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Nigeria in 1min: Economic, Business & Financial Headlines – 140417

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April 14, 2017 7:40 AM / Proshare News 

PROSHARE ECONOMY
CPI Drops to 17.26% in March 2017, 0.52% Lower Than 17.78% February Rate - On a Headline basis, the Consumer Price Index (CPI) which measures inflation increased by 17.26 percent (year-on-year) albeit at a slower pace in March 2017, 0.52 percent points lower from the rate recorded in February (17.78) percent.  Source Proshare Read More 

Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17 - The transport fare watch report for March 2017 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (okada) per drop; and  water way passenger  transport. Source Proshare Read More 

Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - March 2017 - Average price paid by consumers for premium motor spirit (petrol) increased by 10.1% year-on-year and decreased by -0.3% month-on-month to N149.4 in March 2017 from N149.8 in February 2017.Source Proshare Read More 

FG reduces documents for import, export - The Federal Government has approved a reduction in the number of documents needed for both exports and imports in furtherance of its Enabling Business Environment initiative. Source Punch Read More 

FIRS’ e-VAT Platform Nets N2.5bn from Three Airlines - The Federal Inland Revenue Service (FIRS) raked in N2.5 billion from three domestic airlines between 2014 and 2017 through its automated Value Added Tax (VAT) remittance platform, VAT Collect. Source Thisday Read More 

Kwara presents $162m loan request to World Bank - Kwara State Governor, Dr Abdulfatah Ahmed has presented a request for $162m to the World Bank for infrastructure development in the state. Source Daily Trust Read More 

3,533 aircraft, 170,000 passengers roll through Kaduna airport - Some 3,433 aircraft and 170,150 passengers have gone through Kaduna International Airport in the past 35 days. Source Daily Trust Read More 

World Bank lists conditions to release $1bn funding for Nigeria’s power sector  - Nigeria would need to enforce corporate governance from power sector operators, make a definite policy statement on tariff, see to market discipline and develop a coherent strategy to resolve militancy, to secure the $1 billion  funding it seeks for the power sector from the World Bank. Source BUSINESSDAY Read More 

Court stops NIPOST from collecting N50 stamp duty - The Federal High Court in Abuja, on Thursday, stopped the Nigerian Postal Services, NIPOST, from further collecting N50 on stamp duty. Source Vanguard Read More 

Cote D’Ivoire, Senegal, others beat Nigeria on global trade Logistics Index - COTE D’Ivoire, Senegal and Sao Tome have beaten Nigeria to the fourth position in the World Bank new global trade Logistics Performance Index (LPI) for the year 2016. Source Vanguard Read More 

Customs to Issue Licenses for Bonded Vehicle Terminals across Nigeria-To eliminate the difficulties experienced by importers and agents desperately looking for funds to clear their vehicles from the ports to avoid losing them as overtime cargoes, the Nigeria Customs Service (NCS) is set to issue licenses for establishment of Inland bonded vehicle terminals across the country. Source Thisday Read More 

German multinational injects N7bn into Nigerian economy - A German multinational, Beiersdorf Global, says it has invested N7bn in skincare products in Nigeria, describing the country’s economy as promising. Source Punch Read More 

Hyundai slashes prices of Nigeria-made vehicles - Hyundai Motors Nigeria Limited says it has cut the prices of its locally made vehicles in the B-segment, in a move expected to increase the number of brand new small vehicles on the nation’s road. Source Punch Read More 

 

PROSHARE REGULATORS
CBN raises limit on banks’ foreign loans by 66% - The Central Bank of Nigeria, CBN, yesterday, raised the limit on banks’ foreign currency loans, including Eurobonds, to 125 per cent of shareholders’ funds. Source Vanguard Read More

Unclaimed dividends: SEC opens database of unregistered investors - The Securities and Exchange Commission, SEC, has again demonstrated  its resolve to end the incidence of unclaimed dividends in the capital market as it has opened a database of non-mandated accounts in the market. Source Vanguard Read More 

CBN to Raise Dollar Supply to BDCs to $40,000 Weekly - The Central Bank of Nigeria (CBN) has resolved to raise dollar supply to Bureau De Change (BDC) operators to $40,000 weekly from next week, up from the $20,000 it sold to the currency dealers this week, THISDAY learnt last night. Source Thisday Read More

