Nigeria in 1min: Economic, Business and Financial Headlines - 230421

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Friday, April 23, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @followlasg


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COVID-19 Health Updates 

  • 22nd of April 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 164,588  cases (New: 100)
  • Discharged: 154,578
  • Deaths: : 2061 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY

BOFIA 2020: Impact on the Financial Services Industry - His Excellency, President Muhammadu Buhari GCFR, on 13 November 2020 signed the amended Banks and Other Financial Institutions Act, 2020 ("BOFIA 2020" or "the Act") into law. The Act repeals the erstwhile BOFIA 2004 which was originally enacted in 1991 and amended in 1997, 1998, 1999 and 2002. Source Wole Obayomi Read More

CBN Directs DMBs and Authorised Forex Dealers to Accept Lower Denominations of US Dollars - The Central Bank of Nigeria (CBN) has in recent times been inundated with complaints from members of the public on the rejection of old/lower denominations of US Dollar bills by Deposit money banks (DMBs) and other authorized forex dealers. Source CBN Read More 

19 States Lack Automated IGR Collection System - FG - Only 17 states out of the 36 states of the federation have fully automated their Internally Generated Revenue collection systems, the Federal Government said on Thursday. This implies that 19 states lack automated IGR collection systems. Source Punch Read More


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PROSHARE MARKETS

Investors Gain N1.81bn as NSEASI Inches Up Marginally by 0.01%, Amid Negative Market Turnover - Equities market closed today on a positive note, as NSEASI appreciated by +0.01% to close at 39,131.81 basis points as against +0.29% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.83%. Source Proshare Markets Read More

Understanding the Rise in Long-Term US Rates - The rise in long-term US interest rates has become a focus of global macro-financial concerns. The nominal yield on the benchmark 10-year Treasury has increased about 70 basis points since the beginning of the year. This reflects in part an improving US economic outlook amid strong fiscal support and the accelerating recovery from the COVID-19 crisis. Source Tobias Adrian, Rohit Goel, Shehervar Malik, Fabio Natalucci, IMFBlog Read More

DMO Raises Rates At Monthly Auction Once Again, As Senate Approves $2.7Bn External Borrowing Plan - Trading in the FGN market today was more active than expected, despite the monthly primary auction looming in the background. We saw improved demand at the belly and tail-ends of the bond curves, as speculators looked to pre-empt the auction rates. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS

Financial Institutions Will Fund N1.8tn COVID-19 Stimulus Package - FG - The Federal Government on Thursday said about N1.8tn of its N2.3tn COVID-19 economic stimulus package would be funded by financial institutions. It also disclosed that about N288bn from the N500bn of the package funded through the 2021 budget has so far been released, adding that it was currently in the process of releasing a second batch. Source Punch Read More

IMO Regulation: FG Charges Operators on $2bn Bunker Fuel Market - The federal government has charged modular and other refinery operators as well as fuel suppliers in the country to harness the $2 billion bunker fuel market in Africa, as the regulation by the International Maritime Organisation (IMO) limiting the sulphur in fuel oil used on board ships comes into force. Source THISDAYLIVE Read More

NDPHC, Disco Sign Agreement on 250MW Stranded Power - The Niger Delta Power Holding Company has signed a framework agreement with Benin Electricity Distribution Company to deliver additional 250 megawatts from stranded power to customers within the franchise area. Source Punch Read More

CBN to Sanction Banks, BDCs Rejecting Lower Dollar Bills - Deposit Money Banks (DMBs) and authorised Bureau De Change (BDC) operators who reject old and lower denomination of the United States dollar bills will be sanctioned, the Central Bank of Nigeria (CBN) said yesterday. Source The Nation Read More

Global Economy to Stage Vigorous Recovery; Jobs Growth to Lag - The global economy will recover this year from its coronavirus slump at a pace not seen since the 1970s as strong momentum builds in most major economies, according to Reuters polls of over 500 economists. Source Reuters Read More 

 

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PROSHARE TECHNOLOGY 

Money Aside, Can the Environment Enable Required Development? - Despite a frail 2020 for the Nigerian economy, there was a bit of silver lining. The Nigerian Information, Communication, and Technology (ICT) sector emerged as the leading segment of the economy aiding the country's exit from recession by a whisker in Q4 2020. Source CSL Research Read More

 

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PROSHARE FINANCE

NAICOM Issues Public Notice on the Cancellation of Operational Licence of UNIC Insurance Plc - This is to notify the general public/policyholders that, in exercise of the powers conferred on her by enabling laws, the National Insurance Commission (NAICOM) has cancelled the operational licence issued hitherto to UNIC Insurance Plc-RIC 043 to operate as Insurance Company with effect from 25" March, 2021. Source NAICOM Read More

Olaniyi Yusuf To Speak on NASFAT, Islamic Finance and Nigeria's Economic Development - Olaniyi Yusuf is the President of Nasrul-lahi-li Fathi Society of Nigeria (NASFAT) a Nigerian Muslim prayer group with focus on youth, women and the elites. The group has over one million members and 360 locations in Nigeria. Source WebTVNG Read More

Nigeria's Pension Industry Asset Under Management Increased by 16.6% YoY to N12.25trn in Feb 2021 - PenCom's latest monthly report tells us that the assets under management (AUM) of the regulated pension industry increased by 16.6% y/y to NGN12.25trn (USD29.9bn) at end-February yet declined by -0.4% m/m. Source FBNQuest Research Read More

Ethiopian Airlines Group Launches High-End COVID-19 Testing Lab at its Hub - Ethiopian Airlines Group, Africa's leading Airline, is pleased to announce that it has joined hands with BGI Health Ethiopia, a subsidiary of China's biotech giant, the BGI Genomics Co., Ltd, to launch high-end COVID-19 testing laboratory at its main hub and the continent's busiest airport, Addis Ababa Bole International Airport. Source Ethiopian Airlines Group Read More


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