Nigeria in 1min: Economic, Business and Financial Headlines - 200921

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Monday, September 20, 2021 / 5:55 AM / By News Aggregator / Header Image Credit: Ecographics

 

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 COVID-19 Health Updates

  • 19th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 201,798 cases (New: 168)
  • Discharged: 190,563
  • Deaths: 2,655 (New: 8)

Source: NCDC Read More


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PROSHARE BUSINESS

100 Days After CBN's Board Removal: First Bank's Shaky House of Cards - First Bank of Nigeria's (FBN's) tale of advancing but troubled existence continues. From reported high-powered nocturnal meetings with Central Bank of Nigeria (CBN) officials to high-speed maneuverings to edge out recalcitrant board members allegedly unwilling to bend to the regulators dictates. Source Proshare Research Read More

As Anambra, Kogi Join Oil-Producing States - In an economy where crude oil sale forms the bedrock, it will not come as a surprise that states will go to war to fight for spheres of influence in the oil sector. This is because the reality is that oil revenues contributed 2/3 of state revenues although oil only contributes about 9% to the GDP. Source THISDAYLIVE Read More

Nigeria's Success in AfCFTA Hinged on Public, Private Partnership - The Minister of Industry, Trade and Investment, Niyi Adebayo, has emphasised the importance of public/private partnership in driving Nigeria's success in the Africa Continental Free Trade Area (AfCFTA). Source The Guardian NG Read More


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PROSHARE ECONOMY

Three Ways Nigeria's Banking Sector Could Support Economic Recovery - Amina J. Mohammed - At the just-concluded 14th annual banking and finance conference organized by Chartered Institute of Bankers in Nigeria (CIBN) Mrs. Amina J. Mohammed, the UN Deputy Secretary-General, one of the resource persons, provided her views on "The Role of Banks in Supporting Nigeria's Economic Recovery". Source Oluwakemi Enitan Falayo for WebTV Read More

Highlights of the Lagos State Value-Added Tax Law - The Lagos State House of Assembly on the 9th of September 2021 passed its Value Added Tax (VAT) Law. The Law is to impose and charge VAT on certain goods and services as well as to make provisions for the administration and collection of the tax. Source CITN Read More

Average Prices of PMS, AGO, HHK and Cooking Gas - August 2021 - Average price paid by consumers for premium motor spirit (petrol) increased by 10.87% year-on-year and decreased month-on-month by -0.58% to N164.91 in August 2021 from N165.91 in July 2021. Source NBS Read More

Average Fare Paid for Bus Journey Increased by 4.98% MoM in August 2021 - NBS - The Transport fare Watch report for August 2021 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; airfare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and waterway passenger transport. Source NBS Read More

September 2021 MPC Meeting: CBN Retains All Policy Parameters - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has today concluded its two-day meeting in September 2021. At the end of the meeting, the committee resolved to hold the monetary policy rate and all other policy parameters constant. Source Proshare Research Read More

CBN Communique No. 138 of the MPC Meeting - Sep 16-17, 2021 - The Monetary Policy Committee (MPC) met on the 16th and 17th September 2021, on a relatively comforting note of a moderate global output growth recovery and improved global trade. Source CBN Read More

Buhari Approves Incorporation of NNPC, Appoints Board Members - The President, Major General Muhammadu Buhari (retd.), has directed that the Nigerian National Petroleum Company Limited be incorporated. He also approved the appointment of the Board and Management of the NNPC Limited with Senator Ifeanyi Ararume as Chairman. Source Punch Read More

FG Recorded N150.36bn Fiscal Deficit in April - CBN - The Federal Government recorded a fiscal deficit of N150.36bn in April, after recording an aggregate expenditure of N559.67bn and retained revenue of N409.31bn. Source Punch Read More

 

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What To Expect From The Markets This Week - 200921 - At the briefing which followed the 281st MPC meeting which held on the 16th and 17th of September, the Central Bank Governor, Godwin Emefiele disclosed that following the improvement in inflation and GDP growth rates. Source Proshare Content Read More

AbokiFX Suspends Currency Rate Updates; Aftermath of CBN Crackdown - AbokiFX, the website that quotes daily foreign exchange rates against the naira, has announced the interim suspension of the updates on its platform following serious allegations of currency manipulation, speculation and illegal dealings in forex leveled against it by the Central Bank of Nigeria, CBN. Source The Will Read More

SEC Commences 100% Custody Requirement in CIS - In a bid to further protect investors and deepen the capital market, the Securities and Exchange Commission has announced that it has commenced the implementation of 100% custody requirement in the Collective Investment Schemes sector. Source SEC Nigeria Read More


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PROSHARE TECHNOLOGY   

Funding for Fintech Start-ups in Africa Increased by 49% t0 US$160m in 2020 - Funding for fintech start-ups in Africa increased by 49% to USD160m in 2020, and Nigeria's share was USD89m. The figures, supplied by a provider of news and analysis of the industry, are very small in a global context but rising at a healthy rate (to 0.4% of the global total). Source FBNQuest Research Read More 

Google Accused of Illegally Hurting Competitors in India - Google has been accused of abusing its dominant position of Android in India to illegally hurt competitors in the world's second-largest internet market, a two-year antitrust probe by the Competition Commission of India discovered. Source Punch Read More

eNaira: CBN to Own Major Stake in Bitt Inc., Says Emefiele - Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the apex monetary authority will own a majority stake in Bitt Inc., its technical partner for digital currency, eNaira. Source TheCable Read More


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PROSHARE FINANCE

Net Asset Value of Shariah-Compliant Funds in Nigeria Grew by 174% between 2019 and 2021 - The Net Asset Value (NAV) of Sharia-Compliant Funds in Nigeria grew by 174 % between December 2019 and August 2021. Mr. Chidi Uzo, Head, Investment Strategy & Research at CitiTrust Asset Management Limited, made this point while speaking on "Dynamics of Portfolio Investment in Non-Interest Finance". Source Bukola Akinyele-Yisau for WebTV Read More

Impact of COVID-19 on Housing; Can NMRC Bridge the Gap? - Nigeria's real estate sector has been severely affected by the advent of the global Covid-19 pandemic. In recent years, there has been a strong squeeze in consumers' purchasing power, resulting in low effective demand for housing. Source CSL Stockbrokers Read More

Short-Term Vs Long Term Investing - The More Sure Path to Financial Freedom - There are two paths people take when seeking to achieve financial freedom. The first path is the short-term investing path and the second is the long-term investing path.  If you were to choose a path based on the timeline alone, the short-term investing path will be the obvious choice. Source Grace Agada Read More


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