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Nigeria in 1min: Economic, Business and Financial Headlines - 270323

Mar 27, 2023   •   by   •   Source: Proshare   •   eye-icon 555 views

PROSHARE MARKETS

What to Expect from the Markets this Week - 270323 - As part of efforts to increase the amount of currency in circulation, the Central Bank of Nigeria (CBN) on Friday directed commercial banks to open for operations between 9 am and 4 pm on Saturday and Sunday.  Nigeria Labour Congress (NLC) had last week issued the CBN a 10-day ultimatum to address the cash crunch in the country. Source Proshare Research Read More

The Market Will be the Subject of Intense Internal and External Pressures in 2023 - Download the Full PDF Reports Here: The future of Nigeria’s capital market is wrapped in the probable, packed in the possible, and gifted to the unimaginable. In 2023, the market will be the subject of intense internal and external pressures. Operators planning to stay on the capital market playfield will have to think differently, work differently, and act unusually. Source Proshare Research Read More

 

PROSHARE ECONOMY

Obasanjo, Kukah, Utomi, Olufemi Awoyemi to Speak on from Election to Governance and Performance in Nigeria - The Former President of Nigeria, Chief Olusegun Obasanjo, will be the special guest of honour at a one-day seminar on public service scheduled to hold in Abuja on Thursday, April 6th, 2023. Chief Olusegun Obasanjo will deliver a speech on “Why We Must Reform” at a seminar organized by Nextier in collaboration with the Ibadan School of Government and Public Policy. Source Proshare News Read More

Naira Redesign, Supreme Court Ruling, and the Road Ahead - Naira notes have attracted global attention at the turn of 2023 for the wrong reasons. The currency redesign policy was a needless exercise that turned out to be a chaotic wild goose chase until the Supreme Court suspended it on legal grounds. Source SSRN Read More

Rate Hikes Ineffective Against Inflation, LCCI Tells CBN - The Lagos Chamber of Commerce and Industry has called on the Central Bank of Nigeria to explore viable options to tackle the country’s surging inflation as the frequent interest rate hikes were not producing the desired result. Source Punch Read More

FG Executes 1,375 Rural Power Projects with N45.89bn - The Federal Government completed a total of 1,375 rural power projects in various communities across the country with the sum of N45.89bn within a period of three years, the latest figures obtained from the Rural Electrification Agency, showed. Source Punch Read More

 

PROSHARE REGULATORS

Measures Taken by Market Regulators to Combat Challenging Economic Climates - Download the Full PDF Reports Here: The Nigerian economy was beset by a slew of challenges, including a drop in external reserves to $37.17 billion as of November 2022, rising inflation and interest rates, a worsening unemployment crisis, environmental issues, and currency depreciation. Source Proshare Research Read More

FIRS Issues Guidelines on the Withholding of and Self-accounting for Value Added Tax (VAT) - The Federal Inland Revenue Service (“FIRS” or “the Service”) recently issued Information Circular No.: 2023/01 (“the Circular”) on Guidelines on the Withholding and Self-Account of Value Added Tax (VAT) (sic) pursuant to the provisions of the VAT Act Cap.V1 LFN 2004 (as amended). Source KPMG Read More

 

PROSHARE BUSINESS

Credit Suisse Could Face Disciplinary Action, Swiss Regulator Says - Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse (CSGN.S) managers after Switzerland's second largest bank had to be rescued last week by UBS (UBSG.S). Source Reuters Read More

US Mulls More Support For Banks While Giving First Republic Time, Bloomberg Reports - U.S. authorities are considering the expansion of an emergency lending facility that would offer banks more support, in an effort that could give First Republic Bank (FRC.N) more time to shore up its balance sheet, Bloomberg News reported on Saturday. Source Reuters Read More

IMF Says Risks to Financial Stability Have Increased, Calls for Vigilance - International Monetary Fund chief Kristalina Georgieva said on Sunday that risks to financial stability have increased and called for continued vigilance although actions by advanced economies have calmed market stress. Source Reuters Read More

 

PROSHARE TECHNOLOGY

US House speaker Says Lawmakers to Move Forward with TikTok Bill - U.S. House of Representatives Speaker Kevin McCarthy said on Sunday lawmakers will move forward with legislation to address national security worries about TikTok, alleging China's government had access to the short video app's user data. Source Reuters Read More

Elon Musk Puts $20 Billion Value on Twitter, The Information Reports - Twitter Inc CEO Elon Musk has offered the social-media company's employees stock grants at a valuation of nearly $20 billion, the Information reported on Saturday, citing a person familiar with an email Musk sent to Twitter staff. Source Reuters Read More

 

PROSHARE FINANCE

Banking Sress Puts U.S. and Europe on Watch for Credit Crunch - Stress in the banking sector is being closely monitored for its potential to trigger a credit crunch, a U.S. Federal Reserve policymaker said on Sunday, as a European Central Bank official also flagged a possible tightening in lending. Source Reuters Read More

Anambra: Soludo Signs MOU To Improve Power Supply, Vows to Build State For His Children - Anambra State Governor Prof Chukwuma Soludo has signed a Memorandum of Understanding (MOU) with the Enugu Electricity Distribution Commission (EEDC) to address the challenges of inconsistent power supply in the state. Source The Sun Read More

PenCom: We’ll Ensure Pension Funds are Invested Lawfully - The commission, in a document seen by TheCable, said the PFAs are required to submit a daily valuation report on pension fund investments through which PenCom ensures strict adherence to the investment regulation. Source TheCable Read More


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