Nigeria in 1 minute: Economic, business and financial titles

Friday, December 25, 2020 / 06:00 / Author News Aggregator / Header Image Credit: Proshare Ecographics

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Health updates for COVID-19

  • December 24, 2020: Nigeria COVID-19 status in 36 states and the federal capital
  • Confirmed: 81,963 items (new: 1,041)
  • Dropped: 69.651
  • Deaths :: 1,241 (New: 6)

Source: NCDC Read more

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PROHARNA ECONOMY

Economic crisis will earn 7 million people in poverty in Nigeria – Nigeria must put together a solid economic recovery plan with the right foreign exchange policy to persuade the World Bank to approve a $ 1.5 billion loan to support the West African state’s budget. Source FDC research Read more

Production PMI stands at 49.6% in December 2020 compared to 50.2% in November 2020 – The December 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria from December 7 to 11, 2020. Respondents procured and supplied managers of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Federation. Capital Territory (FCT). Source CBN Read more

CBN revokes operating licenses of seven payment service providers – The Central Bank of Nigeria (CBN) has revoked the operating licenses of seven (7) payment service providers. This is contained in the official gazette published on the CBN website. Source CBN Read more

Manufacturing sector contracted in December

CBN The manufacturing sector declined in December, the Central Bank of Nigeria announced on Thursday. The CBN Statistics Department said this in its December 2020 Procurement Manager Index Survey Report. Source Punch Read more

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MARKET PROHARE

Investors get N1.04 trn WoW while NSEASI grows 5.42% to close the week positively – The stock market closed negative today as the NSEASI depreciated by -0.01% to 38,800.01 basis points versus + 2.40% of the previously recorded appreciation. Its yield from year to date (YTD) is currently + 44.55%. Source of Proshare market Read more

Apex bank slowed down in foreign exchange sales at IEFX window – The IEFX window fell for N2, despite the top bank slowing its foreign exchange supply in that window. Quite a significant volume has passed through the space today (c117m) with supply rates ranging from N386/1 to N396/1 dollar. Source Zedcrest Capital Read more

Why is Pan-Africanism important for African development? – Pan-Africanism is the idea that people of African descent have common goals and that they should be united in order to achieve their interests. When the idea first emerged, Kwame Nkrumah, the first president of Ghana, believed that the best way to achieve the common interests of people of African descent was to unite Africa into one country. Source FDC research Read more

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PROSHARE BUSINESS

FHC supports the Mareva award in the case of Access Bank, the bank that will hold SEPLAT’s assets – In a verdict handed down today by Judge RM Aikawa of the Federal High Court (FHC) in Lagos in a case between Access Bank Plc and Seplat Petroleum Development Company and others, the FHC upheld Marev’s earlier ban by allowing Access Bank to retain SEPLAT’s assets. Source Proshare Research Read more

AfCFTA begins January 2021 – The agreement will also facilitate the movement of people to expand the continent’s economic integration, within the Pan-African vision of an “Integrated, Prosperous and Peaceful Africa”. Integrating Africa into one trade area provides significant opportunities for entrepreneurs, businesses and consumers across the continent. Source FDC research Read more

NBET owes Gencos N144bn for three months – Nigeria Bulk Electricity Trading Plc did not pay electricity producers a total of € 143.39 billion in the third quarter of this year for electricity produced and supplied by the national grid. Source Punch Read more

CBN charges 23 banks N349.72b with CRR violation – The Central Bank of Nigeria (CBN) has indebted the accounts of 23 deposit money banks with N349.72 billion for violating the cash reserve ratio (CRR). Debts are the latest in regulatory CRR borrowings intended for banks to lend to real sector operators. Source The Nation Read more

Fed Govt, Innoson spare parts partner – The federal government, through the National Agency for Science and Engineering Infrastructure (NASENI), signed a contract for the production of spare parts with the Innoson Vehicle Company. The agreement is the commercialization of the results of automotive research and prototypes in NASENI to finished products. Source The Nation Read more

Wall Street is closing with a modest gain from the Brexit deal, a boost of hope – The S&P 500 ended more at the end of a shortened session on Thursday as investors headed out for a long Christmas weekend in hopes that an imminent stimulus deal, a Brexit deal and the ongoing vaccine introduction would lure brighter days next year. Source Reuters Read more

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PROSHARE TECHNOLOGY

IOSCO publishes report on retail investor education on crypto-property risks – On December 22, 2020, the Board of the International Organization of Securities Commissions published a report by which it wants to help regulators inform retailers about the risks and characteristics of crypto-assets. Source IOSCO Read more

Africans use mobile phones as COVID-19 Financial Lifelines – The coronavirus pandemic has spurred the growth of mobile money and credit on the continent. Consumers struggling to stop Covid-19 across sub-Saharan Africa have found a new place for money to make ends meet: their cell phones. Source FDC research Read more

Telcos begins backend integration into NIMC database – A statement signed by the chairman, ALTON, Gbenga Adebayo and the Secretary of Promotion, Damian Udeh, informed subscribers that there could be inconsistencies in the data collected and would inform subscribers when this happens. Source Punch Read more

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