Nigeria in 1min: Economic, Business and Financial Headlines – 111218

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Tuesday December 11, 2018 / 7:00 AM / Proshare News


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PROSHARE ECONOMY

Monthly Economic and Financial Market Outlook - Will Crude Oil Market Receive the Required Stimulus?- FSDH Research has released its monthly Economic and Financial Market Outlook Report for the month of December 2018. Source Proshare Read More

 Nigeria Gross Domestic Product Q3''18: Weak Growth Momentum Continues in Q3-Nigeria’s economic growth for Q3’18 printed at 1.8% y/y, compared to Vetiva and Consensus forecasts of 1.5% y/y and 1.9% y/y respectively, driven by growth in the non-oil sector as the oil sector contracted 2.8% y/y during the period. Source Proshare Read More

Nigeria’s GDP Grew By 1.81% YoY in Real Terms in Q3 2018 from 1.50% in Q2 2018 - The nation’s Gross Domestic Product (GDP) grew by 1.81% (year-on-year) in real terms in the third quarter of 2018. Source Proshare Read More

FAAN Suspends Service Interruption In Three Airports - The Federal Airports Authority of Nigeria has suspended the planned disruption of services in Gombe, Kebbi and Bebi airports over a combined debt of N808.6m. Source Punch Read More 

 

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PROSHARE REGULATORS

Green Bond Issuance Will Finance Nigeria’s Green Economy - Mary Uduk, Ag DG SEC Nigeria -In December of 2017, Nigeria joined Poland, France and Fiji in issuing a sovereign green bond, making it the 1st in Africa and the 4th in the world. Source Proshare Read More

CBN Stops Forex For Fertiliser Importation - The Central Bank of Nigeria has included fertiliser on the list of 41 import items classified as ‘not valid for foreign exchange’ in the Nigerian forex market. Source Punch Read More

CBN, EFCC To Punish Forex Policy Violators - Sanctions await banks, their customers and businesses that abuse the Central Bank of Nigeria’s (CBN’s) policy restricting foreign exchange (forex) allocation to 41 items. Source TheNation Read More

 

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PROSHARE MARKETS

Market Sentiment Remains Negative as NSEASI Dips By -0.82% To Open The Week in Red-Equities market closed today on a negative note, as NSEASI depreciated by -0.82% to close at 30,614.73 basis points as against +0.15% appreciation recorded previously. Source Proshare Read More 

Sukuk Offer Opens at 15.743%; Average T-Bills Rate Advanced 73bps to 14.4% Sustaining Bearish Run-The Treasury Bills (“T-Bills”) market started the month on a bearish note with average rate across tenors increasing 73bps W-o-W from 13.7% to 14.4%. Source Proshare Read More

Afrinvest Stock Recommendation for The Week 101218- The downswing in the domestic stock market continued last week as the All-Share Index closed in the red, down by 0.02% W-o -W to settle at 30,866.82 points while YTD loss settled at -19.3%. Source Proshare Read More

Average Money Market Rate Rose to 8.24% to settle at 25.21%-The money market rate increased significantly last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 26.08% and 24.33% respectively. Source Proshare Read More

ICM to The Rescue for Reserves; Increased by US$170mn in November 2018 to US$42.17bn-Gross official reserves increased by US$170mn in November to US$42.17bn, and so reversed a trend of four successive monthly declines. Source Proshare Read More

December Outlook: Shopping For Santa Claus, Year End Rally on NSE-In recent times, global economic performance has turned positive, with a healthy pace of recovery judging by data emanating from the developed economies in the form of strong GDP numbers. Source Proshare Read More


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PROSHARE TECHNOLOGY

NIMC, Identity Management and National Development-At a recent Accion Microfinance Bank annual financial inclusion forum in Lagos the National Identity Management Commission represented by Mr Olufemi Fadare, shared some of the key developments in driving a centralized Unique ID system in Nigeria Africa’s most populous nation. Source Proshare Read More

2018 Africa Fintech Festival: Ecobank Nigeria CEO Speaks on Digitization and Africa - At the 2018 Africa Fintech Festival, Mr Patrick Akinwuntan CEO Ecobank Nigeria gave a keynote presentation on “Digitization and Africa”. Source Proshare Read More


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