Nigeria in 1min: Economic, Business and Financial Headlines - 200919


Friday, September 20, 2019 / 07:30 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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How Not To Major in Minor - Key Issues Arising From Recent Cashless Directive - If you have been on social media for the past 48 hours, you would have thought that a national emergency the scale of a hurricane has just occurred. Source Yinka Ogunnubi Read More

House Of Reps Urge CBN To Suspend New Charges On Deposits And Withdrawals - The House of Representatives during plenary today urged the Central Bank of Nigeria to suspend its recent directive to banks on cashless policy, which seeks to have individuals and corporate organizations charged for deposits and withdrawals respectively. Source House Of Reps Read More 

$1.3bn Crude Oil Lost In Six Months - Govs - Nigeria lost $1.3bn worth of crude oil to theft and pipeline vandalism in the first six months of 2019, according to state governors, who looked into the criminal cases in the oil sector in the Niger Delta.The governors were members of a 13-member ad hoc committee raised by the National Economic Council to carry out the assignment. Source Punch Read More

NEC Approves N100bn Proposal for National Livestock Transformation Plan -  The National Economic Council (NEC) presided over by Vice-President Yemi Osinbajo Thursday in Abuja approved N100 billion proposal to support the take-off of the National Livestock Transformation Plan (NLTP). Source Thisday Read More

FG Approaches World Bank For Another $2.5bn Loan - The Federal Government is currently in talks with the World Bank for a fresh $2.5bn loan. World Bank Vice President for Africa, Hafez Ghanem, disclosed this in an interview in Abuja on Wednesday, Bloomberg reported. Source Punch Read More

FAAC Allocates N720.8bn To FG, States, LGs - The Federation Accounts Allocation Committee on Thursday allocated the sum of N720.88bn to the three tiers of government. The N720.880bn comprised revenue from Value Added Tax, exchange gain and gross statutory revenue. Source Punch Read More


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Investors Lose N17.26bn As Market Sentiment Turns Negative; NSEASI Dips By -0.13% - Equities market closed today on a negative note, as NSEASI depreciated by -0.13% to close at 27,646.15 points as against +1.00% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.04%. Source Proshare Markets Read More 

SEPLAT Relocates All Lagos Offices To One Location - SEPLAT Petroleum Development Company Plc ("SEPLAT" or the "Company"), a leading Nigerian indigenous oil and gas company dual-listed on the Nigerian Stock Exchange and London Stock Exchange, hereby notify The Exchange and the investing public that due to expected business growth and in order to strengthen its operational effectiveness, the Company has relocated all its offices in Lagos to one location. Source NSE Read More

Coupon Reinvestment Bullish For FGN Bonds - The Bond market continued its bullish run for the second consecutive trade session, as flows from bond coupon payments continued to fuel demand. We noted sustained demand interests for long-dated maturities, most notably the 2037s. Spreads tightened across the curve, as bids improved across the mid- to long-end of the curve. Source Zedcrest Capital Read More 

CBN Restricts Forex For Importation Of Cassava Products -The Central Bank of Nigeria has said it will no longer provide foreign exchange for the importation of cassava, starch, ethanol and all other derivatives into Nigeria. The CBN Governor, Mr Godwin Emefiele, said this during a meeting with some state governors held at the headquarters of the CBN. Source Punch Read More

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P and ID Directors Plead Guilty To Economic Sabotage - Two directors of the Process and Industrial Development Limited (P&ID), an Irish engineering company, have been convicted of charges bordering on economic sabotage and money laundering. Source Dyepkazah Shibayan Of TheCable Read More

Economy Hopes Support Shares, Oil Edges Up On Mideast Tensions - Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks. Source Reuters Read More 

Non-passage of PIB, regulations drag about $100b oil projects - With drawbacks in the passage of the Petroleum Industry Bill (PIB), as well as various unfavourable fiscal and regulatory frameworks, stakeholders have estimated $100 billion worth of projects awaiting final investment decisions in Nigeria's oil and gas sector. Source Guardian Read More 

Sea Trade Increases By N260.6bn In Q2 - The total value of trade realised at the seaports in the second quarter of 2019 increased by N260.6bn over the value recorded in the first quarter, data from the National Bureau of Statistics have shown. The value of trade in the second quarter was N7.85tn against N7.58tn recorded in the first quarter. Source Punch Read More


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Digital Currencies: The Rise of Stablecoins - The adoption of new, digital payment methods could bring significant benefits to customers and society: improved efficiency, greater competition, broader financial inclusion, and more innovation. Source Tobias Adrian and Tommaso Mancini-Griffoli, IMFBlog Read More 


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