PROSHARE MARKETS

Investors Gain N44.03bn as NGXASI Inches up by 0.15%; Overnight Rate Closes Flat at 11.00%; BDC Rate Depreciates to N750 - The NGX All-Share Index inched up by 0.15% to close at 53,238.67 basis points as against 0.95% gain recorded previously to close at 53,157.83 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N44.03bn gain. YTD, the NGXASI Stands at +3.88%. Source Proshare Research Read More

The Markets in Review: How Money Market Funds Beat Deposits and T-bills – Coronation Research - Nigeria’s savers have a job on their hands, getting optimal returns for their precious Naira. One noticeable development last year was the growth of Money Market mutual funds. Why are they growing? Because they often yield more than bank deposits and more than T-bills. Source Coronation Research Read More

FMN Plc Declares N10.02bn PAT as Revenue Hits N1.11trn in Q3 2023 Results (SP:30.90K) - Flour Mills of Nigeria Plc released its Q3 2023 Unaudited results for the period ended December 31st, 2022. Source NGX Read More

PROSHARE ECONOMY

World Economic Outlook 2023: Global Inflation Will Fall in 2023 and 2024 Amid Subpar Economic Growth - Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024. Source IMF Read More

$1m Sustainable Energy Fund for Africa Grant to Drive Electric Mobility Shift in Seven African Countries - The Sustainable Energy Fund for Africa (SEFA) of the African Development Bank Group will provide a $1 million technical assistance grant to the Green Mobility Facility for Africa (GMFA). Source AfDB Read More

Moody's Credit Rating Downgrade... Implications and the Way Out - On Friday 27th January 2023, global credit rating agency, Moody’s Investors Service (Moody’s) downgraded Nigeria’s Medium and Long-term Foreign Currency (FC) and Local Currency (LC) issuer ratings deeper into the junk category with ratings of “Caa1” and “B3”, respectively from “B3" and "B2”. Source Afrinvest Research Read More

PROSHARE REGULATORS

CBN Clarifies Position on February 10, 2023 Window - The Central Bank of Nigeria (CBN) has clarified its position on the legal tender status of the old series of the N1,000, N500, and N200 banknotes after February 10, 2023, deadline for depositing the affected banknotes. Source CBN Read More

Money supply in Nigeria rose to N52.14 trillion in 2022 despite CBN’s hawkish policies - Despite many moves by the Central Bank of Nigeria to mop up liquidity in the Nigerian economy last year, the nation’s money supply still rose to an all-time high of N52.14 trillion. Source Nairametrics Read More

PROSHARE BUSINESS

Countries Should Act Now to Limit Rising Risks from Corporate Distress - Corporate debt rose by more than $12 trillion in advanced and emerging economies during the pandemic as companies borrowed to strengthen their balance sheets and survive the economic shock. Source IMF Read More

Foreign currency shortages are cutting Nigerians off from Apple Music, AliExpress, and more - In July 2021, Lagos-based software engineer Sodiq Lawal was working on a project for a fintech startup when the Central Bank of Nigeria suddenly discontinued the sale of foreign currencies to independent traders. Source Rest of World Read More

PROSHARE TECHNOLOGY

Tesla records $140M Bitcoin net loss in 2022 - According to a filing with the United States Securities and Exchange Commission on Jan. 31, electric vehicle manufacturer Tesla disclosed that it had recorded a $204-million gross impairment loss during 2022 on its Bitcoin holdings. Source Cointelegraph Read More

SEC settles on security claim in LBRY case; community calls it a big win for crypto - The United States Securities and Exchange Commission (SEC) admitted on record that the sale of LBRY Credits (LBC) tokens in the secondary market doesn’t constitute a security. The settlement came during an appeal hearing in the LBRY vs. SEC case on Jan. 30. Source Cointelegraph Read More

Elon Musk’s Starlink goes live in Nigeria - SpaceX’s Starlink is now live in Nigeria, according to the company. The Elon Musk-owned firm confirmed this in a tweet on Monday, stating that Nigeria was the first African country to enjoy its services. Source Punch Read More