Nigeria in 1min: Economic, Business and Financial Headlines - 140820

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Friday, August 14, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Proshare

 

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COVID-19 Health Updates

  • 13th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 48,116 cases (New: 373)
  • Discharged:  34,309
  • Deaths: 966: (New: 10)

Source: NCDC Read More


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PROSHARE ECONOMY 

Personal Statements By The MPC Members At The 131 MPC Meeting of July 20, 2020 - The 274th meeting of the Monetary Policy Committee (MPC) held against the backdrop of sustained global economic and financial uncertainties. The economic setbacks arising from the COVID-19 pandemic have continued to linger, leaving both global aggregate demand and aggregate supply well below normal levels. Source CBN Read More

Headline Inflation Fast Approaching the 13.0% Threshold Due to Cost Push Factors - The forex uncertainty and the supply bottlenecks together with an increase in the price of PMS are culminating in a potential jump in the headline and food inflation to 12.8-13% in the days ahead. Source FDC Ltd Read More 

Naira: The Journey Towards Exchange Rate Convergence - In line with how the COVID-19 pandemic is spurring a new normal in business and economy, the Central Bank of Nigeria (CBN) is gradually embracing agelong reforms in the country's foreign exchange (FX) market. Source Vetiva Research Read More

Labeling of Agbami as Crude or Condensate Divides Oil Market - Nigeria's full compliance to the OPEC+ deal hangs on a key oil grade being treated as a condensate. Since OPEC+ allowed ultra-light oil to be exempt from its production cut deal, the West African nation's Agbami has been a bone of contention. Source Eklavya Gupte of S&P Global Platts Read More

Power: Deal With Siemens - The Birth of a New Era? - Recently, the Minister of Power, Sale Mamman disclosed that the power deal between Nigeria and Siemens AG, a renowned German firm, will lead to the upgrading of 105 power substations and construction of 70 new substations across the country. Source CSL Research Read More

Second Recession in Four Years Looms, Says FG - The Federal Government has said the likelihood of Nigeria sliding into another recession in the Third Quarter of 2020, making it the second time within four years. Source Punch Read More


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PROSHARE MARKETS 

Investors Gain N49.88bn as NSEASI Inches Up by 0.38% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.38% to close at 25,236.97 basis points as against +1.04% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.98%.  Source Proshare Markets Read More

The Apex Bank Finally Floats the Much-Anticipated OMO Auction After One Month of Non-Issuance - Yields on FGN Bonds still dropped today, despite a slowdown in market activities in a drab trading session. The market remained bided across the curve but wide spreads made trading a tad difficult.  Source Zedcrest Capital Read More


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PROSHARE BUSINESS 

A Regulatory Friendly Business Environment Will Attract More Investments for MSMEs - Ayo Bankole - The recent signing of the CAMA Bill 2020 into law by President Muhammadu Buhari will attract more investments into the Nigerian economy, and improve the business environment for Micro, Small and Medium Enterprises (MSMEs). Source Elizabeth Okoro for Proshare Business Read More

IPPIS: PENGASSAN, NUPENG Threaten to Shut Down Oil Operations - Senior oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association and the Nigeria Union of Petroleum and Natural Gas Workers on Thursday threatened to shut down all oil operations by Sunday if the Federal Government failed to pay their salaries on Friday (today). Source Punch Read More

Oil Prices Rise, Head for Weekly Gain Amid Cautious Hopes for Fuel Demand Recovery - Oil prices advanced on Friday and were heading for a second week of gains amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide. Source Reuters Read More

FG Agencies Move to Enforce 24 Hours Port Operation - Following the Executive Order on ease of doing business across the nation's seaports that was signed by the Vice President, Prof Yemi Oshinbajo in 2017, heads of federal government agencies in the maritime sector have resolved to implement actionable plans towards 24 hours port operations. Source THISDAYLIVE Read More

 

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PROSHARE TECHNOLOGY   

What Future for ATMs in Nigeria - Death or Resurgence? - As long as Cash is King, Cash is not going to be phased out any time soon, but cash access is evolving to suit the customer's "anytime, anywhere" needs. Source Tope Dare Read More

Nigeria, India Sign MoU on Space Collaboration - The Federal Government on Thursday through a virtual meeting signed a Memorandum of Understanding with the Government of India on cooperation in the exploration and uses of outer space for peaceful purposes. Source Punch Read More


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PROSHARE FINANCE 

Building Financial Competence with an Annual Savings Plan - To be financially competent means to possess the knowledge necessary to allow an individual make informed and effective decisions with all of their financial resources. In improving your financial competence, utilizing an annual savings plan can help in achieving your life goals. Source Gloria Kafui Agbomadzi Read More 

 

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