Nigeria in 1min: Economic, Business and Financial Headlines - 240320


Tuesday, March 24, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: @oyostategovt


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COVID-19 Health Updates

  • On the 23rd of March 2020, Ten new confirmed cases of COVID-19 recorded in Nigeria
  • Till date, Forty (40) cases have been confirmed, two cases have been discharged and one death from COVID-19 recorded in Nigeria
  • Of the Ten (10) new cases, one (1) is in Edo State, two (2) are in the Federal Capital Territory (FCT), and Six (6) are in Lagos State
  • The case in Edo State is being treated at Irrua Specialist Teaching Hospital; cases in the FCT are being treated at the University of Abuja Teaching Hospital (UATH), Gwagwalada; and the cases in Lagos State are being treated at the Infectious Disease Hospital (IDH), Yaba. All six (6) new cases have mild to moderate symptoms and are currently receiving treatment.
  • A multi-sectoral national emergency operations centre (EOC), activated at level 3, continues to coordinate the national response activities.  Source NCDC Read More

COVID-19 Corporate Updates

1.      COVID-19: Our Compliance with Lockdown and Measures Put in Place To Serve You - "We are entering a long period of uncertainty, stress and unprecedented turmoil that will test all of us. We must now all devote our time, resources and focus on how to beat this pandemic. Source Proshare Read More

2.    In the wake of an increasing number of confirmed Covid19 cases in Nigeria, some corporate organisations have activated their business contingency plans which saw quite a number of them implement remote work options for staff and shutting down non-essential business services. View updates from:

ACCESS Releases Update To Key Stakeholders on Coronavirus - COVID-19 is first and foremost a human challenge which will require all of us to come together to respond and recover from the impact of the virus. Source NSE Read More 

StarTimes ON Rolls Out Free Access To More Than 100 Channels During COVID-19 Lockdown - The pay-TV provider, StarTimes has opened up free access to more than 100 local and international channels on its streaming app, StarTimes ON during the global coronavirus lockdown. Source Broadcasting and Media Read More

COVID-19 Important Announcement - The situation unfolding around the world is unlike anything we've seen in our lifetimes and is a reminder that we're all more connected than we've ever been. To get through this we need each other - we need patience, understanding, compassion, and to do the right thing for each other. With that in mind, we wanted to reach out and share what MTN is doing in response. Source MTN Nigeria Read More

Putting You First Inspite of COVID-19 - With COVID-19 causing unforeseen disruption to well laid out plans for the year, we at FirstBank would like to reassure you that we care for you and have your best interests at heart. Source FBN Read More

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Fiscal or Monetary, Both, Neither? - The monetary policy committee (MPC) meets today and tomorrow in Abuja. As we wait to see whether it joins the 39 monetary authorities that cut benchmark rates across the world last week, we also hold our breath ahead of possible changes to the CBN's exchange-rate regime. Source FBNQuest Read More 

Monetary Policy Preview - Caught Between the Devil and the Deep Blue Sea - The Monetary Policy Committee (MPC) is set to meet again amid a global epidemic of the Covid-19 virus which has rocked global markets. At its meeting in January, the MPC hiked the Cash Reserve Requirement by 500 bps to 27.5% in order to curtail the impact of liquidity influx from FI maturity. Source ARM Research Read More 

Of Swans and Free Markets Capitalism - Lessons for Nigeria - Recent global events appear to expose the limits of the market intelligence economists. They espouse free markets and no government interventions in the markets and the economy. They seem to take economic orthodoxy as an extreme ideology on the same plane as taking religions to the extremes.  Source Dr. Temitope Oshikoya  Read More 

Coronavirus: Expect Recession Worse Than 2008 Global Crisis - IMF - The International Monetary Fund has said the global economy will slide into a recession that is "at least as bad as during the global financial crisis or worse" this year on the back of the coronavirus pandemic. The Managing Director, IMF, Kristalina Georgieva, in a statement on Monday, said many emerging markets and low-income countries were facing significant challenges. Source Punch Read More 

AfDB Supports Blue Economy with $800,000 Grant - The African Development Bank has signed an $800,000 grant agreement with the government of Seychelles to support micro, small and medium enterprises (MSMEs) in its Blue Economy sector. Source Thisday Read More 

Moody's Predicts Pressure on Banks' Assets - The Central Bank of Nigeria (CBN) last week adjusted the naira exchange rate against the dollar, a move that will cause concern for Nigerian banks' credit book and capital metrics, "as they have a high proportion of foreign-currency denominated loans," an analyst at Moody's Investors Service, Peter Mushangwe, told Bloomberg. Source Thiday Read More 

