Nigeria in 1min: Economic, Business and Financial Headlines - 230920

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Wednesday, September 23, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @GovKaduna

 

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COVID-19 Health Updates

  • 23rd of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 57,613 cases (New: 176)
  • Discharged:  48,836
  • Deaths: : 1,100 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY 

FAAC Disburses N696.18bn in July 2020 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N696.18bn to the three tiers of government in July 2020 from the revenue generated in June 2020. Source NBS Read More 

CBN Communique No. 132 of the MPC Meeting - Sep 21-22, 2020 - The Monetary Policy Committee (MPC) met on Monday 21st and Tuesday 22nd September 2020, in the light of lingering uncertainties associated with the COVID-19 pandemic and downturn in crude oil prices. Source CBN Read More 

God-wins, Edo and Lessons Learnt - The pundits who had predicted the outcome and the nature of the Gubernatorial election in Edo State got it all wrong. The Edo 2020 election may well prove to be a turning point in the management of elections in Nigeria, and if not, there are certainly lessons to be learnt from it. Source OpEd By Reuben Abati  Read More

Oil is Still Stuck at $40 - OIR 220920 - Oil prices fell on Monday on renewed concerns of coronavirus-related lockdowns. Oil edged up slightly on Tuesday. "As any new restrictions will likely be more localized, the oil demand recovery should still continue, although at a slower the pace with the easiest demand gains behind us," UBS oil analyst Giovanni Staunovo told Reuters. Source Josh Owens of Oilprice Read More

 

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PROSHARE MARKETS

NSE Post Takeover: A Whole New World-Reimagining Endless Possibilities - Stockbrokers are likely to fade away. The world of the future is one in which artificial intelligence (AI) will rip holes in the business of traditional security traders as investors receive reports quickly and seamlessly from mobile devices as market updates, business news... Source Proshare Research Read More

Investors Gain N42.09bn as NSEASI Inches Up Further by 0.31% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.31% to close at 25,574.35 basis points as against +0.01% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.42%. Source Proshare Markets Read More

CBN MPC Reduces MPR to 11.50%, Retains Other Parameters After Sept 2020 Meeting - The Monetary Policy Committee (MPC) concluded its two-day policy meeting today. The Committee members voted to reduce the benchmark interest rate by 100 basis points to 11.50% from 12.50%. Source Proshare Research Read More

NSE Just Below the Water, Nairobi Drowning - The Jo'burg all-share has outperformed its Lagos equivalent by a short distance. Nairobi (NSE20) has been the laggard, and its current performance of -34.0% ytd is worse than that seen in March/April. Source FBNQuest Research Read More

CSCS Sensitizes Financial Market Stakeholders On The Value Of Cyber-Security - Central Securities Clearing System (CSCS) Plc, Nigeria's capital market infrastructure, sustains cyber-security advocacy as it sensitizes financial market participants on the rising rate of cybercrime. Source CSCS Nigeria Read More

 

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PROSHARE BUSINESS

Nigerian-British Chamber of Commerce: The Future of Trade and Investment in Africa - Nigerian-British Chamber of Commerce (NBCC) on Thursday, September 17, 2020 hosted the Global Investment Conference in collaboration with the UK Department for International Trade, for the finale of its 2020 Trade Mission. Source NBCC Read More

EXCLUSIVE: Only You Can Deposit FX Cash into Your Dom Account, Says CBN - According to an internal memo seen by TheCable, forex cash lodgements into domiciliary accounts can only be done by the account owners. The memo said the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts. Source TheCable Read More

Gas Agreement Review Won't Raise Price - GACN - The Gas Aggregation Company Nigeria Limited has said that its decision to review existing agreements used in transactions within Nigeria's domestic gas market will not lead to hike in prices of gas. Source Punch Read More

LDR: Banks Total Credit Rises to N19.33tn - The total credit to the economy rose to N19.33tn in August as a result of the Central Bank of Nigeria's policy on the Loan to Deposit Ratio. Central Bank Governor, Godwin Emefiele, disclosed this during the Monetary Policy Committee meeting in Abuja on Tuesday. Source Punch Read More

Kyari Decries PIB Delay, Says Foreign Investors Losing Confidence - The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said there is a need for Nigeria to act fast and address the loss of foreign investors' confidence in the country's oil and gas industry. Source Punch Read More

Electricity/Fuel Price Hike: NLC, TUC Plan Total Shutdown from Sept 28 - The labour movement is set to commence strike and nationwide protest across the country from September 28, following the failure of the Federal Government to reverse the increase in the electricity tariffs and pump price of petrol. Source Punch Read More

FG: No Going Back on Water Resources Bill - The federal government has said that there's no going back in the passage of the National Water Resources Bill, currently before the National Assembly. Source THISDAYLIVE Read More

Asian Stocks Struggle to Build on Wall Street Gains, Dollar Rises - Asia's stock markets struggled to emulate Wall Street's rebound on Wednesday as persistent worries about the global economic recovery kept investors cautious, while ebbing inflation expectations helped the U.S. dollar to a two-month high. Source Reuters Read More


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PROSHARE TECHNOLOGY 

Regulating Cryptocurrency and Initial Coin Offerings: The Nigerian Perspective - Part 2 - This is the second part to the article on Regulating Cryptocurrency and Initial Offerings: The Nigerian Perspective, (read part one here). In part two, we explore Initial Coin Offerings (ICOs), how it is used to raise funds, the Nigerian legal framework on ICOs, and the pros and cons of ICOs. Source Aelex Partners Read More


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PROSHARE FINANCE 

DCSL to host Immigration Roundtable with the theme "Thriving in Unchartered Waters" - The outbreak of the global pandemic - Corona Virus Disease (COVID-19) led leaders across the world to introduce measures such as travel restrictions and other immigration-related interventions, all geared towards flattening the curve of the disease spread. Source DCSL Corporate Services Read More

 

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