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Nigeria in 1min: Economic, Business & Financial Headlines – 100117

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January 10, 2017 7:35 AM / Proshare News 

 

PROSHARE ECONOMY
Is The Official Exchange Rate of N305 Realistic & When Can We Expect Uninterrupted Supply of FOREX? - The exchange rate of N305/$ is neither a realistic nor an effective price of the currency at this time. This is because you cannot get dollars at this price unconditionally. In the parallel market, the naira is trading at N495/$, whilst transfers are going at N505/$. Source Proshare Read More 

When Do You Think The Economy Will Recover And Why Should I Not Relocate? - First, it is important to note that an economic recovery is a process and not an event. Like a patient recuperating from malaria, the symptoms of recovery start to manifest when you are able to tolerate little quantities of food at first before a return to normal consumption. Source Proshare Read More 

My Investment Portfolio Dropped Less Than 50% In Dollar Terms, What Should I Do? - The performance of the stock market doesn’t foster such confidence as the NSE All Share Index lost 6.17% in 2016. Source Proshare Read More 

Nigeria As An Import Dependent Economy - Outlook for Commodities and Impact on Ordinary People - Nigeria is a commodity dependent economy and when there is a boom, the economy thrives, in a burst they suffer. According to the economic complexity index, Nigeria is the 52nd largest importer in the World and commodities like wheat, corn, rice, raw sugarcane, dairy products consume over $22bn of foreign exchange annually. Source Proshare Read More 

Am I to Expect Improved Power Supply in 2017? - The power grid currently has an installed generation capacity of about 12, 500MW of which 10, 500 is generated from gas and 2,000MW from hydro plants. Yet, the power grid currently produces about 2,000MW – 4,000MW and only peaked at 5, 074.7MW before the valentine day massacre in the creeks of the Niger Delta. Source Proshare Read More 

The Abuja Airport and Its Scheduled Closure - The federal government is extremely important and all the headquarters including the Central Bank, NNPC, and SEC are all in Abuja. Therefore, Abuja is a stop that has to be made if business is to be done in Nigeria. Source Proshare Read More 

Senate Passes 2017-2019 MTEF on Thursday - As the National Assembly resumes from its three weeks of Christmas and New Year break today, the Senate has announced its preparedness to pass the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) this week to pave the way for deliberations on the 2017 budget. Source Thisday Read More 

FG to boost cocoa exports, others with N377m - The Federal Government is proposing to spend a total of N377.4m to boost the eport of some agricultural produce to other countries Source Punch Read More 

Customs generated N898bn as revenue in 2016 – Spokesman - The Nigeria Customs Service has generated N898 billion as revenue in 2016, including VAT, says the service Spokesman, Mr Joseph Attah. Source Daily Trust Read More 

C’River Govt loses N130m revenue to ghost Cocoa farmers- Gov’s Aide - Cross River Government lost over N130 million revenue in 2016 due to allocation of cocoa farms to ghost farmers, Oscar Ofuka, Special Adviser to Governor Ben Ayade on Cocoa Development, has said. Source BUSINESSDAY Read More 

Port Operators Lose N58.9bn In 8 Years To Forex, CPI - Seaport terminal operators in Nigeria have lost about N58.9billion to the rising foreign exchange scarcity, Consumer Price Index (CPI) among others in eight years. Source Leadership Read More

 

PROSHARE REGULATORS
CBN Releases N7.29bn Agric Fund To 55,474 Beneficiaries - A total of facility of N7.293 billion was disbursed to 52,474 companies and individuals in the agricultural sector between January and November 2016 under the Agricultural Credit Guarantee Scheme (ACGS), an initiative of the Central Bank of Nigeria (CBN). Source Leadership Read More

CBN to Meet BDC Operators on Forex Stability - The Central Bank of Nigeria (CBN)’s officials will meet bureau de change(BDC) operators today to try to find ways to eliminate the gap between the official and black market dollar rates, the association president told Reuters. Source Thisday Read More

 

PROSHARE MARKETS
Nigerian Stocks extend optimistic trading, start week bullish - The equities market closed today on a positive note, as NSE ASI appreciated by 1.25% to close at 26,580.22 basis points, compared with the 0.15% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.10%. Source Proshare Read More 

