Author: Marketforces Africa

Vision 20:2020: FG to Produce National Development Plans. As vision 20:2020 plan is set to wind up in December 31, 2020, Federal Government has said it is committed to producing national development plans for the country.

Trade Deficit Reflects Depth of Nigeria’s FX Issues – Cardinalstone. Cardinalstone Partner, a leading investment banking firm headquartered in Lagos has said that trade deficits recorded in the second quarter of 2020 underscores depth of Nigeria’s foreign exchange (FX) issues.

Sterling Bank’s summit to revolutionise agribusiness in Nigeria, Africa –Official

Anxiety as Capital Inflow drops 79% to $1.29bn in Q2

Unorthodox Monetary Policies Proving Costly for Nigeria –Meristem

Nigeria Records Third Consecutive Quarter of Negative Trade Balance Nigeria has recorded a third consecutive of negative trade balance with the second quarter deficit position at N1.80 trillion. According to a recent trade report by the National Bureau of Statistics, the value of Nigeria’s merchandise trade dropped to N6.242 trillion in the second quarter (Q2) of 2020. NBS said decline indicates a sharp drop of 27.30% when compared to Q1, 2020 and 27.46% compared to Q2, 2019. According to NBS data, the value of total trade year to date amounted to N14.829 trillion, indicating a drop of 11.96% compared to…

Interbank Rates Drop amidst Rising System Liquidity Interbank funding rates dropped further yesterday, as financial system liquidity opened higher at N281 billion from N255 billion in the previous session. The Open Buy Back (OBB) and Overnight (OVN) rates declined by 1.08% and 1.05% to 4.67% and 5.33% respectively. Meanwhile, a sizeable open market operation (OMO) maturity worth N321.48 billion is expected to hit the system Thursday, which should help keep funding pressures benign. Read Also: Interbank Rates Decline to Single Digit as Liquidity Improves Chapel Hill Denham analysts however said sentiments improved slightly in the fixed income market, perhaps bolstered…

Nigerians to Pay More for Petrol as Oil Prices Rise

Recapitalisation: AIICO Insurance ₦3.5 billion Right Issues Opens AIICO Insurance is offering ₦3.5 billion worth of rights issue to its shareholders as part of efforts to leap forward in its recapitalisation journey. Segun Olalandu, Head of Marketing and Strategic Communication, said this in a statement in Lagos on Tuesday. He said that the offering would open from Sept. 2 to Oct. 7. The detail of the rights issue provides that 4,357,770,954 ordinary shares of 50K each at 80k per share are being offered on the basis of five for every 13 ordinary shares. He said with the offer, the company’s shareholders…

UBA: High Cost, Impairment Charge Drag Earnings Performance United Bank for Africa, UBA, reported a mild growth at the topline in the first half of 2020 earnings release. Amidst rising economic and health challenges, lender’s earnings per share bolted more than 23% year on year. Profit for the period dropped more than 21% when compare with the results achieved in the comparable period in 2019. In its first half 2020 results, the group reported mild 2% year on year growth in gross earnings to ₦300.3 billion, outperforming Vetiva estimates of ₦287.1.9 billion. The growth was driven by a 6% year…