Nigeria in 1min: Economic, Business and Financial Headlines - 120421

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Monday, April 12, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @FinMinNigeria


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COVID-19 Health Updates 

  • 11th of April 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 163,793 cases (New: 57)
  • Discharged: 154,107
  • Deaths: : 2060 (New: 2)

Source: NCDC Read More

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PROSHARE ECONOMY

All Commodity Group Import Index Grew By 0.13% in Q4 2020 - NBS - The All-commodity group import index on average grew by 0.13%, driven by Base metals and articles of base metals, Boilers, machinery and appliances, parts thereof and Products of the chemical and allied industries. Source NBS Read More

Oil Prices Post Weekly Loss as COVID Concerns Return - OIR 090421 - Oil prices are set to post a loss this week, following several days of up-and-down trading. The story is the same - a jockeying between market tightness and concerns about demand amid spreading Covid cases and lockdown measures. Source Tom Kool of Oilprice Read More

CBN Obtains Freezing Orders on Individuals and Companies from FHC Abuja - The Central Bank of Nigeria has obtained about five (5) different freezing orders on various individuals and companies from the Federal High Court, Abuja Judicial Division. Source Proshare Research Read More

Inflationary Pressure, Strained Pockets - The latest inflation report (February) released by the National Bureau of Statistics (NBS) shows the eighteenth successive uptick in the y/y headline rate. Over the past six months, the highest m/m increases in the headline measure were registered in February '21 (87bps), December '20 (87bps) and January '21 (71bps). Source FBNQuest Research Read More

 

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PROSHARE REGULATORS

NIBSSS Issues Approved Standard Operating Guidelines for BVN Matching System - The Deposit Money Banks (DMBs) presently adopt various methods for Know Your Customer (KYC) requirements. The methods used in identifying customers differ from Bank to Bank because there is no harmonized way of verifying customer's identity. Source NIBSS Read More

SEC and the Proliferation of Unregistered Investment Platforms - According to a circular issued by the Securities and Exchange Commission (SEC), it affirmed its knowledge of the existence of trading platforms that allow investors access to securities listed in other jurisdictions. Source CSL Research Read More

 

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PROSHARE MARKETS

What to Expect from The Markets This Week - 120421 - In the first quarter of 2021, the Ports and Terminal Multiservices Limited Command of Nigeria Customs Service stated that it recorded total revenue of N46.85bn in the first quarter of 2021 which is +3.19% higher than N45.4bn collected in Q1 2020. Source Proshare Content Read More

 

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PROSHARE BUSINESS

Dynamic Working and the New People Policies - The novel coronavirus pandemic swept across the globe, bringing along sudden change to the world of work. The attendant effect has impacted physical interaction as well as the dynamics of workplace policies and standards. Source Omolade Ijidakinro, Analyst, Phillips Consulting Read More

Nigeria's Daily Oil Production Hits 1.57 Million Barrels - Nigeria and several other members of the Organisation of the Petroleum Exporting Countries exceeded their oil production quotas in March, according to S&P Global Platts. Nigeria, which had also recently improved its compliance, saw a steady rise in its March exports. Source Punch Read More

NNPC to Resume Oil Exploration in Sokoto Basin - The Nigerian National Petroleum Corporation on Thursday announced plans to resume active oil exploration in Sokoto Basin. A statement issued in Abuja on Thursday by NNPC spokesperson, Kennie Obateru, said the corporation's Group Managing Director, Mele Kyari, said exploration for crude would resume in the Sokoto Basin. Source Punch Read More

Freezing of BDCs, Other Accounts: ABCON Boss Insists on Fair Hearing - The President of Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe has impressed on the Central Bank of Nigeria (CBN) the need to expedite investigation on the accounts of Bureaux de Change operators (BDCs) suspected to be involved in some infractions. Source The Nation Read More

Exclusive: China's Antitrust Regulator Bulking Up as Crackdown on Behemoths Widens - China's competition watchdog is adding staff and other resources as it ramps up efforts to crack down on anti-competitive behaviour, especially among the country's powerful companies, people with knowledge of the matter told Reuters. Source Reuters Read More

Fed's Powell: U.S. Economy at an 'Inflection Point' - CBS '60 Minutes' - The U.S. economy is at an "inflection point" with expectations that growth and hiring will pick up speed in the months ahead, but also risks if a hasty reopening leads to a continued increase in coronavirus cases, Federal Reserve Chair Jerome Powell said. Source Reuters Read More

 

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PROSHARE FINANCE

Improving Opportunities for Women in Business and Ethical Finance In Nigeria - As Ethical-based finance grows in economies like Nigeria, there has been increasing calls for women to actively participate and explore the opportunities and activities in the Non-Interest finance market. Source Bukola Akinyele-Yisau for WebTV Read More

For a Better Tomorrow, Insure Today - Life is getting tougher and lifestyles are changing faster as we adapt to the dynamic conditions that we now face daily. The solutions that worked yesterday have become ineffective and outdated because the problems and challenges have become increasingly complex. Source OpEd By Ekerete Ola Gam-Ikon Read More

NIS Requires Expatriates to Present Evidence of Tax Payment for Renewal of Permits - The Comptroller General of the Nigeria Immigration Service, Mr. Muhammad Babandede, (CGNIS) has directed that effective from 1 April 2021, all expatriates, including nationals of the Economic Community of West African States, must present evidence of tax payment in order to renew their resident and work permits by the Nigeria Immigration Service (NIS). Source Wole Obayomi Read More

Maximizing Funding Prospects for Devt of Cheap Housing in a Depressed Economy: The REITS Option - Source Hakeem Ogunniran Read More

 

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PROSHARE TECHNOLOGY   

USSD Charge: Subscriber Groups Threaten to Take Legal Action - Subscriber groups have threatened to take legal action as soon as the new Unstructured Supplementary Service Data service charge of N6.98 takes effect. The Central Bank of Nigeria and the Nigerian Communications Commission had announced that USSD services for financial transactions would be charged at a flat rate fee of N6.98 per transaction. Source Punch Read More 

 

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