27 March 2019

CBN cuts interest rate to 13.5%, seeks GDP rebasing: The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday reduced the Monetary Policy Rate, also known as the benchmark or main interest rate, from 14 per cent to 13.5 per cent.(Source:Punch)

Reps suspend MTEF meeting over Emefiele, Baru, others’ absence: The joint committee set up by the House of Representatives to work on the 2019-2021 Medium- Term Expenditure Framework and Fiscal Strategy Paper presented to the National Assembly by President Muhammadu Buhari on Tuesday suspended its sitting as invited Federal Government officials failed to show up.(Source:Punch)

CBN to review Payment Service Vision 2020: The Central Bank of Nigeria says it is set to review the Payment Service Vision 2020 in furtherance of its payment system objectives and in response to the developments in the system.(Source:Punch)

NBC, private firm sign rural broadband Internet pact: The National Broadcasting Commission says it has signed a Memorandum of Understanding with a private firm, Corrido Communications Limited, for the use of TV White Space to connect rural communities to broadband communications services.(Source:Punch)

NSE lifts trading suspension on Thomas Wyatt’s shares: The Nigerian Stock Exchange has lifted the suspension of trading in the shares of Thomas Wyatt Nigeria Plc.(Source:Punch)

Buhari declines assent to pension practitioners bill: President Muhammadu Buhari has declined assent to the Chartered Institute of Pension Practitioners of Nigeria Bill passed by the National Assembly.(Source:The Nation)

Lafarge Africa lists 7.43b rights’ shares: Lafarge Africa Plc yesterday formally completed its N89.2 billion rights issue with the listing of additional 7.43 billion ordinary shares of 50 kobo each that arose from the new issue at the Nigerian Stock Exchange (NSE).(Source:The Nation)

Transcorp to scale up power business with $2.5b new investment: Transnational Corporation of Nigeria (Transcorp) Plc will scale up its power business with additional investment of about $2.5 billion as the conglomerate seeks to consolidate the profitability of its businesses.(Source:The Nation)

FMDQ to banks: hedge dollar-based loans: Commercial banks taking dollar-denominated loans should hedge the facility against risk of currency fluctuations, FMDQ OTC Securities Exchange Managing Director/CEO Bola Onadele has said.(Source:The Nation)

TCN’s capacity utilisation dips to 14.8%: The Transmission Company of Nigeria (TCN) has raised concern over the reduction in the load utilisation of its distributor company in Odogunyan substation, Ikorodu, Lagos State  to 14.8 per cent.(Source:The Nation)

VAT designed to support the poor, says Fowler: The Federal Inland Revenue Service (FIRS) yesterday explained that Value Added Tax (VAT) is a consumption tax primarily designed to support poor people, and not to create hardship for them.(Source:The Nation)

Continental Re Posts N34bn Gross Premium: Continental Reinsurance Plc said it recorded Gross Premium Income of N34.19 billion in its full year result for the 2018 financial year.(Source:Thisday)

Planned Amendment of Margin Lending Rules Excite Operators: Some capital market operators and investors have hailed the move by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) to amend the rules guiding margin lending, saying it will go a long way in providing liquidity and boost activity in the capital market.(Source:Thisday)

DisCos got N438bn energy revenue in 2018, hit 66% efficiency:  The Association of Nigerian Electricity Distributors (ANED) said 10 Distribution Companies (DisCos) reached 66 per cent collection efficiency as they collected N438 billion revenue for energy served to consumers in 2018.(Source:The Guardian)

Bonny Light price leaps to $68.01: The price of Bonny Light, Nigeria’s premium oil grade, yesterday, leaped to $68.00 per barrel in the international market as Saudi Arabia cuts supply in order to realise a target price of $70 per barrel.(Source:Vanguard)

Naira down at N358.5/$ in parallel market: The naira yesterday depreciated to N358.5 per dollar in the parallel market.(Source:Vanguard)

U.S. housing, consumer confidence data point to slowing economy: U.S. homebuilding fell more than expected in February as construction of single-family homes dropped to near a two-year low, offering more evidence of a sharp slowdown in economic activity early in the year.(Source:Reuters)

Reporting for EasyKobo on Tuesday , 26 March 2019 in Lagos, Nigeria