3rd Singapore-Shanghai Financial Forum Takes Financial Collaboration To New Heights - The Monetary Authority of Singapore (MAS) and Shanghai Municipal Financial Services Office (SFSO) held the 3rd Singapore-Shanghai Financial Forum (SSFF) in Singapore today. Source Proshare Read More 

 

PROSHARE MARKETS
Market Maintains Uptrend as NSEASI Inches Up by +0.05% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.05% to close at 25,510.01 basis points, as against +0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.08%. Source Proshare Read More

More Steps to Boost FX Liquidity - The interventions following the CBN’s circulars on fx in late February brought about a convergence between the interbank and parallel market rates; last month the naira on the parallel market appreciated by about 20% to a high of N365/US$. Source Proshare Read More

Forex Market Analysis: EUR and USD Approaches The 1.0507-1.0494 Support Area - Economic data release for the US Consumer Price Index (YoY) and the US Consumer Price Index Ex Food and Energy (YoY) for March could influence the price movement of the pair. Source Proshare Read More  

Foreign investors need clarity on forex policy – NESG - The Nigerian Economic Summit Group, a private sector think-tank and policy advocacy group, has said clarity on the nation’s foreign exchange policy is necessary to lure back foreign portfolio investors into the country. Source Punch Read More 

Banks’ demand for forex drops, CBN injects fresh $100m - The series of interventions by the Central Bank of Nigeria, which have seen the injection of over $2bn in liquidity into the foreign exchange market, have forced Deposit Money Banks into reducing their demands for foreign currencies. Source Punch Read More 

Nigerian interbank rate jumps on cash shortage - Nigerian interbank lending rates rose by around 100 percentage points yesterday, as commercial lenders scrambled for cash to pay for bond purchases and cover their positions, traders said. Source Daily Trust  Read More 

Some Nigerian banks have breached FX borrowing limit: central bank - Nigeria's central bank said on Thursday some commercial lenders have breached its regulatory limit of foreign currency borrowings due to the recent fall in the value of the naira.Source Reuters Read More  

NNPC to commercialise own communication network - The Nigerian National Petroleum Corporation (NNPC), said it will commercialise some of its critical Information Communications & Technology (ICT) infrastructure in line with its bid to refocus the Corporation as a commercially viable entity Source Guardian Read More 

 

PROSHARE BUSINESS
Buhari appoints 24 new heads of government agencies - President Muhammadu Buhari yesterday appointed 24 persons to head federal government agencies. A statement announcing the appointments which are to take immediate effect was signed by the Director of Press in the Office of the Secretary to the Government of the Federation (OSGF), Bolaji Adebiyi. Source Guardian Read More

Botswana inflation inches up to 3.5 percent y/y in March - Botswana's consumer inflation inched up to 3.5 percent year-on-year in March from 3.4 percent in February, data from the statistics office showed on Thursday. Source Reuters Read More 

Zuma Curse Stalks S. Africa Banks as Bond Sales Set to Stall - Just as things were starting to look up for South African banks with economic growth and lending poised to rebound, President Jacob Zuma struck. Source Bloomberg Read More 

Saudi Debt Binge Amid Oil Gains Eases Bank Liquidity Drought - Saudi Arabia’s repeat visits to international bond markets and a partial recovery in the price of oil, its biggest export, is easing a liquidity squeeze that was hampering its financial system. Source Bloomberg Read More 

Crude Caps Third Weekly Gain as IEA Sees Market Nearing Balance - Oil capped its third weekly gain after the International Energy Agency said production cuts have brought world markets “very close to balance” and should soon deplete stockpiles that rose in the first quarter. Source Bloomberg Read More 

Asian Shares Drop as Geopolitical Unease Escalates: Markets Wrap - Stocks from Tokyo to Taiwan slipped as the U.S. bombing of Islamic State positions in Afghanistan added to geopolitical tensions. Trading was thin with many markets throughout the globe closed Friday for holidays. Source Bloomberg Read More 

Toshiba Pares Losses on Report of Apple Investing in Chips - Toshiba Corp. shares recovered after Japan’s national broadcaster reported that Apple Inc. is considering an investment of several billion dollars in its semiconductor unit, raising the prospect that the struggling electronics conglomerate will get a much-needed cash infusion. Source Bloomberg Read More 

 

 

 

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