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Nigeria in 1min: Economic, Business and Financial Headlines – 150518

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Monday, May 15, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

Average Prices of PMS, AGO, HHK and Cooking Gas – April 2018 - Average price paid by consumers for premium motor spirit (petrol) increased by 1.0% year-on-year and decreased by -7.3% month-on-month to N151.4 in April 2018 from N163.4 in March 2018. Source Proshare Read More 

Nigeria earns $6.3b FDI from oil, gas manufacturing - Over $6.3 billion has been recorded as Foreign Direct Investment (FDI) in the oil and gas sector, as well as in manufacturing this year, the  Executive Secretary, Nigeria Investment Promotion Commission (NIPC),  Yewande Sadiku, has said. Source THE NATION Read More 

NASS to present 2018 budget today - Barring last minute changes, the 2018 budget will be laid today, Tuesday, 19th May, 2018 during plenary session, BusinessDay reliably gathered. Source BUSINESSDAY Read More 

India to invest $4b in Nigeria - India is to invest some $4 billion in the Nigerian economy, Minister of Communications, Adebayo Shittu said on momday. Source BUSINESSDAY Read More 

N143.6bn is Osun’s debt profile – Govt. - Osun State Accountant-General, Kolawole Akintayo, has put the state debt portfolio at N143.6 billion, just as Governor Rauf Aregbesola assured that the debt would be fully repaid by 2019. Source BUSINESSDAY Read More 

Lagos exports N264bn finished goods from Lekki FTZ - The Lagos State government, through its Ministry of Commerce, Industry and Cooperatives, has disclosed that more than $735.8 million (about N264 billion) worth of finished goods have so far been exported from the Lekki Free Zone (LFZ) project in the last three years. Source Daily trust Read More 

Nigerian seaports are the least efficient in West Africa - Imported cargoes stay longer days in Nigerian seaports before being taken to importers’ warehouses, compared to other competing seaports in four different countries in the West African sub-region. Source BUSINESSDAY Read More

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PROSHARE REGULATORS

BCBS and IOSCO Issue Criteria for Identifying Short-term Securitisations - The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) today issued the Criteria for identifying simple, transparent and comparable short-term securitisations (the short-term STC criteria), which are available on the BCBS and IOSCO websites. Source Proshare Read More

 
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PROSHARE MARKETS

NSEASI Dips by -0.84% to Erase Previous Day Gain; Opens The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.84% to close at 40,677.61. basis points as against +0.26% appreciation recorded previously. Source Proshare Read More 

Union Bank Plc FY 2017 and Q1 2018 Conference Call and Earnings Presentation - The Key Takeaways  - Union Bank Plc held its FY 2017 and Q1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More 

Funding Rates Spike to 1-yr High as CBN Further Tightens Liquidity with FX Sale - The bond market opened the week on a relatively calm note, as it eased off slightly from the selling pressures witnessed in the previous week. Yields consequently declined by c.8bps on average, with most trades done on the 2021 and 2034 bonds. Source Proshare Read More 

Dollar Strength and Emerging Market Stress are Inseparable - “Fear of floating” is alive and well among EM central banks says Global Head of Sovereigns, James McCormack, in his latest Global Perspectives commentary. Source Proshare Read More 

Excess crude account swells as oil price leaps towards $80 - Oil price is now trending towards $80 per barrel following bullish trading that heightened yesterday in the international market which saw the price leap to $78 yesterday, up from $67 April average. Source Vanguard Read More 

NNPC extends oil lifting contracts to 2 years - The Nigerian National Petroleum Corporation (NNPC) has issued crude export contracts that are expected to last two years instead of the usual one year, trading sources familiar with the matter said yesterday. Source Daily trust  Read More 

FG, Oil Firms Lose 250,000bpd of Crude Oil to Closure of Trans-Forcados Pipeline - The federal government and oil firms operating in the western Niger Delta are losing roughly 250,000 barrels of oil per day (b/d) owing to the closure of the Trans-Forcados Pipeline, following a leakage discovered on the facility, THISDAY has learnt. Source Thisday Read More 

Power Sector Records N163.9bn Loss in First 131days of 2018 - A data of the power sector’s operations obtained from the Advisory Power Team in the Office of the Vice President, Prof. Yemi Osinbajo, has shown that the power sector lost N163.944 billion in the first 131 days of 2018- January 1 to May 11. Source Thisday Read More 

Insurgency: 80% damaged electricity installations in North-East restored – Fashola - The Federal Government on Monday said that it had restored 80 per cent of the electricity transmission and distribution installations damaged by insurgents in the North-East. Source Daily trust  Read More 

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PROSHARE BUSINESS

EU Sees $23.5 Billion in Revenue From Financial-Transaction Tax - A proposed tax on financial transactions in 10 European Union countries could generate about 19.6 billion euros ($23.5 billion) of annual revenue, though Brexit could make collection more difficult, according to a new estimate. Source Reuters Read More 

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PROSHARE TECHNOLOGY

Cryptocurrency Derivatives to Test Clearinghouses, Banks - Centrally cleared cryptocurrency derivatives could be a real-world test of clearinghouses' margining and default procedures, particularly if derivative notional volumes increase and cryptocurrencies exhibit heightened price volatility, says Fitch Ratings. Source Proshare Read more 

Zimbabwe bans banks from processing payments for cryptocurrencies - Zimbabwe’s central bank has stopped local banks from trading or processing payments linked to cryptocurrencies like bitcoin, its governor said on Monday, but stopped short of banning local cryptocurrency trading exchanges. Source Reuters Read more 

Gemini Becomes First Currency Exchange To Receive NY DFS Approval For Cryptocurrencies Trading  - New York State Department Of Financial Services Authorizes Gemini Trust Company To Provide Additional Virtual Currency Products And Services. Source Reuters Read more 

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PROSHARE FINANCE

Malaysia Leads In Advocating Convergence Of Islamic and Green Financing - Malaysia is leading efforts for convergence of Islamic and green financing following the country's issuance of the world's first green sukuk in July 2017. Source Proshare Read More 

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