Nigeria in 1min: Economic, Business and Financial Headlines - 230919


Monday, September 23, 2019 / 07:40 AM / By News Aggregator


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CBN and Banking Charges In Nigeria - A Regulator Gone Rogue? - The exploitation of customers by their banks is a global phenomenon. In the USA, 6.5 percent of households are unbanked, meaning they don't have a bank account at all. Half of those affected report it's because the fees are too expensive. Source Dr Charles Omole Read More

Average Price Of 1kg of Rice Increases By 0.14% MoM To N356.61 In August 2019 - The average price of 1kg of tomato decreased year-on-year by -33.50% and increased month-on-month by 9.98% to N223.86 in August 2019 from N203.55 in July 2019. Source NBS Read More

Nigeria MPC Holds Key Policy Rates Constant - The Monetary Policy Committee (MPC) meeting that held on the 19th and 20th of September has just been concluded and the committee voted to hold all policy parameters constant. Source CardinalStone Research Read More

CBN MPC Retains MPR At 13.5%, Calls on FG To Build Fiscal Buffers - The Central Bank of Nigeria (CBN) at the end of its rescheduled Monetary Policy Committee (MPC) meeting today announced the unanimous decision by its members to retain the indicative Monetary Policy Rate (MPR) at 13.5%. Source Proshare Read More          

CBN Communique No. 126 of the MPC Meeting - Sept 19-20, 2019 - The Monetary Policy Committee (MPC) met on the 19th and 20th of September 2019, in the light of softening global growth and weaker-than-anticipated domestic output recovery. Source CBN Read More

Fear Of An Iran War Sends Oil Prices Up - OIR 200919 - It was the wildest week for oil in recent memory. Prices spiked, fell back again, and then rose more modestly on Thursday and Friday. Source Oilprice Read More

Weekly Economic and Financial Commentary - Week Ended, Sept 20, 2019 - Relative to the prior week, the Nigerian bourse closed negative, with the NSE ASI declining 0.29% WoW to close at 27,698.69 index points and market capitalization losing N39.1billion. Source ARM Read More

Poverty in Nigeria: Understanding and Bridging The Divide Between North and South - A top political leader from northern Nigerian once remarked: "In Nigeria, poverty wears a northern cap; if you are looking for a poor man, get somebody wearing a northern cap." Source Zuhumnan Dapel Read More 

NNPC, FIRS, DPR, Others Remitted N28.58tr To Federation Account In 5 Years - NEITI - The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that N28.58 trillion was remitted to the Federation Account between 2012 and 2016. The remittances came from three major sources: mineral revenues, non-mineral revenues and value added tax (VAT). Source Dailytrust Read More

No Going Back on Aggressive Tax Drive, FG Insists - The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, has said there is no going back on the federal government's determination to increase public revenue through intensified tax collection. Source Thisday Read More


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SEC Moves to Develop Commodities Trading Eco-system - The Securities and Exchange Commission (SEC) is seeking the buy-in of policy makers and agencies of government as well as the perspectives of stakeholders towards encouraging investments and more participation in the commodities market. Source Thisdaylive Read More 


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FX Unification in Nigeria: Simple Thoughts, Tougher Mission - Global markets have increasingly learned a fundamental truth; simple is best. Complicated pricing arrangements and sophisticated risk-protection strategies that involve complex algebraic equations look good on paper but are a nightmare to implement. Source Proshare Read More

Investors Lose N39.09bn WoW As NSEASI Dips By -0.29% To Close The Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by +0.19% to close at 27,698.69 points as against -0.13% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.87%.  Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 200919 - The equities market recorded negative performance - the listed equities market recorded -0.29% loss WoW while the NASD OTC recorded -1.69% loss WoW. Source Proshare Read More 

Forex Intervention: CBN Injects $314.74m, CNY 23.5m into Retail SMIS - In continuation of its intervention in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, September 20, 2019, injected the sum of $314.74million into the retail Secondary Market Intervention Sales (SMIS) and CNY 23.5million in the spot and short tenored forwards segment of the inter-bank foreign market. Source CBN Read More 

NASD OTC Market CAP Decreased By -1.69% WoW To Close At N505.91bn - As at close of trade week on 20 September 2019, market Capitalisation decreased to N505.91billion from last week's previous N514.64 billion, which shows a 1.69 % decrease in Capitalisation. Source NASD Read More 

What To Expect From The Markets This Week - 230919 - Faced with choice of holding or loosening policy rate, the Nigeria's monetary policy committee unanimously elected to maintain status quo by leaving all policy parameters unchanged. Source Proshare Read More 

