Nigeria in 1min: Economic, Business and Financial Headlines - 250320

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Wednesday, March 25, 2020 / 06:45 AM / By News Aggregator / Header Image Credit: @followlasg


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COVID-19 Health Updates

  • On the 24th of March 2020, Four new confirmed cases of COVID-19 recorded in Nigeria
  • Till date, Forty-two (44) cases have been confirmed, two cases have been discharged and one death from COVID-19 recorded in Nigeria
  • Of the Four (4) new cases reported on the 24th of March, one (1) is in FCT, one (1) is in Lagos State, one (1) is in Ogun State and one (1) is in Bauchi State
  • All new cases have mild to moderate symptoms and are currently receiving care.
  • A multi-sectoral national emergency operations centre (EOC), activated at level 3, continues to coordinate the national response activities. Source NCDC Read More

COVID-19 Corporate Updates March 25, 2020

1.     Proshare Nigeria removes payment on its Market Analyst platform; makes credible market data available to the public. Read More

 

2.    CIBN

COVID-19: CIBN Adjusts Programmes; Holds AGM Through Teleconferencing, Postpones April Exams.The Chartered Institute of Bankers of Nigeria (CIBN) has approved the adjustment of all its programmes scheduled to take place between March 23 and June 30, 2020 following an increase in the number of Coronavirus cases in the country. Source CIBN Read More

 

3.     SEC

SEC Nigeria Issues Advisory On COVID-19

The Securities and Exchange Commission, SEC, in furtherance of its role as the apex regulator of the Nigerian capital market has issued an advisory that would mitigate the impact of COVID-19 on capital market operations. Source SEC Nigeria Read More

 

4.    Ventures Platform

COVID-19: Ventures Platform and Lagos State Government Partner in Fight Against - Ventures Platform, the Africa-wide network that supports entrepreneurs and innovators to succeed, today announced a partnership with the Lagos State Government through its agency, The Lagos State Science Research and Innovation Council (LASRIC), in a bid to find tech-enabled solutions to address the current Coronavirus Covid-19 pandemic.  Source Read More

 

5.     COVID-19: Access Bank, Ecobank Bank Leverage Online Channels

For the financial services industry it has become a top priority as two (2) deposit money banks in Nigeria Access Bank and Ecobank announced that some of the cases confirmed had contacts with their respective bank branches. Source WebTV Read More

 


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PROSHARE ECONOMY 

FIRS Grants Tax Concessions in Response to COVID-19 - In response to the Covid-19 crisis, the Federal Inland Revenue Service on 23 March 2020 announced certain measures. Source PwC Nigeria Read More 

The Limits of Heteredox Economics Revealed, MPC Trapped and Has to Hold - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria today concluded its two-day policy meeting. The committee, at the end of the meeting agreed to hold all policy parameters constant following recent interventions by the CBN to cushion potentially adverse impacts from the recent COVID-19 outbreak. Source Proshare Read More 

Fiscal and Monetary Responses to COVID-19 Menace: Racing Against Time - In addition to its six initial policy response to the COVID-19 menace churned out on 16 March 2020, the CBN announced a N1.1 trillion stimulus to support local manufacturing & boost import substitution (90.9%) as well as ensure that laboratories, researchers, and innovators work with global scientists to patent and produce vaccines (9.1%).  Source CardinalStone Research Read More 

Crude Oil: Unsold Cargoes Forces Price Slash - Yesterday, media reports stated Nigeria has cut its official selling price of crude oil to record lows as the country looks to clear a glut of unsold April-loading cargoes before announcing its May program.  Source CSL Research Read More 

FIRS Automates Value Added Tax Filing and Collection System - The Federal Inland Revenue Service (FIRS) has issued a Public Notice informing taxpayers of automation of the Value Added Tax (VAT) Collection System. The Automated VAT Platform (VATrac) will enable efficient and seamless collection and remittance of VAT on relevant transactions in the wholesale/retail sector and direct audit/reconciliation of all VAT transactions.  Source KPMG Read More 

COVID-19 Pandemic and the Middle East and Central Asia: Region Facing Dual Shock - The impact of COVID-19 and the oil price plunge in the Middle East and the Caucasus and Central Asia has been substantial and could intensify. With three-quarters of the countries reporting at least one confirmed case of COVID-19 and some facing a major outbreak, the coronavirus pandemic has become the largest near-term challenge to the region.  Source IMFBlog Read More 

CBN Communique No. 129 of the MPC Meeting - Mar 24-25, 2020 - The Monetary Policy Committee (MPC) met on the 23rd and 24th March 2020, amidst heightened uncertainty in the global macroeconomic environment arising from major disruptions associated with the outbreak of the Coronavirus Disease (COVID-19) and the oil price war between Saudi Arabia and Russia. Source CBN Read More 

The Oil Price Rebound Won't Last - OIR 240320 - Stocks jumped at the start of Tuesday trading due to progress in Washington on a stimulus package, and also on some glimmers of hope in Italy on the rate of deaths and new coronavirus cases. Oil showed some signs of life, but analysts still think that the next major move for prices is down.  Source Tom Kool of Oilprice.com  Read More 

All Commodity Group Import Index Fell by 3.27% Due Mainly to Declines in the Prices of Goods - The All commodity group import index fell by 3.27%. This was due to fall in the prices of Prepared foodstuffs, beverages, spirits; Miscellaneous manufactured articles, and Live animals and animal products. Source NBS Read More

