Nigeria in 1min: Economic, Business and Financial Headlines - 070920

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Monday, September 7, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @SaharaReporters

 

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COVID-19 Health Updates

  • 6th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 55,005 cases (New: 162)
  • Discharged:  43,013
  • Deaths: : 1,057 (New: 100)

Source: NCDC Read More


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PROSHARE ECONOMY 

FAAC Disburses N547.31bn in June 2020 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N547.31bn to the three tiers of government in June 2020 from the revenue generated in May 2020. Source NBS Read More 

FAAC Allocation for June Dips Amidst Concern About the Coronavirus - Nigeria's federation account allocations dipped in June 2020 as the impact of COVID-19 took a toll on economic activities. The downturn in fiscal revenues peeped into prominence from April. FAAC revenue generated in April but allocated in May fell by -22.37%. Source The Analyst Read More 

Oil Prices Fall Below $43 on Demand Concerns - OIR 040920 - Oil prices hit a rough patch this week, falling back in concert with broader financial markets. The dollar gained strength, which also pushed down crude. The demand rebound is also sputtering. WTI was driven below $40 for the first time since June. Source Tom Kool of Oilprice Read More 

Sharp Decline in Merchandise Trade in Q2 2020 - The latest report from the NBS in its series on foreign trade in goods shows the total value of trade as N6.2trn in Q2 2020, representing a sharp decline of 27% on the preceding quarter. Source FBNQuest Research Read More 

Sanwo-Olu Suspends Director for Imposing 5% Levy on Netflix, Iroko TV, Others - Governor Babajide Sanwo-Olu of Lagos State has suspended the Executive Secretary of the Lagos State Film and Video Censors Board, Bamidele Balogun, for imposing a five per cent tax on digital platforms including Netflix and Iroko TV. Source Eniola Akinkuotu of Punch Newspaper Read More

  

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PROSHARE MARKETS

The August 2020 Nigerian Capital Market Service Report - Proshare - Nigerian Stock Market closed the month of August 2020 positive as market witnessed renewed bargain hunting during the month under review. The NSEASI inched up by +2.57% as against +0.88% gain recorded in the month of July 2020 while the NASD USI closed northwards with +1.47% gain recorded at the end of the month under review as against -2.05% loss in July 2020. Source Proshare Research Read More

What To Expect From The Markets This Week - 070920 - The recovery in Chinese economic activity continued in August and was led by the services sector which expanded at a much faster pace than previously, while the expansion in manufacturing activity slowed as the country battled with still-weak demand and heavy floods. Source Proshare Content Read More


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PROSHARE BUSINESS

Forex Inaccessibility Stopping Us from Importing Petrol - Marketers - Independent oil marketers are not fully back into the business of importing petrol due to their inability to access foreign exchange. Dealers stated that since the downstream oil sector was deregulated in March this year, the Nigerian National Petroleum Corporation had remained the major importer of PMS into the country. Source Punch Read More

CBN Sets N10bn Maximum Loan for Gas Intervention Fund - The Central Bank of Nigeria has set N10bn as the maximum loan an obligor can access under its N250bn intervention fund for the gas sector. It disclosed this in a guideline titled 'Framework for the implementation of intervention facility for the national gas expansion programme', which was released on Friday. Source Punch Read More

NSC, NRC, NPA Collaborate to Ease Ports Congestion - The Nigerian Shippers' Council, the Nigerian Railway Corporation and the Nigerian Ports Authority are partnering to ease traffic congestion at the ports and reduce the cost of doing business at the facilities. Source Punch Read More

FG Seeks Private Participation to Power Five Million Rural Homes - To address the challenges facing over 70 percent rural population, curb growing rural to urban migration as well as spur economic activities, the Federal Government, Tuesday unveiled plans to power over five million homes through renewable energy. Source The Guardian Nigeria Read More

CBN Freezes 38 Firms' Accounts Over Forex Infractions, Others - The Central Bank of Nigeria has instructed banks to place a post-no-debit on the bank accounts of 38 companies. The affected accounts belong to betting companies, bureau de change companies and some logistics companies, according to a report by The Cable on Saturday. Source Punch Read More

Sanofi France Chief Sees Coronavirus Vaccine Priced Below 10 Euros - A coronavirus vaccine that Sanofi (SASY.PA) is developing with Britain's GlaxoSmithKline (GSK.L) is likely to be priced at less than 10 euros ($11.80) per shot if it is approved for use, Sanofi's chief in France said on Saturday. Source Reuters Read More

China's August Exports Beat Expectations - China's exports beat expectations in August as the country's early recovery from the coronavirus pandemic continues to boost its trade performance. Exports rose 9.5 per cent in August in dollar terms, compared with the same month last year - the highest increase of any month this year. Source Financial Times Read More

Banks Can't Freeze Customers' Accounts Without A Court Order, Judge Rules - In a landmark judgement, the court ruled that the accounts were illegally frozen for at least fifteen months outside the period granted the Economic and Financial Crimes Commission (EFCC) in a court order. Source The Cable Read More

Hong Kong Tycoons, Banks Claimed Millions in Virus Subsidies - Hong Kong's property tycoons and global firms including Ernst & Young and Jones Lang LaSalle Inc. have received tens of millions of dollars in government-funded wage subsidies meant to protect jobs that would have otherwise been lost during the coronavirus pandemic. Source Tracy Alloway, Bloomberg Read More


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PROSHARE TECHNOLOGY 

Online Trading Ranking Report 2020: Review of Previous Ranking Reports - Our previous online trading platforms ranking reports released in H1 and H2 2016 focused on trading portals linked to the NSE trading platform, X-Gen. The report for the year 2017 focused on portals linked to the NSE trading engine and FX trading portals. Source Proshare Research Read More

COVID-19: 'POS, Mobile Transactions Volume Hits 4-Year High in Nigeria' - Despite the negative impact of coronavirus (COVID-19) pandemic witnessed by business owners, along with households across Nigeria, fresh indications have emerged that financial services across the nation witnessed positive growth. Source Vanguard Read More


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PROSHARE FINANCE

Nigeria Has an Enabling Environment for Retail Sukuk to Thrive - Mustapha Ishaq-Akinlaso - Going by the pace of Islamic finance development in Nigeria, and the enthusiasm with which the Nigerian investment community has received past Sukuk issuances, financial analysts are confident that a retail Sukuk issuance will thrive. Source WebTV Read More

 

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