Nigeria in 1min: Economic, Business and Financial Headlines - 170220

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Monday, February 17, 2020 / 06:35 AM / By News Aggregator / Header Image Credit: @SECNigeria


 

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PROSHARE ECONOMY 

Financing the Creative Industry in Nigeria - Matters Arising - As part of efforts to boost job creation, particularly among Nigerian youths, the Central Bank of Nigeria ("CBN"), in collaboration with the Bankers' Committee, established the Creative Industry Financing Initiative ("CIFI") in May 2019.  Source Olumide Osundolire, Oluwatoba Oguntuase, Faridah Saliu Bello of Banwo & Ighodalo Read More 

Effects of Maturing OMO Bills - OMO activities remain the CBN's main tool in regulating system wide liquidity. In October 2019, the CBN prohibited local corporate and retail investors from purchasing Open Market Operations (OMO) bills at both the primary and secondary markets. Source FDC Read More 

CBN Publishes Q4 2019 Economic Report - The Bank maintained the monetary policy rate at 13.50 per cent in the period under review. Broad money supply (M3), on quarter-on-quarter basis, grew by 4.1 per cent to N36,478.13 billion at end-November 2019, compared with 0.4 per cent and 8.1 per cent increase at the end of third quarter 2019 and fourth quarter of 2018, respectively. Source CBN Read More 

OECD Publishes Transfer Pricing Guidance on Financial Transactions - On 11 February 2020, the Organization for Economic Cooperation and Development (OECD) published the transfer pricing guidance on financial transactions ("the report"). Source KPMG Nigeria Read More 

The Metal Trump Wants More Than Gold - China has a monopoly on one of the most strategic metals on the planet, and Washington is anxious to change that. Source Oilprice Read More 

Export Crops Maintaining Gains in Price - AFEX Commodities Weekly Report 140220 - The AFEX Commodities Index composite averaged 162.58 points this week representing a decline in overall market performance of 5.02 percentage points, week-to-date (WtD). Source  Kainosedge Consulting for AFEX Commodities Exchange Read More 

Oil Markets Bounce Back As Coronavirus Fears Fade - It seems that oil markets have decided that the coronavirus worst-case scenario that sent prices below the $50 mark is increasingly unlikely, with WTI now moving back up towards $52. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Feb 14, 2020 - At the NTB auction the FG offered N154.38 billion, slightly more than the N147.38 that was maturing. Despite subscription rate improving to 1.86x (N287.8 billion) the FG, once again, just sold what they offered. Source ARM Read More 

Power Sector Loses N19.15bn In 10 Days - The nation's power sector lost an estimated N19.15bn in 10 days due to constraints from insufficient gas supply, distribution and transmission infrastructure.The losses were recorded in the 10 days to February 14, 2020, according to data from the Advisory Power Team in the Office of the Vice President. Source Punch Read More

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week- 170220 - The FDMQ Securities Exchange Limited announced the introduction of long-term monthly naira-settled OTC futures contracts, which provide a FX rate hedge of up to 5 years. This is against the current market structure where the longest tenor offered by the CBN is over 13-months. Source Proshare Read More 

NCM2020 (28) - Nigerian FX Market Was Highly Variable in 2019 - The foreign exchange market in 2019 was highly variable as a result of domestic inflationary concerns and a gradual reduction in the size of the country's external reserves. Source Proshare Read More

NCM2020 (26) - Fixed Income Market Did Well in 2019 For Both Wholesale and Retail Investors - The fixed income market in 2019 did splendidly well for both wholesale and retail investors in the first three quarters of the year. The yields on treasuries remained in the lower to middle double digits ranging from 10.5% to 13.5%. Source Proshare Read More 

Airtel Africa Plc Announces The Results of the Initial Public Offering of Airtel Malawi Plc - Airtel Africa Plc a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, further to its announcement on 24 December 2019, today announces the results of the Initial Public Offering ("IPO") of its subsidiary Airtel Malawi plc on the main market of the Malawi Stock Exchange. Source NSE Read More Read More 

