Nigeria in 1min: Economic, Business and Financial Headlines - 230320


Monday, March 23, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: @followlasg


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COVID-19 Health Updates

  • On the 22nd of March 2020, Eight new confirmed cases of COVID-19 were recorded in Nigeria
  • Till date, thirty (30) cases have been confirmed, two cases have been discharged and there has been no death from COVID-19 in Nigeria
  • Of the new cases, Six (6) are in Lagos State and one (1) in Oyo State and one (1) in F.C.T
  • A multi-sectoral national emergency operations centre (EOC), activated at level 3, continues to coordinate the national response activities. Source NCDC 

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Supplementary Budget - Is Nigeria Ready for the Pain? - On December 17, 2019, the president assented to the appropriation bill of N10.59 trillion for the 2020 fiscal year. The benchmark price on which the oil revenues was based was $57pb. However, the unexpected Covid-19 pandemic has precipated a global economic crisis of output, markets and liquidity.  Source FDC Ltd Read More 

Hiccup in Trade Activities Ahead - The latest data from the NBS in its report on foreign trade in goods for Q4 2019 show the total value of trade as N10.1trn, representing an increase of 10% on the preceding quarter. Compared with Q3, the total export value decreased by 10% q/q to N4.77trn, and the import value rose by 36% q/q to N5.35trn.  Source FBNQuest Read More 

The Most Exciting Green Startups To Watch In 2020 - The Airbnb of energy, the Uber of zero-carbon transportation, the VRBO of blockchain electricity-sharing... a collection of new startups are about to revolutionize the sharing economy - and smart money is starting to pay attention. Source Oil Price Read More 

Coronavirus Crisis Is Crushing Global GDP Growth - We have nearly halved the Fitch baseline global growth forecast for 2020 - to just 1.3% from 2.5% in the December 2019 GEO. The revision leaves 2020 global GDP USD850 billion lower than in the previous forecast. Source Fitch Ratings Read More 

The Very Real Prospect Of $5 Oil - OIR 200320 - The rebound in oil prices on Thursday didn't last long as bearish sentiment once again took hold on Friday morning, with some analysts contemplating the possibility of $5 WTI. Source Oilprice Read More 

Bankers Committee Reviews Impact of COVID-19 On Economy, Announces Support Packages - Major pharmaceutical companies like GSK, Emzor, Fidson, Neimeth, Orange Drugs, amongst others will be granted Naira and FX funding facilities, to support procurement of raw materials and equipment required to exponentially increase local drug production in Nigeria. Source WebTV Read More 

COVID-19: CBN, Bankers' Committee To Support Pharmaceutical Coys - Lagos -  As the country continues to tackle the spread of the coronavirus, the Central Bank of Nigeria (CBN) and the Bankers' Committee rose from an extraordinary meeting held in Lagos on Saturday, March 21, 2020, with the pledge to grant funding facilities (in Naira and foreign exchange) to pharmaceutical companies in the country to enable them to procure raw materials and equipment to boost local drug production in Nigeria. Source CBN Read More 

NNPC Records N5.28bn Trading Surplus - The Nigerian National Petroleum Corporation (NNPC) yesterday announced an increase in trading surplus of N5.28 billion in its December 2019 operations compared to the N3.95 billion posted in November last year, an increase of about 34 per cent. Source Thisday Read More 

FIRS Collects N338.1bn Revenue In January - The Federal Inland Revenue Service (FIRS ) has collected the sum of N338.1 billion revenue for January 2020 as against N620.2 billion tax target for the month. Source Vanguard Read More 

Lagarde's Bazooka Isn't Big Enough for This Crisis - On one thing it seems that everyone agrees. The world has changed in the last two months, and by the time the pandemic subsides, it will have changed utterly. The Archbishop of Canterbury (who started his career as an oil executive before going into the church), has likened the impact to a nuclear explosion - "the initial impact is colossal but the fallout last for years and will shape us in ways we can't even begin to predict at the moment." Source Bloomberg Read More

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What To Expect From The Markets This Week- 230320 - Global stocks rebounded on Friday as investors appeared willing to put their faith in vast stimulus moves from central banks and governments to shore up economies against the fast-spreading coronavirus pandemic. Source Proshare Read More 

CBN Responds to Global Economic Conditions; Depreciates Naira - Yields in the Bonds Markets continued its recovery, as bids improved across the curve. The most axes remained on the mid- (2028s & 2036s) to long-end (2049s), as excess funds from matured funds and coupon payments fostered continued cherry-picking of bonds by local players. Source Zedcrest Capital Read More 

Investors Lose N278.76bn WoW as NSEASI Dips by -2.35% to Close the Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by +0.54% to close at 22,198.43 points as against -3.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -17.30%. Source Proshare Markets Read More 

Price Volatility Ramped up Significantly in the Exchange and Domestic Market - AFEX Monthly Report - AFEX Commodities Exchange and the domestic market experienced marked price volatility for Maize, Soybeans and Paddy rice in February. On the exchange, month-average executed prices were lower than the Market Survey Prices for Maize, Soybeans, and Paddy rice by 5.8%, 7.7%, and 3.5% respectively. Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

