Nigeria in 1min: Economic, Business and Financial Headlines - 241120

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Tuesday, November 24, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @officialNESG


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COVID-19 Health Updates

  • 23rd of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 66,439 cases (New: 56)
  • Discharged:  62,241
  • Deaths: : 1,168 (New: 1)

Source: NCDC Read More


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PROSHARE ECONOMY

CBN Clarifies That 'Form M' May Be Processed for Purchases Made Through Third-Party Agents - The Central Bank of Nigeria (CBN) has issued a circular ("the Clarification Circular") to clarify the meaning of the term 'ultimate supplier', which was used in a recent circular (2the Circular) directing Authorised Banks to discontinue the process of opening Forms M for Nigerian importers if payments are routed through buying companies. Please refer to our earlier alert. Source Deloitte Read More

Recession: Nigeria's Economic Crisis Requires a Political Solution - It is no surprise that Nigeria has entered its second severe economic recession in five years since 2015. According to Dr. Yemi Kale, Chief Executive and Statistician-General of Nigeria's National Bureau of Statistics, Q3 2020 Real GDP contracted for a second consecutive quarter by -3.62 per cent. Source Kingsley Moghalu Read More

Ghana Holds Key Rate a Fourth Time as Economy Picks Up - Ghana's central bank keeps its key interest rate at an eight-year low as inflation edges closer to target and the economy rebounds faster than expected. Source Bloomberg Read More

 

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PROSHARE MARKETS

Investors Lose N7.86bn as NSEASI Dips by -0.04% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.04% to close at 34,121.78 basis points as against -1.46% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +27.12%. Source Proshare Markets Read More

Depletion of Global Stocks Causes Price Hikes in the International Market - Local market activity increased the most for soybean in September while paddy rice Slumped the most by 15.94 percent month on month as against trend witnessed in the past 12-months., with market activity of paddy being most pronounced amongst the commodities of focus in the current month. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Anchoria Fixed Income Monitor: Naira Defies Liquidity Boost, Depreciates Further Against Dollar - The market experienced a slight constraint in system liquidity at the tail end of the week as the average money market rate closed at 3.83% from 0.57% the previous week. Consequently, the Open Buy Back (OBB) closed at 3.33% from 0.50% the previous week while Overnight rate (OVN) closed at 4.33%. Source Anchoria AM Research  Read More

 

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PROSHARE BUSINESS

Nigeria's Top Bank Wants to Double Clients With Africa Expansion - Access Bank Plc, Nigeria's biggest lender, plans to more than double customer numbers over the next three years by expanding in the rest of Africa. Source Bloomberg Read More

Nigeria's Per Capital Income May Hit 40-Year Low - World Bank - The World Bank has said Nigeria's per capital income could fall to its lowest level in 40 years this year. The Country Director for Nigeria, Mr Shubham Chaudhuri, noted that the decline in crude oil prices had dramatically impacted government finances, the balance of payments and remittances from Nigerians living abroad. Source Punch Read More

ABCON Warns FX Speculators, Optimistic about Naira Stability - The Association of Bureaux De Change Operators of Nigeria (ABCON) has sent strong warning to foreign exchange speculators pushing the naira to forceful depreciation through their illegal activities. Source THISDAYLIVE Read More

Amaechi Tasks Lekki Port Promoters on Commencement of Commercial Activity by 2022 - The Minister of Transportation, Rt. Hon. Rotimi Amaechi has tasked the promoters of the Lekki Deep Sea Port project on timely completion to ensure commencement of commercial activity come 2022. Source The Guardian Read More

Cyclical Gains Lift Stocks, Yellen News Gives Brief Boost - U.S. stocks closed higher in a choppy session on Monday as hopes for a COVID-19 vaccine lifted economically sensitive sectors such as energy and industrials, but a pullback in megacap shares curbed gains on the S&P 500 and Nasdaq. Source Reuters Read More

 

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PROSHARE FINANCE

9PSB Targets Six Million Unbanked Nigerians - A newly licensed Payment Service Bank, 9PSB, on Monday unveiled its digital banking platform and its plan to reach over six million financially excluded persons in the next one year. Speaking during the launch in Lagos, the Chief Executive Officer, 9PSB, Branka Mracajac, said its digital banking platform aimed to boost economic development, improve welfare and standards of living for everyone, alleviate poverty and create employment for Nigerians. Source Punch Read More

 

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PROSHARE MSME

MSME Dialogue 2.0 to Host Founders of Farmcrowdy and So Fresh, Others - The Founder & CEO of Farmcrowdy, Onyeka Akumah and the Co-founder and CEO of So Fresh, Olagoke Balogun are among the speakers scheduled to speak at the second edition of MSME dialogue which will take place on Saturday, November 28,2020 at 10 am. Source MSME Africa Read More

 

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