Nigeria in 1min: Economic, Business and Financial Headlines - 171120

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Tuesday, November 17, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @dabiodunMFR


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COVID-19 Health Updates

  • 16th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 65,305 cases (New: 157)
  • Discharged:  61,162
  • Deaths: : 1,163 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY

Headline Inflation Increases By 14.23% YoY In October 2020, 0.52% Higher Than September 2020 Rate - The consumer price index, (CPI) which measures inflation increased by 14.23 percent (year-on-year) in October 2020. This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent). Source NBS Read More

Finance Bill 2021: Stakeholders Engagement Begins - The Federal Ministry of Finance, Budget and National Planning has released the draft version of the 2020 Finance Bill (the Bill) to the public for consultation. This affirms the Federal Government of Nigeria's commitment to enact Finance Acts annually, alongside the passage of the budget into law (i.e. enactment of Appropriation Act). Source Deloitte Read More

Ardova Signs Lubricants Deal with Shell in the Nigerian Market - Shell lubricants products will be widely available to the Nigerian market later this year, following a new deal with Ardova PLC (AP). Announcing the deal in a statement in Lagos on November 12, 2020, the chief executive officer (CEO) of Ardova Plc, Olumide Adeosun, said: "We are delighted that our company will act as the main distributor for Shell Lubricants for the automotive and industrial sectors in Nigeria". Source Ardova Read More

Investment Market Trembles as Buhari Signs BOFIA 2020 - With the signing of the Banking and Other Financial Institutions Act (BOFIA) (amendment) Bill 2020, the reality of a tougher regulatory regime is unnerving the banking sector, investigation by The Guardian revealed at the weekend. Source The Guardian Read More


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Investors Lose N137.62bn as NSEASI Dips by -0.75% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.75% to close at 34,774.08 basis points as against -0.86% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +29.55%. Source Proshare Markets Read More

Nigerian Breweries Q3 2020 Results Review: Retaining Underperform Rating Despite Strong Q3 - Although Nigerian Breweries' (NB) 9M 2020 earnings were close to our forecast, its Q3 performance was broadly impressive, given that results for this quarter are typically the weakest within the year. PBT of N2.6bn was the highest since 2015 and compares with a loss of -N2.2bn in Q3 2019. Source FBNQuest Research Read More

Asia Stocks Gain After Vaccine Hopes Push Wall Street to Record Highs - Asian stocks opened firmer on Tuesday after the S&P 500 and Dow Jones indexes hit record highs on news of another promising coronavirus vaccine, which supported hopes of a quicker economic recovery. Source Reuters Read More

 

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PROSHARE BUSINESS

CIBN, CBN Governor Advocate Leveraging Tech to Improve Administration of Justice in Nigeria - Banking and Judiciary stakeholders have jointly insisted that the administration of Justice must use technology to guard against  the adverse effects of COVID-19. Source CIBN Read More

Naira Plunges to 475 as Dollar Demand Rises - The naira weakened further on Monday, trading at 475 to the United States dollar in the parallel market amid a rise in demand for the greenback. The local currency, which has come under pressure in recent days, fell to 470 per dollar on Friday from 468 on Thursday. The naira was trading at 462-463 at the unofficial market at the start of this month. Source Punch Read More

CBN's Policy Blocks Banks, Investors from N622bn Illegal Earning - The new Treasury Bills policy of the Central Bank of Nigeria, CBN, has effectively obstructed about N622 billion interest earnings that would have accrued to banks and other individual and corporate investors in the money market. Source Vanguard Read More

Loan-to-Deposit Ratio: CBN Counts Success as Policy Clocks One Year - There are indications that the current Loan-to-Deposit Ratio, LDR, policy of the Central Bank of Nigeria, CBN, is turning positive despite the macroeconomic adversities arising from the impact of Coronavirus (COVID-19) Pandemic. Source Vanguard Read More


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PROSHARE TECHNOLOGY   

Leadway Partners AWABAH to Provide Financial Services to The Informal Sector - Leadway has agreed to partner with Awabah Nigeria to bring financial services closer to the informal sector, with a keen eye on further enhancing Nigeria's financial inclusion goals. Awabah Nigeria is a financial service company that is built to assist its audience take that big step in their lives and escape living paycheck to paycheck. Source AWABAH Read More 

 

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PROSHARE FINANCE

A Positive View on Africa pre-Pfizer - One of the casualties of the Covid-19 virus beyond the estimated 1.3 million deaths has been the holding this year in London of Invest Africa's The Annual Debate. The event took place on a virtual basis the week before last. Source FBNQuest Research Read More

 

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PROSHARE MSME

World Bank: Africa's MSMEs Worst Hit By Virus - Micro, small, and medium enterprises (MSMEs) took a devastating hit from COVID-19 pandemic with more firms in sub-Saharan Africa axing more jobs as sales took a terrific hit, the World Bank said at the weekend. Source The Nation Read More

 

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