Nigeria in 1min: Economic, Business and Financial Headlines - 220720


Wednesday, July 22, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: WebTV


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COVID-19 Health Updates

  • July 21st 2020: Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 37801 cases (New: 576)
  • Discharged: 15677
  • Deaths: 805: (New 4)

Source: NCDC Read More

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Average Prices of 1kg of Tomato Increased By 30.25% YoY in June 2020 - NBS - Selected food price watch data for June 2020 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -4.54% and increased month-on month by 2.24% to N472.83 in June 2020 from N462.46 in May 2020 while the average price of piece of Agric eggs medium size (price of one) increased year-on-year by 7.30% and month-on-month by 3.28% to N42.18 in June 2020 from N40.84 in May 2020. Source NBS Read More

Oil Jumps on the Prospect of Two Trillion-Dollar Stimulus Packages - OIR 210720 - Oil prices rose sharply on Tuesday. Despite bad coronavirus news in the U.S., which could weaken demand, there are high hopes for economic stimulus. The European Union agreed to a historic stimulus, and the U.S. Congress appears intent on passing yet another trillion-dollar economic package. Crude prices hit four-month highs on Tuesday.  Source Tom Kool of Oilprice Read More

FIRS Provides Clarifications on Administration of Stamp Duties in Nigeria - Following the recent launching of its adhesive stamp, the Federal Inland Revenue Service (FIRS) has issued a press release to provide clarifications on the administration of stamp duties in Nigeria. Source KPMG Nigeria Read More 

Communique for 2020 WIMBIZ Women in Politics (WIMPol) Webinar - The Women in Politics (WIMPol) aims at increasing the representation of women in public office through Influence and Advocacy, with the objective of growing female representation from 4% to 30%, in line with the 1995 Beijing Declaration and Platform for Action. Source WIMBIZ Read More

ISO20022: Swift Updates Timelines for Migration - The ISO20022 Standard (International Organization for Standardization 20022) is an increasingly established global language for payments messaging, currently in use in cross-border payments in over 70 Countries. Source CBN Read More

The Mystery of the Parallel Exchange Rate - As we wrote last week, there is downward pressure on the Naira in the parallel (or street) market, and by the end of the week it has declined a further 1.1% to N470/US$1. This contrasts with the NAFEX market (also known as the I&E Window) where it was broadly stable on the week, closing at N388.13/US$1, though turnover continued to be low. Source Coronation Capital Read More

Nigeria: 2020 Mid-Year Outlook - Into the Night - The twin evils of COVID-19 and oil price shock are likely to cause a deterioration in the domestic economy in 2020, with a potential spillover into the first few quarters of 2021. The viral spread came at a time when budgetary space to absorb shocks is limited by weak oil prices. Source CardinalStone Research Read More

SGF Inaugurates CBN Body of Experts for Health Sector R and D - The Secretary to the Government of the Federation (SGF), Boss Mustapha, on Monday, July 20, 2020, in Abuja, inaugurated the Body of Experts (BoE) for the Healthcare Sector Research and Development Intervention Scheme (HSRDIS) established by the Central Bank of Nigeria (CBN). Source CBN Read More

CBN Keeps Rates The Same - The Nigerian apex bank is grappling with how to evolve an orderly exchange rate adjustment mechanism for a currency market that is highly segmented and fast becoming a speculators paradise. It has also been able to persuade banks to increase total credit to the economy by 21.47% to N18.9trn. Source FDC Read More

IMF Managing Director Urges Further Action to Secure a Resilient Recovery - Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the virtual meeting of the Group of 20 (G20) Finance Ministers and Central Bank Governors, chaired by Saudi Arabia. Source IMF Read More

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Investors Lose N49.63bn as NSEASI Dips Further by -0.39% Amid Positive Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.39% to close at 24,174.45 basis points as against -0.07% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.94%.  Source Proshare Markets Read More

ACI Experiences a Slight Drop in Performance - AFEX Commodities Weekly Report 160720 - The AFEX Commodities Index composite experienced a marginal decline in market activity, averaging 244.05 points in the week under review. The index performance declined by 3.24% w-on-w primarily due to the negative market performance of the Soybean sub-index of the exchange against previous weeks performance. Source Kainosedge Consulting for AFEX Commodities Exchange  Read More 

African Fund Managers Look for Governance in New Markets - Governance, good regulation and availability of market data and prices help African fund managers decide on investing into other African markets, according to a survey of 50 African asset-managers for the African Exchanges Linkage Project (AELP) project. Source NSE Read More

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Lolu Akinwunmi to Speak on Prospects for PR and Advertising Businesses In H2, 2020 - Lolu Akinwunmi is an expert in Marketing and Advertising and is the Group CEO of Prima Garnet Africa and Chairman of Nitro 121. He is a fellow of the Advertising Practitioners Council of Nigeria. APCON and National Marketing Institute of Nigeria. Source WebTV Read More

Nigeria, Others Import $650bn Goods from Outside Africa - FG - Nigeria's National Action Committee on the African Continental Free Trade Area on Monday said Nigeria and other countries on the continent spend $650bn annually importing goods and services from the rest of the world. Source Punch Read More

NERC Mulls Fresh Measure to Unbundle TCN - The Nigerian Electricity Regulatory Commission (NERC) has indicated its willingness to cede part of the Transmission Company of Nigeria (TCN) to customer groups and market participants in a fresh move aimed at revitalising electricity service delivery in Nigeria. Source THISDAYLIVE Read More

Nigeria Needs Fiscal Sustainability to Achieve AfCFTA Gains - Worried by the effects of COVID-19 on economies within the continent, analysts and auditing firms have stressed the need for Nigeria to be self-sufficient by ensuring fiscal sustainability to achieve the gains of the African Continental Free Trade Area Agreement (AfCFTA). Source Guardian Read More

Unified Exchange Rate'll Attract $25bn Diaspora Remittances - ABCON -  The Federal Government's move to unify multiple exchange rates in the country will attract over $25bn diaspora remittances according to currency exchange operators. Source Punch Read More

Euro Stands Tall as Investors Bet Recovery Hampers Dollar, Stocks Up - The euro stood at an 18-month high, silver soared and commodities forged ahead on Wednesday, as economic recovery hopes drove bets on rebounding world demand and a falling U.S. dollar. Source Reuters Read More

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Firstbank Convenes SMEConnect Webinar, Promotes Growth of the Educational Sector - First Bank of Nigeria Limited, Nigeria's premier and leading financial inclusion services provider, has announced the convening of a Business Clinic to promote the growth and sustainability of the educational sector, especially in the light of the coronavirus which is having an adverse effect on the operations of schools across the world. Source First Bank Read More


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