Tuesday, September 15, 2020
BREAKING: Nigeria’s inflation rate accelerates to 13.2% in August, highest in 28 months
Nigeria’s Consumer Prices Index (CPI), commonly known as inflation, accelerated by 13.22 percent in August 2020, according to data released by the National Bureau of Statistics (NBS) Tuesday morning. This marks the 12th consecutive uptrend since September 2019 and the highest in 28 months, a BusinessDay analysis shows. Data from the NBS August 2020 inflation… Read more
Update-2: Nigeria’s SEC classifies cryptocurrencies as securities in landmark regulatory document
Nigeria’s Securities and Exchange Commission (SEC) on Monday designated the title of “securities” to crypto assets and hence will be regulated by it. According to the capital market regulator, the power it has to regulate the crypt asset class derives from Section 13 of the Investment and Securities Act, 2007. The section confers the powers… Read more
Nigerian Banks Seek to profit from Kenya’s Deal-Making Frenzy
Nigerian banks are expanding their footprints in Kenya where the industry is ripe for deals and an economic contraction might still be avoided. It will also offer lenders from Lagos a reprieve from scorching rules that are far more onerous than what their counterparts in Nairobi have to contend with, Adesoji Solanke, director for frontier… Read more
Oil falls to $39, Nigeria’s output rises
The international oil benchmark, Brent crude, fell below the $40 per barrel mark on Monday, amid demand worries, as the Organisation of the Petroleum Exporting Countries further cut its outlook for demand growth. Nigeria, Africa’s biggest oil producer, said its crude oil production rose slightly to 1.36 million barrels per day in August from 1.35 million bpd in July, according to OPEC. Read more
Nigeria’s revenue dropped by 65%, says finance minister
The Minister of Finance, Budget and National Planning, Zainab Ahmed, says Nigeria’s revenue has dropped by 65 per cent hence the decision of the President, Major General Muhammadu Buhari (retd.), to discontinue the payment of petrol subsidy. Ahmed said this on NTA’s ‘Good Morning Nigeria’ programme on Monday which was monitored by our correspondent. Read more
N4bn debt: AMCON takes over investment company’s assets
The Asset Management Corporation of Nigeria has taken over assets belonging to the chief promoters of Geedee Zulu Investment Limited, Frank Ezuma and Lilian Ezuma, over indebtedness of over N4bn. The Head of Corporate Communications Department, AMCON, Jude Nwauzor, confirmed the takeover in a statement issued Monday. Read more
FMDQ admits new debt securities
FMDQ Securities Exchange Limited has approved the quotation of the Mixta Real Estate Plc N2.39bn Series 28 Commercial Paper under the company’s N20bn Commercial Paper Issuance Programme on its platform. The Exchange also admitted CardinalStone Partners Limited N5bn Series 1 Commercial Paper under its N10bn Commercial Paper Issuance Programme. Read more
‘SEC will regulate crypto-token that qualifies as securities transactions’
The Security and Exchange Commission (SEC) has proposed a legal framework that will regulate Crypto-token or crypto-coin investments when the character of the investments qualifies as securities transactions. Read more
‘How Nigeria can fast-track transition to digital economy’
Some stakeholders in the financial technology sector have highlighted ways to will enable the sustainable transition of Nigeria’s economy from cash-based and manual activities to a digital economy. Read more
