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Analysts forecast inflation to print higher rate in April

Apr 16, 2021Apr 16, 2021 Business Metrics

Analysts forecast inflation to print higher rate in April By Olamide Onabanjo Following release of purchasing manager index (PMI) report on Thursday which revealed heightened inflationary trends in Nigeria for the month of March, analysts have said the trend of spending more to get less is not subsiding any time soon. Latest data by the National Bureau of Statistics (NBS) showed that, for the 19th consecutive month, inflation rose by 84 basis points to 18.17%, driven principally by acute rises in the prices food items in the country.…

Investors lose N33bn as bears reclaim NGX floor

Apr 16, 2021 Omobayo Azeez

Investors lose N33bn as bears reclaim NGX floor Negative sentiments resurfaced in the local bourse on Thursday as bears displaced by the bulls the previous session managed to reclaim trading floor of the Nigerian Exchange Group (NGX). The benchmark index that tracks share prices at the bourse shed 64.26 points equivalent to 0.16 % decline to close at 38,571.89 basis points following profit-taking on WAPCO (-3.1%) and UBN (-7.1%) stocks. The aggregate value of stocks in the market followed suit with N33 billion loss to close lower at…

JUST IN: FG relaxes ban on new SIM Card activation

Apr 15, 2021Apr 15, 2021 Ugochi Emmanuel

JUST IN: FG terminates ban on new SIM card activation Federal Government of Nigeria has approved the activation of new SIM Card with mandatory National Identification Number (NIN) in line with the revised National Digital Identity Policy for SIM Card registration. A statement from the Ministry of Communications and Digital Economy, today explained that this is in line with the Nigerian Communications Act (NCA) 2003, Section 23(a), which specifies the role of the Minister to include the formulation, determination and monitoring of the general policy for the communications sector. In line with…

Inflation risesfor 19th consecutive months as food prices remain the culprit

Apr 15, 2021Apr 16, 2021 Omobayo Azeez

Inflation rises for 19th consecutive months as food prices remain the culprit The latest inflation data released today by the National Bureau of Statistics (NBS) for March 2021, has shown that the headline inflation rose for the 19th consecutive month, rising by 84 basis points (bps) to 18.17%. The print is 7bps lower than an earlier projection by Cordros Capital Research, put at 18.24% year-on-year (y/y) and 27bps higher than Bloomberg median consensus estimate of 17.90% y/y. Beyond the increase from both the food (+116bps) and core (+29bps)…

BDCs process N1trn annual deals, says Gwadabe

Apr 15, 2021 Omobayo Azeez

BDCs process N1trn annual deals, says Gwadabe The Association of Bureaux de Change Operators of Nigeria (ABCON) has said that its annual turnover is now N1 trillion. The President, ABCON, Alh Aminu Gwadabe, said this during a virtual event with the theme ‘BDCs’ operations: A trillion-naira sub sector, issues of formalisation, regulations and way forward’ organised by ABCON to beam light on key opportunities and challenges faced by the BDCs sub-sector. It also aimed to reiterate the key roles and position of the BDC subsector in the Nigerian…

Binance and FTX list coinbase stock tokens ahead of exchange’s Nasdaq debut

Apr 14, 2021 Business Metrics

As Major exchanges elbow for exposure to Coinbase’s listing. Major global cryptocurrency exchanges including Binance and FTX have announced the listing of Coinbase’s stock token ahead of its direct listing on Nasdaq. According to a Wednesday announcement, Binance will list Coinbase’s stock token (COIN) today, allowing its users to trade fractional Coinbase stock on the Binance website. The new stock token will trade against Binance USD (BUSD), Binance’s stablecoin pegged to the United States dollar and issued by Paxos Trust Company. Binance said that Coinbase stock tokens are…

Ethiopian Telecoms Deregulation: MTN, Telkom, Etisalat, others jostle for two operating licences

Apr 14, 2021 Omobayo Azeez

Ethiopian Telecoms Deregulation: MTN, Telkom, Etisalat, others jostle for two operating licences The race among telecoms behemoths is getting fiercer by the day as the Ethiopian government announced an extension of deadline for the submission of bids for two available telecommunications operator licences. The country had late last year announced plans to deregulate its telecoms sector and open the space for private participation, a development meant to enrich the coffers of the government on the one hand and stimulate dynamic innovation and healthy competition in the sector on…

Nigerian Exchange Group admitted on NASD

Apr 14, 2021 Omobayo Azeez

Nigerian Exchange Group admitted on NASD NASD PLC has announced the admission of the securities of the Nigerian Exchange Group PLC (NGX) for trading on its market. According to information obtained by Business Metrics from the management of the unquoted bourse, the listing came pursuant to the successful demutualization of the Nigerian Stock Exchange (NSE) now known as the Nigerian Exchange Group PLC. “NGX shares will be available to be traded by licensed participating institutions or authorized traders registered on the NASD platform from Tuesday April 13 2021,”…

DOGE soars 80% on the day to become 10th largest crypto by market cap

Apr 14, 2021 Ugochi Emmanuel

DOGE soars 80% on the day to become 10th largest crypto by market cap Dogecoin (DOGE), the notorious meme-like cryptocurrency that continues to invite both affectionate hype and thinly-concealed derision, has posted some of the highest gains in the cryptocurrency market this week. As of the time of writing, the cryptocurrency is trading at around $0.137 (NGN52.16) — up an eye-popping 86% over the past 24 hours, and over 122% over the past seven days. Its rally has secured a place for the coin amongst the top 10 largest cryptocurrencies by market…