Nigeria in 1min: Economic, Business and Financial Headlines – 260719

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Friday, July 26, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @AfDB_Group

 

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PROSHARE ECONOMY

Post MPC Analysis: A Second Look At CBN’s July 2019 Monetary Policy – Intent and Impact - Central Bank of Nigeria, CBN, on 23 July, 2019 announced that its monetary policy rates would remain unchanged from those set earlier in May 2019. The implications will be that the following policy rates will prevail over the next three months. Source Proshare Read More

Grains of Hope for Agriculture - The agriculture sector accounts for c.20% of Nigeria’s total GDP and, according to industry sources, at least 60% of the country’s working population are smallholder farmers. Agriculture could become the backbone of Nigeria’s economy, similar to the oil sector. Source FBNQuest Read More

NSR H2 2019 (6) - GDP - Modest Growth, Not Much Solace - The Nigerian economy expanded by 2.0% YoY for the first quarter of 2019 led by improved activities in the non-oil sector even as low crude production drove a contraction in oil sector. Source ARM Read More

NSR H2 2019 (7) - Nigerian Fiscal - CBN Backdoor Financing Will Constrain Local Borrowing - In our H1 19 strategy report, we had estimated fiscal deficit over 2019 to print at N2.9 trillion – from our revenue expectation of N4.4 trillion and expenditure of N7.2 trillion – which basically formed our domestic borrowing expectation of N1.4 trillion after adjusting for CBN part funding of 34% of the projected domestic borrowing N2.1 trillion.  Source ARM Read More

FAAC Allocates N762.5bn To Three Tiers Of Govt - The Federation Account Allocation Committee on Thursday distributed the sum of N762.59bn to the three tiers of government. The amount which was distributed from the gross revenue generated for the month of June represents an increase of N82.99bn over the N679.6bn shared in the previous month. Source Punch Read More 

Fuel Subsidy Hits N206.6bn In Two Months - Within a space of two months, the amount that was spent by the Nigerian National Petroleum Corporation in subsidising Premium Motor Spirit, popularly known as petrol, rose by over 1,174 per cent; latest figures obtained from the corporation on Thursday have shown. Specifically, the corporation spent a total of N206.59bn on subsidy in January and February 2019, in contrast to N16.21bn that was spent for the same purpose in November and December last year. Source Punch Read More

Nigerians Abroad Remitted $25bn In 2018 – FG - The Federal Government has said Nigerians living abroad remitted $25bn in 2018, representing 83 per cent of the national budget in that year. The amount, it noted, was about 6.1 per cent of the Gross Domestic Product of the country. The Secretary to Government of the Federation, Boss Mustapha, who said this at the 2019 National Diaspora Day celebration, in Abuja on Thursday, explained that the figures reflected the research findings by the World Bank’s Migration and Remittances report issued in April 2018. Source Punch Read More

38.5 Million Accounts Now Have BVN Identity — NISS - According to the latest figure obtained from the NISS, the banks witnessed 1.7 million new BVN registrations in the past five months. This represents 31 per cent of the total number of bank accounts, and 53 per cent of the total number of active bank accounts, the Nigerian Interbank Settlement Scheme records have shown. Source Punch Read More 

Nigeria at Risk of Losing $15 Billion of Crisis-Era Bad Loans - Nigeria is facing the risk of never recovering about 5.5 trillion naira ($15 billion) of bad loans taken over during a banking crisis more than a decade ago. The money is almost 80% of the West African nation’s revenue target for 2019 and 62% of planned spending by President Muhammadu Buhari, amounting to 8.9 trillion naira. Source Bloomberg Read More


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PROSHARE REGULATORS

Currency Circulation Rose To N2.16tn In April — CBN - The apex bank said this in its first quarter report on currency-in-circulation and deposits. This was in contrast to the respective decline of 3.9 per cent and  four per cent at the end of the preceding month and the end of the corresponding period of 2018. Source Punch Read More 

 

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PROSHARE MARKETS

Market Players Oversubscribe FGN Bond Auction by c.200% - The Bond auction by the DMO was robustly over-subscribed by c.200%, with total subscriptions of N301bn against the N145bn offered. The allocations by the DMO were however underwhelming, with bid to cover at 3.46times the total sale of N86.82bn. Source Zedcrest Capital Read More

Market Maintains Negative Posture As NSEASI Closes Below 28,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by 0.35% to close at 27,990.61 points as against 0.20% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.94%. Source Proshare Read More

FGN Bond Yields Compress Following Robust Auction Demand - Yields in the FGN Bond market declined significantly by c.17bps, as market players reacted to the strong demand and relative under supply of bonds at the auction in the previous session. The most impact was felt on the short and mid end of the curve due, to the significant amount of unsuccessful bids and lower clearing rates on those tenors. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS

Pascal Dozie’s Goodbye; Understanding MTN’s ‘Ring Fencing’ Board Game - Pascal Dozie long-standing Chairman of Nigerian telecommunication sector giant, MTNN, has decided to step down from presiding over the company’s Board. A few analysts have seen this as an end of a Boardroom era at the company with the sagely presence of Dozie likely to be sorely missed. Source Proshare Read More

NDIC Warns Against Adoption Of Crytpocurrencies - The Managing Director, Nigeria Deposit Insurance Corporation Umaru Ibrahim on Thursday called on Nigerians to exercise caution in the adoption of cryptocurrencies as their preferred mode of financial transactions. He warned that while various forms of digital currencies currently in operation have their positive and negative attributes, those who patronize them risk losing their savings. Source Punch Read More

 

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