Nigeria in 1min: Economic, Business and Financial Headlines - 110220


Tuesday, January 10, 2020 / 06:40 AM / By News Aggregator / Header Image Credit: @nsenigeria


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Economic Advisory Council's First Meeting With The President - Following its first formal meeting with the President after its inauguration in September, the Economic Advisory Council of Nigeria (EAC), which is chaired by Prof. Doyin Salami, submitted an executive brief on its meetings to the President late last week. Source CSL Research Read More 

Nigeria Will Get First Tranche Of $3bn Loan Soon - World Bank - The World Bank has confirmed that discussions on its first tranche of the $3bn loan request to Nigeria have reached advanced stage and projected that the sum would be approved and given to the Nigerian government this year. Source Dailytrust Read More 

Nigeria Earned N1.17tn From VAT In 2019 - CBN - Between January and December 2019, the Federal Government generated the sum of N1.17tn from Value Added Tax. When compared to the target of N1.7tn set by the Federal Government in the 2019 budget, the amount represents a shortfall of about N530bn. Source Punch Read More 


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CBN Moves to Commence Recycling of Bad Naira Notes - The Central Bank of Nigeria (CBN) said it will soon commence the recycling of unfit banknotes. It explained that presently, unfit banknotes in Nigeria are destroyed, under strict security and environmentally sustainable manner. Source Thisday Read More


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CP Market Gains Traction As Investors Rebalance Portfolios - Investors rebalancing their portfolios in the year 2020 are beginning to add Commercial Papers (CPs) to the mix. The rise in CP interest is associated with falling yields in other money and capital market instruments and the generally bearish outlook for the Nigerian economy which grew at +2.28% in Q3 2019. Source Proshare Read More

NCM2020 (22) - Healthcare Sector - PHARMDEKO Tops on EPS and PAT Margin - A cursory review of the EPS ratio of the financial services sector reveals that PHARMDEKO tops based on EPS and closely followed by MAYBAKER and GLAXOSMITH while MORISON  and EVANSMED lead otherwise with negative EPS. Source Proshare Read More

Gross Official Reserves Records A Fall of US$590m in January 2020 - Gross official reserves amounted to US$38.01bn at end-January, a fall of US$590m on the month. This was the eighth successive monthly decline, albeit the smallest since July. Source FBNQuest Read More 

Coronavirus May Add to Liquidity Strain for Some APAC Corporates - The Wuhan coronavirus epidemic will have a negative impact on operations and cause disruption for several corporate sectors both within and beyond China, says Fitch Ratings. Source Fitch Ratings Read More

Alternative Investment Options Spur Bearish Sentiments as Average Yield Advances to 3.9% WoW - Last week's performance in the Nigerian Treasury Bills ("NT-Bills") secondary market was bearish, as investors shied away from the low yield environment in the NT-Bills space to take position in the relatively attractive FGN promissory notes and commercial paper issuances. Source Afrinvest Read More 

NSE Lists INTBREW Plc's Rights Issue of 18,266,206,614 Ordinary Shares at N9.00 per share - An additional 18,266,206,614 ordinary shares of International Breweries Plc ("International Breweries"or "the Company") were today, Friday, 07 February 2020, listed on the Daily Official List of The Nigerian Stock Exchange (The Exchange). Source NSE Read More 

ACCESS to List Its N15bn 15.50% Fixed Rate Unsecured Climate-Credential Green Bond on LuxSE - Access Bank Plc ('the Bank') wishes to notify The Nigerian Stock Exchange ('The Exchange') and the investing public that the Bank has applied to the Luxembourg Stock Exchange ('LuxSE') for the admission of the above mentioned instrument on the Official List of LuxSE. Source NSE Read More 

NSEASI Dips By -1.05% To Open The Week Negative; Closes Below 28,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by -1.05% to close at 27,772.19 points as against -0.26% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.47%. Source Proshare Read More 


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NNPC Has Over $20bn Assets, Says Kyari - The Nigerian National Petroleum Corporation has assets worth over $20bn, its Group Managing Director, Mr Mele Kyari, said on Monday, even as he decried the continued importation of petroleum products into the country. Kyari said this at the at the Nigeria International Petroleum Summit 2020 in Abuja. Source Punch Read More 

ECOWAS Raises Committee on Closure of Nigeria's Land Borders - The Economic Community of West African States (ECOWAS) has constituted a committee to study the impact of Nigeria's closure of its land borders on its neighbours and submit a report to the authority of the regional body for further decision. Source Thisday Read More 

Asian Shares Rally, Slow Pace Of China Factory Reopenings A Worry - Asian share markets followed Wall Street higher on Tuesday as China's factories struggled to re-open after an extended break, though analysts warned investors might be underestimating how economically damaging the challenge was likely to be. Source Reuters Read More 


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Tony Elumelu Foundation Disburses First Tranche of $5m Partnership Commitment from ADB - Tony O. Elumelu, CON, has congratulated the African Development Bank (AfDB), and AfDB President Akinwumi Adesina, on their commitment to African entrepreneurship, with the disbursement of $2.5million seed capital to the AfDB-sponsored beneficiaries of the 2019 TEF Entrepreneurship Programme. Source  Tony Elumelu  Foundation Read More


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