Nigeria in 1min: Economic, Business and Financial Headlines - 090720


Thursday, July 9, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @toluogunlesi


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COVID-19 Health Updates

  • July 8th 2020:  Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 30249 (New: 460)
  • Discharged:  12373
  • Deaths: 684: (New 15)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More

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NBS Publishes National Living Standard Survey 2018-19 Report - Between September of 2018 and October of 2019, the National Bureau of Statistics of Nigeria (NBS) collected the household data for the Nigeria Living Standards Survey (NLSS). NLSS 2018-19 is the first large scale household survey in a decade, focusing on measuring living conditions of the population. Source NBS Read More 

Gross Official Reserves Declined by US$400m in June 2020 to US36.20bn - CBN data show that Nigeria's gross official reserves declined by US$400m in June to US$36.20bn. This follows the healthy increase the previous month on the back of the disbursement by the IMF of the US$3.4bn it granted within its Rapid Financing Instrument (RFI). Source FBNQuest Research Read More 

NESG Inaugurates NES26 Planning Committee; To Hold Summit October 26-27, 2020 - The public sector represented by the federal ministry of Finance, Budget and National Planning and the organized private sector represented by the Nigerian Economic Summit Group (NESG) inaugurated the Joint planning committee for the 26th Nigerian Economic Summit (NES26) on the 3rd of July, 2020. Source NESG Read More 

Nigeria Agrees to Pursue Exchange Rate Unification - In the past few weeks, the monetary and fiscal authorities have made policy pronouncements to the effect that Nigeria is likely to achieve a unified exchange rate as against the current practice of multiple exchange rates. Source FDC Ltd Read More

Policy Directions on PMS, Tariff Hike, Gas and Stamp Duties and Implications on Households - The Petroleum Product Pricing Regulatory Agency (PPPRA) has announced an increase in the pump price of petrol by about 18% to N143.80 per litre. This is reflective of the 26% rise in the average price of Brent crude to $40.87pb in June from $32.41pb in May. Source FDC Ltd Read More

FIRS Further Extends Deadline for Waiver of Interest and Penalty on Outstanding Tax Liabilities - The Federal Inland Revenue Service (FIRS) has announced extension of the deadline for waiver of penalty and interest on outstanding tax liabilities to Monday, 31 August 2020. The waiver relates to tax liabilities arising from desk reviews, tax audits, tax investigations, and approved instalment payment plans under the Voluntary Assets and Income Declaration Scheme (VAIDS). Source KPMG Nigeria

Dr. Ayo Teriba to Speak on Nigeria and The Trilemma Of Debt, Revenue and Liquidity - Dr. Ayo Teriba is the CEO of Economic Associates (EA). He provides strategic direction for ongoing consulting and research work on the outlook of the Nigerian economy, focusing on: global, national, regional, state, and sector issues. Source WebTV Read More

Africa Economy: Caught Between a Rock and a Hard Place - Africa continues to lag behind other major regions in terms of confirmed cases and related deaths from the Covid-19 pandemic, and there are fears that the worst is yet to come for many countries on the continent. Source FDC Ltd Read More

COVID-19 and Food Production: Any Imminent Food Crisis? - A Business Day report says many farmers across the country were unable to commence this year's planting season at the right time due to movement restrictions that prevented them from accessing inputs such as seeds, fertilisers and even physical access to their farms, stoking fears that they may be food shortages next year. Source CSL Research Read More

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Investors Gain N94.21bn; NSEASI Inches Up by 0.75% as Market Turnover Turns Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.75% to close at 24,278.07 basis points as against +0.30% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -09.55%. Source Proshare Markets Read More 

Experts Review the Impact of COVID-19 on Corporate Finance and The Future - Economic uncertainty has become a key consideration amongst financial analysts and the global financial community as the COVID-19 pandemic is linked to a slow-burning economic meltdown that continues to adversely affect asset values, equity pricing and private debt raise in new and unusual ways. Source Proshare Research Read More

