Nigeria in 1min: Economic, Business and Financial Headlines - 211019


Monday, October 21, 2019 / 06:45 AM / By News Aggregator / Header Image Credit:  @IMFNews


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Glomobile To Be Disconnected From Airtel Networks In 10 Days' Time For Non-Payment of Dues - NCC - The Nigerian Communications Commission hereby notifies the general public and subscribers of Glomobile Limited (Glomobile) that approval has been granted for the partial disconnection of Glomobile from Airtel Networks Limited (Airtel) as a result of non-settlement of interconnect charges. Source NCC Read More      

Minister of Communications Directs NCC to Suspend Implementation of USSD Service Charges by MTN - The attention of the Federal Ministry of Communications has been drawn to the viral text message allegedly sent by the Mobile Network Operator MTN Nigeria and other Mobile Operators notifying subscribers of a four naira (N4:00) charge per 20 seconds on USSD access to banking services from the 21st of October 2019. Source  Federal Ministry of Communications Read More

CBN Directs Banks To Shun Telcos That Increase USSD Charge - The CBN governor, Godwin Emefiele, said since the Telcos are adamant about increasing the charge, banks should move their business to any Telco that is ready to offer the service at a lower cost. Source Vanguard Read More

Facebook Open To Currency-Pegged Stablecoins For Libra Project - Facebook Inc (FB.O), facing growing skepticism about its digital currency project Libra, on Sunday said the initiative could use cryptocurrencies based on national currencies such as the dollar, instead of the synthetic one it initially proposed. Source Reuters Read More


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Lower Than Expected US Harvest Could Push Up Grain Prices In The Near Term - Lettuce is a leafy vegetable that is rich in vitamins and minerals but it is also highly perishable with a short shelf life. Nigerian consumption of the commodity is huge and growing, mainly for its nutritive benefits. Source FDC Ltd Read More

Average Fare For Intercity Journey Increased By 0.15% MoM in September 2019 - NBS - The Transport fare watch report for September 2019 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

Awakening The Blue Giant: Catalyzing The Growth Of Nigeria's Maritime Economy Through PR - I bring you warm greetings from the African Export Import Bank. The President sends his sincere apologies as he has a conflicting schedule at the WB/IMF meetings holding in D.C USA. Source NECCI PR Read More

Average Price of 1kg of Rice Increased By 4.07% MoM to N371.13 in September 2019 - NBS - The average price of 1kg of tomato decreased year-on-year by -30.69% and increased month-on-month by 1.63% to N227.50 in September 2019 from N223.86 in August 2019. Source NBS Read More

OPEC Faces Critical Decision As Oil Drops Again - OIR 181019 - Oil prices were down on Friday morning as the global economy continues to struggle with the realities of the U.S.-China trade war and crude inventories continue to build. Source Oilprice Read More

Weekly Economic and Financial Commentary - Week Ended Oct 18, 2019 - Inflation for the month of September printed at 11.24% YoY, 23bps higher than the previous month. As expected, September's inflation shifted from the moderating trend observed since June buoyed by the partial boarder closure implemented on August 20th which took a toll on food inflation (+34bps to 13.51% YoY). Source ARM Read More

World Bank Approves Nigeria's $3bn Power Sector Loan - The Federal Government on Sunday said it had opened discussions with the United Kingdom on the possibility of raising "Jollof Bond' to finance the national budget. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, also said the $3bn loan request for the expansion of the  power transmission and distribution networks in the industry had finally approved by the World Bank. Source Punch Read More


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CBN Publishes 2018 Financial Stability Report - Global output growth declined to 3.70 per cent in 2018 from 3.80 per cent achieved in 2017, largely underpinned by dwindling consumer demand, decline in oil prices and weak financial markets. Source CBN Read More

Yet Again! Another Directive From The CBN - Yesterday, banks across the country were given a directive from the Central Bank of Nigeria to cancel any customer requests for purchase of Treasury Bills at Primary or OMO auctions. Source CSL Research Read More


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Investors Lose N41.46bn WoW As NSEASI Dips By -0.32% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.03% to close at 26,448.62 points as against -0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.85%. Source Proshare Read More 

NSE Releases 2018 Sustainability Report - The Nigerian Stock Exchange ("The Exchange or NSE) is pleased to announce that it has released its 2018 Sustainability Report titled, "Growth, Innovation and Value Creation". Source NSE Read More 

2019 TIA Meet Up Explores Deepening Financial Inclusion In Nigerian Capital Market - Market stakeholders in Nigeria agreed that financial inclusion must constitute the core in capital market activities in the country, post- 2008 crisis era. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 181019 - The equities market recorded negative performance -the listed equities market recorded -0.32% loss WoW while the NASD OTC also recorded -2.75% loss WoW. Source Proshare Read More 

