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Economic Indicators

Nigeria ask private sector for $330m assistance to offset coronavirus effect on economy

ABUJA, March 27 - Nigeria has appealed to private companies to make voluntary contributions towards the 120 billion naira ($330 million) the government says it needs to fight the coronavirus epidemic. “So far, the federal government has made giant strides in the fight but...

Yields on dollar securities jump 10.4% as currency speculators bet on naira devaluation

Yields on the dollar securities jumped 28 basis points to 10.4% with currency speculators now betting that the central bank of Africa’s top oil producer will be forced to allow the naira to weaken. Nigeria’s Eurobonds due 2047 dropped for the sixth straight day on...

Nigeria has Active US Investors Heavily Involved in Local Bond Market, Eurobonds, Finance Minister says

Curbs to affect investor meetings in U.S., minister says Sees interest in naira debt issued on London Stock Exchange Nigeria may consider UK as alternative to United States “Nigeria has some active investors from United...

ECONOMY: Banks Capacity to Pay Higher Dividend Dwindles amid Cut in Charges, Lower Interest Rates…

As the year 2019 comes to a close, the Central Bank of Nigeria (CBN) released two regulatory guidelines, namely: Revised Guide to Charges by Banks, other Financial & Non Bank Financial Institutions Guidelines and Consumer Protection Regulations: aimed at implementing the principles prescribed in the Consumer Protection...

CBN cuts ATM, Other Banking service charges from N65 to N35 in new guidelines for lenders

The Central Bank of Nigeria (CBN), has reviewed downward charges and fees for banking services. This is contained in the new guidelines for banks, other financial, and non-bank financial institutions released by the apex bank on Sunday in Abuja. According to Mr Isaac Okorafor, the bank’s...

Fitch Rates Nigeria’s 2020 Economic Outlook to Negative; Affirms’B+’

Due to the vulnerability of Nigeria’s economic outlook for 2020, the Fitch Ratings has revised the country’s 's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the rating at 'B+', Naija247news has learned. Based on Key ratings drivers, The Economic...

ECONOMY: Nigeria’s Manufacturing Index Rises on Increase Demand as Employment Surges; FG Proposes USD22.7 billion Borrowings…

Recently released Purchasing Managers’ Index (PMI) survey report by Central Bank of Nigeria (CBN) showed faster expansions in both manufacturing and non-manufacturing businesses in November 2019 as production level and demand indices grew faster. According to the survey, the manufacturing composite PMI expanded...

What Moody’s B2 Ratings Negative Outlook for Nigeria Means

Moody's Investors Service has today changed the outlook on the government of Nigeria's ratings to negative from stable. Concurrently, Moody's has affirmed the B2 long-term local and foreign currency issuer ratings, the B2 foreign currency senior unsecured ratings, and the (P)B2 foreign currency senior...

Foreign Portfolio Investors Slash Stake in Nigerian Equities Market in October 2019…

In the just concluded week, October inflation report released by National Bureau of Statistics showed that headline inflation rate rose to 11.61% year-on-year (from 11.24% in September 2019), a sharp increase, and the highest in 17 months. The northward trend in annual inflation was...

Pension Administration Investors Stash Funds in FGN Bonds as Slow Down on Nigeria Equities in Q3 2019 worsens

The National Pension Commission (NPC) recently released its report on pension fund assets for the third quarter of 2019 showing that the total value of pension assets rose quarter on quarter (q-o-q) by 2.76% to N9.58 trillion in September 2019 from N9.33 trillion in June 2019. ...
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