Nigeria in 1min: Economic, Business and Financial Headlines - 200421

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Tuesday, April 20, 2021 / 5:40 AM / By News Aggregator / Header Image Credit: Twitter; @Followlasg

 

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COVID-19 Health Updates 

  • 19th of April 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 164,303 cases (New: 70)
  • Discharged: 154,384
  • Deaths: : 2061 (New: 0)

Source: NCDC Read More

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PROSHARE ECONOMY

Inflation Rate: The 18.17% Rise of a Monster - Nigeria's March 2021 inflation rate of 18.17% has riled analysts as the economy gets caught in deep undercurrents. The country's unemployment rate as of January 2021 rose to 33.3%, and the country's debt stock has been projected to rise to N38.6trn by December 2021. Source The Analyst Proshare Research Read More

FIRS Directs Companies Operating Within Free Trade Zones To File Income Tax Returns - On April 15, 2021, the Federal Inland Revenue Service ("FIRS") issued a public notice (the "Notice") by which it directed all approved enterprises operating within Nigeria's Export Processing and Oil & Gas Free Zones (the "Free Zones"). Source Banwo & Ighodalo Read More

Digitization will Help to Address Low Tax Penetration in Nigeria - Digitization will go a long way in addressing low tax penetration and increase fiscal revenues while supporting economic stability in Nigeria. The West Africa Tax Partner and Lead, Deloitte, Mr. Yomi Olugbenro, made this point in a conversation on "Tax Administration and Economic Development in Nigeria". Source Ottoabasi Abasiekong for WebTV Read More

Govs to Implement Autonomy for State Assemblies, Judiciary in May -  Fayemi - The chairman of the Nigeria Governors Forum, Kayode Fayemi, on Monday, disclosed that state governors and other stakeholders have reached an agreement on the implementation of financial autonomy for state legislature and the judiciary. Source Punch Read More


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PROSHARE MARKETS

Sugar, Wheat Enters FX Restriction List; Food Inflation to Rise - The Central Bank of Nigeria on Friday, April 16th, 2021, announced via its Twitter handle, that it would no longer provide foreign currency for importers of sugar and wheat, as the country tries to conserve national dollar reserves and promote local production. Source Funsho Idowu, Proshare Research Read More

Investors Gain N20.94bn as NSEASI Inches Up by 0.10% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.10% to close at 38,848.02 basis points as against +0.61% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.53%. Source Proshare Markets Read More

NSE Lists BUA Cement Plc Series 1 Bonds - 115,000,000,000 units of the BUA Cement Plc's 7 years, 7.50% series 1 Bonds due 2027 were listed on the Nigerian Exchange on Tuesday, 13 April 2021. Source NGX Group Read More

FGN Bond Auction Holds this Wednesday; Average Yield in NT-Bills Secondary Market Dips to 4.35% - The Nigerian Treasury Bills ("NT-Bills") secondary market resumed last week on a bearish note following pressured liquidity levels (which stood at N3.8bn positive as at Monday), and as investors anticipated the Primary Market Auction ("PMA") slated for Wednesday. Source Afrinvest Research Read More

 

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PROSHARE BUSINESS

FirstBank Launches a New Corporate Website, Reiterates its Commitment to Service Delivery Excellence - FirstBank, Nigeria and indeed West Africa's premier financial inclusion services provider has announced the launch of its newly designed website. The new website is upgraded with features that are streamlined to reinforce its role in delivering seamless banking and technology solutions to its customers across the world. Source FirstBank Read More

Texas Police to Demand Tesla Crash Data as Musk Denies Autopilot Use - Texas police will serve search warrants on Tesla Inc (TSLA.O) on Tuesday to secure data from a fatal vehicle crash, a senior officer told Reuters on Monday, after CEO Elon Musk said company checks showed the car's Autopilot driver assistance system was not engaged. Source Reuters Read More 

 

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PROSHARE TECHNOLOGY

CoinNewsExtra TV to Increase Enlightenment on Blockchain, Crypto Assets in Nigeria - The launch of CoinNewsExtra TV will lead to increased enlightenment and education of Nigerians on the value of Blockchain, Crypto Assets and the entire Fintech Industry. Source Ottoabasi Abasiekong for WebTV Read More

Social Meet 9.0 Explores Opportunities for Growing Indigenous Nigerian Fintech Unicorns - The Fintech Association of Nigeria recently hosted the 9th edition of its Social Meet which discussed the theme: "The Making of Indigenous Fintech Unicorns: Nuggets for Scaling". Source Bukola Akinyele-Yisau  for WebTV Read More

IBM Quarterly Sales Growth Highest in Over Two Years on Cloud Strength - International Business Machines Corp (IBM.N) recorded highest quarterly sales growth in more two years and beat Wall Street targets on Monday, boosted by its bets in the high-margin cloud computing business. Source Reuters Read More 

UK Considers New Digital Currency, Britcoin - Britain is looking into the possibility of creating a digital currency that households and businesses could use instead of cash - an initiative the finance minister dubbed "Britcoin". The use of cash has fallen during the coronavirus pandemic as people try to avoid contact, and several central banks across the world are considering whether to create digital money that would allow online payments without going through banks. Source Punch Read More


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PROSHARE MSME

New Policy Reclassifies MSMEs Based on Turnover, Not Assets - The Director General and Chief Executive, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko Umaru Radda, has said Micro Small and Medium Enterprises (MSMEs) in the country would henceforth be recognised by their turnover rather than asset base. Source THISDAYLIVE Read More 

 

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