Nigeria in 1min: Economic, Business and Financial Headlines - 240920

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Thursday, September 24, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @jidesanwoolu

 

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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: 57,724 cases (New: 111)
  • Discharged:  48,985
  • Deaths: : 1,102 (New: 2)

Source: NCDC Read More


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PROSHARE ECONOMY 

FAAC Disburses N676.41bn in August 2020 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N676.41bn to the three tiers of government in August 2020 from the revenue generated in July 2020. Source NBS Read More 

Possible Implications of MPC's 100bps Policy Rate Cut - The monetary policy committee (MPC) surprised market watchers with a 100bps reduction in its key policy rate to 11.5% at the end of its two-day policy meeting yesterday. In addition to this rate cut, the asymmetric corridor around the MPR was adjusted to +100/-700bps (previously +200/-500 bps). Source CardinalStone Research Read More

CBN's Directive on Destination Payment for all Form M, Letter of Credit and Other Forms of Payment - The Central Bank of Nigeria (CBN) issued a Circular Ref. No. TED/FEM/FPC/GEN/ 01/005 of 24 August 2020 to the effect that authorised dealers are no longer permitted to open Form M in favour of procurement companies. Source KPMG Nigeria Read More

S and P Global Ratings Affirmed First Bank of Nigeria Ltd Ratings, Outlook Stable - S&P Global Ratings today affirmed its 'B-/B' long- and short-term issuer credit ratings on First Bank of Nigeria Ltd. (FirstBank) and its nonoperating holding company (NOHC), FBN Holdings PLC (FBNH). The outlooks on both entities are stable. Source S & P Global Ratings Read More

 

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PROSHARE MARKETS 

Investors Gain N66.96bn, NSEASI Firms Up by 0.50% as Market Maintains Positive Posture - Equities market closed today on a positive note, as NSEASI appreciated by +0.50% to close at 25,783.02 basis points as against +0.31% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.95%. Source Proshare Markets Read More

NSE Post Takeover: Back of the Envelope - Ten years after the NSE underwent a stir in 2010 the market still appears a long way from earlier expectations. The Onyema US$1bn capitalization target seems to have hit a rough patch.  A combination of the poor global economy (-4.9% in 2020 by IMF projections), weak domestic production output (GDP growth was +1.87% in Q1 2020 and -6.10% in Q2 2020) and more recently an international viral pandemic has pulled the market face down. Source Proshare Research Read More

ACI Experienced a Marginal Performance - AFEX Commodities Weekly Report 170920 - The AFEX Commodities Index composite increased marginally by 0.48% as against previous week's performance, closing at 271.02 point. The increase was a result of an uptick in the price of Soybean, which increased by 1.54% as against the previous week's performance. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

CBN's Policy Response on Maize Resulted by Lean Season - AFEX Commodities Monthly Report - Local market activity in August for maize and paddy rice was marked by a double-digit percentage price increase, with market activity for maize being most pronounced amongst the commodities of focus in the current crop season.  Source Kainosedge Consulting for AFEX Commodities Exchange Read More

 

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PROSHARE BUSINESS 

Clarity and Consistency In Policy Reforms Will Attract Investments Into Nigeria -Shubham Chaudhuri - Clarity, Transparency and Consistency in economic policy reforms will attract more investments into Nigeria. The Country Director of the World Bank Office in Nigeria, Mr. Shubham Chaudhuri made this assertion as a speaker at the Nigeria-British Chamber of Commerce Advocacy roundtable which explored the theme "Economic Recovery Beyond COVID-19". Source WebTV Read More

Nigeria, Others' Production Cuts'll Rebalance Oil Markets - EIA - The production cuts by the Organisation of the Petroleum Exporting Countries and its allies are expected to result in a relatively balanced market next year, the United States Energy Information Administration said on Wednesday. Source Punch Read More

NNPC Seeks Capacity Upgrade for Indigenous Operators - The Nigerian National Petroleum Corporation has said indigenous companies operating in the nation's oil and gas sector must upscale their capacity for global competitiveness. The NNPC said this would help to achieve the target of reducing the cost of oil production in the country on a sustainable basis. Source Punch Read More

Power Firms Owe Us N160bn, Says NDPHC - The indebtedness of the power sector to the Niger Delta Power Holding Company has hit N160bn, the Managing Director, NDPHC, Chiedu Ugbo, stated on Wednesday. Source Punch Read More

Purchasing Managers' Index Contracts in September - The Manufacturing Purchasing Managers' Index (PMI) stood at 46.9 index points in September, indicating contraction in the manufacturing sector for the fifth time. Source THISDAYLIVE Read More

Manufacturers Seek Import Duty Waiver on Raw Materials - Leading manufacturers in the South-East on Wednesday, appealed to the Federal Government to grant their companies and other manufacturers in the zone waiver on import/custom duties of relevant raw materials and machines. Source Punch Read More

Corporate Groups Cheer, Investors Cry Foul as U.S. Tightens Shareholder Rights Rules - The U.S. Securities and Exchange Commission (SEC) voted 3-2 on Wednesday to make it tougher for shareholders to push companies on issues such as climate change, social justice and diversity, with Democratic commissioners dissenting against the move. Source Reuters Read More


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PROSHARE TECHNOLOGY   

EFInA Releases FinTech Landscape and Impact Assessment Study 2020 Report - Global FinTech growth is driven by a combination of factors -increased funding, modernized payment infrastructure, the rise of tech players and the sharing of data and technology. Source EFInA Read More

 

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