Nigeria in 1min: Economic, Business and Financial Headlines - 070720


Tuesday, July 7, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: TVC News


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COVID-19 Health Updates

  • July 6th 2020:  Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 29286 (New: 575)
  • Discharged:  11828
  • Deaths: 654: (New 9)
  • 1 new state has reported a case in the last 24 hours.

Source: NCDC Read More

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A Step Towards FX Rate Unification; FX Bids New Floor Now N380 - The CBN informed authorized dealers on Friday that it would not consider fx bids at that day's secondary market intervention sales (SMIS) below a new floor of N380 per US dollar. The previous floor had been N360, and some commentators have rushed to anticipate unification of fx rates. Source FBNQuest Research Read More

Demand and Supply Shocks From COVID-19 Keep Inflation Higher for Longer - Headline inflation rose by 12.4% year-on-year in May 2020 - the highest in 26 months - from 12.3% in April. The continued rise in headline inflation was partly caused by the supply shocks to commodity prices and the fallout from the COVID-19 pandemic. These factors have kept inflation rate above its long-term rate of 11.9%. Source PwC Nigeria Read More

Nigeria's Debt Profile on a Rise - PFI Capital Limited - The DMO recently released Nigeria's public debt profile as at Q1'20 and it shows total public debt increased by 4.49% to N28.63 trillion from N27.40 trillion recorded in Q4'19. In monetary terms, it translates to N1.23 trillion increase in three months.  Source PFI Capital Limited Read More

Pat Utomi to Speak on Leadership, Communication and Economic Management In Nigeria - PROFESSOR PAT UTOMI is the Founder/CEO of Centre for Values in Leadership (CVL). A fellow of the Institute of Management Consultants of Nigeria and founding Senior Faculty of the Lagos Business School -Pan African University, he was Director of The Centre for Applied Economics at the Lagos Business School. Source WebTV Read More

CBN Debits Banks N122bn, Moves to Unify Exchange Rates - The Central Bank of Nigeria debited N122bn ($338m) from banks' excess cash with the apex bank before weakening the currency at a retail auction on Friday in a move to unify its multiple exchange rates. Source Punch Read More

69 Million Nigerians Lack Access to Safe Water, Says UNICEF - The United Nations Children's Fund (UNICEF) has reiterated that 69 million Nigerians do not have access to safe water and 19 million have to walk long distances to get the commodity. Source THISDAYLIVE Read More

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Lamido Yuguda Resumes as SEC DG; Says Capital Market Driver of Growth - The Director General of the Securities and Exchange Commission, SEC, Mr. Lamido Yuguda has stated that the capital market has a lot of potentials for growth and development of Nigeria post COVID-19 and beyond. Source SEC Nigeria Read More 

NSE Upgrades X-Issuer to Further Enhance Market Integrity - The Nigerian Stock Exchange (NSE or The Exchange) is pleased to announce the upgrade of its Issuers' Portal (X-Issuer) on Monday, 06 July 2020. X-Issuer which was first launched in 2013, is a secure web-based portal designed to enable Issuers conveniently file information in an electronic format to The Exchange. Source NSE Read More

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Investors Lose N161.75bn as NSEASI Dips by -1.27% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -1.27% to close at 24,026.05 basis points as against -0.16% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.49%. Source Proshare Markets Read More

Afrinvest Stock Recommendation for the Week 060720 - Last week, the equities market recorded losses on 3 trading sessions and as a result, the benchmark index declined 2.0 % w/w to settle at 24,336.12 points. Consequently, market capitalisation lost N257.1bn w/w to close at N12.7tn while YTD return worsened to -9.3%. Source Afrinvest Research Read More

How Nigeria's Financial Market Can Create Investment Opportunities For Millennials - Tomie Balogun - The CEO of Vestract Company and Twelvevest, Mrs. Tomie Balogun, recently emphasized the importance of Investing for millennials. She made this point in an interview she had with WebTV Market Opening Gong Anchor Nifemi Taiyese. Source WebTV Read More