Weaker demand sees interbank foreign exchange transactions drop to 4-month low -Trading activity in Nigeria’s Spot foreign exchange (FX) market between the banks and their clients for the week-ending December 30, 2016 stood at US$284.82 million, the lowest weekly turnover since September 16, 2016, according to data compiled by BusinessDay. Source BUSINESSDAY Read More 

Devaluation Looms for Nigeria Even as Forwards Ease on Oil - The Nigerian naira’s recovery in the forwards market may be deceptive. The currency is destined to weaken, however long policy makers hold out. Source Bloomberg Read More 

NNPC deficit rises to N18.7bn over oil search in Bauchi, Rivers - THE Nigerian National Petroleum Corporation, NNPC, yesterday, stated that its ongoing search for crude oil in the Benue Trough in Bauchi State and in Rivers State contributed significantly to the trading deficit of N18.72 billion it recorded in November 2016. Source Vanguard Read More 

We’ll pass PIB in 2017 – Kachikwu - Minister of State for Petroleum Resources Dr. Ibe Kachikwu has expressed confidence that the protracted Petroleum Industry Bill (PIB) would be passed this year. Source Daily Trust Read More

Fuel scarcity looms as nation’s marketers fail to repay loans - The inability of petroleum marketers to pay or service banks loans in the last two years is threatening further importation and could worsen the financial position of banks. Source Guardian Read More 

DAPPMA: NNPC Imports 90% of Petrol Consumed in Nigeria - The Nigerian National Petroleum Corporation (NNPC) is now the largest importer of petrol into the country, accounting for 90 per cent of the entire importation, the Depot and Petroleum Products Marketers Association (DAPPMA) has said. Source Thisday Read More 

Kuwait Says OPEC, Russia Will Fulfill Pledged Oil-Output Cuts - OPEC and its partners will fulfill their implementation of a deal to cut output, having already announced 60 to 70 percent of the promised curbs, Kuwait said. Source Bloomberg Read More 

Total Pays $900 Million for Control of Ugandan Oil Project - Total SA agreed to buy a stake in a project in Uganda from Tullow Oil Plc for $900 million as a recovery in crude prices accelerates the pace of deals in the energy industry. Source Bloomberg Read More 

FG Rules Out Electricity Tariff Hike for Now - The Federal Government has said that it will not approve a fresh electricity tariff hike at least for now, stating that it is still meeting with stakeholders in the country’s electricity sector, including the World Bank to provide some level of interventions to the market. Source Thisday Read More 

Banks, real owners of privatised power assets - FG - Banks are the real owners of the privatised power firms in the country because of the humongous debts owed them by the firms, the Federal Government has said Source Punch Read More 

Fashola demands audited report of DISCOs, GENCOs - Following the liquidity challenge confronting the Generation Companies, GENCOs and Distribution Companies, DISCOs, Minister of Power, Works and Housing, Mr. Babatunde Fashola, has demanded that they submit the audited reports of their accounts. Source Vanguard Read More 

Firms risk suspension of licences over N345m unpaid fines -  Some electricity firms are at the verge of losing their licences three years after privatisation for failing to comply with the rules and regulations in the power sector. Source Guardian Read More 

 

PROSHARE BUSINESS
Global Economy Watch - Predictions for 2017: Globalisation Takes A Backseat - Predicting what could happen in the future is fundamental for business planning. In this edition of the GEW, we present our view on the global economic themes we think could prevail in 2017. Source Proshare Read More

Buhari sacks FRCN boss, appoints Adedotun Sulaiman as new Chairman - President Muhammadu Buhari has approved the immediate removal and the replacement of the Executive Secretary and the re-constitution of the board of the Financial Reporting Council of Nigeria (FRN). Source Vanguard Read More 

FG Appoints New CEOs for Aviation Parastatals - President Muhammadu Buhari monday approved the appointments of four new Chief Executive Officers (CEOs) for four agencies and parastatals in the ministry of aviation. Source Thisday Read More 

Buhari Approves Appointment of Bassey, Ja’afar as Commissioners of Immigration, Others Board - President Muhammadu Buhari, has approved the appointment of Major-General Emmanuel Bassey (rtd) and Mr. Ado Abdullahi Ja’afar as Commissioners of the Civil Defence, Fire, Immigration and Prisons Services Board (CDFIPB). Source Thisday Read More

