Nigeria in 1min: Economic, Business and Financial Headlines - 180321

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Thursday, March 18, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @Jidesanwoolu


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COVID-19 Health Updates 

  • 17th of March 2021: Nigeria COVID19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 161,261 cases (New: 187)
  • Discharged:  146,395
  • Deaths: : 2027 (New: 9)

Source: NCDC Read More


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PROSHARE ECONOMY

Headline Inflation Jumps to a 4-Year High, Could Rise Further - The consumer price index spiked further in February by 0.86% to 17.33%, marginally higher than FDC forecast (17.2%). This is the highest inflation level in the last 48 months. Consumer price inflation jumped sharply since September 2019 after the land borders were closed to curb smuggling and encourage local production. Source FDC Read More

Inflation and Interest Rates - Inflation continues to rise, with February inflation reported at 17.33% year-on-year after 16.47% y/y in January, and food inflation at 21.79% y/y. Policy makers believe that structural issues are the core problem, but we sense that they include market interest rates in the mix when it comes to considering all the drivers of inflation. Source Coronation Research Read More 

NEITI Vows to Recover N69.5bn, $5.31bn for FG - The Nigeria Extractive Industries Transparency Initiative has vowed to ensure the recovery of N69.5bn and $5.31bn for the Federal Government. It said on Tuesday that the monies were outstanding funds which were captured from NEITI's 2018 audit reports to date. Source Punch Read More

FEC Approves $1.5b for Port Harcourt Refinery Rehabilitation - Nigeria's Federal Executive Council (FEC) Wednesday approved $1.5 billion for the immediate rehabilitation of the Port Harcourt refinery. Source The Guardian Nigeria Read More


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PROSHARE MARKETS

Investors Lose N7.68bn, NSEASI Dips By -0.04% as Market Sentiment Turns Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.04% to close at 38,706.13 basis points as against +0.41% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.89%. Source Proshare Markets Read More

Nigeria's Inflation Rises to 17.33%, Highest In 4 Years, Causing a Somber Trading Session - The FGN bond market opened the session on a bearish note, as investors digested Inflation reports released for the month of February. With inflation Figures at 17.33%, it showed an 86bps increase from the preceding month (16.47% in Jan.) Source Zedcrest Capital Read More

Zenith Bank Shareholders Approve Dividend Payout of N94.19bn - Shareholders of Zenith Bank Plc, on Tuesday at the 30th Annual General Meeting of the Bank held at the Civic Centre, Victoria Island, Lagos, unanimously approved the proposed final dividend of N2.70 per share, bringing the total dividend payment for the 2020 financial year to N3.00 per share with a total value of N94.19 billion. Source Zenith Bank Read More

S&P 500 and Dow End at Record Highs After Fed Projects Stronger Economy - The S&P 500 and Dow Jones Industrial Average closed at record highs on Wednesday after the Fed predicted a fast economic recovery from the coronavirus pandemic and said it would maintain its interest rate at close to zero. Source Reuters Read More


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PROSHARE BUSINESS

EFCC Gives Bankers Ultimatum on Asset Declaration, Sets June 1 Deadline - The Economic and Financial Crimes Commission, EFCC, has said that it expects all operators in the Nigerian financial system especially bankers to declare their assets latest June 1, 2021. Source EFCC Nigeria Read More

AfCFTA'll Help Nigeria, Others if Well Implemented - LCCI - The President of the Lagos Chamber of Commerce and Industry, Mrs Toki Mabogunje, has said the African Continental Free Trade Area will boost economic growth on the continent if well implemented. Source Punch Read More

Fed Expects Growth Surge, Inflation Jump in 2021 but no Rate Hike - The U.S. economy is heading for its strongest growth in nearly 40 years, the Federal Reserve said on Wednesday, and central bank policymakers are pledging to keep their foot on the gas despite an expected surge of inflation. Source Reuters Read More


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PROSHARE TECHNOLOGY   

Experts Seek Regulation of Cryptocurrencies in Nigeria - Some economic experts have urged the Central Bank of Nigeria (CBN) to seek measures to regulate cryptocurrency transactions in the country. Senior Economist with Nigerian Economic Summit Group, Wilson Erumebor, said this during an interview with THISDAY. Source THISDAYLIVE Read More

 

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PROSHARE FINANCE

Nigerian Islamic Housing Finance: Expert Calls for Diminishing Musharakah - The housing deficit in Nigeria has been estimated at 22m housing units hence requiring a rethink of the home finance business. Mr. Ahmed Ali Siddiqui, Director IBA Centre for Excellence in Islamic Finance (CEIF)and SEVP & Group Head Shari'ah Compliance Department of Meezan Bank Ltd. Source WebTV Read More

WHO Statement on AstraZeneca COVID-19 Vaccine Safety Signals - Some countries in the European Union have temporarily suspended use of the AstraZeneca COVID-19 vaccine as a precautionary measure based on reports of rare blood coagulation disorders in persons who had received the vaccine. Source WHO Read More 

 

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