CBN Adjusts Naira Value to N380 per Dollar at the Secondary Market Interventions Sale - The average money market rate retained double digits for most part of the week due to constraints in system liquidity occasioned by outflows from OMO Auctions of N100 billion, CRR debits of N118 billion and Retail FX refund. Source Anchoria AM Research Read More

Strong Demand Persists at PMA; Average Yield Declines 15bps WoW - The Nigerian Treasury Bills ("NT-Bills") secondary market started the week on a quiet note as investors anticipated the Primary Market Auction ("PMA") auction on Wednesday amidst low liquidity levels (N70.1bn on Monday). Source Afrinvest Research Read More

Luke Ofojebe to Speak on Developments In Nigerian Equities Market - Luke Ofojebe is a finance professional with strong analytical ability and sound knowledge of financial concepts. He is highly skilled in equity research, financial modelling and financial statement analysis. Source WebTV Read More

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BUA Cement Set to Establish Ultramodern 3 Million Cement Plant, 50MW Power Plant in Adamawa - BUA Cement, One of West Africa's largest Cement companies has announced that it is set to establish a three million metric tonnes cement plant and 50 megawatts power plant in Guyuk and Lamurde local governments of Adamawa state in the North Easter region of Nigeria. Source BUA Cement Read More

PwC, Deloitte, KPMG and EY Told to Separate Consulting Work from Auditing Units - PwC, Deloitte, KPMG and EY have been told by the accounting watchdog to separate their auditing units from their consulting businesses by June 2024. Source Simon Foy of The Telegraph Read More

Auditing the Auditors - The Big Four percolate through the ranks of the CFOs they serve and the regulators who monitor them, forming an old-boys-and-girls club instinctively resistant to outside tinkering. "Audit firms have the most incredibly extensive alumni network in industry and government," Landell-Mills says. "It becomes quite incestuous and concerning." Source CRAIG MELLOW of GFMag Read More

The Death of The $2 Trillion Auto Industry Will Come Sooner Than Expected - Tesla is now bigger than Exxon. BlackRock has taken over Wall Street. Even unprofitable, Uber and Lyft are threatening to overtake the $1-trillion auto industry and they've only scratched the surface. Now, the worldwide $2-trillion auto industry is next in line for disruption. Source Oilprice Read More

Wall Street Jumps on Strong Services Sector, Hopes Of China Recovery - U.S. stocks rose sharply on Monday as a rebound in U.S. services industry activity in June and expectations of a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States. Source Reuters Read More

UK sanctions Russians, Saudis, And Their 'Blood Money' Under Magnitsky Act - The UK has slapped sanctions on dozens of individuals and organizations in Russia, Saudi Arabia, Myanmar and North Korea over human rights abuses. London also threatened to seize their "ill-gotten gains." Source DW Read More

SEVP modifies temporary exemptions for non-immigrant students taking online courses during fall 2020 semester - The Student and Exchange Visitor Program (SEVP) announced modifications Monday to temporary exemptions for non-immigrant students taking online classes due to the pandemic for the fall 2020 semester. The U.S. Department of Homeland Security plans to publish the procedures and responsibilities in the Federal Register as a Temporary Final Rule. Source ICE Read More

$11.5bn Injected into Forex Market in Q1 - CBN - The Central Bank of Nigeria injected $11.5bn foreign exchange into the economy in the first three months of 2020. Latest figures from the CBN on the supply of forex showed that $2.96bn, $3.39bn and $4.7bn were injected into the market in January, February and March respectively. Source Punch Read More

LCCI Seeks Intervention Fund for Hospitality Firms - The Lagos Chamber of Commerce and Industry has appealed to the Federal Government to develop intervention plans for the hospitality sector. The Director-General, LCCI, Dr Muda Yusuf, in a statement on Monday, described the hospitality industry as a labour-intensive sector that had been adversely impacted by the COVID-19 pandemic and the associated containment measures. Source Punch Read More

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