Author: Marketforces Africa

CBN Hints on FX Convergence around NAFEX rate, Put backlog at $2.5bn. The Central Bank of Nigeria says the nation’s external reserve remains substantial to service foreign exchange obligations as it estimated foreign exchange backlog at $2.5 billion.

Fiscal Deficit: FG Raised 67% of External Borrowing Plan – DMO. The Debt Management Office has told investors that the federal government has raised 67% of its external borrowing plan to finance its fiscal deficit for 2020.

Transcorp Hotels to Raise ₦9.9 billion Rights Issue. Shareholders of Transcorp Hotels Plc have unanimously approved the company’s plan to raise the sum of ₦9.9 billion through a rights issue.

FCMB: Planned Acquisition of AIICO Pension Portends Long Term Value. FCMB group proposed acquisition of AIICO Pension is positive for long term value but could dilute shareholders return by about 26% in the short term, says analysts at Chapel Hill Denham Limited, an investment banking firm.

“Nigeria to Recover Quickly from IMF’s Negative Growth Rate of 5.4%”. Cowry Asset Management Limited, an investment banking firm has predicted that Nigeria will recover quickly from the International Monetary Fund’s (IMF) revised negative growth rate of 5.4%.

Brent Crude Drops to $40.19 as COVID-19 Cases Rise. Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand.

Deregulation: We no longer fix price of petrol – PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) says it is no longer fixing the pump price of Premium Motor Spirit (PMS) also known as petrol for marketers.

PPRA Executive Secretary, Mr Saidu Abdulkadir, stated this in a statement in Abuja, on Sunday.

SEC Lists iBSmartify Nigeria as Ponzi Scheme, Warns Citizens. The Securities and Exchange Commission, (SEC) has warned Nigerians against the activities of iBSmartify Nigeria, saying that neither the entity nor the illegal products they offer are registered or regulated by the commission.

FirstBank Empowers Women through FirstGem Online Community. First Bank of Nigeria Limited has announced that its all-female online community www.firstgem.com.ng , offers mentoring, support and capacity building opportunities for all to create a new generation of financially literate women.

Economic Sustainability Plan: Grand Ambitions, Weak Capacity – Afrinvest. A leading investment banking firm, Afrinvest has explained why the Nigeria’s Economic Sustainability Plan remains a grand ambition amidst weak capacity to deliver.