Nigeria in 1min: Economic, Business and Financial Headlines - 140720

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Tuesday, July 14, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Arise TV

 

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COVID-19 Health Updates

  • July 13th 2020:  Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 33153 (New: 595)
  • Discharged:  13671
  • Deaths: 744: (New 4)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More


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PROSHARE ECONOMY 

Q1 2020: Debt Service Settled on a Plateau - We can see from the latest data release by the DMO that the FGN's domestic debt service totalled N609bn in Q1 2020, compared with the year-earlier figure of N610bn. The burden has settled on a plateau due largely to positive rate movements. Source FBNQuest Read More 

Headline Inflation to Increase to 12.55%, Monthly Inflation to Dip in June 2020 - Our market survey points towards a 0.15% increase in the headline inflation to 12.55% in June from 12.40% in May. This will be the 10th consecutive monthly increase and the highest rate in over 2 years. Source FDC Ltd Read More 

CBN Discontinues the Processing of Form M for the Importation of Maize - As part of efforts by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase jobs, which were lost as a result of the ongoing COVID-19 pandemic, Authorised Dealers are hereby directed to discontinue the processing of Forms M for the importation of Maize/Corn with immediate effect. Source CBN Read More

NSR H2 2020 (1) - Crude Oil - Cast in COVID-19 Shadows - In what would seem like ages ago, we had started the year with some optimism for oil markets, following the resolution of the 2-year US-China trade war, with an oil price forecast of $63/bbl. for FY 2020. Source ARM Research Read More

NSR H2 2020 (2) - Balance of Payment - A Dire Outlook - Nigeria's current account position continued to face pressure owing to the fast pace rise in the demand for foreign goods and services. In Q1 20, Nigeria recorded its fifth consecutive quarter of current account deficit totalling $5 billion, which marks the longest chain of quarterly deficits since 2015. Source ARM Research Read More

NSR H2 2020 (3) - MEA Region - A Period of Gloom and Doom - In our H1 20 outlook, we expected steady growth in the SSA region hinged on improvement in private consumption, investment and continued support from countries adhering to an easing monetary policy strategy. Source ARM Research Read More

Update on 2020 Revised Budget, MTEF and Fiscal Strategy for 2021 - 2023 - On Friday 10th July, the Ministry of Finance, Budget and Planning organized a virtual public consultative forum on the 2021-2023 Medium Term Expenditure Framework & Fiscal Strategy Paper. The team was led by the Honourable Minister Zainab Ahmed, and comprised of Prince Clem Agba, Minister of State and Mr. Ben Akabueze, DG Budget. Source FSDH Research Read More

 

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Investors Lose N55.17bn as NSEASI Dips by -0.44% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.44% to close at 24,200.60 basis points as against +0.12% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.84%. Source Proshare Markets Read More 

CDC Group Invests $100m in Helios Investors IV Fund - The CDC Group (formerly the Commonwealth Development Corporation, and previous to that, the Colonial Development Corporation) is UK's development finance institution has provided USD 100million to a fund run by private equity firm Helios. Source Helios Read More 

Implications of CBN's Exchange Rate Unification - PFI Capital Limited - On Friday 3 June, it was reported that the CBN asked bidders in the SMIS window to increase their bidding price to N380/$ and it would not accept anything below it. On Tuesday 7th July, the CBN official rate was quoted at N381/$ at the FMDQ while the I&E FX window closed at N386.50/$ and the SMIS window closed at N380.69/$. Source PFI Capital Limited Read More 

Helios Agrees Transformational Business Combination With Fairfax Africa Holdings - Fairfax Africa Holdings Corporation, an investment holding company traded on the Toronto Stock Exchange whose objective is to make investments in African businesses, announced today that it has entered into a definitive agreement (the "Purchase Agreement") with Helios Holdings Limited . Source Helios Investment Partners Read More

