Nigeria in 1min: Economic, Business and Financial Headlines – 290518

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Tuesday, May 29, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

Non-oil exporters await promissory notes as EEG backlog hits N350 billion - Prolonged approvals from the National Assembly for non-oil export incentives under the revised Export Expansion Grant (EEG) scheme, also known as the Export Credit Certificate has further increased the backlog of unpaid incentives to at least N350 billion. Source Guardian Read More 

Borno saves N5.5 million from ghost workers - The Borno State Government has saved N5.5 billion from 11,876 ghost workers and pensioners, after a committee’s verification and biometric data exercise of serving and retired workers. Source Guardian Read More 

Nigeria-Based Fidelity Bank Ratings Affirmed; Outlook Stable - S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term issuer credit ratings on Nigeria-based  Fidelity Bank PLC (FBL). The outlook is stable. Source Proshare Read More 

FG loses $300m annually to offshore vessel berthing, says ex-NIMASA DG - Mr Temisan Omatseye, former Director- General, Nigerian Maritime Administration and Safety Agency (NIMASA), says Nigeria is losing about 300 million dollars yearly for berthing five degrees East on Nigerian waters. Source Vanguard Read More

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PROSHARE MARKETS

Equities Market Extends 7-Day Losing Streak As NSEASI Dips by -0.75% to Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.75% to close at 39, 028.51. basis points as against -1.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.05%. Source Proshare Read More 

Naira Strengthens in Parallel Market as CBN takes Measures to improve Dollar Liquidity - The Bond Market opened the week on a relatively quiet note with very little trades executed in the market. Yields rose higher by c.7bps on average due to slight sell on the shorter end of the curve. Source Proshare Read More 

CBN Mandates DMBs to Buy and Sell Forex to Travelers Over the Counter - In order to ensure that eligible travelers are able to access foreign exchange and make liquidity available in the market, the Central Bank of Nigeria (CBN) wishes to make the following release: Source Proshare Read More 

Forex: CBN Gov Emefiele leads raids on banks - The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, yesterday personally led a team of the bank’s examiners to raid banks in Abuja to track those violating forex sales regulations. Source Daily Trust Read More 

DisCos owe N112bn for electricity, fail loss reduction target in Q1 2018 - The 11 electricity Distribution Companies (DisCos) owe N112 billion as debt for energy delivered to their networks in the first three months of 2018 but failed to meet their losses reduction target, a report by the Nigerian Electricity Regulatory Commission (NERC) has shown. Source Daily Trust Read More 

Nigeria's Ibeto Cement to Get $850 Million Milost Funding -Ibeto Cement Co. Ltd., a privately owned Nigerian producer of the building material, signed a deal to get $850 million in financing from Milost Global Inc, according to the New York- based private equity firm Source Bloomberg Read More 

Report: Gas from NNPC Delivered 2,812MW of Power Daily to Nigeria in One Year - Volumes of gas supplied daily by the Nigerian National Petroleum Corporation (NNPC) to gas-based power generation plants in Nigeria between January 2017 and January 2018, was able to provide 2,812 megawatts (MW) of electricity to the country within the period, a monthly report of the corporation has disclosed. Source Thisday Read More 

CBN funds 704,928 electricity meters, 500 transformers - The Central Bank of Nigeria has provided funds to power distribution companies for the purchase of 704,928 meters and for the acquisition and installation of over 500 transformers. Source Punch Read More

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PROSHARE BUSINESS

EU plans €30bn funding shift from eastern Europe - Proposed aid reforms risk regional tension by boosting spending in south Source FT Read More 

Goldman maintains bullish outlook for oil despite fall - The global bank Goldman says it was maintaining its bullish outlook for international oil price a sharp drop in price forced by signals that leading producers Saudi Arabia and Russia would increase production. Source BUSINESSDAY Read More 

Transparency Int’l: FG Expanding Use of Opaque $670m Security Vote as Slush Fund - Anti-corruption group Transparency International (TI) Monday revealed that the Muhammadu Buhari administration has in the run-up to elections expanded the use of opaque $670 million-a-year funds that fuel graft. Source Thisday Read More 

Oil prices mixed but expected output increase drags - Oil prices were mixed in Asian trading on Tuesday, but remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply. Source Reuters Read More 

African finance leaders to debate China's yuan as a reserve currency - Xinhua - Central bankers and officials from 14 African nations will discuss the viability of using China’s yuan as a reserve currency for the region, the official Xinhua news agency said on Tuesday. Source Reuters Read More

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PROSHARE TECHNOLOGY

Bitcoin’s median transaction fee lowest since 2011 — nearing BCH - The transaction fees and time involved with Bitcoin have been some of the biggest hurdles in the adoption of the cryptocurrency as a medium of exchange. Source TNW Read More

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