9th Senate Committee On Capital Markets Says NSE Critical Player In Economic Development - The Senate Committee on Capital Markets has commended The Nigerian Stock Exchange (NSE) on its efforts to create a truly sustainable exchange hub for wealth creation and capital formation in Africa. This was expressed by the Chairman of the Committee, Senator Ibikunle Amosun, CON, during an engagement session with the Council Members and Executive Committee of The Exchange and other capital market stakeholders on Thursday, 19 March 2020.  Source NSE Read More 

Banking Stocks: ZENITHBANK Records 24.42% Gain One Week After As UBA Dips By -10.71% - Barely one week after our analysis ( Titled: Zenith Bank Share Price Hits N10.85k; Lost N249.60bn In Market CAP, -42.29% Wtd) on ZENITHBANK and by extension banking stocks, it is pertinent to note that eight (8) out of the thirteen (13) stocks reviewed has recorded price appreciation one week after.  Source Proshare Research Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 200320 - The equities market recorded negative performance - the listed equities market recorded -2.35% loss WoW while the NASD OTC also recorded loss of -2.54% Source Proshare Research Read More 

Nigerian Central Bank Sells U.S. Dollar at Weaker Rate Than Previous Peg - The Nigerian central bank has sold the U.S. dollar to local Jaiz Bank at 360 naira on the official currency market, weaker than the 306 where it was previously pegged, implying a 15% devaluation, traders said on Friday. Source Chijioke Ohuocha of Reuters, Edited by Edmund Blair and Giles Elgood Read More 

NASD Successfully Executes Business Continuity Plan (BCP) Amidst COVID-19 Pandemic - We were pleased to mark a significant milestone today at NASD OTC SECURITIES EXCHANGE as all members of staff inclusive of senior-level management successfully executed our BCP by working from home! This was a timely exercise considering the impact of the COVID-19 pandemic which has forced a large number of organisations globally to shut down their operations. Source NASD Plc Read More 

Mutual Funds To Hit N1.5tn This Year - SEC - The Securities and Exchange Commission has said that Collective Investment Scheme in the nation's capital market may hit over N1.5tn before the end of this year. Source Punch Read More 

CBN Adjusts Naira To Dollar Rates Across Forex Markets - On Friday the central bank allocated naira at N380 per dollar to the market, a move, analysts called 'technical devaluation' of the local currency. The apex bank also moved the highly pegged official rate from N306 to N360 per dollar. Source Politics Nigeria Read More

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Central Banks Deploy Record Sums To Break Financial Logjam, But May Need More - Central banks have offered trillions of dollars of support to markets in recent days to keep them from freezing up, as investors worried about the economic damage from the coronavirus and made a chaotic dash for the exits. Source Reuters Read More

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COVID-19 Pandemic: Ecobank Encourages Customers to Adopt Digital Self-Service Solutions - The Coronavirus pandemic is rightly causing a lot of anxiety globally including Nigeria.  Customers of Ecobank have been encouraged by the Bank to utilize its digital self-service solutions, including Ecobank Mobile App, Ecobank Online, EcobankPay, Ecobank OmniPlus, OmniLite and the RapidTransfer App without having to visit branches. This is as part of efforts to ensure social distancing which will help curtail the spread of COVID-19.  Source Ecobank Read More 

Experts Call For Greater Participation of Women In Science and Technology - Dr. Omobola Johnson, Senior Partner, TLCom Capital and former Minister for Information and Communication Technology and Professor Olayinka David-West, the Academic Director, Lagos Business School both agree that emphasis be laid on STEM (Science, Technology, Engineering and Mathematics) in schools, in addition to the increased participation of women in the technology.  Source WebTV Read More 

Coronavirus: Firstbank Deploys Measures to Protect Employees, Customers and other Stakeholders - Nigeria's leading financial inclusion services provider, First Bank of Nigeria Limited, has announced proactive measures it has taken to control the spread of the COVID-19 (Coronavirus) pandemic. Source Firstbank Read More 


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#PFSeries2 - Raising a Baby: The Pleasures, Pressures and Finances - A wedding is an event, marriage a journey, and child-nurturing a commitment. Children are the salt of the earth, their innocence, bravery and untainted perspective of life untouched by the biases and melancholy that life imposes on adults makes them representatives of the best of mankind. Source Proshare Read More

WHO launches Health Alert service on WhatsApp - As the Coronavirus pandemic spreads, the World Health Organization has launched a Health Alert on WhatsApp. Source WHO Read More 

BOFIA Act Should Be Reviewed To Enhance Islamic Banking In Nigeria - Abdul -Wahab Saadudeen - According to Saadudeen the framework by regulatory bodies in the banking and financial services industry, must take into cognizance the principles of Islamic Finance to create an enabling environment for its growth in Nigeria. Source WebTV Read More

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