Banks' H1 2019 Numbers: Top Line Growth, Bottom Line Uncertainty - The inherent risks in banking makes it a business of the desirable, the probable and the possible. Banks make money sweat by converting it into productive action which come from ideas that are designed to produce more money (the so called cash-to-cash cycle). Source Proshare Read More 

ETI Works Its Come Back, Gross Earnings Rises 5.36% - After a few years of trouble (still smoldering) with its Nigerian subsidiary (Ecobank Nigeria), ETI  is slowly edging out of the woods, albeit still fragile. The banking groups H1 2019 performance was a statement of intent. Source Proshare Read More 

FBNH Searches For Growth; H1 Operating Income Drops -0.3% - FBNH group is still in search of sustained earnings as its topline revenue remained flat between H1 2018 and H1 2019, growing by slightly over 0%. FBNH gross earnings grew by +0.3% to N294.23bn in 2019 H1 from N293.34bn in H1 2018 (see chart 1 below). Source Proshare Read More 

GT Bank Targets Scale Not Size; H1 2019 Gross Earnings Down -2.1% - The bank equally saw a shaving-off of its interest income which dropped -7.96% and net interest income which rolled down by a further -1.33%. Indeed, H1 2019 has been one of the bank's toughest seasons in recent years. Source Proshare Read More 

UBA Pushes for Faster Growth; Top line Up 13.87% - UBA saw one of the banking sectors strongest top line growths in H1 2019 as gross earnings (GE) rose from N203.69bn in H1 2018 to N257.92bn in H1 2019, or what amounted to a Y-o-Y growth of +13.87%. Source Proshare Read More


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Russian Firm In Fresh Bid To Rehabilitate Ajaokuta Steel - A Russian Company, MetProm Group, has made a fresh offer to the Federal Government to finally put the Ajaokuta Steel Complex into operation, The PUNCH has learnt.The company also indicated interest in maintaining the steel mill when fully operational. Source Punch Read More

Nigeria To Earn $6.35bn In Taxes, Royalties - NNPC - The Nigerian National Petroleum Corporation on Sunday announced that it had secured the closure of $875.75m alternative financing deal for the Nigerian Petroleum Development Company operated OML 65. A statement issued by the NNPC's Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said the corporation had sealed a funding and technical services agreement with CMES-OMS Petroleum Development Company. Source Punch Read More

NERC Clamours For Locally-Produced Power Equipment - The Chairman/Chief Executive Officer, Nigerian Electricity Regulatory Commission, Prof. James Momoh, has urged Nigerians to support the National Agency for Science and Engineering Infrastructure in order to meet the local content required in revamping the country's power sector. Source Punch Read More

CropIT, IITA to Launch Digital Advisory Agriculture Platform - CropIT Nigeria Limited (CropIT) in partnership with the International Institute of Tropical Agriculture (IITA) have concluded plan to launch a digital platform that will impact more than 5,000,000 farmers and over 100,000 agricultural extension officers. Source Read More

FG Targets 3m Barrels Daily Crude Production - The federal government has announced plans to raise daily crude production to three million barrels. It further unveiled key areas that will help realise its transformation agenda in the oil and gas industry. Source Leadership Read More

Oil Gains On Saudi Supply Disruption, Mideast Tensions - Oil prices rose to their highest in two sessions on Monday amid concerns about oil supply disruptions from Saudi Arabia and elevated tensions in Middle East. Brent crude futures LCOc1 increased to as much as $65.50 a barrel. The front-month contract was at $64.84, up 57 cents, or 0.9% at 0224 GMT. Source Reuters Read More


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At N596bn, Loans To Real Estate Drop 24% - Loans from commercial banks to the real estate industry, which began to drop over a year ago, have maintained the downward trend. From N784bn in the first quarter of 2018, credit to real estate dropped to N596bn out of the total loan of N15.21tn extended to the private sector in the first quarter of 2019, according to data obtained from the National Bureau of Statistics. Source Punch Read More 

How Micro-Insurance Can Deepen Insurance Penetration in Nigeria - In a recent report on the financial system, Coronation Merchant Bank noted that micro insurance will increasingly become a significant part of the risk protection business in Nigeria. Source Proshare Read More 


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Address Unemployment Through Entrepreneurship Programmes, ICAN Tells FG -  The Institute of Chartered Accountants of Nigeria has said that the dearth of entrepreneurship programmes is one of the reasons for the huge level of poverty and unemployment rate in the country. Source Punch Read More 


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