Nigeria in 1min: Economic, Business and Financial Headlines

Tuesday, March 24, 2020 / 7:00
AM / By News
Aggregator / Header Image Credit: @oyostategovt

 

COVID-19 Health Updates

On the 23rd
of March 2020, Ten new confirmed
cases of COVID-19 recorded in NigeriaTill date, Forty (40) cases have been confirmed, two cases
have been discharged and one death from COVID-19 recorded in NigeriaOf the Ten (10) new cases, one (1) is in Edo State, two (2)
are in the Federal Capital Territory (FCT), and Six (6) are in Lagos StateThe case in Edo State is being treated at Irrua Specialist
Teaching Hospital; cases in the FCT are being treated at the University of
Abuja Teaching Hospital (UATH), Gwagwalada; and the cases in Lagos State are
being treated at the Infectious Disease Hospital (IDH), Yaba. All six (6) new
cases have mild to moderate symptoms and are currently receiving treatment.A multi-sectoral national emergency operations centre (EOC),
activated at level 3, continues to coordinate the national response activities.  Source NCDC Read More

COVID-19 Corporate Updates

1.      COVID-19:
Our Compliance with Lockdown and Measures Put in Place To Serve You – “We
are entering a long period of uncertainty, stress and unprecedented turmoil
that will test all of us. We must now all devote our time, resources and focus
on how to beat this pandemic. Source Proshare Read
More

2.    In the wake of an increasing number of
confirmed Covid19 cases in Nigeria, some corporate organisations have activated
their business contingency plans which saw quite a number of them implement
remote work options for staff and shutting down non-essential business
services. View updates from:

ACCESS
Releases Update To Key Stakeholders on Coronavirus – COVID-19
is first and foremost a human challenge which will require all of us to come
together to respond and recover from the impact of the virus. Source NSE Read More 

StarTimes ON Rolls Out Free Access To More
Than 100 Channels During COVID-19 Lockdown – The pay-TV provider, StarTimes has opened up free access to
more than 100 local and international channels on its streaming app, StarTimes
ON during the global coronavirus lockdown. Source Broadcasting and Media Read
More

COVID-19 Important Announcement – The situation unfolding around the world
is unlike anything we’ve seen in our lifetimes and is a reminder that we’re all
more connected than we’ve ever been. To get through this we need each other – we need patience, understanding, compassion, and to do the right thing for each
other. With that in mind, we wanted to reach out and share what MTN is doing in
response. Source MTN Nigeria Read
More

Putting You First Inspite of COVID-19 – With COVID-19 causing unforeseen
disruption to well laid out plans for the year, we at FirstBank would like to
reassure you that we care for you and have your best interests at heart. Source
FBN Read More

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Updates

 

PROSHARE
ECONOMY 

Fiscal or Monetary, Both, Neither? – The monetary policy
committee (MPC) meets today and tomorrow in Abuja. As we wait to see whether it
joins the 39 monetary authorities that cut benchmark rates across the world
last week, we also hold our breath ahead of possible changes to the CBN’s
exchange-rate regime. Source FBNQuest Read More 

Monetary Policy Preview – Caught Between the Devil
and the Deep Blue Sea – The Monetary Policy Committee (MPC) is set to meet again amid
a global epidemic of the Covid-19 virus which has rocked global markets. At its
meeting in January, the MPC hiked the Cash Reserve Requirement by 500 bps to
27.5% in order to curtail the impact of liquidity influx from FI maturity.
Source ARM Research Read More 

Of Swans and Free Markets Capitalism – Lessons for
Nigeria – Recent global events appear to expose the limits of the market intelligence
economists. They espouse free markets and no government interventions in the
markets and the economy. They seem to take economic orthodoxy as an extreme
ideology on the same plane as taking religions to the extremes.  Source Dr. Temitope Oshikoya  Read
More
 

Coronavirus: Expect Recession Worse Than 2008
Global Crisis – IMF
– The International Monetary Fund has said the global economy will slide into a
recession that is “at least as bad as during the global financial crisis or
worse” this year on the back of the coronavirus pandemic. The Managing
Director, IMF, Kristalina Georgieva, in a statement on Monday, said many
emerging markets and low-income countries were facing significant challenges.
Source Punch Read
More
 

AfDB Supports Blue Economy with $800,000 Grant – The African Development
Bank has signed an $800,000 grant agreement with the government of Seychelles
to support micro, small and medium enterprises (MSMEs) in its Blue Economy
sector. Source Thisday Read
More
 

Moody’s Predicts Pressure on Banks’ Assets – The Central Bank of
Nigeria (CBN) last week adjusted the naira exchange rate against the dollar, a
move that will cause concern for Nigerian banks’ credit book and capital
metrics, “as they have a high proportion of foreign-currency denominated
loans,” an analyst at Moody’s Investors Service, Peter Mushangwe, told Bloomberg.
Source Thiday Read
More
 

