PROSHARE ECONOMY

CBN Communiqué No. 144 of the MPC Meeting – Sept 26-27, 2022 - The Monetary Policy Committee (MPC) met on the 26th and 27th of September 2022, amidst continued weakening of the global economy due largely to the lingering disruptions to the global supply chain as a result of the Russia-Ukraine war, persisting global inflationary pressure, and lockdowns in China. Source Central Bank of Nigeria Read More

DMO: 2022 Borrowing Plan Increased by N1trn to Meet Fuel Subsidy Cost - The Debt Management Office (DMO) has explained that the federal government’s borrowing plan increased by N1 trillion this year to meet subsidy on petroleum motor spirit (PMS), otherwise known as fuel. Source ThisDay Read More

Food Security Update - Domestic food price inflation remains high around the world. Information between May to August 2022 shows high inflation in almost all low-income and middle-income countries. Source World Bank Read More

Global Economic Growth Engines Remain Mired in Stagflation - Global recession looms as price inflation, the war in Europe, and geopolitical uncertainty continue to impact on the three biggest growth drivers of global economic activity. Source World Economics Read More

Germany Will Enter Recession Next Year, Say Leading Economists - A new forecast by Germany’s leading economic institutes predicts the eurozone’s largest economy will slip into recession next year, triggered largely by a “drastic” increase in energy costs caused by Russia’s war in Ukraine. Source Financial Times Read More

PROSHARE MARKETS

Investors Gain N13.74bn as NGXASI Inches up by 0.02%; Overnight Rate Expands by 1.83% to Close at 16.83%; BDC Rate Depreciates to N730 - The NGX All-Share Index advanced by 0.02% to close at 49,171.70 basis points as against 0.06% loss recorded previously to close at 49,161.45 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N13.74bn gain. YTD, the NGXASI Stands at +15.11%. Source Proshare Research Read More

BoE Stands Ready to Restore Market Functioning and Reduce Any Risks from Contagion to Credit Conditions for Households and Businesses - As the Governor said in his statement on Monday, the Bank is monitoring developments in financial markets very closely in light of the significant repricing of UK and global financial assets. Source Bank of England Read More

Ahead of Next T-Bills Auction Scheduled for 28th September 2022 - The Central Bank of Nigeria (CBN) will hold a Treasury Bills (T-Bills) Primary Market Auction (PMA) on 28th of September 2022. At the PMA, existing T-Bills totalling NGN141.34bn (NGN12.28bn, NGN20.35bn and NGN108.71bn across the 91-day, 182-day, and 364-day instruments, respectively), will mature and be rolled over. Source Meristem Read More

PROSHARE BUSINESS

CIBN, PAPSS Sign MoU to Resolve Payments Related Barriers in Continental Trade - The leadership of the Chartered Institute of Bankers of Nigeria (CIBN) has signed a Memorandum of Understanding (MoU) with Pan- African and Payment Settlement System (PAPSS) in a bid to resolve payments-related barriers in the actualization of the African Continental Free Trade Area (AfCFTA). Source CIBN Read More

PROSHARE TECHNOLOGY

Circle Expands USDC Stablecoin to Five New Chains, Unveils Cross-Chain Transfer Protocol - Circle Internet Financial, issuer of the second largest stablecoin, USD coin (USDC), will expand USDC to five new blockchains in an attempt to strengthen its market position and bolster access across multiple chains. Source CoinDesk Read More

Pay-TV vs Streaming: Who Will Win the Eyes of Nigerians? - When you’re in the mood to relax and consume some screen time, what’s your go-to platform? Netflix? DSTV?. Source Stears Read More

Combining Technology, Capital, and Expertise to Drive Africa’s Growth - The increasing demand for Africa’s talent and Nigeria’s talents specifically, poses a great opportunity for the evolution of venture capital funding to venture building. Source Trium Read More

PROSHARE FINANCE

WHO and ILO Call for New Measures to Tackle Mental Health Issues at Work - The World Health Organization (WHO) and the International Labour Organization (ILO) have called for concrete actions to address mental health concerns in the working population. Source WHO Read More

AXA Mansard Health keeps focusing on customers amid rising inflation - Amid growing inflation, increasing customer awareness and consequent rise in insurance claims, AXA Mansard Health has said its commitment to the health and wellbeing of its customers remains top priority. Source AXA Mansard Read More