Forex Intervention: CBN Injects $325.56m, CNY14m into Retail SMIS - The Central Bank of Nigeria (CBN) on Friday, October 18, 2019, made an intervention of $325.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY14million in the spot and short tenored forwards segment of the inter-bank foreign market. Source CBN Read More 

What To Expect From The Markets This Week - 211019 - After three consecutive months of deceleration, headline inflation widened by 22bps to 11.24% - the highest reading since May 2019. Amidst the sustained border closure, food inflation for September rose by 34bps to 13.51% y/y (August: 13.17% y/y), the second consecutive month of an uptick. After 10-consecutive months of descent, core inflation edged-up by 27bps to 8.94% y/y in the period under review. Source Proshare Read More 

NASD OTC Market CAP Decreased By -2.75% WoW To Close At N498.29bn - As at close of trade week on 18 October 2019, market Capitalisation decreased to N498.29 billion from last week's previous N512.37 billion, which shows a 2.75 % decrease in Capitalisation. Source NASD Read More 

SEC Wants NNPC, Others To List On NSE - The Securities and Exchange Commission is looking to attract more oil and gas firms, including the Nigerian National Petroleum Corporation and the Nigeria LNG to the Nigerian Stock Exchange. Source Punch Read More 


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Deepening Good Governance will attract FDIs Into Nigeria - Prof. Ajogwu, SAN - Nigeria's quest for attracting more foreign direct investments, FDIs and private capital into the economy, will be accelerated if there is high value for good governance in the public and private sector. Source Proshare Read More 

NDIC Pays Off 526,414 Depositors Of 17 Liquidated Banks - The Nigeria Deposit Insurance Corporation has paid off 526,414 depositors of liquidated banks, the Managing Director of the corporation, Alhaji Umaru Ibrahim, has said. He said all the depositors of the 17 defunct banks who came forward to file their claims had been paid all their money previously trapped in those banks. Source Punch Read More

Mammoth Biometric Registration Plans For Nigeria And Interpol In The Sahel - Despite registration efforts dating back to the 1980s, only around 38 percent of Nigerians have any form of ID, something the National Identity Management Commission (NIMC) is seeking to address with the recently announced $433 million in funding from the World Bank, EU and others. Source Biometric Update Read More

BPE Canvasses Privatisation Of FG Enterprises -  The Bureau of Public Enterprises has canvassed the privatisation of Federal Government-owned enterprises to fund the proposed N10.33tn 2020 budget. The budget has a total deficit of N2.28tn. Source Punch Read More

NERC, CBN Consider Ways to Monitor Electricity Market Funds - In a bid to curb the poor remittances of power market funds by distribution companies, the Nigerian Electricity Regulatory Commission (NERC) is to set up mechanisms to rectify the Discos' unruly financial behaviours by monitoring the monthly financial inflows into the country's power market from the power distribution firms, THISDAY learnt at the weekend. Source Thisday Read More

Oil Prices Dip On Weak Demand Outlook, Supply Concerns - Oil prices eased on Monday amid persistent concerns about the global economic outlook and the impact on oil demand, while Russia again missed its target to cut oil output last month. Source Reuters Read More

Chinese Textile Firm Inaugurates 220 Mln USD Plant In Ethiopia  - Chinese textile manufacturing giant, Wuxi No. 1 Cotton Textile PLC, has inaugurated its Ethiopia branch, with an ambition to export much of its products to the international market. Source Xinhua Read More

EFCC Impounds N1billion Illegally-Mined Zamfara Gold At Abuja Airport - The Economic and Financial Crimes Commission, EFCC, has seized gold worth about $3,131,412.39 (N1,127,308, 460.39) being allegedly exported to Dubai, United Arab Emirates, illegally. According to The Nation report, EFCC named one Abba Ali Yahaya as the brain behind the deal. Daily Nigerian Read More

Tanzania Open to Talks Over $10 Billion Port Project, Daily Says - Tanzania is open to discussions with investors on the $10 billion Bagamoyo Port project, but will prioritize the interests of the East African nation, the Daily News newspaper reported, citing Tanzania Ports Authority Director General Deusdedit Kakoko. Source Bloomberg Read More


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Pension Fund Hits N9.44 Trillion - Nigeria has grown its pension fund to the tune of N9.44 trillion, it was learnt on Sunday. This is according to the pension monthly summary report for August released on October 15, a copy of which was obtained on Sunday. Source TheNation Read More


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