Agric-business: World Bank ranks Nigeria 7th in
Africa –
Nigeria has been ranked seventh in the latest World Bank’s evaluation of
countries’ performance in agriculture and farming across Africa, behind South
Africa, Kenya and Ghana, among others. Source Vanguard  Read
More

Nigeria Slashes Crude Selling Prices To Woo Buyers –  Nigeria has cut the
official selling prices for its crude oil to record lows to clear a glut of
unsold April-loading cargoes before releasing the May programme on Monday. Source
Punch Read
More
 

States’ Revenue Shrinks As FAAC Shares N581bn – The February allocation represents a decline of N65.79bn when
compared to the N647.35bn which was shared in the month of January. The
distribution was made at the end of the rescheduled meeting which was held at
the headquarters of the Ministry of Finance. Source Punch Read
More

Africa Needs $100 Billion Stimulus to Combat Virus – Africa needs an immediate emergency economic stimulus of $100
billion to combat the impact of the coronavirus pandemic and almost half of
that could come from waiving interest payments for countries on the continent,
according to the United Nations Economic Commission for Africa. Source
Bloomberg Read
More

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PROSHARE MARKETS

ETI Declares N99bn PAT in 2019 Audited Results,(SP:N4.90k) – Ecobank Transnational Incorporated Plc, Banking  company  in Financial Services  sector announced 9.1% Gross Earnings growth in Q4’19 Result. Source NSE Read More 

Investors Lose N259.23bn as NSEASI Dips by -2.24% to Open the Week Negative – Equities market closed today on a negative note, as NSEASI depreciated by -2.24% to close at 21,700.98 points as against +0.54% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -19.15%.  Source Proshare Markets Read More 

Tweak of Exchange Rates – A Bold Move from CBN? – In what can be regarded as an unexpected yet positive move, the Central Bank of Nigeria (CBN) on Friday moved the official exchange rate from N307/US$1 to N360/US$1. At the Investors and Exporters Window (I & E), the CBN also adjusted the NGN peg upwards by 5.7%, as it raised its intervention rate to N380 from N366. Source CSL Research Read More

Average NT-Bills Yield Rises to 4.0% Amidst Mixed Investors’ Sentiments; UCAP Plc CP Available – Sequel to the release of the February inflation data by the National Bureau of Statistics in which inflation rose to 12.2% Y-o-Y, performance in the Nigerian Treasury Bills (“NT-Bills”) secondary market last week was largely mixed with mild buying interests observed on the mid tenor instruments while the long end of the yield curve witnessed slight sell-offs. Source Afrinvest Read More 

DANGCEM Notifies of Intention To Issue Maiden Bonds – Dangote Cement Plc announces its intention to issue its maiden series of bonds (the “Series 1 Bonds”) imminently, subject to obtaining regulatory approvals and favorable market conditions. Source NSE Read More 

The Federal Reserves is Running Out of Options to Stave Off a Coronavirus Depression – These are troubling times for the US Federal Reserve. The US central bank is trying everything it knows to pull the financial markets out of their tailspin but nothing seems to work. Before Wall Street opened the Fed announced that its new plan was to provide infinite amounts of money through its quantitative easing programme. The response of traders was to shrug and carry on selling. Source The Guardian Read More 

Quiet Bond Market as COVID-19 Fears Creates Uncertainty Among Investors – The Bonds Markets opened the week on a quiet note, as we saw lethargic activities across the bond curve, stemming from the growing number of Coronavirus cases. Spread between bid and offer was wide, as market players traded cautiously ahead of the outcome in tomorrow’s MPC meeting and Bond auction on Wednesday. Source Zedcrest Capital Read More

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PROSHARE BUSINESS 

Virus Skeptic Musk Donates Ventilators in California Crisis – Elon Musk, the chief executive officer of Tesla Inc. and an outspoken skeptic of the severity of the coronavirus outbreak, donated more than 1,000 ventilators to officials in Los Angeles to meet demand as the pandemic becomes more severe. Source Blomberg Read More

Mnuchin Hopes Deal Is ‘Very Close’ On $2-Trillion Coronavirus Aid
Package In U.S. Senate – The U.S. Treasury
secretary and the Senate Democratic leader voiced confidence late on Monday for
a deal to be reached soon on a far-reaching coronavirus economic stimulus
package that had been stalled in the U.S. Senate as lawmakers haggled over it.
Source Reuters Read
More

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PROSHARE TECHNOLOGY  

IOSCO Report Examines How Existing Regulatory Principles Could Apply to Stablecoins – The Board of the International Organization of Securities Commissions today published a report identifying the possible implications of global stablecoin initiatives for securities markets regulators. Source IOSCO Read More

 

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 PROSHARE FINANCE 

Coronavirus: Oyo State Activates Emergency Operating Centres, Names Incident Manager – In its determined effort to stop the spread of the novel corona virus in the State, the Oyo State Task Force on COVID-19 has activated emergency Operating Centres (EOCs) in the State. Source Oyo State Government Read More

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