W'Bank Wants Debt Repayments by 'Poor Countries' Suspended - The World Bank has appealed to the United States, China, the United Kingdom and other member countries of the G20 to allow, "the poorest countries to suspend all repayments of official bilateral credit," due to the ravaging COVID-19. Source Thisday Read More 

Global Investment Banks Revenue Hit $26.1b - The five largest global  investment bank revenue hit $26.1billion last year, three per cent  down, according to data gathered by LearnBonds, an international expert financial news  service. The data said trade tensions, slow growth, and low-interest rates all left their mark on the world's largest banks last year, affecting the investment banking revenue they racked up. Source TheNation Read More

 

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PROSHARE REGULATORS

SEC Nigeria Issues Advisory On COVID-19 - The Securities and Exchange Commission, SEC, in furtherance of its role as the apex regulator of the Nigerian capital market has issued an advisory that would mitigate the impact of COVID-19 on capital market operations. Source SEC Nigeria Read More

 

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PROSHARE MARKETS  

Investors Gain N20.94bn as NSEASI Inches Up by 0.19% Amid Negative Market Turnover - Equities market closed today on a positive note, as NSEASI appreciated by +0.19% to close at 21,741.16 points as against -2.24% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -19.00%.  Source Proshare Markets Read More 

COVID-19: NSE Extends Time to Submit Audited Financial Statement by Dealing Members - Following the outbreak of the Coronavirus Disease (COVID-19) and as part of the measures taken at The Exchange to respond and reduce the business and economic impacts on the activities of DMFs, The Exchange has approved a temporary suspension of the provisions of Rule 7.4: Submission of Financial and Non-Financial Reports to The Exchange Source NSE Read More 

COVID-19: Ventures Platform and Lagos State Government Partner in Fight Against - Ventures Platform, the Africa-wide network that supports entrepreneurs and innovators to succeed, today announced a partnership with the Lagos State Government through its agency, The Lagos State Science Research and Innovation Council (LASRIC), in a bid to find tech-enabled solutions to address the current Coronavirus Covid-19 pandemic.  Source Read More 

COVID-19: NSE Activates 30-day Remote Work Plan; Remote Trading to Continue - From the outbreak of the coronavirus (COVID-19) globally and the announcement of the index case in Nigeria on February 25, 2020 to the current status of 36 confirmed cases, 2 discharged cases and one death; we have kept abreast of events; sustained trading activities and prioritized the health and wellbeing of the people in our ecosystem.  Source NSE Read More

 

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PROSHARE BUSINESS 

NIS, NIMC Suspend Passport Processing, Enrolment Activities - The Nigeria Immigration Service (NIS) has suspended processing of passports and electronic registration of migrants (e-migrant registration), across the country as a result of Coronavirus. Source Guardian Read More 

Nigeria Needs $5 Billion To Meet Broadband Target - Going by the new National Broadband Plan (2020 to 2025), Nigeria would need a fresh investment of about $5 billion to be able to take Internet services to the underserved and un-served areas. Source Guardian Read More 

Fed's stimulus eases global market fears, gets cash flowing - Investors across a broad range of asset markets breathed a sigh of relief Tuesday, a day after the Federal Reserve rolled out unprecedented measures aimed at boosting liquidity and bolstering investor confidence in the face of a spreading coronavirus pandemic. Source Reuters Read More

 

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PROSHARE FINANCE 

COVID-19: Access Bank, Ecobank Bank Leverage Online Channels - With about 40 cases of the Coronavirus pandemic confirmed in Nigeria, and the first death recorded yesterday. The Federal, State governments and Corporate Nigeria have intensified efforts to contain the pandemic. Source WebTV Read More 

Philanthropic Efforts Towards COVID-19 Containment Globally - The COVID 19 pandemic has brought immense pressure on the economies of over 180 countries, from the developed markets like United States to low-income countries like Nicaragua. Source WebTV Read More 

Non-Essential Federal Public Servants to Stay and Work From Home to Check Spread of COVID-19 - As you are no doubt aware, the Federal Government has taken a number of measures to manage the identified cases of COVID - 19 and curtail its Spread. Source Office of the Head of Service of the Federation Read More 

IsDB Supports OIC Countries With $730m To Combat COVID-19 - As the Coronavirus global pandemic hits over 40,000 cases with over 14,000 deaths the Islamic Development Bank, IsDB is working assiduously to support member states of the Organization. Through a structured 'Strategic Preparedness and Response Facility' the IsDB is providing $730m to focus on mitigating the adverse impact of the pandemic. Source WebTV Read More 

COVID-19: CIBN Adjusts Programmes; Holds AGM Through Teleconferencing, Postpones April Exams - The Chartered Institute of Bankers of Nigeria (CIBN) has approved the adjustment of all its programmes scheduled to take place between March 23 and June 30, 2020 following an increase in the number of Coronavirus cases in the country.  Source CIBN Read More

COVID-19: NAICOM Extends Insurers' Account Submission Deadline - The National Insurance Commission has extended the submission of first quarter returns of insurance companies by one month as part of efforts of efforts to fight against coronavirus in the sector. NAICOM disclosed this in a circular to all insurance operators on Tuesday titled, "Palliatives as a result of the impact of coronavirus on insurance operators." Source Punch Read More 


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