Access Bank Subsidiary In Exclusive Discussion With Cavmont Capital Over a Potential Transaction - Access Bank Plc announces today that its wholly owned subsidiary in Zambia, Access Bank Zambia Limited has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc regarding a potential transaction between Access Bank Zambia and Cavmont Bank Limited, a wholly owned subsidiary of Cavmont Capital. Source NSE Read More

STACO, FTNCOCOA and 11 Others Default in Post First Deficiency Notification For Q1 2020 UFS - The Nigerian Stock Exchange ("The Exchange") hereby informs the general public that the companies listed below have failed to comply with The Exchange's directive to issue a Press Release as set forth in the Deficiency Filing Notice (DFN) issued to them. Source NSE Read More


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Court Rules that ICAN Members do not Need CITN License to File Tax Returns - A DECLERATION that the Memorandum of Understanding and the Terms of Settlement both dated February 12, 2015 between the CITN and ICAN are valid, subsisting and binding on the CITN and ICAN. Source ICAN Notice to Members Read More 

FirstBank Upgrades Its Mobile Banking Application, Puts Customers Ahead in Electronic Banking - First Bank of Nigeria Limited, Nigeria's leading financial inclusion services provider, has announced that its mobile banking application, FirstMobile has been upgraded with new and improved features to promote safe and convenient Mobile Banking experience for customers. Source First Bank Read More 

Free Trade Zones: NEPZA Secures NIPC's Partnership - The Nigeria Export Processing Zones Authority, NEPZA in a bid to spike influx of both local and international investors to the 41 Free Trade Zones strategically located in the Country has sought and secured partnership of the Nigeria Investment Promotion Commission, NIPC to expedite the process. Source NIPC Read More

PepsiCo Elects Segun Agbaje To Board Of Directors - PepsiCo, Inc today announced its Board of Directors has elected Segun Agbaje as an independent member of the Board. Mr. Agbaje, 56, will join the Board and the Audit Committee effective July 15, 2020. He currently serves as Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, a Nigerian multinational financial institution. Source PepsiCo Read More

Currency in Circulation Dropped to N2.29tn, Says CBN - Currency in circulation dropped by N52.5bn from N2.35tn at the end of May to N2.29tn in June, the latest figures from the Central Bank of Nigeria showed on Wednesday. Source Punch Read More

Electronic Payment Deals Hit N50.3tn In Five Months - The value of transactions via the Nigeria Interbank Settlement System Instant payment system and on Point of Sales terminals across the country rose to N50.3tn from January to May this year. Source Punch Read More

FG Approves N109bn Contracts for Four Roads, Hostel - The Federal Government on Wednesday approved different contracts on roads and others totalling N109.187bn. The approvals for the contracts were parts of the decision reached at a virtual meeting of the Federal Executive Council presided over by the President, Major General Muhammadu Buhari (rtd.). Source Punch Read More

Global Food Commodity Prices Rebound in June - In June, global food commodity prices rose for the first time since the beginning of the year, driven by a rebound in vegetable oils, sugar, and dairy quotations. However, in the cereals and meat markets, most prices remained under downward pressure amid market uncertainties posed by the COVID-19 pandemic. Source Guardian Nigeria Read More

Oil Eases as Coronavirus Fears Offset Gasoline Recovery Signs - Oil prices drifted lower on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand. Source Reuters Read More

How to Achieve Digital Economy, By NCC - The Nigerian Communications Commission (NCC) is committed to the implementation of the digital economy programme of the Federal Government, its Chief Executive Officer (CEO), Prof Umar Dambatta, has said. Source The Nation Read More

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Islamic Development Bank Deploys Sukuk to Counter Corona Impact - Respond, Restore, and Restart: That is how the Islamic Development Bank Group (IsDB) aims to tackle the economic fallout of the corona pandemic. The group has set aside $2.3 billion for its Strategic Preparedness and Response Programme. Source CFi Read More

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