Nigeria in 1min: Economic, Business and Financial Headlines - 210220

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Friday, February 21, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: @SECNigeria


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PROSHARE ECONOMY 

The Rationale for the Hike in the CRR - The committee feels that the CRR is the most potent monetary weapon in its armoury, and the majority back the hike as a response to excess liquidity in the banking system. The excess is attributed to the maturity of OMO bills and the FGN's fiscal operations. Source FBNQuest Read More

Fitch Affirms Bharti Airtel at 'BBB-'; Off Watch Negative; Outlook Stable - Fitch Ratings has affirmed India-based Bharti Airtel Limited's (Bharti) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' and senior unsecured rating 'BBB-'. The Outlook on the IDR is Stable.  Source Fitch Ratings Read More 

IMF Cuts Nigeria's 2020 Growth Forecast - The IMF has revised downwards Nigeria's 2020 GDP growth forecast to 2.0% from 2.5%. This is 0.17% lower than the average growth of 2.17% in the first three quarters of 2019. The reduction in the growth projection is reflective of dwindling global oil prices. Brent prices declined 11.17% to $58.63pb (YTD) as a result of the coronavirus outbreak. Source FDC Read More 

Singapore's Empty Airport Highlights Impact of Coronavirus on Asia - The Xin Wang Hong Kong Cafe, overlooking the west runway at Singapore's Changi international airport, seems like a fitting place to write a Trade Secrets briefing as China's coronavirus crisis rumbles on. Source FDC Read More

CBN Recovered Over N60 Billion Excess Charges - The Central Bank of Nigeria, CBN, received over 13,000 complaints from the banking public, recovered over N60 billion excess charges and returned same to the rightful owners. Source Vanguard Read More

Oil Price Nears $60 Per Barrel - Brent crude, against which Nigeria's oil is priced, had dipped to its lowest level in more than a year on February 3, trading below the Federal Government's benchmark for the 2020 budget, as the coronavirus outbreak hit fuel demand in China. The budget, which was signed by President Muhammadu Buhari, in December, was based on oil production of 2.18 million barrels per day with an oil price benchmark of $57 per barrel. Source TheNation Read More

Depleting ECA Signals Revenue Pressure, Says LCCI, Institute - The Lagos Chamber of Commerce and Industry and the Institute of Finance and Control of Nigeria have said the depletion of the country's Excess Crude Account signalled pressure on government revenues.The Federal Government depleted the Excess Crude Account by $253.1m between January 16 and February 19. Source Punch Read More 

We Need Increased Revenue To Service Loans, Others - DMO - The Director-General, Debt Management Office, Mrs Patience Oniha, has said that borrowing is necessary to finance capital projects but the major challenge the country has is the level of revenue it is generating. She said this while answering questions during a workshop on borrowing guidelines for state governments and the Federal Capital Territory, in Lagos on Thursday. Source Punch Read More 

No Hiding Place For Tax Evaders, Says FIRS - The Federal Inland Revenue Service has warned those in default of taxes to pay up or risk being sanctioned in line with the provisions of the Finance Act 2019. The Executive Chairman, FIRS, Muhammad Nami, gave the warning on Thursday in Lagos during his public enlightenment and sensitisation tour of the South-West. Source Punch Read More


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PROSHARE REGULATORS 

SEC Charges Global Alcohol Producer, Diageo Plc, With Disclosure Failure - The Securities and Exchange Commission announced charges against alcohol producer Diageo plc for failing to make required disclosures of known trends relating to the shipments of unneeded products by its North American subsidiary to distributors. Diageo has agreed to pay $5 million to settle the action. Source Read More

 

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PROSHARE MARKETS 

Investors Gain N23.87bn As NSEASI Inches Up By 0.17% - Equities market closed today on a positive note, as NSEASI appreciated by +0.17% to close at 27,568.91 points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.71%. Source Proshare Read More 

NCM2020 (32) - Decade Review - A Market Decade In Rearview - The performance of Nigeria's major equity market, the Nigerian Stock Exchange (NSE), has been patchy, good at some periods and bad at others, the Exchange's performance has closely mirrored that of the growth of the country's GDP. Source Proshare Read More

Summary of FGN Bond Auction Results For February 2020 - Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 14.55% FGN APR 2029 (Re-opening 10-Year Bond) & 14.80% FGN APR 2049 (Re-opening 30-Year Bond). Source DMO Read More

Nigeria Has A Good Chance To Boost Its Reserves And Prevent Devaluation In 2020 - Coronation MB - Mr. Guy Czartoryski , Head of Research, Coronation Merchant Bank believes Nigeria has a great opportunity to raise enough funds to shore up its external reserves and avoid the pressures of a currency devaluation in 2020. Source WebTV Read More

Heritage Bank Plc Withdraws Committal Proceedings Filed Against WEMABANK - Heritage Bank Plc. obtained judgement against Ondo State Government sometime in February 2016 in the Ondo State High Court, Akure. The judgement was subsequently registered at the Federal High Court Lagos in 2019. In a bid to enforce the judgement, Heritage Bank initiated garnishee proceedings at the Federal High Court Lagos against several parties, including Wema Bank Plc. believed to be in custody of monies belonging to the Ondo State Government. Source NSE Read More


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PROSHARE BUSINESS 

Ex-President Dr. Goodluck Jonathan Appointed Chairperson Advisory Board Tingo International - Tingo International Holdings, Inc.,  has announced the appointment of the immediate past president of Nigeria, Dr. Goodluck Ebele Jonathan, as the chairperson of its advisory board. Source Read More 

Addressing FDI Barriers to Take Advantage of the Regional Trade Opportunity - Foreign direct investment (FDI) can be a catalyst for economic growth. By bringing in new inputs, technologies and knowledge to the host country, FDI increases the amount of physical capital and augments human capital. Source FDC Read More

Outbreak Will Not Change China's Commitments To Buy U.S. Goods: Senior U.S. Official - The U.S. government expects China to honor its commitments to buy more U.S. goods under a trade deal signed by the world's two largest economies in January despite the fast-spreading coronavirus outbreak, a senior U.S. official said on Thursday. Source Reuters Read More


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PROSHARE FINANCE 

Is Nigeria Ready for a Health Epidemic? - The recent global health scares - coronavirus (Covid-19) in Asia and Lassa fever in Nigeria - give a sense of deja vu, reminding us of the days of Ebola, SARS and other health scares in the past.  Source FDC Read More

 

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