Nigeria in 1min: Economic, Business and Financial Headlines - 140220

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Friday, February 14, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: WebTV


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PROSHARE ECONOMY 

Personal Statements By The MPC Members At The 128 MPC Meeting of Jan 23-24, 2020 - Following a tepid performance in 2019, global macroeconomic condition is expected to stabilise in 2020 as growth momentum inches up, albeit, sluggishly. According to the IMF, global growth for 2020 is projected at 3.3 percent from 2.9 percent in 2019. Source CBN Read More 

The Importance of Current Transfers for the BoP - The CBN is heading a continent-wide initiative to gather data on remittances. It would be useful for policymakers and certain industries to have an accurate idea of the end-use of inflows on this scale. The information is only available anecdotally at present. Source FBNQuest Read More 

Moody's Announces Completion of a Periodic Review of Ratings of Nigeria - Moody's Investors Service ("Moody's") reviews all of its ratings periodically in accordance with regulations -- either annually or, in the case of governments and certain EU-based supranational organisations, semi-annually. Source Moody's Investors Service Read More

OPEC Production Declined By 510,000bpd in January 2020 - Threats to global growth dominated crude oil demand, arising initially from US-Iran tension and outbreak of coronavirus. Source NOVA Merchant Bank Read More 

FG, States, Lgs Shared N8.15tn In 2019, Says NEITI - A total of N8.15tn was shared between the federal, states, local governments and other statutory recipients by the Federation Account Allocation Committee in 2019. A statement released by the Nigeria Extractive Industries Transparency Initiative on Thursday said the amount shared in 2019 was lower than the N8.52tn disbursed in 2018 by N377bn, or 4.42 per cent. Source Punch Read More 

Power Sector Loss Hits N1.7trillion - The Nigeria Electricity Regulatory Commission (NERC) on Thursday said that the entire market participants in the Nigeria Electricity Supply Industry (NESI) recorded a total of N1.7 trillion tariff-related shortfall between 2015-2019. Source TheNation Read More

  

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PROSHARE REGULATORS 

Receiving Money Transfers In Foreign Currency Detrimental - CBN - The Central Bank of Nigeria (CBN) says receiving international money transfers in foreign currencies by Nigerians is detrimental to the Naira. Ms Ozemena Nnaji, Director, Trade and Exchange in the apex bank, told the House of Representatives Committees on Diaspora, Banking and Currency, and National Planning at an investigative hearing on Thursday in Abuja. Source Vanguard Read More 

Nigerians Will Not Invest In Discos In Their Current State - SEC - The Securities and Exchange Commission (SEC) has said investors will not be willing to stake funds in power Distribution Companies of Nigeria (Discos) if they approach the capital market for listing in their current state. Source Dailytrust Read More

 

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PROSHARE MARKETS 

NCM2020 (25) - NASD USI Records -5.82% Loss in 2019 - The NASD OTC Market recorded a remarkable performance in Q1 2019 with +2.31% gain recorded. Source Proshare Read More

Investors Lose N7.08bn; NSEASI Dips By -0.05%; Erases Previous Day Gain - Equities market closed today on a negative note, as NSEASI depreciated by -0.05% to close at 27,864.84 points as against +0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.81%. Source Proshare Read More 

Treasury Bill Yields Fall As Investors Rejuggle Portfolios - Investors began reconsidering portfolio composition towards the end of 2019 as monetary policy changes caused Treasury Bill (T-bill) rates to slide. The treasury bills market went bearish from the beginning of Q4 2019 as treasury stop rates dipped (see chart 1 below). Source Proshare Read More 

Invest in FGN Monthly Bond Auction - February 2020 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for... Source DMO Read More 

NB Declares N16.11bn PAT in 2019 Audited Results; Proposes N1.51k Final Dividend;(SP:N51.50k) - Nigerian Breweries Plc released its 2019 Audited results for the period ended December 31st, 2019. Source NSE Read More 

 

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PROSHARE BUSINESS 

From CFA franc to the Eco: A Mere Name Change or Something More? - The news of a new currency adoption by some ECOWAS States has dominated headlines for the past few weeks and has also spurred questions in the minds of investors. Source United Capital Research Read More

FG, AfDB To Develop Agro-Industrial Zones For Nigeria - The Minister of State for Agriculture and Rural Development, Mustapha Shehuri, has said the ministry, in collaboration with African Development Bank, will develop special agro-industrial processing zones in the country. He said the zones would enable both local and foreign partners to advance the level of trade and investments in the agricultural sector. Source Punch Read More 

Chinese Economy Clobbered By Coronavirus But Set To Recover Soon: Reuters Poll - The coronavirus-hit Chinese economy will grow at its slowest rate since the financial crisis in the current quarter, according to a Reuters poll of economists who said the downturn will be short-lived if the outbreak is contained. Source Reuters Read More

NCC Considers New Regulation To Protect Data, Prevent Cyber Attacks - The Nigerian Communications Commission (NCC) said it is planning new regulatory instruments for additional protection of the cyber space to prevent cyber attacks, and ensure safe networks for users without compromising national security. Source Guardian Read More


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PROSHARE FINANCE 

Sukuk Issuance Rose in 2019 as Diversification Continues - Global sukuk issuance rose 6% in 2019 as the range of issuers and investors broadened, although supply is still concentrated geographically, Fitch Ratings says. Source Fitch Ratings Read More

 

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