Author: Marketforces Africa

FX Market: Naira Depreciates Against Dollar at IEW. The local currency, Naira, depreciated against the United States dollar (USD) at Investors and Exporters Window (IEW) this week.

Credits to Private Sector Increase to ₦28.67 Trillion. Credits to private sector increased by 1.51% to ₦28.67 trillion in the month of April, Cowry Asset Management Limited stated in a financial market review note.

‘8 Years Ago, I Got Fired as President and Co-Founder’. American Entrepreneur and former President at Udemy, Gagan Biyani tells his story on startup issues and leadership on twitter. Here are what he said: “8 years ago, I got fired as President and co-founder of @Udemy, a now-$2 billion unicorn”, he tweeted.

COVID-19 Infection Rises to 18,480 as NCDC Records 745 New Cases. Amidst gradual easing of the economic lockdown, Nigeria has recorded 745 new cases of COVID-19, bringing the total number of infections in the country to 18,480.

Compensation Plans for Oil Cut: OPEC+ sets Deadline for Nigeria, Others. For failure to comply fully with oil output cut, the Organisation of Petroleum Exporting Countries (OPEC+) has set June 22 as deadline for non-compliant member on the oil output cut to submit their compensation plans.

GSK: Analysts Upgrade Stock as Earnings Swing Despite Revenues Drop. GlaxoSmithKline Consumer Nigeria Plc (GSK) topline came weak, though the pharmaceutical company’s profit improves in the first quarter of 2020.

₦440 million Debt: AMCON Takes Over Doggi Group Limited. The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Alhaji Umaru Baba Abdullahi, the Chief Promoter of Doggi Group Limited over an indebtedness of over ₦440 million.

Brent Crude Price Drops Ahead of OPEC Technical Meeting. Ahead of schedule meeting of the Oil cartel, the price of crude dropped this morning amidst fear of second wave of coronavirus in China.

Federation Accounts: Tiers of Government Share ₦547.309 billion for May. The Federation Accounts Allocation Committee (FAAC) on Wednesday shared ₦547.309 billion to the three tiers of government for the month of May.

Fixed Income Market Records Mix Performance amid Rising Inflation Concern. Amidst rising inflation rate, the fixed income market recorded a mixed performance. Chapel Hill Denham said while average secondary T-bills rate remained unchanged at 3.02%, average discount rate on secondary OMO bills fell further by 5 basis points (bps) to 4.62%.