Could Financial System Stability Be Under Threat? - In 2008, the plunge in oil prices led to a belated currency devaluation. Massive outflow of FPI triggered a capital market bust and many banks were hit by stock market margin calls. By 2009, there was a full-blown banking sector crisis and in 2010, the Asset Management Company of Nigeria (AMCON) was set up to acquire toxic assets and salvage the banking system. Source Proshare Read More 

Zimbabwe's largest bank CBZ suspends local use of Visa cards - Zimbabwe's biggest banking group CBZ Holdings has suspended the use of Visa cards for local transactions due to high costs and cash shortages, its chief executive officer said on Monday. Source Reuters Read More 

Mozambique inflation eases to 25.27 percent year/year in December - Mozambique's consumer inflation slowed to 25.27 percent year-on-year in December from 26.83 percent in November, data from the statistics agency showed on Monday. Source Reuters Read More 

Ivory Coast posts deflation of -0.2 pct yr/yr in December - Ivory Coast recorded consumer price deflation of -0.2 percent year-on-year in December, down from 0.4 percent inflation in November, data from the National Statistics Institute showed on Monday. Source Reuters Read More 

Ghana's new president to name investment banker as finance minister - Ghana President Nana Akufo-Addo is likely to name investment banker Ken Ofori-Atta as finance minister, three sources close to the presidency told Reuters on Sunday. Source Reuters Read More 

South Africa's net foreign reserves fall to $40.809 bln in Dec - South Africa's net foreign reserves fell to $40.809 billion in December from $41.077 billion in November, the Reserve Bank said on Monday. Source Reuters Read More 

Tanzania inflation at 5.0 pct in year to December -  Tanzania's inflation rose to 5.0 percent in the year to December, up from 4.8 percent the previous month, the National Bureau of Statistics reported on Monday. Source Reuters Read More 

Mauritius inflation rate at 2.3 pct yr/yr in December - Mauritius' inflation rate rose to 2.3 percent year-on-year in December from 2.2 percent in November, the statistics office said on Monday. Source Reuters Read More 

Egypt Said to Begin International Bond Roadshows Next Week - Egypt will begin testing appetite for its debt in international bond markets next week with a Jan. 17 Dubai roadshow for a long-awaited Eurobond issuance, as the government seeks to raise funds two months after floating the currency. Source Bloomberg Read More 

Dollar Drops Further While Asia Stocks Are Mixed: Markets Wrap - The dollar slumped for a second day, continuing its slide from a multi-year peak at the beginning of 2017. Asian stocks were mixed, with a decline in Japan offsetting gains in Hong Kong, while oil advanced following Monday’s retreat. Source Bloomberg Read More 

Pound Falls to 10-Week Low as May Hints at Single-Market Exit - The pound fell against all major currencies as U.K. Prime Minister Theresa May’s comments over the weekend stoked fears that the U.K. will lose access to Europe’s single market. Source Bloomberg Read More 

European Stocks Decline With Banks as FTSE 100 Extends Rally - Declines in lenders dragged European stocks lower, while the U.K.’s FTSE 100 Index closed at a record for an eighth straight day. Source Bloomberg Read More 

China Factory Prices Rising Fastest in 5 Years Adds to Reflation - China’s producer price index rose at the fastest pace in more than five years in December as the factory to the world swings from being a drag on global inflation to another potential force pushing prices higher. Source Bloomberg Read More 

Mayer to Leave Yahoo Board After Sale to Verizon - Yahoo! Inc. Chief Executive Officer Marissa Mayer is among six directors who plan to leave the board of the investment company that will be left after the closing of the proposed sale of Yahoo’s main internet properties to Verizon Communications Inc. Source Bloomberg Read More 

PROSHARE FINANCE
Real Estate Market is a Function of Economic Prosperity in a Country - The excess supply of residential properties has created a glut and a supply gap. It is now a buyer’s market whereby the bargaining power of buyers has increased significantly at the expense of sellers. Source Proshare Read More 

 

PROSHARE TECHNOLOGY
Samsung’s profit jumps 50% despite losing N960bn in GN7 fiasco - Despite losing over N960bn to Galaxy Note 7 phone exploding fiasco, Samsung has recorded a 50 per cent increase in its 2016 profit. Source Daily Trust Read More 

 

 

 

 

 

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