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Nigeria in 1min: Economic, Business and Financial Headlines - 160622

Jun 16, 2022   •   by   •   Source: Proshare   •   eye-icon 3570 views


PROSHARE ECONOMY

Tier 1 Reclassification: US Banks - Periscoping the Giant Four - The United States banking industry was in the depths of the global financial crisis more than a decade ago. Following the injection of billions of dollars in new capital, US banks have returned to a more sustainable path and increased liquidity. Source Proshare Research Research Read More

Headline Inflation Increases by 17.71% YoY in May 2022 as Food Inflation Rises by 19.50% - In May 2022, the inflation rate increased to 17.71 percent on a year-on-year basis. This is 0.22 percent points lower compared to the rate recorded in May 2021, which is (17.93) percent. Source NBS Read More

As FG Borrows to Pay Salaries, Minister, Others Blame Petrol Subsidy - Speaking at a retreat for the Technical Sub-committee on Cash Management (TSCM), the acting AGF said “We have to borrow to augment our salaries. We are in a very difficult time. Government income is highly challenged.” Source Daily Trust Read More

Diesel Price May Hit N1,500/litre, 75% Filling Stations Closed - Marketers - About 75 per cent of filling stations across the country are currently out of business due to their inability to purchase diesel required to power their tankers and transport Premium Motor Spirit, popularly called petrol, to their various outlets, oil marketers stated on Tuesday. Source Punch Read More

 

PROSHARE MARKETS

Investors Lose N182.36bn as NGXASI Dips by -0.64%; Debt Market Size Declines by -0.04% to Close at N27.85trn; BDC Rate Depreciates to N606 - The NGX All-Share index dipped by -0.64% to close at 52,775.40 basis points as against -0.16% loss recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N182.36bn loss. YTD, the NGXASI Stands at +23.55%. Source Proshare Research Read More

DMO and CSL Stockbrokers Awareness Seminar on FGN Securities to hold in Ibadan and Kano on June 21 and June 28, 2022 - Investors are faced with rising inflation and limited access to investment instruments with good returns. At this seminar, key investment stakeholders will discuss diversification opportunities, securities with good returns and a high degree of certainty that are backed by the full faith and credit of the Federal Government of Nigeria. Source CSL Stockbrokers Read More

Dangote Sugar Refinery Restates Commitment to FG’s Backward Integration Policy - Dangote Sugar Refinery Plc has restated its commitment to the achievement of Sugar Backward integration projects, describing it as the best thing that happened to the sector. The dividend pay-out of N12.147 billion for the year was unanimously approved by the shareholders. The dividend represents N1.00 per share. Source Dangote Sugar Refinery Read More

 

PROSHARE BUSINESS

Airlines to Shut Down Operation as Jet A1 Hits N714 - The Airline Operators of Nigeria (AON), yesterday, said three airlines would shut down operation due to the rising cost of aviation fuel, also known as, Jet A1. Source LeadershipNG Read More

Nigeria, 6 Others Drop in Crude Oil Production – OPEC Report - The Organisation of the Petroleum Exporting Countries (OPEC), has released a fresh report on crude oil production of its member countries, indicating that six countries increased their c output while seven countries recorded a decline in production. Source SUN News Online Read More

NERC to Commence NMMP Phase 1 by August, commits to Improved Electricity - The Nigeria Electric Regulatory Commission (NERC) has stated it plans to ensure power supply hits 5000 megawatts in July, just as the first phase of the National Mass Metering Programme (NMMP) is set to commence by the end of August 2022. Source The Guardian Nigeria Read More

 

PROSHARE TECHNOLOGY

Microsoft Shuts Down Internet Explorer - 27 Years After Launch - Microsoft, an American multinational technology company, has shut down its web browser - the Internet Explorer (IE). This development comes 27 years after it was launched. The company announced this on its website on Wednesday. Source TheCable Read More

NIN Enrolments Reached 82.74m in May Lagos State Tops List with 9.48m - The cumulative enrolment figures for the National Identification Number (NIN), recorded by the National Identity Management Commission (NIMC) as at May 2022, reached a high peak of 82,738,152, up from 78 million recorded in March 2022. Source THISDAYLIVE Read More

Gozem Secures $10m from IFC to Finance 6,000 Vehicles in Togo and Benin - 12 million. That’s the estimated number of motor vehicle drivers that Gozem, a Francophone Africa-focused super app, says operate in informal markets across West and Central Africa. Source TechCabal Read More

 

PROSHARE FINANCE

The Markets in Review: Why Are Savings Rates Rising So Slowly? – Coronation Research - At its latest meeting held in May, the Monetary Policy Committee (MPC) of the CBN hiked its policy rate by 150bps to 13.0%. We assumed a rate hike on the back of rising inflation as well as recent policy rate hikes by central banks in advanced economies. Source Coronation Research Read More 

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