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Nigeria in 1min: Economic, Business and Financial Headlines - 211122

Nov 21, 2022   •   by   •   Source: Proshare   •   eye-icon 382 views

PROSHARE ECONOMY

Nigerian Soft Drink Makers Under Pressure as FGN Contemplates a 20% Ad Valorem Tax - Carbonated 'soft drink' makers in Nigeria may face a severe downturn in fortune. For some players, an existential challenge by 2023 will occur if the Federal Government plans to introduce an Ad Valorem or percentage tax of 20% on fizzy drink products. Source Proshare Research Read More

IMF Executive Board Concludes Twelfth Periodic Monitoring Report on the Status of Management Implementation Plans in Response to Board-Endorsed IEO Recommendations - The Executive Board of the International Monetary Fund (IMF) concluded the Twelfth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations. Source IMF Read More

NFIU Flags N150tn Transactions, EFCC Tracks Candidates’ Spending - The Nigeria Financial Intelligence Unit has flagged suspicious transactions valued at over N150tn between January and March 2022, according to its Suspicious Transaction Report/Suspicious Activity Report released on Sunday. Source Punch Read More

Nigeria Exported 36% Value-Added Products in H1 – NEPC - Nigerian businesses exported 36 per cent value-added products in the first six months of 2022, according to the Nigerian Export Promotion Council. Speaking at a press conference to announce the upcoming NEPC Export Week scheduled to hold between November 21 and 26, 2022, the Chief Executive Officer, NEPC, Ezra Yakusak, said export of primary products was valued at 33 per cent while semi-processed and manufactured products constituted 36 per cent. Source Punch Read More

 

PROSHARE MARKETS

What to Expect from the Markets this Week - 211122 - Headline inflation rose to 21.09% in October 2022. According to the consumer price index (CPI) report released by the National Bureau of Statistics (NBS), inflation increased 32bp from 20.77% in September. Source Proshare Research Read More

 

PROSHARE BUSINESS

MAN Laments 20% Tax, Says N409bn Loss Imminent - The carbonated soft drinks sub-sector of the Manufacturers Association of Nigeria has knocked the Federal Government over the proposed 20 per cent ad-valorem excise tax on non-alcoholic beverages which covers the widely consumed carbonated soft drinks segment. Source Punch Read More

COP27 Delivers Historic ‘Loss and Damage’ Fund for Vulnerable Nations - A fund has finally been established for loss and damage – climate change impacts that are irreparable – to aid the recovery of vulnerable countries adversely affected by climate disasters. Source TheCable Read More

IMF: CBN Should Step Back as FX Intermediator, Allow Banks to Control Dollar Rates - The International Monetary Fund (IMF) has asked the Central Bank of Nigeria (CBN) to step back and allow commercial banks to determine dollar buy-sale rates to boost foreign capital flows to the economy. Source TheCable Read More

 

PROSHARE TECHNOLOGY

Operators: Transactions on PoS Will Surpass N6.4trn in 2022 - Ahead of the release of the statistics on the volume and value of financial transactions carried out on Point of sales (PoS) terminals in 2022, by the Nigeria Inter-Bank Settlement System (NIBBS), the Association of Mobile Money and Bank Agents of Nigeria (AMMBAN) has said the value of transactions for 2022 will surpass the N6.4 trillion transactions that was recorded in 2021 on PoS terminals alone. Source ThisDay Read More

Collapsed FTX Owes Nearly $3.1 Billion to Top 50 Creditors - Cryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion. Source Reuters Read More

New FTX CEO Describes ‘Unprecedented’ Financial Disaster - John Ray, the restructuring expert who has taken over as chief executive officer of beleaguered cryptocurrency exchange FTX Ltd., says he has never in his 40-year career seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information.” Source The Globe and Mall Read More

 

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