Nigeria in 1min: Economic, Business and Financial Headlines - 280120

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Tuesday, January 28, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @ProfOsinbajo

 

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PROSHARE ECONOMY 

Monetary Policy Review - A Means to an End - In our strategy outlook for the year published some days back, we outlined how CBN policies over H2 19 centered on managing FX stability as well as reducing its cost of liquidity management. Source ARM Research Read More 

Nigeria's GDP Growth To Remain Sluggish In 2020 - Nonso Obikili - Nigeria's Gross Domestic Product (GDP) growth rate in 2020 will remain sluggish in 2020, the Chief Economist of BusinessDay Newspapers, Dr. Nonso Obikili, disclosed this as a keynote speaker at the Lagos Chamber of Commerce and Industry (LCCI) Business and Economic seminar. Source WebTV Read More 

CRR Increase May Not Be An Appropriate Tool to Fight Inflation - In a hawkish move, the Monetary Policy Committee (MPC) resolved to increase the cash reserve ratio (CRR) by 500bps to 27.5% at the end of its two-day meeting on 24 January, 2020. Source CardinalStone Research Read More 

Banking Sector Update - Banks May Wobble on MPC's CRR Move - In its latest meeting, the Monetary Policy Committee (MPC) announced an increase in cash reserve ratio (CRR) from 22.5% to 27.5%, the first raise since March 2016. Of all the considerations given for the surprise adjustment, the need to combat liquidity-driven inflation was notable.  Source CardinalStone Research Read More 

A Structural Deficit on the Services Account - As with the current-account deficit (Good Morning Nigeria, 14 January 2020), so did the net outflow on services improve a little in Q3 2019 as a proportion of GDP, from -7.2% the previous quarter to -6.8%. Since fx again became freely available, retail and business users have made good use of their allowances from the CBN. Source FBNQuest Read More 

FCTA Declares 53.55% of Inspected Vehicles Not Roadworthy - Federal Capital Territory Administration (FCTA) has announced that 55,545 vehicles in Abuja, representing 53.55 per cent of the vehicles inspected in 2019 failed the road worthiness test. Source Thisday Read More 

Currency In Circulation Hits N2.2tr - The report, which is for the fourth quarter of last year, was in contrast to the decline of 0.4 per cent in end of the third quarter of the same year. The development, relative to the level in the preceding quarter, reflected, mainly, the increase in its currency outside banks component, and seasonal factors. Source TheNation Read More

 

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PROSHARE REGULATORS                     

SEC Nigeria Restates Commitment To Tackling Illegal Fund Managers - The Securities and Exchange Commission, SEC, has restarted its determination to go after illegal fund managers and ensure they face the wrath of the law. Source SEC Nigeria Read More

 

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PROSHARE MARKETS 

NCM2020 (8) - Trading Statistics in 2019: Market Volume Dipped By -22.98% - Trading activities in the Nigerian equities market closed the year 2019 with  -14.60% YTD loss as against -17.81% YTD loss and +42.30% YTD gain recorded in 2018 and 2017 respectively. Source Proshare Read More

Investors Lose N39.07bn WoW As NSEASI Dips By -0.26% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.26% to close at 29,552.99 points as against +0.13% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +10.10%. Source Proshare Markets Read More 

Sell-offs Push Average Yield up to 3.5%, CBN Raises the CRR by 500bps to Curb System liquidity - The performance in the Nigerian Treasury Bills ("NT-Bills") secondary market last week was largely mixed with mild buying interests witnessed on the short end of the yield curve while the mid tenor instruments witnessed slight sell offs. Source Afrinvest Research Read More  

NSE Employees Donate Funds To Support WARIF Foundation - As part of its Employee Give-Back initiative, employees of The Nigerian Stock Exchange ("NSE" or "Exchange") have donated funds to support the initiatives of the Women at Risk International Foundation (WARIF) in Lagos during the Christmas holidays. Source Read More 

CBN Pumps $9.98bn into Forex Market in Q4 -  The data, extracted from the central bank's economic report for the fourth quarter of 2019, obtained on its website yesterday, showed that the amount represented a decline by 0.4 per cent compared with the $10.020 billion recorded in the third quarter of 2019. Source Thisday Read More


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PROSHARE BUSINESS

 FG Records N1.14tr Deficit In Three Months - The fiscal operations of the Federal Government in the fourth quarter of 2019, showed an estimated deficit of N1.14 trillion, compared with the proportionate quarterly budget deficit of N479.62 billion. Source Guardian Read More 

UK Will Set Out EU Trade Objectives Next Month - Britain said it will set out more details about its objectives for a free trade deal with the European Union next month after the country leaves the bloc on Jan. 31, Brexit Secretary Stephen Barclay said. Source Vanguard Read More 

Stocks Crumble As China Virus Toll Mounts, Safe Havens In Demand - Asian stocks extended a global selloff on Tuesday as China took more drastic steps to combat a deadly new coronavirus, while bonds shone on expectations central banks would need to keep stimulus flowing to offset the likely economic drag.  Source Reuters Read More 

Exxon at a 10-Year Low Shows Challenges for Oil's Biggest Major - Once the gold-standard of Big Oil, the stock closed Monday at its lowest since October 2010, amid a slump in oil prices due to concerns about weak demand coupled with a glut. The S&P 500 also posted its worst one-day decline since October. Source Bloomberg Read More 

 

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PROSHARE MSME 

Zenith Bank Empowers Nigerian SMEs, Partners Facebook On SME Digital Workshop - Nigeria's leading financial institution, Zenith Bank Plc, has reaffirmed its commitment to support local Small and Medium Scale Enterprises (SMEs) with the introduction of the 'Zenith Bank SME Digital Workshop' to provide free digital training for business owners.Source Zenith Bank Read More

Networks Key To Driving Women Entrepreneurship In Africa - Dr Natasha Mwila - According to Diarietou Gaye, the  Director of Strategic Operations, World Bank Africa Office, the continent is the only region in the world where more women than men choose to become entrepreneurs, a phenomenon that is not the subject of adequate discussion. Source WebTV Read More

 

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