Mixed trends at FX, fixed income markets

FX market The naira accelerated its decline against the dollar by N7 to trade at N494 per dollar on Thursday, bringing the week to date depreciation to N11 from N483 per dollar in the parallel market. However, the local currency remained flat and stable at N393.25 per dollar at the I&E FX market. Most participants maintained bids between N383.00 and N395.00 per dollar. Treasury bills Despite the low yield environment prevailing in the NT-Bills market, investors were willing to buy up to N445.94 billion due to the abundant system liquidity…

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Black Friday: US E-commerce to surge 40% to $10.2bn

Black Friday: US E-commerce to surge 40% to $10.2bn

The 2020 holiday shopping season will be unique, as the pandemic shifted consumer behavior from retail stores to online shopping. In response, many retailers moved their services online to not miss out on this year’s profits. To further understand the wave of online shopping activities in the festive season, Atlas VPN team decided to look into how e-commerce sales are set to perform in the upcoming long weekend. The researchers predict that the US e-commerce revenue will exceed last year’s earnings by 49.5 per cent on Thanksgiving day, totaling $6.18 billion…

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Emirates offers first ever $500,000 multi-risk travel coverage for passengers

Emirates $500,000 risk insurance

Emirates customers can now plan their travels and fly with even greater assurance and peace of mind, with the airline’s latest industry-first initiative to provide expanded, multi-risk travel cover on top of its current COVID-19 cover. Provided by Emirates at no additional cost to its customers, and provided by AIG Travel, this cover is the first of its kind in the airline and travel insurance industry. It is designed to provide all Emirates passengers a truly unique offer for stress-free and hassle-free travel. This new multi-risk travel insurance and COVID-19…

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FG providing N27bn financial support for aviation sector

Govt is not reason for your woes, Sirika cautions airlines

The Federal Government has put in a process to ensure the revival of the aviation industry after the devastating blows suffered by the sector in the hand of Coronavirus pandemic and lockdown. To achieve this, government is providing N27 billion financial support for the sector in its economic plan christened ‘Nigeria Economic Sustainability Plan. Following the health and economic emergencies caused by the COVID-19 outbreak, President Muhammadu Buhari established the Economic Sustainability Committee (ESC) on March 30, 2020. Members of the committee include Vice-President Yemi Osinbajo, ministers of finance, budget…

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Unity Bank’s assets soar 44% to hit N420.87bn

The total assets of Unity Bank Plc has increased by 44 per cent from to N420.87 billion at the end of the third quarter, 2020 from N293.05 billion it stood in the corresponding period of 2019. This and other financial metrics of the lender is contained in its unaudited financial results filed recently at the Nigerian Stock Exchange (NSE). The report show that the lender grew gross earnings by 8 percent despite COVID-19 and other headwinds that hurt the profitability of most businesses in the first nine months of the…

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CIBN Forum: Emefiele to unveil banking scorecard, regulatory roadmap

CIBN Banker's Night

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), is set to provide economic insight into the monetary policy and regulatory direction for the coming year at the 55th annual bankers dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN). A statement by the head, marketing/ corporate communication & external relations, CIBN, Nelson Olagundoye recently, stated that the CBN governor who will be delivering the keynote address is also expected to present the banking industry score card for the current year at the event which will…

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Digital Encode bags Cybersecurity Diversity Company of the Year Award

Says 40% of the workforce are women ______________________  Digital Encode Limited, a leading consulting and integration firm in Africa, has received the “Cybersecurity Diversity Company of the Year Award” at the inaugural Women in Cybersecurity Awards Africa 2020 (WICA Africa). The award was presented to Digital Encode at the first of its kind award to honour cybersecurity professionals in Africa, for its outstanding role in promoting and mentoring women in cybersecurity. The Company specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures. Presenting the award to Digital Encode, Cephas Okoth,…

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Pension fund managers record N83.94bn profit

Pension fund managers record N83.94bn profit

Data obtained from the National Pension Commission (PenCom) has revealed that Pension Fund Administrators (PFAs) and their counterparts Pension Fund Custodians (PFCs) recorded a net profit of about N83.94 billion in 2019. A breakdown showed that Stanbic IBTC Pension Managers Limited recorded N49.42 billion followed by Zenith Pension Custodian Limited had N6.03 billion Further details showed that First Pension Custodian Limited recorded N4.31 billion; Leadway Pension Limited, attained N3.27 billion; ARM Pension Fund Managers Limited, N3.25 billion; UBA Pension Custodian, N3.26 billion; Premium Pension Limited, N2.25 billion. FCMB Pension Limited…

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N45bn green bond listings feature in NSE’s 2019 sustainability report

N45bn green bond listings feature in NSE's 2019 sustainability report

As the Nigerian Stock Exchange (NSE) released its 2019 sustainability report, the report shows that in the year under review, the bourse facilitated listings of N45 billion green bonds. During the period, the exchange saw green bond listing increase by over N30billion while it executed first cross border green listing of Access Bank’s N15 billion Green Bond subsequent to an MoU signed with Luxembourg Stock Exchange (LuxSE) A green bond is a type of fixed-income instrument that is specifically earmarked to raise money for climate and environmental projects. These bonds…

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Nigeria plunges into recession as COVID-19, oil prices bite

Nigeria plunges into recession as COVID-19, oil prices bite

Nigeria has slipped into a recession after its gross domestic product contracted for the second consecutive quarter, according to official data released. Africa’s biggest economy is in recession in less than five years with the 2016 recession four years ago, being its first in a generation, and the country emerged from it the following year, 2017. However, the growth of the Africa’s biggest economy has been fragile and this was further worsened by COVID-19 pandemic that disrupted both local and global economy amid low oil prices. The continent’s top oil producer…

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