Nigeria in 1min: Economic, Business and Financial Headlines - 181220

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Friday, December 18, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @seyiamakinde


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COVID-19 Health Updates

  • 17th of December 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 75,207 cases (New: 1,145)
  • Discharged:  67,110
  • Deaths: : 1,201 (New: 1)

Source: NCDC Read More


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PROSHARE ECONOMY

FG, states, LGs share N601bn for November - The Federation Accounts Allocation Committee has shared a total of N601.1bn November 2020 Federation Account revenue to the federal, state and local governments and agencies. Source Punch Read More

National Assembly Extends 2020 Capital Budget Implementation to March - The Senate on Wednesday passed an executive communication from the President, Major General Muhammadu Buhari (retd.), seeking the extension of the implementation of the capital components of the 2020 budget from December 31, 2020 to March 31, 2021. Source Punch Read More

 

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PROSHARE MARKETS

Investors Gain N390.18bn as NSEASI Inches Up by 2.10%, Closes Above 36,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by +2.10% to close at 36,239.62 basis points as against +0.76% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +35.01%. Source Proshare Markets Read More

Weak Bond Auction as DMO Hiked Rate by an Average of 158bps - The FGN bond space had a slow and prolonged run today, as market attention was fixated on the outcome of the bond auction scheduled for today. Interestingly, we saw more aggressive offers at the curve's belly, which was about 10bps higher than yesterday's levels. Source Zedcrest Capital Read More

NSE Webinar Explores Ways Of Restoring Investor Confidence In The Capital Market - The Nigerian Stock Exchange (NSE) in collaboration with Money Africa and United Capital Securities Limited held its Retail Investor Coverage Webinar on understanding stock market investing. Source WebTV Read More

 

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PROSHARE BUSINESS

FG Reopens Four Major Land Borders - Yesterday, the Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, during the virtual Federal Executive Council (FEC) meeting announced the immediate re-opening of the country's four major land borders; Seme, Illela, Maigatari and Mfun. Source CSL Research Read More

Diaspora Remittances: CBN Threatens to Sanction Operators Paying Local Currency - The Central Bank of Nigeria has warned operators against paying recipients of diaspora remittances in local currency. It warned that violators could lose their operational licences if they failed to comply with its guidelines on remittances. Source Punch Read More

FG Targets 1.8m Jobs, to Build 300,000 Houses - As part of efforts to ensure Nigerians benefit from the 300,000 housing units in line with the National Economic Sustainability Plan (ESP), the Federal Government has concluded a plan to provide mortgage guarantees to low-income earners. Source Guardian Nigeria Read More

OPEC to Increase Production - WHILE the most recent Petroleum Status Report tilted firmly into positive territory, the crude market has taken a cautious stance despite the bullish inventory report. In the long-run, strategists at TD Securities forecast WTI near the $50 level while Brent is expected to trade a few dollars higher. Source The Nation Read More

Asian Stocks Defy Broader Global Rally, Brexit Worries Emerge - Asian stock fell slightly on Friday, failing to catch a broader global rally as the investor mood in the region shifted to broader caution about the economic outlook and as post-Brexit worries weighed. Source Reuters Read More


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PROSHARE TECHNOLOGY   

Real Game Emerges in SIM Play as NIMC Approves Agents - The Honorable Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim (Pantami), has approved the licensing of 173 Agents and 30 State Governments/Public Sector Institutions to conduct enrolment of all persons including legal residents into the National Identity Database (NIDB) on behalf of the National Identity Management Commission (NIMC). Source NCC Read More

 

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PROSHARE FINANCE

A Rare Case of Good Socialism: Creating A Broad-based Mortgage System - In April 2019, President Muhammad Buhari refused to assent to the National Housing Fund (Establishment) Act of 2018 ("the new NHF Act"). The private sector decried what it described as yet another attempt to cripple the free market with a socialist intervention. Source Dr. Abimbola Agboluaje in association with Good Governance Africa Read More

The Olden Days of Insurance versus The New Digitizables - OpEd - To many observers and customers (existing and potential policyholders), the insurance industry in Nigeria is changing very quickly to offer better experiences for shareholders, customers and the insuring public. Source Ekerete Olawoye Gam-Ikon Read More

 

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