Nigeria in 1min: Economic, Business and Financial Headlines


Friday, August 14, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Proshare


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COVID-19 Health Updates

  • 13th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 48,116 cases (New: 373)
  • Discharged:  34,309
  • Deaths: 966: (New: 10)

Source: NCDC Read More

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Statements By The MPC Members At The 131 MPC Meeting of July 20, 2020 –
 The 274th meeting of the Monetary Policy
Committee (MPC) held against the backdrop of sustained global economic and
financial uncertainties. The economic setbacks arising from the COVID-19
pandemic have continued to linger, leaving both global aggregate demand and
aggregate supply well below normal levels. Source CBN
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Headline Inflation Fast
Approaching the 13.0% Threshold Due to Cost Push Factors –
 The forex
uncertainty and the supply bottlenecks together with an increase in the price
of PMS are culminating in a potential jump in the headline and food inflation
to 12.8-13% in the days ahead. Source FDC Ltd Read


Naira: The
Journey Towards Exchange Rate Convergence – 
In line with how the COVID-19 pandemic is spurring
a new normal in business and economy, the Central Bank of Nigeria (CBN) is
gradually embracing agelong reforms in the country’s foreign exchange (FX)
market. Source Vetiva Research
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Labeling of
Agbami as Crude or Condensate Divides Oil Market – 
Nigeria’s full compliance to the OPEC+ deal hangs
on a key oil grade being treated as a condensate. Since OPEC+ allowed
ultra-light oil to be exempt from its production cut deal, the West African
nation’s Agbami has been a bone of contention. Source Eklavya Gupte of S&P
Global Platts
Read More

Power: Deal
With Siemens – The Birth of a New Era? –
 Recently, the Minister of Power, Sale Mamman
disclosed that the power deal between Nigeria and Siemens AG, a renowned German
firm, will lead to the upgrading of 105 power substations and construction of
70 new substations across the country. Source CSL Research
Read More

Four Years Looms, Says FG
 – The
Federal Government has said the likelihood of Nigeria sliding into another
recession in the Third Quarter of 2020, making it the second time within four
years. Source Punch Read

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Investors Gain
N49.88bn as NSEASI Inches Up by 0.38% Amid Negative Market Breadth – 
Equities market closed today on a positive note, as NSEASI
appreciated by +0.38% to close at 25,236.97 basis points as against +1.04%
appreciation recorded previously. Its Year-to-Date (YTD) returns currently
stands at -5.98%.  Source Proshare

The Apex Bank Finally
Floats the Much-Anticipated OMO Auction After One Month of Non-Issuance – 
Yields on FGN
Bonds still dropped today, despite a slowdown in market activities in a drab
trading session. The market remained bided across the curve but wide spreads
made trading a tad difficult.  Source Zedcrest
Capital Read

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A Regulatory
Friendly Business Environment Will Attract More Investments for MSMEs – Ayo
Bankole –
 The recent signing of the CAMA Bill 2020 into law by
President Muhammadu Buhari will attract more investments into the Nigerian
economy, and improve the business environment for Micro, Small and Medium
Enterprises (MSMEs). Source Elizabeth Okoro for Proshare Business
Read More

IPPIS: PENGASSAN, NUPENG Threaten to Shut Down
Oil Operations –
 Senior oil
workers under the aegis of the Petroleum and Natural Gas Senior Staff
Association and the Nigeria Union of Petroleum and Natural Gas Workers on
Thursday threatened to shut down all oil operations by Sunday if the Federal
Government failed to pay their salaries on Friday (today). Source Punch Read

Oil Prices Rise, Head for Weekly Gain Amid
Cautious Hopes for Fuel Demand Recovery –
 Oil prices advanced on Friday and were heading for a
second week of gains amid growing confidence that demand for fuel is starting
to pick up despite the coronavirus pandemic that has slammed economies
worldwide. Source Reuters Read

FG Agencies Move to Enforce 24 Hours Port
Operation –
the Executive Order on ease of doing business across the nation’s seaports that
was signed by the Vice President, Prof Yemi Oshinbajo in 2017, heads of federal
government agencies in the maritime sector have resolved to implement
actionable plans towards 24 hours port operations. Source THISDAYLIVE Read


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What Future
for ATMs in Nigeria – Death or Resurgence? – 
As long as
Cash is King, Cash is not going to be phased out any time soon, but cash access
is evolving to suit the customer’s “anytime, anywhere” needs. Source
Tope Dare
Read More

Nigeria, India Sign MoU on Space Collaboration – The Federal Government on Thursday through a
virtual meeting signed a Memorandum of Understanding with the Government of
India on cooperation in the exploration and uses of outer space for peaceful
purposes. Source Punch Read

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Financial Competence with an Annual Savings Plan –
 To be financially competent means to possess the
knowledge necessary to allow an individual make informed and effective
decisions with all of their financial resources. In improving your financial
competence, utilizing an annual savings plan can help in achieving your life
goals. Source Gloria Kafui Agbomadzi
Read More



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