More

Aviation Fuel Price Rises 143% In Three Years - Aviation fuel has in the last three years risen by about 143 per cent, information gathered from the industry has shown. Airline operators said the product which sold at N255 per litre earlier this week had been scarce in the past two weeks. Source Punch Read More

Discos' Power Supply Slumps To 2, 962MW - A report obtained Thursday from the System Operations (SO), a department of the Transmission Company of Nigeria (TCN) has shown that the level of electricity distribution by the 11 electricity distribution companies (Discos) in the country has significantly dropped to 2,962.82 megawatts (MW) or 46.73 per cent. Source Thisday Read More

Ondo Assembly Approves N50bn Bond, N702m Facility - Ondo State House of Assembly has approved the request by the state government to access a N50 billion bond to facilitate infrastructural development of the state. Source Thisday Read More

Rewane: Exchange Rate Unification Will Enhance FDI - The Managing Director/Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, in this interview says steps taken so far to reduce the divergence in exchange rates in the country will has helped to reduce market abuse and sharp practices. Source Thisday Read More

Nigeria's Food Crisis Alarming, World Bank Warns - The World Bank yesterday raised the alarm that Nigeria's food crisis had assumed a frightening dimension, blaming the development largely on poor policies of successive administrations in the country. Source Guardian Read More

At Vanguard Economic Forum: Banks' Funding To Fintech Firms In Excess Of $250m -  Ecobank Boss - Leveraging the increasing partnership with banks across the country, Financial Technology firms have received funding support in excess of $250million from local deposit money banks in the last five years. Source Vanguard Read More

FIRS Contributed 60% Of Federation Account Revenue - RMAFC - The Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission, Mr Elias Mbam, has said the Federal Inland Revenue Service contributed 59.7 per cent of revenues to the federation account in the last three months. Source Punch Read More

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CBN Charges ABCON On Effective Self-Regulation, Market Intelligence - The Central Bank of Nigeria (CBN) has challenged the Association of Bureaux De Change Operators of Nigeria (ABCON) to evolve an effective self-regulation that would ensure full compliance of the operators. Source Guardian Read More 


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Kenya Lending Rate Cap Weighs on Bank Earnings and Loan Growth - Kenyan banks' earnings and loan growth will stay subdued while the country's lending rate cap remains in place, Fitch Ratings says in a new report. Source Fitch Ratings Read More 

What is Driving Early Eurobond Redemption by the Banks? - The narrative in the Nigerian corporates Eurobond space has taken a new turn in 2019. This is as corporates, specifically banks, redeemed $1.1bn worth of outstanding Eurobond notes before maturity so far in 2019. Source United Capital Read More 

NSE Reclassifies Oando Plc As Low Priced Stock - The Nigerian Stock Exchange (The NSE or The Exchange) is pleased to announce the reclassification of Oando Plc from Medium Priced Stock to Low Priced Stock effective Thursday, September 5, 2019. This is in compliance to Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members' Rules). Source NSE Read More

NSEASI Dips Further By -0.25% As Market Sentiment Remains Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.25% to close at 27,319.64 points as against -0.97% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.29%. Source Proshare Markets Read More   


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Jim Ovia Withdraws From The World Economic Forum - Following the hypersensitivity of the issues surrounding the lives and well-being of Nigerian citizens living in South Africa and to contribute his voice against the poor state of security regarding foreign nationals living in Africa. Source Zenith Bank Read More

Why Deloitte and Touche Were Fined Heavily By ICAG Over Audits Of Collapsed Banks - On Tuesday, September 3, 2019, the Institute of Chartered Accountant, Ghana fined some four audit firms for some unprofessional practices in their audit of the books of some five banks that were collapsed by the central bank. Source GhanaWeb Read More

Errors Push PoS Failed Payments To 25% - Nigerians continue to experience declined transactions on the Point of Sales terminals all over the country as failed PoS transactions hit 323,663 on Thursday evening. Source Punch Read More 

Merkel Hopes China-U.S. Trade Problems Will Be Over Soon - German Chancellor Angela Merkel said at the start of a visit to Beijing on Friday that the China-U.S. trade war affects the whole world and that she hopes it will be resolved soon. Source Reuters Read More

Pound Tops $1.23 As No-Deal Brexit Prospect Fades - British pound topped $1.23 on Thursday, hitting a one-month peak on fading prospects of a "no deal" Brexit after a series of parliamentary votes tore up Prime Minister Boris Johnson's hardline stance. Source Guardian Read More

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