Agric-business: World Bank ranks Nigeria 7th in Africa - Nigeria has been ranked seventh in the latest World Bank's evaluation of countries' performance in agriculture and farming across Africa, behind South Africa, Kenya and Ghana, among others. Source Vanguard  Read More

Nigeria Slashes Crude Selling Prices To Woo Buyers -  Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday. Source Punch Read More 

States' Revenue Shrinks As FAAC Shares N581bn - The February allocation represents a decline of N65.79bn when compared to the N647.35bn which was shared in the month of January. The distribution was made at the end of the rescheduled meeting which was held at the headquarters of the Ministry of Finance. Source Punch Read More

Africa Needs $100 Billion Stimulus to Combat Virus - Africa needs an immediate emergency economic stimulus of $100 billion to combat the impact of the coronavirus pandemic and almost half of that could come from waiving interest payments for countries on the continent, according to the United Nations Economic Commission for Africa. Source Bloomberg Read More

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ETI Declares N99bn PAT in 2019 Audited Results,(SP:N4.90k) - Ecobank Transnational Incorporated Plc, Banking  company  in Financial Services  sector announced 9.1% Gross Earnings growth in Q4'19 Result. Source NSE Read More 

Investors Lose N259.23bn as NSEASI Dips by -2.24% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -2.24% to close at 21,700.98 points as against +0.54% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -19.15%.  Source Proshare Markets Read More 

Tweak of Exchange Rates - A Bold Move from CBN? - In what can be regarded as an unexpected yet positive move, the Central Bank of Nigeria (CBN) on Friday moved the official exchange rate from N307/US$1 to N360/US$1. At the Investors and Exporters Window (I & E), the CBN also adjusted the NGN peg upwards by 5.7%, as it raised its intervention rate to N380 from N366. Source CSL Research Read More

Average NT-Bills Yield Rises to 4.0% Amidst Mixed Investors' Sentiments; UCAP Plc CP Available - Sequel to the release of the February inflation data by the National Bureau of Statistics in which inflation rose to 12.2% Y-o-Y, performance in the Nigerian Treasury Bills ("NT-Bills") secondary market last week was largely mixed with mild buying interests observed on the mid tenor instruments while the long end of the yield curve witnessed slight sell-offs. Source Afrinvest Read More 

DANGCEM Notifies of Intention To Issue Maiden Bonds - Dangote Cement Plc announces its intention to issue its maiden series of bonds (the "Series 1 Bonds") imminently, subject to obtaining regulatory approvals and favorable market conditions. Source NSE Read More 

The Federal Reserves is Running Out of Options to Stave Off a Coronavirus Depression - These are troubling times for the US Federal Reserve. The US central bank is trying everything it knows to pull the financial markets out of their tailspin but nothing seems to work. Before Wall Street opened the Fed announced that its new plan was to provide infinite amounts of money through its quantitative easing programme. The response of traders was to shrug and carry on selling. Source The Guardian Read More 

Quiet Bond Market as COVID-19 Fears Creates Uncertainty Among Investors - The Bonds Markets opened the week on a quiet note, as we saw lethargic activities across the bond curve, stemming from the growing number of Coronavirus cases. Spread between bid and offer was wide, as market players traded cautiously ahead of the outcome in tomorrow's MPC meeting and Bond auction on Wednesday. Source Zedcrest Capital Read More

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Virus Skeptic Musk Donates Ventilators in California Crisis - Elon Musk, the chief executive officer of Tesla Inc. and an outspoken skeptic of the severity of the coronavirus outbreak, donated more than 1,000 ventilators to officials in Los Angeles to meet demand as the pandemic becomes more severe. Source Blomberg Read More

Mnuchin Hopes Deal Is 'Very Close' On $2-Trillion Coronavirus Aid Package In U.S. Senate - The U.S. Treasury secretary and the Senate Democratic leader voiced confidence late on Monday for a deal to be reached soon on a far-reaching coronavirus economic stimulus package that had been stalled in the U.S. Senate as lawmakers haggled over it. Source Reuters Read More

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IOSCO Report Examines How Existing Regulatory Principles Could Apply to Stablecoins - The Board of the International Organization of Securities Commissions today published a report identifying the possible implications of global stablecoin initiatives for securities markets regulators. Source IOSCO Read More


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Coronavirus: Oyo State Activates Emergency Operating Centres, Names Incident Manager - In its determined effort to stop the spread of the novel corona virus in the State, the Oyo State Task Force on COVID-19 has activated emergency Operating Centres (EOCs) in the State. Source Oyo State Government Read More

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