Finance Act, 2019: Tax Implications for the Private Equity Industry - The Finance Act, 2019 ("the Finance Act")[1] has made significant changes to the tax regime in Nigeria. The Act makes changes to legislation such as the Companies Income Tax Act ("CITA"), Petroleum Profit Tax Act ("PPTA"), Personal Income Tax Act ("PITA"), Value Added Tax Act ("VATA") and Capital Gains Tax Act "(CGTA"), amongst others. Source AELEX Read More

Average Yield Rises 2bps WoW Due to Tight System Liquidity - The Nigerian Treasury Bills ("NT-Bills") secondary market last week traded with mixed sentiments largely driven by depressed liquidity levels. At the start of the week, system liquidity opened negative at - N95.2bn following the previous week's CRR debit by the CBN. Source Afrinvest Research Read More

Afrinvest Stock Recommendation for the Week 130720 - Last week, the equities market recorded losses on 2 trading sessions and as a result, the benchmark index declined 12bps w/w to settle at 24,306.36 points. Consequently, market capitalisation lost N15.5bn w/w to close at N12.7tn while YTD return worsened to -9.4%. Source Afrinvest Research Read More

Gold Jumps Past $1,700 Level as Coronavirus Fears Spur Haven Demand - The interbank market was highly illiquid for most part of the week due to lack of inflow until Thursday when the system witnessed some inflow such as CRR refund worth N300.00 billion, FX Swap maturities and OMO maturities worth N92.52 billion. Source Anchoria AM Research Read More


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PROSHARE BUSINESS

CBN Orders Seizure of Loan Defaulters Funds Across Banks - The Central Bank of Nigeria (CBN) today moved a step ahead of bank loan defaulters with a new guideline that allows seizing of their funds in other accounts. According to the Asset Management Corporation of Nigeria (AMCON), 105 debtors were responsible for about Naira 4.5 trillion debt affecting the financial health of the Nigeria banking industry. Source Linda Jacobs of Silicon Nigeria Read More

Ayokunnu Ojeniyi to speak on EBES, NAP 5.0 and Improving Nigeria's Business Environment - Ayokunnu Ojeniyi is the Project Manager at the Enabling Business Environment Secretariat and also serves as Project Manager at the Enabling Business Environment Secretariat. Prior to his current engagement, he was responsible for the technical governance of multimillion-dollar data warehouse projects at a Global Fortune 500 organization. Source WebTV Read More

Senate'll Pass New Electricity Law In August - Suswam - The Chairman, Senate Committee on Power, Senator Gabriel Suswam, has assured Nigerians that the problems associated with the quality of electricity supply in the country would soon be addressed with a legal framework. Source Punch Read More

Passengers Should Arrive 90 Minutes Before Flights - Minister - The Federal Government has reduced the arrival time stipulated for travelers to get to the airport before the departure of each domestic flight. The Federal Airports Authority of Nigeria had last month advised passengers to arrive at airports at least three hours before flight time. Source Punch Read More

ABCON Urges FG to Suspend Tax Hike - The Association of Bureau De Change Operators of Nigeria has called on the Federal Government to suspend all increases in taxation and tariffs until the economy recovers from the impact of the COVID-19 pandemic. Source Punch Read More

Recap: NAICOM, Insurers Differ on Contingency Cash Reserve Use - The National Insurance Commission (NAICOM) at the weekend insisted that the contingency reserves of insurance firms would not be accepted as part of funds for recapitalization. Source The Nation Read More

Asian Markets Dip as Virus and Sino-U.S. Tensions Flare - Asian stock markets slipped on Tuesday, oil sagged and a safety bid supported the dollar as simmering Sino-U.S. tensions and fresh coronavirus restrictions in California kept a lid on investor optimism as earnings season gets underway. Source Reuters Read More


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PROSHARE FINANCE 

How to Build a Healthy Financial Lifestyle - When we think our future, we all dream and plan for a financially stability for ourselves and successors. Building a financially healthy lifestyle has to do with eliminating debt, budgeting, insurance and investing for retirement. Source Chinyere Onyia Read More


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