Nigeria in 1min: Economic, Business and Financial Headlines - 221019


Tuesday, October 22, 2019 / 06:56 AM / By News Aggregator / Header Image Credit: @NigeriaGov

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IMF Cuts Global Growth Forecast - At the recently concluded IMF/World Bank meeting in Washington DC, IMF trimmed its growth forecast for the global economy to 3.0% (from the earlier forecast of 3.3% in April), the slowest pace since the global financial crisis over a decade ago. Source CSL Research Read More

Transcorp Consortium Selected As Preferred Bidder For Afam Electricity Generation Company - The Federal Government of Nigeria has approved the Transcorp Consortium as the preferred bidder for the Afam Electricity Generation Company. Source Transcorp Read More 

Re: Implementation of Cashless Policy: CBN Notifies of Existing Exemptions Until March 31, 2020 - Further to our previous circular on "Implementation of the Cash-less Policy" please be informed that currently, the following are the existing exemptions until March 31, 2020 when it will be reviewed. Source CBN Read More

Nigerians Spend N2.4tn Annually On Vehicle Imports - Minister of Justice and Attorney General of the Federation, Abubakar Malami, made the disclosure on Monday in Abuja while unveiling a competition on "automotive design initiative" organised by the National Automotive Design and Development Council. Source Punch Read More


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SEC To Introduce Crowdfunding Regulation - The acting Director-General, SEC, Ms. Mary Uduk, while speaking during an interview with journalists on the sidelines of the ongoing annual meetings of the World Bank and International Monetary Fund in Washington DC, said the move was aimed at protecting investors in the capital market. Source Punch Read More


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FBNH's Sober Year; Soft Top Line Earnings, Modest Bottom Line Growth 9M 2019 - FBNH has had a modest period over the first nine months of the year 2019, a weak growth in gross domestic product (GDP) and a weaker growth in consumer spending has taken its toll on the group's financial performance. Source Proshare Read More

Investors Lose N28.49bn As NSEASI Dips By -0.22% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.22% to close at 26,390.08 points as against -0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.04%. Source Proshare  Read More 

Bullish Run Extends to Fourth Consecutive Week as Average Yield on T-Bills Drops to 12.4% - The bullish streak in the Treasury Bills ("T-Bills") secondary market continued last week for a fourth consecutive week amidst the CBN intervention at the Primary Market Auction("PMA") on Wednesday as well as its Open Market Operation ("OMO") on Thursday. Source Afrinvest Research Read More 

Domestic and Foreign Portfolio Participation in Equity Trading - September 2019 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. Source NSE Read More

Afrinvest Stock Recommendation For The Week 211019 - The Afrinvest Weekly Sentiment Indicator strengthened to 2.9 points from 2.7 points recorded in the previous week. This week, we expect the bearish momentum to continue although there are opportunities for bargain hunting in fundamentally sound stocks. Source Afrinvest Research Read More

FBNH Declares N51.75bn PAT in Q3 2019 Results,(SP:N5.30k) - Today, FBN Holdings Plc released its Q3 2019 results for the period ended September 30, 2019. Source NSE Read More

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Bank CEOs Disclaim MTN over USSD Transactions Charges - Chief Executive Officers (CEOs) of commercial banks have distanced themselves from the moves by MTN Nigeria to impose charges on Unstructured Supplementary Service Data (USSD) transactions. Source Thisday Read More 

Pound Dips As Brexit Saga Drags But Hopes For Deal Lend Support - Pound fell on Monday after MPs voted to delay passing British Prime Minister Boris Johnson's Brexit deal, though losses were limited by hopes the country can eventually avoid crashing out of the EU without a divorce agreement in place. Source Guardian Read More 

Chinese Vice Foreign Minister Says Progress Made In Trade Talks With U.S  - China and the United States have achieved some progress in their trade talks, Vice Foreign Minister Le Yucheng said on Tuesday, and any problem could be resolved as long as both sides respected each other. Source Reuters Read More

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IMF Gives Updates On Digital Currencies - From the just concluded 2019 IMF/World Bank annual conference in Washington D.C, the Managing Director of the International Monetary Fund Kristalina Georgieva gave updates on the developments around digital currencies. Source Proshare  Read More

Airtel Africa Announces Partnership With Ecobank Group - Airtel Africa and Ecobank Transnational Incorporated, the parent company of Ecobank the leading pan-African banking group, have signed a partnership which will allows millions of Airtel Money and Ecobank customers across Africa to improve their access to mobile financial services and carry out a variety of mobile transactions. Source Airtel Africa Plc Read More

USSD Charges: Emefiele Advises Banks To Engage Telcos Who Can Provide Service At Low Cost - The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has advised Deposit Money Banks (DMBs) to engage Telecommunications firms who can provide USSD services in the country at the lowest practical cost. Source Proshare  Read More

Digital Loan Applications Rise As Mobile Device Use Increases - Fiserv Survey - The latest Expectations & Experiences consumer trends survey from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, finds that almost two thirds of people who have applied for loans in the past two years now do so either partially or fully online, representing a marked increase from 2018. Source Fiserv Read More


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IFC Estimates $1.5trn Annual Global Deficit For Women-Owned SMEs - The International Finance Corporation, IFC, has estimated that women-owned enterprises experience an annual deficit of about $1.5trn in required financing. Source Proshare  Read More


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