Nigeria in 1min: Economic, Business and Financial Headlines - 211220


Monday, December 21, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @dabiodunMFR


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COVID-19 Health Updates

  • 20th of December 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 78,434 cases (New: 501)
  • Discharged:  68303
  • Deaths: : 1,221 (New: 3)

Source: NCDC Read More

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Personal Statements By The MPC Members At The 133 MPC Meeting of Nov 23-24, 2020 - The global economy is showing prospects of recovery from the fallouts of the COVID-19 pandemic and commodity price volatility. World output is forecast to contract by 4.4 per cent, from 4.9 per cent contraction envisaged previously by the International Monetary Fund (IMF). Source CBN Read More

Energy Stocks Soar and Oil Prices Climb - OIR 181220 - Crude oil prices held their gains this week and pushed to new highs. In midday trading on Friday, Brent was over $52. Optimism on vaccinations is outpacing the bearish winds from record Covid-19 infections in the United States. Analysts differ on what happens next, but some say oil has more room on the upside. Source Tom Kool of Oilprice Read More

Average Price of 1kg of Rice Increases by 23.46% YoY in November 2020 - NBS - Selected food price watch data for November 2020 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 6.64% and month-on-month by 1.42% to N494.72 in November 2020 from N487.81 in October 2020. Source NBS Read More

Food Prices Rising, Household Incomes Precarious - NBS - The prices of most food items increased in November this year, while the incomes for many households are still in precarious situations, the National Bureau of Statistics has said. In its Selected Food Prices Watch for November 2020, the NBS stated that selected food price watch data in the review month reflected that the average price of one dozen of agric eggs, medium size, increased year-on-year by 6.64 per cent. Source Punch Read More

NIN Registration For SIM: Why the NCC's Policy Is A Terrible Idea - This week, the Nigerian Communications Commission (NCC) made a shocking announcement: after December 30th, all SIM cards without an associated National Identification Number (NIN) will be deactivated. Source Stearsbusiness Read More

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What To Expect From The Markets This Week - 211220 - According to the National Bureau of Statistics, non-performing loans in the Nigerian banking sector declined by N42.4bn in three months. The total amount of non-performing loans in Nigerian banks declined from N1.21trn at the end of the second quarter of 2020 to N1.17trn as of Q3 2020. Source Proshare Content Read More 


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Seplat's Navigation of Funding Options, Dual Listings, Eurobond and the Cardinal Drilling Loan - With the naira stuttering over the last twelve months, corporations with dual listings in domestic and foreign markets and have Eurobond Issues outstanding may find themselves in a bit of a jam. Source Proshare Research Read More

CBN Revokes 42 Microfinance Banks' Operating Licences - The Central Bank of Nigeria has revoked the operating licences of 42 microfinance banks in the country. The Nigeria Deposit Insurance Corporation disclosed this on Friday in an announcement on its website titled 'Notice of closure of 42 microfinance banks'. Source Punch Read More

NIA Wants Risk-Based Capital Framework in Insurance Sector - The Nigerian Insurers Association has recommended the introduction of risk-based capital in the Consolidated Insurance Bill. The association described it as the right capital model for the insurance industry in order to align the Nigerian insurance market with international best practice and reposition the industry for accelerated growth and development. Source Punch Read More

How 80 Katsina Islamic Pupils Were Rescued, Say Police, Military - The Police and the military yesterday narrated how 80 pupils of Hizburrahim Islamiyya School in Mahuta village of Dandume Local Government Area of Katsina State, who were abducted by bandits on Saturday, were rescued, saying they achieved the feat after a gunfight. Source THISDAYLIVE Read More

Stocks, Sterling Unsettled As New Virus Strain Shuts UK - Asian stocks faltered on Monday as unease over a new coronavirus strain that was shutting much of the United Kingdom offset news a deal had finally been struck on a long-awaited U.S. stimulus bill. Source Reuters Read More

Oil Prices Fall Amid Worries Over New Coronavirus Strain - Oil prices slid in early trade on Monday as a fast-spreading new coronavirus strain in the United Kingdom raised concerns that tighter restrictions there and in other European countries could stall a recovery in the global economy and its need for fuel. Source Reuters Read More


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Chaka Technologies Assures Investors of Funds Security following SEC IST's Restraint - In a swift response to the Saturday afternoon public notice /release by the Securities and Exchange Commission (SEC) indicating that the Investment and Securities Tribunal (IST) had granted an interim order to restrict Chaka from advertising and offering for sale, shares, stock or other securities of NSE-listed companies. Source Proshare Tech Read More


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COVID-19: Sanwo-Olu Bans Concerts, Street Parties, Night Clubs Over Rise in Cases - Following the second wave of COVID-19 in Nigeria and increase in number of coronavirus cases in Lagos State, Governor Babajide Sanwo-Olu has banned carnivals, concerts and street parties in the State until further notice. Source Lagos State Government Read More

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