Coronation Research Daily Insights

Coronation Research Daily Insights
(Source: Coronation Research, Date: 22-Apr-2024)

MONDAY, 22 APRIL 2024

World Bank Loan | FX Inflow | 2024 Budget | Stock Market | Digital Security

Good Morning,

Here are your top 5 news items for the day.

World Bank Loan

Nigeria secures $2.25bn World Bank loan "" The Cable

Wale Edun, minister of finance and coordinating minister of the economy, says the country has qualified for a World Bank loan of $2.25 billion. Edun spoke during a press conference held at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20. The package, he said, was approved by the board of directors of the World Bank, and offers a 40-year term, a 10-year moratorium, and a one percent interest rate. ...If you look at the fact that we have qualified for the processing, just this week.. Read more here

FX Inflow

Naira to stabilize further as CBN, IMTOs double remittance flow "" Business Day

Naira, Nigeria's currency is set to stabilize further as the Central Bank of Nigeria (CBN) has agreed with the International Money Transfer Operators (IMTOs) and foreign investors to double remittance flow in the country, in the short to medium term. To achieve this, the CBN said it is setting up a task force that will ensure that all hindrances to the foreign inflows are addressed. Olayemi Cardoso, governor of the CBN, disclosed this at a joint press conference of the ministry of finance and the CBN in Washington D.C. at the International Monetary Fund (IMF)/World Bank meetings. Read more here.

2024 Budget

NUPRC, NAFDAC, 5 Others Earmark N80.9bn For Welfare "" Leadership

The Nigerian government's usual failure to ensure transparency in the process of revenue generation and remittance by agencies classified as Government-owned Enterprises (GOEs) has continued to expand an existential revenue leakage despite widening fiscal deficits, higher debt burden and widespread hardship in the country. Checks by leadership have revealed that the failure of the government to aggressively and effectively put the GOEs on check has given the privileged few in charge of those establishments undue advantage in terms of discretionary application.. Read more here

Stock Market

Nigeria emerges best performing stock market in Africa"" The Sun

Despite bearish dominance, Nigeria's stock market still topped Africa's best performing market chart, beating the likes of Uganda, Egypt, Ghana, Kenya and two other countries, an Afrinvest report has revealed. The domestic bourse sustained its descent for the fifth consecutive week. Although bargain hunting activities briefly tempered the downtrend midweek, continued profit-taking activities on tier-1 banking stocks drove the market lower, with the All-Share Index (ASI) settling below the 100,000-points mark, closing at 99,539.75 points. Read more here

Digital Security

Nigeria boosts digital security with NITDA, NIMC collaboration on PKI, DPI "" The Sun

Nigeria's digital landscape is set for a significant upgrade as the National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) join forces to implement National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI). This collaboration aims to strengthen cybersecurity, enhance digital trust and streamline data exchange across the country. Director General of NITDA, Kashifu Inuwa, emphasised the importance of this partnership during a working visit to his counterpart... Read more here.

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Coronation Research Daily Insights (Source: Coronation Research, Date: 22-Apr-2024)

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Coronation Research Daily Insights
(Source: Coronation Research, Date: 22-Apr-2024)