Nigeria in 1min: Economic, Business and Financial Headlines - 141019

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Monday, October 14, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @FinMinNigeria

 

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PROSHARE ECONOMY

Fitch Affirms Nigeria's Kaduna State at ''B''; Outlook Stable - Fitch has affirmed Nigeria's Kaduna State's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B' with a Stable Outlook. Source Fitch Ratings Read More 

CBN Issues Circular on The Reg. For The Operation of Indirect Participants In The Payment System - The Central Bank of Nigeria (CBN) in furtherance of its mandate for the development of electronic payment in Nigeria hereby issues the regulation for the operation of indirect participants in the payments system with effect from 11th November 2019. Source CBN Read More 

N691.11bn Generated As IGR in H1 2019 - The National Bureau of Statistics Published Internally Generated Revenue at State level for Q1-Q2 2019. The 36 states and FCT IGR figure hits N691.11bn IN H1 2019 compared to N596.91bn recorded in H2 2018. This indicates a positive growth of 15.78%. Source NBS Read More 

Border Closures May Only Offer Temporary Subsidy Reprieve - On 20 August 2019, the Federal Government (FG) commenced the enforcement of partial closure of Nigeria's land borders with Benin and Niger-to curtail persistent smuggling which threatened the administration's drive to boost local production of staples and conserve foreign exchange reserves. Source CardinalStone Research Read More 

Oil Prices Rise On Trade War Optimism And Tanker Attack - OIR 111019 - Oil prices rose in early trading on Friday on hopes that the U.S.-China trade negotiations might result in a limited breakthrough. President Trump said that talks on Thursday went well, and the two sides resume negotiations on Friday. Source Oilprice Read More 

A Long-Term Crisis Looms For Oil - The US oil rig count continues to drop, falling by 3 to 710 for the week ending October 4, according to Baker Hughes data. Source Oilprice Read More 

Minimum Wage: Prepare For Strike, NLC Tells Workers - The Nigeria Labour Congress has written a letter to state councils of the union to prepare for an indefinite strike if the Federal Government fails to accept its demands on the consequential adjustment of salaries as a result of the new minimum wage by October 16, 2019. Source Punch Read More

 

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PROSHARE REGULATORS

NSE Reviews Rules On Pricing Methodology - The Nigerian Stock Exchange (The Exchange or NSE) is pleased to announce the amendment to the rules on Pricing Methodology; price movements of equity securities traded on The Exchange. Source NSE Read More

 

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PROSHARE MARKETS

Investors Lose N220.85bn WoW As NSEASI Dips By -1.68% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.19% to close at 26,533.78 points as against -0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.58%. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 111019 - The equities market recorded mixed performance - the listed equities market recorded -1.68% loss WoW while the NASD OTC recorded +1.94% gain WoW. Source Proshare Read More

Nigeria - South Africa New Trade Deal: Anything to Cheer? - Africa's two largest economies, Nigeria and South Africa recently decided to mend relations, after a two-day visit by President Muhammadu Buhari to South Africa. Source United Capital Read More 

NASD OTC Market CAP Increased By 1.94% WoW To Close At N512.37bn - As at close of trade week on 11 October 2019, market Capitalisation increased to N512.37 billion from last week's previous N502.64 billion, which shows a 1.94 % increase in Capitalisation. Source NASD Read More 

What To Expect From The Markets This Week - 141019 - After due consultation with all relevant stakeholders, the 2020 budget was prepared and presented to the National Assembly this week - the earliest in 10 years. Perusing the breakdown, the proposed expenditure was set at NGN10.33 trillion, while the expected revenue was pegged at NGN8.16 trillion. Source Proshare Read More 

Money Market Rates Close The Week Higher as Retail FX Take Out Liquidity - Activity in the Bond Market improved in the final trade session of the week. Yields at the short-end of the curve repriced lower but with little volumes passed, as investors evaluate available yields against the backdrop of reduced rates on OMO bills. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS

