Author: Marketforces Africa

CBN, Banks, NIBBS others open for business during COVID-19 Lockdown. The Central Bank of Nigeria (CBN) says the apex bank and other financial institutions will open for business in spite the two weeks lockdown declared by President Muhammadu Buhari in Abuja, Lagos and Ogun states.

Equity market cap drops to ₦11.11 trillion amidst COVID-19 fear. Today, the domestic equities market declined 243bps to 21,330.79 points following sell-offs in MTNN (-10.0%), ZENITH (-5.2%) and GUARANTY (-3.0%).

COVID-19: Economist Tasks FG on price control, says this is bad time to print money. Due to rising cases of coronavirus and activities lockdown, an economist has said that Federal Government, FG, shoulder consider price control measure to reduce burden on the citizens.

Coronavirus – Fact Check: COVID-19 is NOT airborne. The World Health Organisation (WHO) has stated that the virus that causes COVID-19 is mainly transmitted through droplets generated when an infected person coughs, sneezes, or speaks.

COVID-19: NCDC to increase testing laboratories, says Rapid Diagnostic Test Kit not validated. The Nigeria Centre for Disease Control (NCDC) says it will expand its testing capacity for COVID-19 from six laboratories to 13 in the next three weeks.

COVID-19: Solidarity Trial to Compare Drugs Combination Starts in Two Countries – WHO. The World Health Organisation (WHO) said there are now more than half a million confirmed cases of COVID-19 and 23,495 deaths.

FX Market: Naira depreciates on rising cases of COVID-19. Exchange rates depreciated by ₦30 week on week (w/w) at the parallel market amid rising cases of COVID-19, poor inflow into external reserves.

VP, Lagos announce Wellvis, Prunedge, Infodemics others to fight COVID-19

AfDB raises $3 bn social bond to combat coronavirus. The African Development Bank (AfDB) has raised three billion dollars three-year bond to help alleviate the economic and social impact of Covid-19 pandemic in Africa. The bank’s Communication and External Relations Department made this known in a statement on Friday.

COVID-19: FBN announces e-learning solution to solve educational challenges  First Bank of Nigeria, in partnership with government, other stakeholders has announced decision to rollout e-learning solution for students as COVID-19 spreads. The Chief Executive Officer of First Bank of Nigeria, Dr. Adesola Adeduntan, said the bank has chosen to solve education challenges facing parents by putting in place complementary efforts. In a release, FBN’s CEO said the Bank has concluded plans with the necessary authorities to enable as many children as possible to access the e-learning solutions. Adeduntan said this following the activation of the Bank’s Business Continuity Process and…