Nigeria in 1min: Economic, Business and Financial Headlines - 090621

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Wednesday, June 9, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: NigeriaGov

 

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COVID-19 Health Updates

  • 8th of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 166,918 cases (New: 102)
  • Discharged: 163,259
  • Deaths: : 2,117 (New: 0)

Source: NCDC Read More

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PROSHARE ECONOMY

Oil Prices and FX Reserves - Ask a Nigerian the Naira/US dollar exchange rate on any given day and you will receive an answer. The same is true of fuel prices and, by extension, crude oil prices. Both economic indicators are close to the heart of anyone running a business or a household. Source Coronation Research Read More

Twitter Ban: A Clog in the Wheel of Capital Flow? - Does Nigeria have a right from a legal point of view to banning Twitter? The critics of the decision argue that Nigeria's constitution guarantees the right of association and right of expression. In a 21st century world, the right to association is not always a physical gathering. Source CSL Research Read More

SERAP Takes Buhari Govt to ECOWAS Court Over Unlawful Suspension of Twitter - Socio-Economic Rights and Accountability Project (SERAP) and 176 concerned Nigerians have filed a lawsuit against the government of President Muhammadu Buhari over "the unlawful suspension of Twitter in Nigeria, criminalization of Nigerians and other people using Twitter. Source Unini Chioma of The Nigerian Lawyer Read More

NESG, UN, Finance Ministry Explore Ways of Improving Nigeria's Food Systems - The Nigerian Economic Summit Group (NESG), in collaboration with the Ministry of Budget and National Planning, United Nations Nigeria and the Alliance for a Green Revolution in Africa (AGRA), recently held a Private sector Exploratory dialogue on Nigeria's Food Systems. Source NESG Read More

Oil Prices Take a Breather as Investors Bet On $100 Crude - OIR 080621 - Oil prices held their gains at the start of the week, with Brent at $71 and WTI just below $70 (after briefly touching that threshold on Monday). Analysts see investors pocketing gains at these roughly two-and-a-half-year highs, allowing the rally to take a breather. Source Tom Kool of Oilprice.com Read More 

Nigeria Among Top Three Countries with Electricity Deficits - World Bank - The World Bank has listed Nigeria among the three countries with the largest electricity deficits in the world. It said during the last decade, a greater share of the global population gained access to electricity than ever before, but the number of people without electricity in Sub-Saharan Africa increased. Source Punch Read More


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PROSHARE MARKETS

Investors Gain N101.79bn as NSEASI Inches Up by 0.50%, Erases Previous Day Loss - Equities market closed today on a positive note, as NSEASI appreciated by +0.50% to close at 38,881.70 basis points as against -0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.45%. Source Proshare Markets Read More

FX Trades Double as CBN Restores Transparency in the Nigerian FX Market - The Central Bank of Nigeria (CBN) has displayed its commitment towards the development of the foreign exchange (FX) market and indeed, the Nigerian financial market, as the apex bank, in collaboration with FMDQ Securities Exchange Limited (FMDQ) and FX Authorised Dealers (banks). Source FMDQ Read More 

NUBIFIE, AOPN Seek Legal Framework for Outsourcing - Nigerian Union of Banks, Insurance and Finance Institution Employees has partnered with the Association of Outsourcing Professionals in Nigeria to engage with the government to provide a legal framework to guide the operation of outsourcing in Nigeria. Source Punch Read More

BDC Directors Reiterate Commitment to Exchange Rate Stability - Bureaux De Change (BDC) Directors have reiterated commitment to stable exchange rate and sound corporate governance practices. This was part of resolutions made at the end of an exclusive meeting of BDC Directors organised by the Association of Bureaux De Change Operators of Nigeria (ABCON) in Lagos. Source The Guardian Nigeria Read More

FG: AfCTA to Boost Africa's Exports by $560bn - When fully operational, the African Continental Free Trade Area (AfCFTA) agreement will boost exports in the continent by at least $560 billion, the federal government has said. Source THISDAYLIVE Read More


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PROSHARE BUSINESS

Twitter Ban and the Giant Leap in the Dark: Our Response and Measures in Place to Keep Serving You - The Proshare website, social media and other communication channels such as FacebookLinkedInInstagramTelegramMobile App, Whatsapp, Telephones and Emails remain open to you and can be used to receive our updates, contact us, make comments and enquiries; more importantly and remain connected with us. We encourage you to follow, link and share these links. Source Proshare Editorial Read More

Crowdyvest Issues Further Updates About Its Registration - In addition to the public statement we issued about the Cooperative's registration with the Securities and Exchange Commission ("SEC"), we write to further state that we are in continuous correspondence with SEC and have provided all the necessary documentation to confirm the legality of the Society. Source Crowdyvest Read More 

 

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PROSHARE TECHNOLOGY

Ambitious Target for Broadband Penetration, Records 7% Growth in March 2021 - The latest data released by the Nigerian Communications Commission (NCC), the industry regulator, show that internet subscriptions stood at 144.6 million in March, representing y/y growth of 7%. However, we noticed a m/m decline of c.3.5m in subscriptions. Source FBNQuest Research Read More 

NIP transactions hit N20tn in May, says NIBSS - Nigerians transacted over N20tn instant payment transactions in May according to the Nigeria Inter-Bank Settlement System. Transaction in May was 0.15 per cent higher than for April. Instant payment transactions in May also showed a spending recovery from the month of April. Source Punch Read More


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PROSHARE FINANCE

NAICOM Eyes N1.5tn Insurance Sector Premium - The National Insurance Commission (NAICOM) has said it will embark on a market development drive that will enable it achieve N1.5 trillion annual premium income for the insurance sector. Source THISDAYLIVE Read More


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