Nigeria in 1min: Economic, Business and Financial Headlines - 281119

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Thursday, November 28, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @oyostategovt

 

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PROSHARE ECONOMY 

Nigeria's Central Bank Digs From A Pit - A Review of Year-End 2019 MPC Decision -  The Central Bank of Nigeria (CBN) has had a hard time dealing with economic headwinds in 2019. Rising inflation rate (+11.61% in October 2019) and slowly growing Gross Domestic Product (GDP) (+2.28% in Q3 2019).., Source Proshare Read More 

How CBN's September 2019 MPC Meeting Affects the Common Man - Central Bank of Nigeria's (CBN's) recent monetary policy communique indicates that the regulator has decided to maintain a constant policy at the end of the year 2019. The communique noted that it retained the monetary policy rate (MPR) at 13.5 per cent, asymmetric corridor at +200/-500 basis points around the MPR, CRR at 22.5 per cent and the Liquidity Ratio at 30 per cent. Source Proshare  Read More 

Oil Inches Higher As OPEC Optimism Returns To Markets - OIR 261119 - Oil edged back from two-month highs this week as ambiguous signals from the US-China trade talks continue to hinder global trade prospects. Source Tom Kool of OilPrice.com Read More 

Manufacturing PMI Stands at 59.3% in November 2019 from 58.2% in October 2019 - The November 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period November 12-18, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT). Source CBN Read More 

Q4 2019 Economic Outlook : A Less Threatening External Landscape - The chatter around global recession is less frequent now that the Federal Reserve has indicated time for a pause following three rate cuts. US data releases on measures of labour and consumption have stabilized. Source FBNQuest Research Read More 

Again, IMF Warns Nigeria Against Rising Debts - The IMF Senior Resident Representative and Mission Chief for Nigeria, Mr Amine Mati, has said that Nigeria's debt to gross domestic product ratio at 28 per cent has increased but is still below the average sub-Saharan Africa and Africa as a whole. Source Punch Read More 

Nigeria Generated $21bn From Oil In 2017, Says NEITI - Nigeria earned $21bn from the oil and gas sector in 2017, representing a 23 per cent increase from the 2016 figure of $17.05bn and 15 per cent lower than $24.79bn recorded in 2015. Source Punch Read More 

FG Reviews Stamp Duty, Raises Threshold To N10,000 - The Federal Government has reviewed the N50 stamp duty charges on electronic payments in the country after receiving backlash from Nigerians and industry stakeholders. A Financial Bill currently before the National Assembly stated the N50 charge would be imposed on transactions above N10,000 as against payment above N1,000 that had taken effect across the country in September. Source Punch Read More

No Border Reopening, Until Benin, Others Respect Protocols - FG - The Federal Government admitted on Wednesday that its temporary policy to close land borders was responsible for the current rising inflation in the country. But it still defended the closure, insisting that it would remain in place until the country's neighbours learnt to respect trade protocols. Source Punch Read More


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PROSHARE MARKETS 

Aramco IPO Funds May Help Offset Fresh Saudi Austerity Push - Saudi Aramco's IPO will have little direct fiscal effect, but could help offset the economic impact of renewed government austerity measures by allowing the Public Investment Fund (PIF) to boost domestic investments, Fitch Ratings says. Source Fitch Ratings Read More 

Investors Lose N44.99bn As NSEASI Dips Further By -0.35%; YTD Return Stands At -14.76% - Equities market closed today on a negative note, as NSEASI depreciated by -0.35% to close at 26,790.10 points as against -0.56% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.76%. Source Proshare Markets Read More

 

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PROSHARE BUSINESS 

CBI, Action AID, LCCI Collaborate To Strengthen Ethics and Governance For MSMEs In Nigeria - As part of its advocacy for deepening the capacity and scale of Micro Small and Medium Enterprises, MSMEs, in Nigeria the Convention on Business Integrity (CBi) in collaboration with Action Aid and the Lagos Chamber of Commerce and Industry (LCCI), hosted the formal unveiling of the "Ethics Quite Easily Demonstrated" platform in Lagos. Source Proshare Read More 

ARAACAM 2019 Explores Public Trust In Corporate Finance Reporting - The prospects for building public trust in corporate financial reporting in Nigeria came to the fore at the 2019 edition of the Association of Reporting Accountants and Auditors in the Capital market conference in Lagos. Source Proshare Read More 

Moody's: Top Kenyan Banks Have Stronger Cost-to-Income Ratios than Nigerian Banks - Kenya's three largest rated banks have stronger cost-to-income ratios than their Nigerian counterparts, despite their higher retail overhead costs, Moody's Investors Service have stated in a peer comparison report. Source Thisday Read More

Experts In Fresh Move To Address Oil, Gas Woes -  Lingering challenges bedeviling Nigeria's oil and gas sector and the wobbling economy may receive fresh insight if the Federal Government adopts a new solution being canvassed by stakeholders. Source Guardian Read More

U.S. Economy Picks Up In Third-Quarter; Data Surprise On The Upside - U.S. economic growth picked up slightly in the third quarter, rather than slowing as initially reported, and there are signs the downturn in business investment may be drawing to a close. Source Reuters Read More


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PROSHARE TECHNOLOGY   

5 Things to Know Ahead of Black Friday - November is globally recognized as the month for Black Fridays. Officially in 2019, Black Friday is expected to be on November 29, 2019. However, most retailers have launched their deals earlier than the said date. So what really is Black Friday and why should it matter to you? Source Jessica Erukunuakpor Read More 

Accion MFB to Host its 3rd Annual Financial Inclusion Seminar on December 11th, 2019 - Under the theme "Re-emerging Microfinance Banks: The Digital Reality", the third Edition of the Accion Mfb Financial Inclusion Seminar 2019, a half day seminar, will hold on 11th December 2019, at the Federal Palace Hotel, In Lagos, from 8.00 am. Source Accion MFB Read More

 

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PROSHARE FINANCE 

Legal Alert: New National Housing Fund - Summary and Critic - Shelter or Housing is one of the very important, basic needs of mankind. Unfortunately, the acquisition of Land and Houses continue to be a herculean task; principally due to an ineffective Land Tenure System, with a double-digit interest rate financial environment. Source Oserogho & Associates Read More 

How The Capital Market Supports Non-Interest Finance In Nigeria - On the sidelines of the just concluded 4th edition of the African International Conference on Islamic Finance, Proshare WebTV spoke with the MD/CEO of Lotus Capital, Mrs Hajara Adeola, who shared her insights into the role the capital market in the development of non-interest finance in the country. Source Proshare Read More 

 

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