Nigeria in 1min: Economic, Business and Financial Headlines - 070121


Thursday, January 7, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Reuters

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COVID-19 Health Updates

  • 6th of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 94,369 cases (New: 1664)
  • Discharged:  77,299
  • Deaths: : 1324 (New: 5)

Source: NCDC Read More

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President Signs the Appropriation Bill, 2021 and Finance Bill, 2020 - His Excellency, President Muhammadu Buharai, GCFR, signed both the 2021 Appropriation Bill ("the Budget") and Finance Bill, 2020 into law on 31 December 2020, following their passage by the National Assembly. Source Wole Obayomi Read More

COVID-19: New Variant, Revised Oil Production Cuts - Yesterday marked the end of a two-day heated meeting between the Organization of Petroleum Exporting Countries (OPEC) and its allies on oil production cuts for the first quarter of 2021. Source CSL Research Read More

Ten MPC Members, One Shared Outlook - Since the monetary policy committee (MPC) voted unanimously in late November to leave its policy rate and other parameters unchanged, we should not be surprised to find a good deal of common ground in members' personal statements, which the CBN distributed one week before Christmas. Source FBNQuest Research Read More

World Stunned by Trump Supporters Storming U.S. Capitol, Attempts to Overturn Election - World leaders on Wednesday expressed their shock as supporters of U.S. President Donald Trump stormed the U.S. Capitol building where Congress meets in an attempt to overturn the results of the Nov. 3 election won by Joe Biden. Source Reuters Read More

TUC Threatens Showdown as NERC Denies 50% Hike, Blames Inflation - The Federal Government has again increased the electricity tariff payable by power consumers across the country. Approval for the hike in tariff was given by the Nigerian Electricity Regulatory Commission, as the increase which varies, based on different consumer classes, took effect from January 1, 2021. Source Punch Read More

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Investors Gain N36.08bn as NSEASI Inches Up by 0.17%, Halts Negative Posture - Equities market closed today on a positive note, as NSEASI appreciated by +0.17% to close at 40,465.15 basis points as against -1.83% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.48%. Source Proshare Markets Read More

Demutualisation: NSE Announces Chief Executives for Emerging Entities - The National Council of The Nigerian Stock Exchange is pleased to announce the following Chief Executives will head its operating and non-operating companies upon the completion of its ongoing demutualisation. Source NSE Read More

FG Borrowed N3.2trn Through Treasury Bills in 2020 - The Federal Government borrowed N3.2 trillion from the investing public through treasury bills, TBs, in 2020, while it paid N253 billion as interest on TB borrowings from January to September 2020. Source Vanguard Read More

Stockbrokers' Chief Assures Investors on Market Integrity - President, Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe has assured that the capital market remains one of the best, transparent and reliable opportunities for investors to save and grow their wealth. Source The Nation Read More

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FCMB Issues Official Statement on Media Stories Regarding Its Managing Director - FCMB issued a press release late yesterday to address the allegations against its Managing Director, stating essentially that this has been escalated for a board review and that further updates will be provided. No timeframe was given for this process to be concluded. Source Press Release by FCMB Read More

Oil Price Rises to 10-Month High of $54 - Oil prices extended gains on Wednesday, rising to their highest since last February, after Saudi Arabia announced a big voluntary production cut, and as US crude inventories declined in the latest week. Source Punch Read More

Gas Producers Seek Full Payment from Power Sector - The Nigerian Gas Association and other stakeholders have said the liquidity issues that hamper returns from the power sector should be speedily resolved to address legacy debts and facilitate full recovery of gas revenues from the Nigerian electricity supply industry. Source Punch Read More

NYSE to Delist Three Chinese Telecoms in Dizzying About-Face - The New York Stock Exchange said on Wednesday it will delist three Chinese telecom companies, confirming its latest U-turn on the matter a day after U.S. Treasury Secretary Steve Mnuchin told the NYSE chief he disagreed with an earlier decision to reverse the delistings. Source Reuters Read More

Dow, S&P 500 Close Higher, But Pro-Trump Protests Weigh on Gains - The Dow and the S&P 500 ended higher, soaring to all-time highs on Wednesday, as investors piled into financial and industrial stocks on bets a Democratic sweep in Georgia would lead to more fiscal stimulus and infrastructure spending. Source Reuters Read More 


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National Identification Numbers are Mandatory for Expatriates Resident in Nigeria - The Head, Corporate Communications of the National Identity Management Commission (NIMC) recently announced the extension of the deadline of the National Identity Number (NIN) -SIM integration by a period of 3 weeks from 30 December 2020 to 19 January 2021 for subscribers with NIN; and 6 weeks from 30 December 2020 to 19 February 2021 for subscribers without NIN. Source Wole Obayomi Read More

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