CBN, FMDQ Introduce Long-Dated FX Futures - The Central Bank of Nigeria (CBN) has yet again shown its commitment towards the development of the foreign exchange (FX) market and indeed, the Nigerian financial markets, as the apex bank, in collaboration with FMDQ Holdings PLC ("FMDQ" or "FMDQ Group"), yesterday introduced the much-awaited long-dated FX Futures, extending the maximum contract tenor to up to five (5) years.  Source FMDQ Read More 

Investors Lose N162.09bn WoW As NSEASI Dips By -1.11% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.39% to close at 27,755.87 points as against -0.05% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.40%.  Source Proshare Markets Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 140220 - The equities market recorded negative performance - the listed equities market recorded -1.11% loss WoW while the NASD OTC also declined by 0.03% WoW. Source Proshare Markets Read More 

NASD OTC Market CAP Decreased By -0.03% WoW To Close At N501.59bn - As at close of trade week on 14 February 2020, NASD OTC market Capitalisation decrease to N501.59 billion from last week's previous N501.73 billion, which shows a 0.03% decrease in Capitalisation. There was no movement in the NSI as the week ended the same at 697.86. Source NASD Read More 

African Countries and Eurobond Market: The Lovefest Continues in 2020? - According to recent media reports, Nigeria and Benin are set to follow in the footsteps of Ghana ($3.0bn) and Gabon ($1.0bn) to raise dollar-denominated debts at the international debt capital market in 2020. Source United Capital Research Read More

 

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PROSHARE BUSINESS 

Forbes 2020 World's Richest Ranking - Only 4 Nigerians Make Exclusive Billionaires List - Forbes recently released its annual exclusive billionaires ranking with only 4 Nigerians, Aliko Dangote, Mike Adenuga, Abdul Samad Rabiu and Folorunsho Alakija making the highly coveted list. Amongst the four, Aliko Dangote, President of Dangote Group retained his spot as the World's richest black person with a fortune of USD10.1 billion. Source BUA Read More 

New Tax Law'll Boost Insurers' Profitability, Recapitalisation -NIA - The Finance Act 2020 has solved the issue of excess taxation on company profits to the effect that no further tax will be paid on any undistributed profit that has already been taxed. The Nigerian Insurers Association said this in a statement which was signed by its Director-General, Mrs Yetunde Ilori, while lauding the Federal Government for the speedy assent to the Finance Act 2020. Source Punch Read More

AfDB Refutes World Bank's Debt Report On Africa - The World Bank President David Malpass has said some Multilateral Development Banks, including the African Development Bank (AfDB), have a tendency to lend too quickly and in the process, add to the continent's debt problems. Source TheNation Read More 

AfCFTA: Nigeria Will Excel In Service Delivery - Nuka stated this during a panel discussion organised by Greeners Business-to-Business, to mark its Annual National Economic Dialogue 2020 in Abuja on Saturday. Source Vangaurd Read More 

Emerging Markets Trust China's Virus Steps to Keep Rally Going - Emerging markets may take their cue this week from a recovery in commodities and signs China's efforts to stem the spread of the coronavirus are working. Source Bloomberg Read More 

SEC Seizes N2.35b 'Ponzi' Assets - The Securities and Exchange Commission (SEC) has blocked assets valued at about N2.35 billion belonging to ponzi schemes as the Commission vows to further confiscate illegal assets and prosecute operators of unapproved schemes. Source TheNation Read More

 

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PROSHARE TECHNOLOGY   

2020 Fintech Trends - The digital industry is progressing at a never before seen rate with innovate solutions and technologies being developed every day. In no industry is this truer than in banking and financial services. Source Michael Dehoyos Read More

 

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PROSHARE FINANCE 

NCM2020 (27) - Savings and Other Deposits - Lagging The Inflation Curve - Nigeria's gross savings rate fell over the last decade between 2010 and 2019. Savings rose from 24.78% of GDP in 2010 to 25.78% of GDP in 2011 and went on to 33.02% of GDP in 2012, but in 2013, the rate fell to 19.73% before rising to 21.53% in 2014. Source Proshare Read More 

Interbank Operations Amongst Non-Interest Banks Will Improve The Alternative Finance Market - Interbank Operations amongst Non-Interest Banks (NIBs) will improve the activities of the alternative finance market in Nigeria. Source WebTV Read More 


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