Nigeria in 1min: Economic, Business and Financial Headlines - 110919

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Wednesday, September 11, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @DigiCommsNG

 

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PROSHARE ECONOMY

CBN Amends Guide To Charges By Banks And Other Financial Institutions In Nigeria - The CBN in 2017, issued the Guide to Charges by Banks and Other Financial Institutions in Nigeria, to moderate charges on various products and services offered by banks and Other Financial Institutions (OFls) in Nigeria. Source CBN Read More

Moody's Assigns B2 Corporate Family Rating To Interswitch Limited; Outlook Stable - Moody's Investors Service ("Moody's") has today assigned for the first time B2 long-term corporate family rating (CFR) to Interswitch Limited. The rating agency also assigned senior unsecured programme ratings of (P)B2 and Aa3.ng national scale programme ratings to Interswitch Africa One Plc's, a special purpose vehicle owned by Interswitch, NGN30 billion programme. Source Moody's Investors Service Read More

August 2019 Inflation Set to Inflect Upwards By 0.07% To 11.15% - A few skeptical analysts were of the view that the declining trend of inflation was too good to be true. The new projection from our inflation survey seems to confirm the saying that "if it is too good to be true, then it must be true". Source FDC Read More

Budget: N1.15tn Deficit Recorded In Seven Months - Between January and July this year, the Federal Government recorded a fiscal deficit of N1.15tn in its operations, figures obtained from the Central Bank of Nigeria have revealed. The 2019 budget which was signed by President Muhammadu Buhari had capital expenditure of N2.09tn, recurrent expenditure of N4.05tn, statutory transfers of N502bn, and special intervention of N500bn. Source Punch Read More

FG Targets N24trn Revenue In 3 Years - The federal government has projected the sum of N24 trillion as revenue it will generate in the next three years. The Minister of Finance, Budget and National Planning, Zainab Shamshuna Ahmed disclosed this at the Public consultative forum on the draft Medium Term Expenditure Framework and Fiscal Strategy Paper 2020 - 2022. Source Dailytrust Read More

 

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PROSHARE MARKETS

CBN Maintains OMO Auction Rate for Third Consecutive Time, Eases Market Sentiments - At the OMO auction, the Apex bank sold a total of N183.64bn across three maturities. The CBN maintained stop rates across the 80-, 185- and 346-day tenors at 11.59%, 11.79% and 13.50% respectively. Demand again was skewed to 346-day tenor, with a bid-to-cover ratio of 2.11X. Source Zedcrest Capital Read More 

NSEASI Dips Further By -0.16% As Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -0.16% to close at 27,047.58 points as against -0.21% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.94%. Source Proshare Markets Read More 

Great Nigeria Insurance Lists Shares On NASD - Great Nigeria Insurance(GNI) Plc has listed its shares on the NASD OTC Securities Exchange Plc, opening up another window for trading on the shares of the insurance company after it delisted from the Nigerian Stock Exchange (NSE). Source TheNation Read More

 

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PROSHARE BUSINESS

NSE Prepares To Launch X-Mobile To Boost Investors Participation - The Nigerian Stock Exchange (The NSE or The Exchange) is set to launch X-Mobile, a dynamic and user-friendly mobile app, to enhance investors' participation in the Nigerian capital market. Source NSE Read More 

Bill Gates Foundation To Support Nigerian Smallholder Farmers - Officials of the foundation, who were at the Federal Ministry of Agriculture and Rural Development stated that the organisation sought to explore areas of mutual cooperation with Nigeria as regards economic opportunities for smallholder farmers. Source Punch Read More

U.S. Firms Sour On Their Future In China As Trade War Bites: Amcham - The China-U.S. trade war is souring the profit and investment outlook for U.S. companies operating in the world's second-biggest economy, a survey by a prominent American business association showed. Source Reuters Read More

Rising Bond Yields Support Value Stocks Ahead Of Central Bank Meetings - Bond yields climbed and stock markets held steady on Wednesday, as hopes of easing U.S.-China tensions and diminished risk of a no-deal Brexit prompted traders to take profit before key central bank meetings. Source Reuters Read More

Banks' Credit to Economy Rises to N21trn -  Banks' credit to the domestic economy increased slightly by 0.6 per cent to N21.074 trillion at the end of June 2019, compared with the level at the end of the preceding month, data provided by the Central Bank of Nigeria (CBN) has revealed. Source Thisday Read More


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PROSHARE FINANCE 

Coronation Research Releases Outlook for Insurance Sector - From Lagoon To The Blue Ocean - Nigeria's insurance industry has not shared in the growth experienced by other Nigerian financial services, notably banks, pension funds and mutual funds. In fact, it has hardly grown in real terms over 10 years. This is according to a report from one of the leading research houses in Nigeria - Coronation Research (a part of Coronation Merchant Bank). Source Coronation Research Read More

 

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