Nigeria in 1min: Economic, Business and Financial Headlines - 161019

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Tuesday, October 16, 2019 / 06:35 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY

Headline Inflation Increases By 11.24% YoY In September 2019; 0.22% Higher Than August 2019 Rate - The consumer price index, (CPI) which measures inflation increased by 11.24 percent (year-on-year) in September 2019. This is 0.22 percent points higher than the rate recorded in August 2019 (11.02) percent. Source NBS Read More

Border Closures Begin to Take Toll on Prices - According to the National Bureau of Statistics (NBS), headline inflation rose for the first time in three months in September, advancing by 22bps to 11.24% YoY to beat Bloomberg consensus estimate of 11.00% YoY and our 11.10% YoY forecast. Source CardinalStone Research Read More

Effects of Closing The SEME Border - Of all recent government policies the recent closure of the border with the Republic of Benin to goods is having the most immediate effects on prices. These will undoubtedly hit consumers' pockets and may come through in upcoming inflation data. Source Coronation Research Read More

Nigeria's Revenue Generation Too Low - IMF - The International Monetary Fund (IMF) has said Nigeria currently has one of the lowest rates of revenue in the world. The IMF said this is particularly so because of the drop in oil prices and poor revenue base in no oil sectors. Source Dailytrust Read More

 

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PROSHARE REGULATORS

NSE Notifies of Effective Date of Its Rules On Online Trading Portals - The Exchange has received the Securities and Exchange Commission's approval to the Rules and Rule Amendments set out below. Source NSE Read More 

 

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PROSHARE MARKETS

Money Market Rates Hit a 3-week High, as CBN Drains Liquidity Via Wholesale FX Auction - Money market rates shoot up by an average of c.350bps to close at 3-week highs at the end of the trading session, as market participants provided for FX Wholesale Auction debits. Despite reaching intraday highs of 25%, OBB and OVN rates closed today at 16.00% and 16.79% respectively. Source Zedcrest Capital Read More

NSEASI Erases Previous Day Gain; Dips By -0.16% - Equities market closed today on a negative note, as NSEASI depreciated by -0.16% to close at 26,513.65 points as against +0.09% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.64%. Source Proshare  Read More 

SEPLAT Reveals Inorganic Growth Plan Via Proposed Eland Acquisition - This morning, Seplat Petroleum Development Company Plc (Seplat) announced its intention to acquire the entire issued and to be issued shares of Eland Oil & Gas Plc (Eland) via cash resources of Seplat and new borrowings. Source CardinalStone Research Read More


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PROSHARE BUSINESS

N5tr AMCON Debt: MDAs Join Recovery Drive - Minister of Finance, Mrs Zainab  Ahmed has advised the management of Asset Management Corporation of Nigeria (AMCON) led by Ahmed Kuru, Managing Director/Chief Executive Officer to do everything with the powers of its newly amended Act to recover the huge debt owed the Corporation by a few individuals and organisations in the country. Source TheNation Read More

CBN Prints N176.9bn Banknotes In Four Years - The Central Bank of Nigeria has said a sum of N176.9bn was spent to print banknotes between 2015 and 2018. A breakdown of the amount in a report released on Tuesday by the apex bank showed that N64bn was spent to print banknotes in 2018, compared with N49.5bn in 2017, indicating an increase of N14.5bn. Source Punch Read More 

Asian Shares Tick Up, Sterling Off Five-Month Peak As Crunch Brexit Talks Eyed - Asian shares inched higher while sterling came off five-month highs in volatile trade on Wednesday as investors looked to whether Britain can secure a deal to avoid a disorderly exit from the European Union. Source Reuters Read More

Kenya to Double Debt Ceiling to Almost Match Economy's Size - Kenya's debt-ceiling review not only shifts the goalposts but also changes the rules on the how goals are scored, and that could move the government closer to debt distress. Source Bloomberg Read More


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PROSHARE TECHNOLOGY  

Facebook's Libra Must Meet Strict Standards - Bank of England - The Bank of England has hardened its stance on Facebook's Libra digital currency, telling the social media company it must meet its highest standards to get the green light for launch in Britain. Source TheGuardian Read More 

 

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PROSHARE FINANCE 

Ibukun Awosika Advocates Skill-Based Approach to Education In Nigeria - The Chairman of First Bank Nigeria Limited, Mrs. Ibukun Awosika, has said that every young child in Nigeria, deserves an education and believes that every educated mind is an asset to the country. Source Proshare Read More

 

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