AMCON Enlists More Agencies In Hunt For N5 Trillion Debt - The recovery chase for the N5trillion debt in the portfolio of the Asset Management Corporation of Nigeria (AMCON) got new vista, as more government agencies enlist to hunt down the bad debtors. Source Guardian Read More

Nigeria Recorded $9.29bn Investment Interests in Q3 - The Executive Secretary/Chief Executive, Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku, has disclosed that total investment announcements for the third quarter of the year (Q3 2019) stood at about $9.29 billion, compared to $15.15 billion in the first quarter. Source Thisday Read More

Banks Record N49.4tn Online Transactions, Cheque Payments Shrink - This is as the use of online financial transaction platforms has continued to rise with volume of payments on Nigerian Inter-Bank Settlement Scheme Instant Pay growing by 63.5 per cent to 504.16 million in the first six months of this year compared to a total of 308.41 million in the corresponding period in 2018. Source Punch Read More

Nigeria Patent Registration Low At 100 In 21 Months - It was gathered that NOTAP, an agency with a mandate to assist in the patenting of all inventions and innovations carried out by government-funded research institutes and the private sector, received 132 applications for patents in 2018 out of which 55 were approved and researchers issued certificates. Source Punch Read More

Finance Minister Leads Nigerian Delegation to IMF, World Bank Meetings - The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed is leading Nigeria's delegation to the 2019 annual meetings of the International Monetary Fund (IMF) and World Bank billed to commence today in Washington DC, United States of America. Source Thisday Read More

NLNG Invests N10.8trn On Gas Plants, Infrastructure In Bonny - The managing director of the Nigerian Liquefied Natural Gas Company (NLNG), Mr Tony Attah has disclosed that the company had invested over N10.8 trillion ($30 billion) to build gas facilities and other infrastructure in Bonny Island, Rivers State. Source Leadership Read More

FRC Decries Failure of NNPC, CBN, FIRS, Others to Respond to Enquiries - As preparations for the 2020 budget defence get underway, the Fiscal Responsibility Commission (FRC)  has called on the Senate to prevail on the Nigerian National Petroleum Corporation (NNPC), Central Bank of Nigeria (CBN), Nigeria Ports Authority (NPA), Federal Inland Revenue Service (FIRS)  and other revenue generating agencies to comply with the statutory requirements vis-a-vis the examination of their remittances to the Treasury Single Account (TSA), revenues and expenditures. Source Thisday Read More

Johnson To Set Out Post-Brexit Law And Order Drive In Queen's Speech - Queen Elizabeth will on Monday announce several new pieces of legislation to reform Britain's justice system, in a ceremonial speech setting out Prime Minister Boris Johnson's post-Brexit plans. Source Reuters Read More

Nigeria Starts Talks With Oil Majors to End $62 Billion Dispute - Citing a 2018 Supreme Court ruling, the government says it's entitled to $62 billion from the companies after they failed to comply with a 1993 law that hands the state a greater share of income when oil exceeds $20 a barrel. The companies are challenging the claim. Source Bloomberg Read More

 

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PROSHARE TECHNOLOGY  

Financial Services Agents Call On CBN To Address Stamp Duty Charges - Financial Services Agents in the South-South geo-political zone in Nigeria have called on the Central Bank of Nigeria and the Nigeria Inter-Bank Settlement Systems Plc, NIBSS to address respectively Stamp duty charges issues on point-of-sales transactions and the Bank Verification Number, BVN challenges they face in the course of their operations. Source Proshare Read More 

 

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PROSHARE FINANCE 

LIRS Launches Enterprise Tax Administration System - The Lagos State Internal Service (LIRS) wishes to inform the General Public, especially our esteemed taxpayers of the launch of our Enterprise Tax Administration System (eTax). Source LIRS Read More 

FG Proposes N536.7bn for Pension, Gratuity, Others in 2020 - The federal government has proposed a total of N536,717,450,121 for settlement of pensions, gratuities and retirement benefits of retired and serving workforce in the 2020 Appropriation Bill the President Muhammadu Buhari presented to the National Assembly last week. Source Thisday Read More

 

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