Nigeria in 1min: Economic, Business and Financial Headlines - 290321


Monday, March 29, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @jidesanwoolu

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COVID-19 Health Updates 

  • 28th of March 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 162,593 cases (New: 104)
  • Discharged:  150,308
  • Deaths: : 2048 (New: 7)

Source: NCDC Read More

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Post MPC - March 2021: Status Quo But Tightening in Sight - In line with consensus expectations, the MPC maintained status quo again. This is the 21st time in the last 24 meetings that they have left parameters unchanged. Cynics fear that status quo decisions are becoming a ritual. Source FDC Limited Read More

Average Price of 1kg of Tomato Increased by 11.33% YoY in February 2021 - NBS - Selected food price watch data for February 2021 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 15.62% and month-on-month by 1.46% to N518.30 in February 2021 from N510. 84 in January 2021. Source NBS Read More

Oil Rebounds On Suez Outage - OIR 270321 - Oil has bounced around with significant volatility this week, dragged down by slow vaccinations, lockdowns, and speculative outflows, but pushed back up on Suez Canal bottlenecks. Analyst sentiment is also all over the place. Source Tom Kool of Oilprice Read More

UK DIT joins Forces with Nigeria's Mining Community with Online Trade Show - The UK Department of International Trade (UK DIT) has announced their partnership with the organisers of Nigeria Mining Week, for the launch of an exciting digital trade show, aiming to drive collaboration between the UK and Nigeria for the development of mining activities. Source Nigeria Mining Week Read More


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Union Bank FY2020 Audited Result: Dip in Top Line Earnings but Marginal Bottom Line Growth - In the face of business headwinds induced by the coronavirus pandemic, Union Bank Plc FY2020 results showed a rise in both earnings and costs. The group equally saw asset quality improvement and a leap in loan impairment losses. Source Adaeze Nwachukwu, Proshare Research Read More

What To Expect From The Markets This Week - 290321 - According to the CBN, currency in circulation in the country declined by N50bn to N2.78trn in February 2021 from N2.83trn as of January. The CBN stated that it employed the "accounting/statistical/withdrawals & deposits approach" to compute the currency in circulation in Nigeria. Source Proshare Content Read More

Large Block Trades That Caused Selling Raises Questions About Cause - A number of large block trades on Friday which investors said caused big drops in the stocks of a clutch of companies has raised speculation about what was behind them, with Goldman Sachs said to be a bank involved in the sales. Source Reuters Read More

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CAC Encourages Companies to Apply for Creation of Entity Electronic Account - The general public is hereby informed that Companies, Business Names, and Incorporated Trustees may now apply to the Commission for the creation of Electronic Accounts for their Entities. Source CAC Read More

SEC Files Stay of Execution of the Judgement in the Suit Involving Engr Ajudua Vs SEC and OANDO - The Securities and Exchange Commission (SEC) wishes to inform the general public that it has filed a Motion for Injunction/Stay of Execution of the judgment and Order of the FCT High Court in Suit No: FCT/HC/BW/CV/347/2020, ENGINEER PATRICK AJUDUA Vs SECURITIES and EXCHANGE COMMISSION & OANDO PLC. Source SEC Nigeria Read More 

Oil Companies Flared N192.22bn Gas in 2020 - NNPC - Nigeria lost an estimated N192.22bn from January to November 2020 as international oil companies and local players flared a total of 198.12 billion standard cubic feet of natural gas. Source Punch Read More

AfCFTA: FG to Establish Remedies Authority to Tackle Fraudulent Invoicing - As part of its commitment to a successful implementation of the African Continental Free Trade (AfCFTA) Agreement, the Federal Government has said that efforts are ongoing to establish a trade remedial authority to enforce rules of origin and tighten borders against fraudulent invoicing. Source Vanguard Read More

NNPC Records N2.2tr from Petrol Sales in One Year - The Nigerian National Petroleum Corporation (NNPC) on Thursday said it generated a total of N2.197trillion from the sale of petrol between December 2019 to December 2020. Source The Nation Read More

Uganda's Coffee Exports Increase Despite COVID-19 Market Disruptions - Uganda has seen a rise in coffee export despite the COVID-19 pandemic, according to recent data from the Uganda Coffee Development Authority. Between March 2020 and February 2021, Uganda's coffee exports totalled 5.56 million bags worth $511.21 million, from 4.74 million bags worth $459.47 million the previous year, representing a 17 percent and 11 percent increase in quantity and value, respectively. Source Business Insider Africa Read More

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Introduction to Stablecoin - The Stable Cryptoasset - Cryptocurrency has been the subject of many discussions and is presently taking the world by storm. It is a digital or virtual currency designed to operate as a medium of exchange. It is secured by cryptography1, which makes it nearly impossible to counterfeit or double-spend. Source Davidson Oturu, Partner, Aelex Read More

Pantami Promises to Address Extra RoW Charges - The Minister of Communications and Digital Economy, Dr. Isa Pantami, has said the ministry would address the extraneous Right of Way charges introduced by some states. The minister gave the assurance during a telecom and Information Technology stakeholders' engagement on the new Nigerian National Broadband Plan (2020-2025) organised by the Association of Telecommunication Companies of Nigeria. Source Punch Read More 


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Firstbank Set to Hold its FirstGem Annual Conference 4.0 on Wednesday, March 31, 2021 - First Bank of Nigeria Limited, Nigeria's premier and leading financial inclusion services provider has announced the fourth edition of its annual FirstGem Conference, tagged FirstGem 4.0. The 2021 event is themed 'The Art of Negotiation' and convened to provide women with insights on the secrets of wealth management, investment, and savings. Source FirstBank Read More

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