Nigeria in 1min: Economic, Business and Financial Headlines - 200220


Thursday, February 20, 2020 / 06:50 AM / By News Aggregator / Header Image Credit: @NigeriaGov

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Bankers' Committee to Partner FG on Bridging Infrastructure Deficit - The Bankers' Committee has accepted a request from the Federal Government to partner with it in bridging the country's huge infrastructure deficit. The new Director of Banking Supervision at the Central Bank of Nigeria (CBN), Mr. Bello Hassan, announced this while briefing journalists on the outcome of the Bankers' Committee meeting held in Lagos yesterday. Source Tony Chukwunyem of New Telegraph Read More 

Falling Demand for Wheat and Corn to Taper Prices in the Coming Days - Nigeria's headline inflation jumped to a 21-month high of 12.13% in January. Food inflation remained the major culprit, recording the highest rate of change amongst the sub-indices. Source FDC Ltd Read More 

CBN Publishes Lists of Licensed Finance Companies, DMBs, PMBs, MFBs and BDCs As At Dec 31st, 2019 - The Central Bank of Nigeria (CBN) has published the list of licensed finance companies, Microfinance Bank (MFBs), Primary Mortgage Banks (PMBs), Bureaux De Change (BDCs) and Deposit Money Banks (DMBs) and Finance Holding Companies operating in Nigeria as at 31st December 2019. Source Proshare Research Read More 

Average Fare Paid For Bus Journey Within City Increased By 1.47% MoM in January 2020 - NBS - The Transport fare Watch report for January 2020 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More 

FG Depletes ECA By $253.1m In One Month - The Federal Government depleted the Excess Crude Account by $253.1m between January 16 and February 19, analysis of figures from the Federation Account Allocation Committee, has shown. As at the end of the FAAC meeting on January 16, the amount in the ECA was put at $324.96m. Source Punch Read More 

World Bank Approves Nigeria's Identity Project, 5 Others - The World Bank on Wednesday approved Nigeria's digital identity ecosystem project along with five others, aimed at assisting the country to empower citizens, especially marginalised groups, to access welfare-enhancing services. Source Vanguard Read More 

FIRS Targets 17% Tax To GDP Ratio By 2023 - The Federal Inland Revenue Service (FIRS) on Wednesday stated it would raise Nigeria's tax to Gross Domestic Product (GDP) ratio from the current 6 percent to 17 percent by 2023. This is even as hinted of its plans to open tax offices in markets nationwide to bring tax services nearer to traders and improve their tax compliance rate. Source Dailytrust Read More 

Nigeria's Oil Reserves'll Run Dry In 49 Years - DPR - The nation's crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be depleted in 49 years, according to the Department of Petroleum Resources. The reserves, which stood at 37.45 billion barrels in 2014, fell to 37.06 billion barrels in 2015 and 36.74 billion barrels in 2016. It, however, rose to 36.97 billion barrels in 2017 and 37 billion barrels in 2018, the DPR data showed. Source Punch Read More 

FG, States, LGs Share N647.35bn January Allocation - The federal, state and local governments thursday shared a total of N647.35 billion for January as the Federation Account Allocation Committee (FAAC) meeting ended in Lagos. The News Agency of Nigeria (NAN) reported that the N647.35 billion shared is 9.63 per cent lower than the N716. 29 billion shared in December 2019. Source Thisday Read More


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NCM2020 (31) - Derivatives Market: Leaning Into Complexities - The market for financial instruments that obtain value from other underlying assets (derivatives) has been thin in 2019. The markets for derivative transactions in Nigeria have not yet grown sizably as a result of the relative complexity in pricing and trading the instruments. Source Proshare Read More

Sell Pressure Persists As NSEASI Dips By -0.09% - Equities market closed today on a negative note, as NSEASI depreciated by -0.09% to close at 27,523.08 points as against -0.08% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.54%. Source Proshare Markets Read More 

UPDC To Use N15.961bn Rights Issue To Improve Cash Flow, Create  Value For Shareholders - The United Africa Company of Nigeria Property Development Company Plc, UPDC, has assured the capital market community that the N15.961bn right issue it raised through the Nigerian Stock Exchange (NSE) will to improve cash flow in its operations and create value for shareholders. Source WebTV Read More 

Eterna Plc Series 2 Commercial Paper Closes Today - This is to inform you that the Eterna Plc 's Series 2 Commercial Paper from the Company's NGN10 billion commercial paper programme closes today. Eterna Plc, established over three decades ago, is one of the leading independent oil & gas downstream companies in Nigeria with low leverage, and stable & experienced management team. Source Read More 

DMO Announces The Appointment of CSL Stockbroker as the New Government Stockbroker - The Debt Management Office (DMO) is pleased to announce the appointment of CSL Stockbrokers Limited (CSL), a member of FCMB Group Plc, as the new Government Stockbroker. Source DMO Read More 

Nigeria's Planned External Capital Raising Is to Part Finance Budget 2020 Deficit and Maturing Eurobond - The Debt Management Office by this Press Release seeks to provide clarification on a proposed USD3.3 billion External Capital raising planned for the year 2020. Source DMO Nigeria Read More 

DMO Sell N100bn at the Bond Auction as Rates Drop to a 5-Month Low - The Bond Market opened on a fairly quiet note, as attention shifted to the bond auction. We, however, saw decent demand on bonds offered at the auction, as market players traded on perceived sentiment of possible auction outcome. Yields dropped by c.1bp across the benchmark bond curve. Source Zedcrest Capital Read More


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Asian Stocks Slip As Virus' Global Impact Puts Markets On Edge - Asian stocks eased and currency markets were skittish on Thursday, as virus cases rose in South Korea and Japan even as China added more stimulus via a rate cut to support its economy. Source Reuters Read More

FG Mulls Handover of Power Distribution to Siemens - The federal government is considering a proposal to take over power supply from the distribution companies (Discos) and hand it over to a German firm, Siemens. It warned wednesday that it could no longer tolerate the shoddy performance of the Discos, which has undermined its efforts at ensuring stable supply of electricity. Source Thisday Read More


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NSE Launches Comic Book to Boost Financial Literacy - The Nigerian Stock Exchange (NSE) is pleased to announce that it has published the maiden edition of StockTown, a comic book aimed at promoting financial literacy in Nigeria. Available in both print and digital formats. Source NSE Read More


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