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Nigeria in 1min: Economic, Business and Financial Headlines - 160323

Mar 16, 2023   •   by   •   Source: Proshare   •   eye-icon 345 views


Investors Loss N126.70bn as NGXASI Dips by 0.42%; Overnight Rate Closes Flat at 11.00%; BDC Rate Closes Flat at N750 - The NGX All-Share Index declined by 0.42% to close at 55490.20 basis points as against 0.12% loss recorded previously to close at 55,722.90 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N126.76bn loss. YTD, the NGXASI Stands at +8.27%. Source Proshare Research Read More

Total Number of Securities Listed on NGX Increases by 22.9% in 2022 - Download the Full PDF Reports Here: The total number of securities listed on NSE increased by +22.85% from 372 securities in 2021 to 457 securities at the end of Q1 2022. Corporate Bonds recorded the highest growth among the securities listed. It grew by 184.78% while FGN bonds also increased by 4.65% to follow closely. Source Proshare Research Read More



KPMG Chief Economist, Dr Yemi Kale, Estimates N10-15trn Reduction in Q1 2023 Nominal GDP Due to Cash Scarcity - I am estimating a reduction in Q1 2023 nominal GDP by between N10-15 trillion due to challenges sourcing cash in Q1 2023. This is because about 40% of Nigeria’s N198tn GDP in 2022 is informal of which about 90% is cash-based. Further 30% of formal sector GDP is cash-based. This means N106.9tn of total GDP is cash-based. Source Dr. Yemi Kale Read More

Headline Inflation Increases by 21.91% YoY in February 2023 as Food Inflation Rises by 24.35% - In February 2023, the headline inflation rate rose to 21.91% compared to January 2023 headline inflation rate which was 21.82%. Looking at the trend, the February 2023 inflation rate showed an increase of 0.09% points when compared to January 2023 headline inflation rate. Source NBS Read More

Fuel Price Hike Imminent Over Poor Supply, Marketers Warn - The disparity in the pump price of Premium Motor Spirit, popularly called petrol, is to further widen due to the incomplete delivery of products to many filling stations, oil marketers stated on Tuesday. Source Punch Read More



NDIC: Banks Lost N7.19bn to Fraud, N4.97bn to Digital Banking in 2021 - The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that the value of fraud and forgery perpetrated in Deposit Money Banks (DMBs) rose by 34.9 per cent to N7.19 billion in 2021 compared to N5.33 billion in 2020. Source THISDAYLIVE Read More



Swiss Central Bank Throws Financial Lifeline to Credit Suisse After Shares Pummelled - Swiss regulators pledged a liquidity lifeline to Credit Suisse (CSGN.S) in an unprecedented move by a central bank after the flagship Swiss lender's shares tumbled as much as 30% on Wednesday. Source Reuters Read More

ECB likely to stick to big rate hike despite banking turmoil - European Central Bank policymakers are leaning towards a half-percentage-point rate hike on Thursday, as the banking sector turmoil is dissipating, the euro zone economy is picking up strength and inflation is set to remain too high for years. Source Reuters Read More

BOE’s Next Rate Decision May Be Overshadowed by Market Turmoil - In normal times, Chancellor of the Exchequer Jeremy Hunt’s decision to pump more than £20 billion a year into the UK economy might tip the Bank of England toward raising interest rates again. Source Bloomberg Read More



Nigeria Launches $600m Investment in Digital and Creative Enterprise Initiative - The Federal Government in partnership with the African Development Bank, AfDB, French Development Agency, AFD and Islamic Development Bank, IsDB launched the investment in Digital and Creative Enterprises program (i-DICE), as a major step toward upscaling entrepreneurship and innovation in digital technology. Source Nigerian Government Read More

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