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Nigeria in 1min: Economic, Business and Financial Headlines - 130323

Mar 13, 2023   •   by   •   Source: Proshare   •   eye-icon 550 views

PROSHARE MARKETS

What to Expect from the Markets this Week - 130323 - In a recent circular, the Central Bank of Nigeria issued operational guidelines for open banking in Nigeria. The new policy allows financial service providers to access the banking history of prospective customers with other banks. Source Proshare Research Read More

FTN Cocoa Processors Plc Lists of 1.7bn Ordinary Shares Arising from Debt Conversion Program - An additional 1,700,000,000 ordinary shares of 50 kobo each at 50 kobo per share of FTN Cocoa Processors Plc (FTN Cocoa Processors or the Company) were on Friday, 10 March 2023, listed on the Daily Official List of Nigerian Exchange Limited (NGX). Source NGX Read More

Joint Statement by Treasury, Federal Reserve, and FDIC - Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth. Source Federal Reserve Read More

 

PROSHARE ECONOMY

Local Content Borad, BOI Launch N37.2bn Fund for Oil Industry in Nigeria - The fund is to incentivize companies that would operate in the Nigerian Oil and Gas Parks and engage in the manufacturing of equipment components used in the oil and gas industry and linkage sectors. Source Daily Trust Read More

As Nigeria Struggles with Crude Theft, Saudi Aramco Posts Record $161bn Profits - Saudi Aramco yesterday announced record profits of $161 billion from its 2022 operations as the largely state-owned oil company cashed in on a tumultuous year in energy markets that resulted in high oil prices. Source THISDAYLIVE Read More

 

PROSHARE REGULATORS

How does a Bank Collapse in 48 hours? A Timeline of the SVB Fall - This week, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo. Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. Source Edition CCN Read More

NCDMB, Among Topmost Business-Efficient Agencies - The Standards Organisation of Nigeria (SON) and four other government agencies have been recognised among the top five most business efficient and transparent agencies for the year 2022. Source The Nation Read More

CAC Boss Frowns at Multiple Registration Applications by Associations - The Corporate Affairs Commission (CAC), has expressed concern over the number of associations applying to register as medical laboratory science operators. Source Leadership Read More

 

PROSHARE BUSINESS

NAIRA: Nigerians Lament Scarcity as Banks Issue Old Notes to Hesitant Customers - Over a week after the Supreme Court ordered the Central Bank of Nigeria to allow the old N200, N500 and N1,000 banknotes to remain legal tender until December 31, Nigerians are still unable to obtain cash: old and new Naira bank notes. Source Vanguard Read More

Working to Address SVB Collapse, But Not Looking at Bailout, Says Yellen - U.S. Treasury Secretary Janet Yellen on Sunday said she was working closely with banking regulators to respond to the collapse of Silicon Valley Bank (SIVB.O) and protect depositors, but a major bailout was not being considered. Source Reuters Read More

 

PROSHARE TECHNOLOGY

5G Rollout Raises Telecom Foreign Investment by 129% - Fifth-generation technology rollout and investment in communication infrastructure increased foreign investments into the telecommunication sector by 129.21 per cent in the first 11 months of 2022, according to capital importation data from the Central Bank of Nigeria. Source Punch Read More

Nigeria Digital Payment Projected at Over $14bn in 2023 - Digital payment transactions in the country this year is projected at $14.25bn this year, The Nation can authoritatively report. According to Statista, a marketing insight and research platform, the market’s largest segment is digital commerce with a projected total transaction value of US$12.36bn in 2023. Source The Nation Read More

How does a bank collapse in 48 hours? A timeline of the SVB fall - Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. It was the largest failure of a US bank since Washington Mutual in 2008. Source CNN Business Read More

 

PROSHARE FINANCE

CBN Ends Cash Swap Programme in Rural Areas - The Central Bank of Nigeria says residents of rural and unbanked areas can no longer swap old notes for new ones through its cash swap programme. Source Punch Read More


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