Nigeria in 1min: Economic, Business and Financial Headlines

Monday, March 29, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @jidesanwoolu

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COVID-19 Health Updates 

  • 28th of March 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 162,593 cases (New: 104)
  • Discharged:  150,308
  • Deaths: : 2048 (New: 7)

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Post MPC -
March 2021: Status Quo But Tightening in Sight
– In line with consensus expectations, the MPC
maintained status quo again. This is the 21st time in the last 24 meetings that
they have left parameters unchanged. Cynics fear that status quo decisions are
becoming a ritual. Source FDC Limited
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Average Price
of 1kg of Tomato Increased by 11.33{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} YoY in February 2021 – NBS
– Selected food price watch data for February 2021
reflected that the average price of 1 dozen of Agric eggs medium size increased
year-on-year by 15.62{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} and month-on-month by 1.46{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} to N518.30 in February 2021
from N510. 84 in January 2021. Source NBS
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Oil Rebounds On
Suez Outage – OIR 270321 –
Oil has bounced
around with significant volatility this week, dragged down by slow vaccinations,
lockdowns, and speculative outflows, but pushed back up on Suez Canal
bottlenecks. Analyst sentiment is also all over the place. Source Tom Kool of
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UK DIT joins
Forces with Nigeria’s Mining Community with Online Trade Show –
The UK Department of International Trade (UK DIT)
has announced their partnership with the organisers of Nigeria Mining Week, for
the launch of an exciting digital trade show, aiming to drive collaboration
between the UK and Nigeria for the development of mining activities. Source Nigeria
Mining Week
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Union Bank FY2020 Audited Result: Dip in Top Line
Earnings but Marginal Bottom Line Growth
– In the face of
business headwinds induced by the coronavirus pandemic, Union Bank Plc FY2020
results showed a rise in both earnings and costs. The group equally saw asset
quality improvement and a leap in loan impairment losses. Source Adaeze
Nwachukwu, Proshare Research
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What To Expect From The Markets This Week – 290321
to the CBN, currency in circulation in the country declined by N50bn to
N2.78trn in February 2021 from N2.83trn as of January. The CBN stated that it
employed the “accounting/statistical/withdrawals & deposits
approach” to compute the currency in circulation in Nigeria. Source
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Large Block
Trades That Caused Selling Raises Questions About Cause –

A number of large block trades on Friday which investors said caused big drops
in the stocks of a clutch of companies has raised speculation about what was
behind them, with Goldman Sachs said to be a bank involved in the sales. Source
Reuters Read

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Encourages Companies to Apply for Creation of Entity Electronic Account –
The general
public is hereby informed that Companies, Business Names, and Incorporated
Trustees may now apply to the Commission for the creation of Electronic
Accounts for their Entities. Source CAC
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SEC Files Stay
of Execution of the Judgement in the Suit Involving Engr Ajudua Vs SEC and
The Securities
and Exchange Commission (SEC) wishes to inform the general public that it has
filed a Motion for Injunction/Stay of Execution of the judgment and Order of
the FCT High Court in Suit No: FCT/HC/BW/CV/347/2020, ENGINEER PATRICK AJUDUA
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Oil Companies
Flared N192.22bn Gas in 2020 – NNPC –
lost an estimated N192.22bn from January to November 2020 as international oil
companies and local players flared a total of 198.12 billion standard cubic
feet of natural gas. Source Punch Read

FG to Establish Remedies Authority to Tackle Fraudulent Invoicing –
part of its commitment to a successful implementation of the African
Continental Free Trade (AfCFTA) Agreement, the Federal Government has said that
efforts are ongoing to establish a trade remedial authority to enforce rules of
origin and tighten borders against fraudulent invoicing. Source Vanguard Read

NNPC Records
N2.2tr from Petrol Sales in One Year –
Nigerian National Petroleum Corporation (NNPC) on Thursday said it generated a
total of N2.197trillion from the sale of petrol between December 2019 to
December 2020. Source The Nation Read

Uganda’s Coffee
Exports Increase Despite COVID-19 Market Disruptions –
has seen a rise in coffee export despite the COVID-19 pandemic, according to
recent data from the Uganda Coffee Development Authority. Between March 2020
and February 2021, Uganda’s coffee exports totalled 5.56 million bags worth
$511.21 million, from 4.74 million bags worth $459.47 million the previous
year, representing a 17 percent and 11 percent increase in quantity and
value, respectively. Source Business Insider Africa Read

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Introduction to Stablecoin – The
Stable Cryptoasset –
Cryptocurrency has been the subject of many discussions and is presently
taking the world by storm. It is a digital or virtual currency designed to
operate as a medium of exchange. It is secured by cryptography1, which makes it
nearly impossible to counterfeit or double-spend. Source Davidson Oturu,
Partner, Aelex Read

Pantami Promises
to Address Extra RoW Charges –
The Minister of
Communications and Digital Economy, Dr. Isa Pantami, has said the ministry would
address the extraneous Right of Way charges introduced by some states. The
minister gave the assurance during a telecom and Information Technology
stakeholders’ engagement on the new Nigerian National Broadband Plan
(2020-2025) organised by the Association of Telecommunication Companies of
Nigeria. Source Punch Read


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Firstbank Set to Hold its
FirstGem Annual Conference 4.0 on Wednesday, March 31, 2021 –
First Bank of
Nigeria Limited, Nigeria’s premier and leading financial inclusion services
provider has announced the fourth edition of its annual FirstGem Conference,
tagged FirstGem 4.0. The 2021 event is themed ‘The Art of Negotiation’ and
convened to provide women with insights on the secrets of wealth management,
investment, and savings. Source FirstBank Read

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