Saturday, March 18, 2017 03:00 PM / Proshare
From the Editor’s Desk
Inflation figures for February 2017 as released by the National Bureau of Statistics on March 14 receded for the first time in 15 months, as Headline Inflation dropped from 18.77% to 17.78%, while Core inflation receded for the third month in a row from 17.85% to 16%. This reaffirms our position that a favourable base effect will force inflation to search for the floor.
Presently inflation and GDP seem to align to a more positive direction compared to its previous negative divergence. The danger of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) maintaining a high interest rate at its meeting scheduled to hold this week only magnifies leverage risk and can prolong the period of hysteresis after the recession is over. The fact that money all along has neither been a major factor nor one of the factors driving inflation suggests a more dovish stance should be applied and an high interest rate is a needless burden to carry. While the price leg of the misery index is healing, the other leg of unemployment remains broken. A paradigm shift is imperative.
Here are the happenings expected this week.
Monday, March 20, 2017
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will begin its two-day meeting to review developments in the financial markets and economy, while the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) and the Hudson Group would host participants for its Enterprise Development Solutions conceptualization workshop.
The inaugural African edition of the renowned “Geeks on a Plane” program organized by 500 Startups (Silicon Valley’s leading venture capital seed fund and startup accelerator) in partnership with Ingressive and African Technology Foundation will commence.
Tuesday, March 21, 2017
The MPC will decide on interest rate, cash liquidity ratio, liquidity ratio, asymmetrical corridor, while the CBN Governor is expected to make a statement on the month old new FX policy.
The first edition of the Silicon Yaba Town Hall Meeting focusing on infrastructure and talent growth will hold at the Co-Creation hub Nigeria, while the 1000 shortlisted applicants for the Tony Elumelu Foundation Entrepreneurship Programme 2017 will be announced.
Wednesday, March 22, 2017
Zenith Bank Plc will hold its Annual General Meeting, while Greif Nigeria Plc will be marked down haven proposed a dividend of 60 Kobo.
The 3-day Securex West Africa Trade Show with the aim of getting inside knowledge on what is making the security sector tick and how they can help build you business opportunities will commence, while thought leaders in the Fintech industry meet for the Cashless Africa Expo 2017.
Meanwhile, Dr. Sarah Alade, Deputy Governor of Economic Policy is set to leave CBN and a valedictory dinner would be held for her in Abuja, while Sunil Sawhney, Managing Director/CEO of 7up Plc hands over and becomes Vice-Chairman with effect from April 1, 2017.
Proshare Confidential report for February 2017 will be released. It takes a critical look at the FX Utilisation reports from banks up to and including January 2017 and presents key findings from the month long research.
Thursday, March 23, 2017
The Nigeria-South Africa Chamber of Commerce (NSACC) will hold its Breakfast Meeting focusing on Future Financial Services in Nigeria, while Crown Natures Plc will host analysts for a call at the NASD Office.
Vetiva Capital in partnership with Proshare will host a post-MPC analysis tweet-meet with Mr Opeyemi Agbaje.
Germany will host the first ever privately held event exclusively dedicated to strengthening trade and investment ties between Germany and the African continent through the Germany-Africa Business Forum, while Verdant Zeal will be hosting the 6th Innovention Series with a group of panelists which include Joel Chimhanda, Founder and CEO of JC Capital, South Africa; Afua Osei, Co-Founder of She Leads Africa; Maya-Horgan-Famodu, Founder and CEO of Ingressive); Temi Giwa-Tubosun, Founder of LifeBank; Olalekan Olude, Snr. Vice President of Jobberman and Muyiwa Moyela, External Relations Leader, IBM Central & West Africa.
Friday, March 24, 2017
The National Bureau of Statistics (NBS) will release its February 2017 Monthly FACC Disbursements report.
The Redcode Nigeria Hackathon 2017 by the African Fintech Foundry would be taking place with a focus to bring together multiple teams of talented developers to build brilliant solutions to some of the problems in financial services.
Check out our Events Calendar for event details and follow us on Web, TV, APP and Social Media for updates as the week unfolds.
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3. Vetiva-Proshare Tweet Meet: Nimi Akinkugbe shares tips on personal finance
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1. Nigerian Stock Market Sustains Gaining Streak; Records +1.64% Gain WoW
2. Equities Market Extends Two-day Gaining Streak by +0.46%
3. Equities Market Records +0.07% Modest Gain to Maintain Uptrend
4. Equities Market Retracts by +0.59% To Close Positive as Inflation Rate Moderates to 17.78%
5. Nigerian Stock Market Opens The Week Negative; Records -0.40% Loss