Nigeria in 1min: Economic, Business and Financial Headlines – 280319

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 Thursday March 28, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: AsoRock

 

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PROSHARE ECONOMY

Monetary Policy Decision - Direct Hit or Own Goal? - In a surprising turn of events, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), in its second meeting of the year, voted by a majority of 6 out of 11 to cut the Monetary Policy Rate by 50bps to 13.50%, while keeping all other policy levers at previous levels. Source Vetiva Read More

Monetary Policy: MPC Springs A Dovish Surprise - The CBN Monetary Policy Committee (MPC) voted to cut the key benchmark interest rate by 50bps to 13.5%, taking the Standing Lending Facility and standing deposit facility to 15.5% and 8.5% respectively. Source ARM Read More

CBN Moves MPR After 33 Months - A Dollar Short and An Hour Late ? - The MPC made a surprise move in cutting the policy rate at yesterday’s meeting from 14% p.a to 13.5% p.a. Source FDC Read More

Nigeria Lost N234bn To Gas Flaring In 2018 –NNPC - Oil and gas firms operating in the country flared a total of 282.08 billion standard cubic feet of natural gas in 2018, amounting to a potential loss of N234bn.Data obtained by our correspondent from the Nigerian National Petroleum Corporation on Wednesday showed that the volume of gas flared last year fell slightly from 287.59 billion scf in 2017. Source Punch Read More

 

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PROSHARE REGULATORS

NAICOM Issues IFRS 9 Guideline - The National Insurance Commission (NAICOM) has issued guideline for the implementation of International Financial Reporting Standards (IFRS) 9. This follows its adoption by both the regulator and operators. Source TheNation Read More

 

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PROSHARE MARKETS

Renewed Bullish Sentiments Anticipated Following MPR Cut - The FGN Bond market traded on a quiet note, with slight demand witnessed on the 2028s towards the close of trading down to c.14.25%. Bids also strengthened on the 2023 bond, with yields closing relatively flat on the day due to slight uptick on the longer end of the curve. Source Zedcrest Capital Read More

Investors Lose N78.74bn As NSEASI Closes Below 31,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by 0.67% to close at 30,829.45basis points as against 0.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.91%. Source Proshare Read More

Investors oversubscribe March FGN Bonds by N140bn - The Debt Management Office on Wednesday said that FGN Bonds offered to investors for the month of March was oversubscribed by N140bn. In a statement made available to our correspondent in Abuja, the DMO said it offered N100bn bonds but received a subscription of N240.6bn. Source Punch Read More

Nigeria's Naira More Likely to Follow Egypt’s Playbook Than Ghana’s - For investors considering the fate of Nigeria’s naira after the central bank’s unexpected rate cut on Tuesday, Egypt may be a better guide than Ghana. Both Egypt’s and Ghana’s central banks cut their main interest rates earlier this year, surprising most analysts surveyed by Bloomberg. But their currencies reacted differently. Source Bloomberg Read More

 

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PROSHARE BUSINESS 

Transmit CAM Bill 2018 For Assent Into Law, Now - Business Community - Laws are like catalysts, they ignite action. Local and foreign investors alike are waiting anxiously to see Nigeria’s President Sign the National Assembly-passed CAM Bill 2018 into law to activate growth and kick start expansion in the fledgling MSME subsector.  Source Proshare Read More 

Automotive Council Laments $8b Yearly Import Of Used Vehicles - The National Automotive Design and Development Council (NADDC) has vowed to put a stop to yearly importation of more than 400,000 used vehicles, estimated at $8 billion, as such practice negates efficiency, safety and provide economic backwardness for the nation. Source Guardian Read More


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