Author: Marketforces Africa

COVID-19: Nigeria may go into severe recession – World Bank. The World Bank says collapse in oil prices coupled with the COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s.

IFC Grants FCMB US$50 million Loan to Support SMEs. International Finance Corporation, IFC, a member of the World Bank Group, today announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited.

Investors’ Fortunes Drops ₦15.6bn as Profit-Taking Persists. Sell-offs continue today on the floor of the Nigerian Stock Exchange as investors’ fortunes declined by ₦15.6 billion.

Google Agrees to Pay Some Publishers for Content. Alphabet’s Google on Thursday took a step toward resolving its spat with publishers for content it uses. Now, the internet giant has indicate its readiness  to make payment to some media groups in Australia, Brazil

Single Currency: ECOWAS Heads of State to meet for Discussion. Heads of State of the Economic Community of West African States (ECOWAS) are set to meet to discuss issues bordering on the adoption of the single currency – the Eco – for the sub-region.

NASCON: Steep Rise in Finance Cost Dwarf Shareholders Returns. Equity analysts’ have set ₦13.60 price target for NASCON Allied Industries (NASCON), a member of the indigenous conglomerate, Dangote Industries Limited for 2020.

Tight Liquidity Elevates Interbank Rates, T-Bills Unchanged. Amidst tightened liquidity in the money market, interbank funding rates remained elevated. Analysts explained that rates were largely elevated within double digits following liquidity tightening.

Profit Takings Wipes Off ₦49.6 Billion from Stock Market. The Nigerian Stock Exchange (NSE) traded southwards for the third consecutive day this week, as investors continue to take profit.

CBN Rationalises Policies to Prevent Imminent Recession. The Central Bank of Nigeria has come out to defend its unorthodox policies, said it will not be deterred in its efforts to steer the economy away from looming recession.

World Bank approves $750m power sector recovery operation for Nigeria. The World Bank has approved a 750 million dollars International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO) to improve electricity supply.