Nigeria in 1min: Economic, Business and Financial Headlines - 100920


Thursday, September 10, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @FinMinNigeria


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COVID-19 Health Updates

  • 9th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 55,632 cases (New: 176)
  • Discharged:  43,610
  • Deaths: : 1,070 (New: 3)

Source: NCDC Read More

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BOFIA Bill 2020: A Call for Reflection, Rethinking and Resurgence - We refer to the Bill for an Act to repeal the Banks and Other Financial Institutions Act, 2004 and to re-enact the Banks and other Financial Institutions Act, 2020 ("the Bill") which we understand has been passed by the 9th National Assembly and has been forwarded to your Excellency for assent. Source Laoye Jayeola, CEO NESG Group Read More

Gross Official Reserves Declined by US$220m in August 2020 to US35.66bn - CBN data show that Nigeria's gross official reserves declined by US$220m in August to US$35.66bn. The FGN is in talks with the World Bank and African Development Bank over loans for Covid-19 and budget deficit financing. Source FBNQuest Research Read More 

FGN Revises Excise Regime and Removes Import Duty on Materials Used in The Production of Banknotes - The Federal Government of Nigeria (FGN) has re-introduced an ad-valorem excise structure to spirits and wines. With this introduction, excise duty on spirits, wines and cigarettes will now be based on both ad-valorem and specific excise structures. Source Deloitte Read More

No Respite for the Naira as International Flights Resume - International flights resumed operations on the 7th of September after a 5-month hiatus induced by COVID-19. The resumption stemmed the appreciation of the naira in the parallel market witnessed last week. Source FDC Read More 

CBN Responds to the NESG's State of the Nation Update - The attention of the Central Bank of Nigeria (CBN), has been drawn to a recent press release titled "Matters of Urgent Attention" by the Nigerian Economic Summit Group (NESG), which calls into question some of the measures taken by the CBN to support the stability of our financial system and enable faster recovery of our economy, following the negative impact of the COVID-19 pandemic on Nigeria. Source CBN Read More

Buhari Inaugurates Committee for Vision 2050 - The President, Major General Muhammadu Buhari (retd.), on Wednesday inaugurated the national steering committee to oversee the development of the Nigeria Agenda 2050 and Medium-Term National Development Plan to succeed Vision 20:2020 and the Economic Recovery and Growth Plan, 2017 - 2020. Source Punch Read More

Nigeria's Debt Rises by N2.3trn, Hits N31trn - DMO - The Debt Management Office on Wednesday released Nigeria's total public debt stock as of June 30, 2020, and put the country's entire debt at N31trn, indicating an increase of N2.38trn within a space of three months. Source Punch Read More

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SEC Proposes Rules on Collateral Management Company, Crowdfunding and Other Sundry Amendments - All comments and input should be forwarded by e-mail to the Secretariat, Rules Committee of the Commission, at or by letter addressed to the Director-General, SEC, not later than two (2) weeks from date of publication. Source SEC Nigeria Read More

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Investors Lose N39.23bn as NSEASI Dips Further by -0.28%, Maintains Negative Posture - Equities market closed today on a negative note, as NSEASI depreciated by -0.28% to close at 25,424.91 basis points as against -0.33% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.28%. Source Proshare Markets Read More 

Maize Ban: Food Security, But At What Cost? - The CBN has approved the importation of maize by only four companies. This decision comes one month after the apex bank banned the importation of maize and restricted maize importers from accessing forex from official sources in an attempt to increase local production and safeguard rural livelihoods. Source FDC Read More 

ACI Maintained Its Performance - AFEX Commodities Weekly Report 030920 - The AFEX Commodities Index composite experienced no change in the week under review, as it closed at 249.47points. This is as a result of the scarcity of commodities in the market as the incoming harvest draws closer. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

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AKIPCON Tackles ExxonMobil over Gas Flaring - The Akwa Ibom Oil Producing Community Development Network (AKIPCON) has demanded payment of compensation from Exxonmobil for communities affected by the negative impact of gas flaring on social and economic needs of the people. Source THISDAYLIVE Read More

FDC Highlights Gains of Cost Reflective Petrol, Electricity Prices - The Financial Derivatives Company (FDC) has stated that the bold step taking by the federal government to remove subsidies on petrol and electricity, and entrench cost-reflective regimes in the two energy sources would encourage direct investment flows into the power, petroleum and manufacturing sectors of the Nigerian economy. Source THISDAYLIVE Read More

Asian Markets Seen Firmer After Wall Street Turns Positive - Asian markets are expected to swing higher on Thursday, after U.S. stocks reversed course from a three-day losing streak that led the technology-heavy Nasdaq into correction territory. Source Reuters Read More

Elon Musk Loses Record $16.3 Billion With Wild Wealth Swings - Elon Musk's net worth plunged $16.3 billion Tuesday, the largest single-day wipeout in the history of the Bloomberg Billionaires Index, as the Tesla Inc. rout continued. Source Bloomberg Read More

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Banking Sector Records 2.16bn Volume of Transaction in Q2 2020 - NBS - A total volume of 2,160,436,659 transactions valued at N263.78trn were recorded in Q2 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Source NBS Read More 

FITC and NIBSS to Host Largest Financial Services Sector Cybersecurity Conference in Africa - The global cyber threat continues to evolve at a rapid pace, with a rising number of data breaches each year. A report by Risk Based Security revealed that a shocking 7.9 billion records have been exposed by data breaches in the first nine months of 2019 alone. Source FITC Read More

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