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Nigeria in 1min: Economic, Business and Financial Headlines - 161122

Nov 16, 2022   •   by   •   Source: Proshare   •   eye-icon 459 views

PROSHARE ECONOMY

Headline Inflation Increases by 21.09% YoY in October 2022 as Food Inflation Rises by 23.72% - In October 2022, on a year–on–year basis, the headline inflation rate was 21.09%. This was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%. This shows that the general price level for the headline inflation rate increased in October 2022 when compared to the same month in the preceding year (i.e., October 2021) by 5.09%. Source NBS Read More

Fuel Subsidy to End in 2023 – Finance Minister - The Minister of Finance, Budget and National Planning, Zainab Ahmed, says the Federal Government will do away with petroleum subsidy by June 2023. Ahmed said this on Tuesday in Abuja during a press conference to mark the end of the 28th National Economic Summit. Source Punch Read More

IMF: CBN’s Financing of Fiscal Deficit Complicates Fight Against inflation - The International Monetary Fund (IMF) says the Central Bank of Nigeria’s financing of the country’s fiscal deficit complicates its fight against inflation. Source TheCable Read More

Biggest Devaluation in Six Years May Be on the Cards for Nigerian Currency - Africa’s largest economy is expected to devalue its currency after elections in February by the steepest margin in six years to align it with market perceptions, according to a survey of investors and analysts. Source Bloomberg Read More

 

PROSHARE MARKETS

Investors Lose N5.38bn as NGXASI Declines by 0.02%; Overnight Rate Expands by 0.67% to Close at 16.50%; BDC Depreciates to 800 - The NGX All-Share Index declined by -0.02% to close at 43,808.25 basis points as against -0.34% loss recorded previously to close at 43,818.12 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N5.38bn loss. YTD, the NGXASI Stands at +2.56%. Source Proshare Research Read More

The Markets in Review: The Importance of Total Equity Returns – Coronation Research - This is not a good time for the equity market, with the NGX All-Share Index up just 2.93% year-to-date. Yet the total equity return, which is calculated by adding dividends reinvested, is 7.53% year-to-date. Over the long-term reinvesting dividends has been proven to significantly enhance equity returns. Source Coronation Research Read More

A Marked Rise in FX Utilisation in Q2 2022 - Data from the CBN shows that the total utilisation of foreign exchange (fx) by various sectors of the economy increased by 21% q/q and 64% y/y to USD8.3bn in Q2 '22. The increase is mostly attributable to a substantial rise in fx usage for invisibles which climbed to USD3.7bn from USD2.5bn the previous quarter. Source FBNQuest Read More

 

PROSHARE REGULATORS

Currency Redesign: Currency in Circulation Increased MoM by 0.56% toN3.23trn in September 2022 - The Central Bank of Nigeria (CBN) in a recent press release noted that there has been positive response from the public to the naira redesign agenda through increased currency deposits across banks and other financial institutions. Source CSL Research Read More

 

PROSHARE BUSINESS

CEO Remuneration 2022: The Risk and Reward System of Nigerian CEOs in 2021 - High inflation predates the post-pandemic in Nigeria. It has been a significant concern for Nigeria's business environment for some years. Howbeit, increased expansionary policies to moderate the effects of the pandemic heightened the concern around rising inflation and became the primary economic theme in 2021. Source Proshare Research Read More

Hope Payment Service Bank Appoints Ogechi Chinwe Altraide as MD/CEO - The Board of Directors of Hope Payment Service Bank Ltd has announced the appointment of Mrs. Ogechi Chinwe Altraide as Managing Director & Chief Executive Officer. The appointment is subject to approval of the Central Bank of Nigeria (CBN). Source Hope PSB Read More

FG Disagrees as Court Stops Nigeria Air Deal - The Federal High Court, Lagos Judicial Division, on Tuesday, issued an order of interim injunction restraining the Federal Government from executing the proposed establishment of the national carrier – Nigeria Air. Source Punch Read More

Oil Prices Rise Over 1% On News of Druzhba Oil Pipeline Disruption - Oil prices rose on Tuesday more than 1% after news that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure. Source Reuters Read More

 

PROSHARE TECHNOLOGY

Technology: Making Investors Smarter Amidst Economic Uncertainty - Modern technological advancements continue to cause disruptions in our world, impacting nearly all areas of endeavour as we discover diverse use cases. Just like every other aspect of life, the role of technology in investing cannot be over-emphasized. Source CardinalStone Read More

Vast Majority of Retail Investors in Bitcoin Lost Money, BIS Says - A study of how retail investors use cryptocurrency exchange apps suggests about three-quarters have lost money on Bitcoin, according to the Bank for International Settlements. Source Bloomberg Read More

IFC Starts VC Platform to Fund Tech Startups in Africa, Pakistan - The World Bank Group’s private-sector arm said it will invest $225 million in a venture-capital program to fund technology startups in Africa and the Middle East. Source Bloomberg Read More

NCC Will Ensure Timely Deployment of Additional 5G Spectrum, Says Danbatta - Umar Danbatta, executive vice-chairman of the Nigerian communications commission (NCC), says the commission will ensure timely deployment of the second spectrum bands for 5G. Source TheCable Read More

 

PROSHARE FINANCE

15-year-old Otong Usongobong Paul is Winner of UBA Foundation’s NEC 2022 - It was all joy and palpable excitement as 15-year-old Usongobong Paul, from Akwa-Ibom State, emerged the overall winner of the 2022 Edition of the UBA Foundation’s annual National Essay Competition (NEC). Now in its 12th year, UBA Foundation’s Essay competition has positively impacted hundreds of students across Africa. Source UBA Read More

 

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