Nigeria in 1min: Economic, Business and Financial Headlines - 250820

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Tuesday, August 25, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @toluogunlesi

 

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COVID-19 Health Updates

  • 24th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 52,548 cases (New: 321)
  • Discharged:  39,257
  • Deaths: : 1004 (New: 2)

Source: NCDC Read More


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PROSHARE ECONOMY 

Nigeria's GDP Contracts by -6.10% YoY in Real Terms in Q2 2020 - NBS - Nigeria's Gross Domestic Product (GDP) decreased by -6.10%(year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession. Source NBS Read More 

Nigeria's GDP Drops by -6.10% in Q2 2020, Confirming Analysts Nightmares - COVID-19 brought about more than a health pandemic it raised a contagion of negative economic forecasts for 2020 globally, Nigeria not exempted. Local economists had predicted that despite the seemingly promising Q1 2020 GDP growth rate of +1.87%, Q2 2020 would show up with less flattering numbers. Source The Analyst Read More

CBN Directs Dealers to Desist from Opening Forms M Whose Payment Are Routed Through a Buying Agent - The Central Bank of Nigeria to ensure prudent use of foreign exchange resources and eliminate incidences of over-invoicing, transfer pricing, double handling charges, and avoidable costs that are ultimately passed to the average Nigerian consumers... Source CBN Read More

CBN Directs DMB-Led Electricity Market Collections - In line with a directive of the Power Sector Coordination Working Group to improve payment discipline in the Nigerian Electricity Supply Industry (NESI), and thereby boost the overall quality of electricity generation... Source CBN Read More

Nigeria Nears Recession with 6.1% Contraction in Q2-2020 - PFI Capital - Earlier, the National Bureau of Statistics (NBS) published Nigeria's Q2-2020 GDP numbers showing a contraction of 6.1% y/y in real GDP, compared to 2.12% in Q2-2019 and 1.87% in Q1-2020. Quarter on quarter, real GDP decreased by -5.04% in Q2-2020. Source PFI Capital Read More

Nigerian Economy Needs A Soft Rebooting, Says Minister - Minister of Communications and Digital Economy, Dr. Isa Ali Pantami, has declared that Nigeria needs to reboot the entire ecosystem with digital technology to survive the present regressive economic outlook as a result of Covid-19 disruption. Source The Guardian Nigeria Read More

 

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PROSHARE MARKETS 

Investors Gain N3.78bn as NSEASI Inches Up Marginally by 0.03% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.03% to close at 25,229.12 basis points as against +0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.01%. Source Proshare Markets Read More

SEC to Enforce Capital Market Rules to Promote Investor Confidence - The Securities and Exchange Commission (SEC) has said it would strictly enforce all rules that guide the operations of the capital market to restore investor's confidence. Source SEC Nigeria Read More

Mild Bullish Performance as Average Yield Dips 7bps to 1.5%; PMA to Hold on Wednesday - Last week, the Nigerian Treasury Bills ("T-Bills") secondary market traded on mixed sentiments, as market players traded calmly due to the pressured liquidity levels (N88.0bn in the positive) at the start of the week. Source Afrinvest Read More

ACI Experiences Negative Performance - AFEX Commodities Weekly Report 200820 - The AFEX Commodities Composite experienced a decline, closing at 250.08 points in the week under review. This indicates a second consecutive week of decline in the index for the month of August. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Abu Dhabi Returns to Dollar Bond Market with Multi-Tranche Deal - Abu Dhabi is back in the dollar bond market, extending a debt binge by countries raising cash buffers to weather the pandemic. The Gulf emirate plans a three-part offering, according to a person familiar with the matter. The indicative pricing on the longest tranche of 50 years is in the 3% area, the person said, who isn't authorized to speak publicly and asked not to be identified. Source Bloomberg Read More


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PROSHARE BUSINESS 

Ecobank Launches Virtual Card for Online Payments - Ecobank has launched the virtual card, a digital payment solution for safe online payments, integrated into its digital banking channel, Ecobank Mobile. The Ecobank Virtual Card was rolled out in the recently released version of the award winning Ecobank Mobile app which is available for downloading at the Google Play and App Stores. Source Ecobank Read More

Coronation Merchant Bank launches Mobile Banking App - Nigeria's leading financial institution, Coronation Merchant Bank has once again blazed the trail in merchant banking with the launch of its mobile banking application. Source Coronation Merchant Bank Read More

Adesina Sole Candidate as AfDB Holds Virtual AGM Wednesday - The incumbent President of the African Development Bank, Dr Akinwumi Adesina, will be running as the sole candidate for president of the AfDB, for a new five-year term at the bank's next annual general meeting. Source Punch Read More

CBN to Clamp Down on Forex Abuse by Dealers - The Central Bank of Nigeria has said it is eliminating foreign exchange abuse and other practices by dealers which affect goods purchased by the average Nigerian consumers. Source Punch Read More

Federation Account Overstressed, Says Revenue Mobilisation Agency - The Federation Account of Nigeria is overstressed, the Revenue Mobilisation Allocation and Fiscal Commission has declared. RMAFC's declaration on Monday was based on the demands made on the Federation Account by the federal, state and local governments. Source Punch Read More

 

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PROSHARE FINANCE

Three Areas Digitization Will Transform Insurance - "Insurance executives are complaining that policyholders are complaining!" This is probably the most compelling statement that will enable meaningful discourse on the value of digitization as the insurance sector seeks to remain relevant along with its actors - agents, brokers, insurers, loss adjusters, actuaries, reinsurers. Source Ekerete Ola Gam-Ikon  Read More

  

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