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An eventful week for Nigeria slowly comes to an end
By Lukman Otunuga, FXTM Research Analyst,
It has been an incredibly eventful trading week for the Nigerian economy. The week kicked off with a bang as GDP figures slightly disappointed by cooling 2.05% during the first quarter of 2019.
Although this development initially sparked concerns over the nation’s growth momentum cooling, it must be kept in mind that this was the fastest first quarter growth experienced since 2015. On Tuesday, the Central Bank of Nigeria left interest rates unchanged at 13.5% as widely expected. The key take-away from the MPC meeting was the fact that the central bank identified that emerging markets remain exposed to external shocks in the form of trade tensions, Brexit and concerns over slowing global growth. Later on Tuesday afternoon, Manufacturing and Non-Manufacturing PMI figures surpassed market expectations which boosted confidence over the health of the largest economy in Africa.
With the latest economic metrics pointing to signs of stability, the outlook for the Nigerian economy remains encouraging. Further signs of improving economic fundamentals and easing inflationary pressures should prompt the Central Bank of Nigeria to make a move before the end of 2019 in an effort to stimulate economic growth. Although improving domestic conditions will be a welcome development for the nation, investors should not overlook external factors impacting the nation’s recovery. Ongoing US-China trade developments, Oil prices and the Dollar’s valuation will play a role in how Nigeria concludes 2019.
Dollar buoyed by trade worries.. but for how long?
The story defining the Dollar’s appreciation continues to revolve around persistent US-China trade tensions accelerating the flight to safety.
Uncertainty ahead of the European Parliament elections and Brexit drama have also fuelled risk aversion – ultimately boosting appetite for the Dollar which has become a destination for safety. While the Dollar could continue rising on the perception that the United States remains in a better position than everyone else, the question is for how long?
Markets still expect the Federal Reserve to cut interest rates this year while ongoing trade tensions could end up negatively impacting the US economy. With market sentiment extremely fragile and investors on edge, it could take an unexpected catalyst to send the Dollar tumbling.
Commodity spotlight – Gold
Gold is struggling to benefit from the cautious market mood thanks to an appreciating Dollar. The precious metal has struggled to break back above the $1280 level this week despite ongoing US-China trade tensions and Brexit accelerating the flight to safety. While Gold bears are losing this battle, the war is far from over. With a patient Fed, speculation of a US rate cut and lingering concerns over slowing global growth still core themes, Gold remains supported in the longer term.
In regards to the technical picture, sustained weakness below $1280 is likely to open a path towards $1268.50 in the near term.
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NAICOM Signs Agreement with NDPC on Data Protection in Insurance Sector
The National Insurance Commission (NAICOM), has signed agreement with the Nigerian Data Protection Commission (NDPC) with the aim of enhancing data protection within the insurance sector.
According to NAICOM, the Memorandum of Understanding (MoU) has as its objectives training and capacity building in the area of providing training to enhance awareness and skills in data protection, establishing privacy clinics by setting up specialised clinics to address data protection concerns and provide guidance.
NAICOM said other objectives of the agreement include conducting compliance activities, regularly monitoring and enforcing compliance with data protection regulations, promoting awareness in the area of educating insurance companies on the importance of data protection and the benefits of adhering to best practices.
Developing data protection guidelines through creation of specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.
NAICOM said the collaboration marked a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.
The commission said to ensure the effective implementation of the agreement, an implementation committee would be established. The committee, the commission said, would comprise of representatives from the two agencies, as well as other key industry associations, including the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB).
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5 Benefits of MTN Mobile Ads for your Business
Businesses worldwide are increasingly embracing mobile advertising services, allowing them to connect with potential customers directly on their smartphones and engage with them more effectively.
This trend is rapidly gaining momentum, and companies in Nigeria are also taking part in this shift.
Every day, more Nigerian businesses are seeking the most efficient strategies to reach their target audiences and convert them into loyal customers.
MTN Nigeria is redefining digital advertisement with MTN Mobile Ads. With a rich customer base of 79.5 million subscribers in Nigeria, MTN Mobile Ads continues to help businesses reach millions of customers nationwide.
Here are five reasons you should use MTN Mobile Ads for your business advertisements:
Targeted marketing
MTN Mobile Ads uses first party data to enable specific targeting of audience based on behaviour, interests and demographic. This ensures that your marketing efforts are directed toward the most relevant audiences, thereby increasing engagement and conversion.
Data-Driven Insights:
Businesses can gain valuable insights from their advertising campaigns, allowing them to fine-tune their strategies for maximum impact. This data-driven approach helps in optimizing campaigns based on real user behaviour and preferences
Diverse advertising formats
This service supports several advertising formats including targeted SMS, marketplace listing on the MyMTN app, display banners, and Rich messaging services (RCS) across both mobile and web platforms. This versatility allows your business to customize your marketing strategy to suit different audience preferences and increase engagement opportunities.
Data-free solutions
MTN Mobile Advertising provides data-free solutions. That means users can view your Ads with or without data. This feature significantly increases engagement rate as it allows your business connect with customers who may have been avoiding ads to save their data.
Cost-effective
With MTN Mobile Ads, you can choose an advertising plan that suits your budget. This flexibility allows businesses to enjoy the benefits of advertising without overspending.
As competition in businesses increase, the need to make advertising a crucial part of your marketing strategy cannot be over-emphasized.
MTN’s Mobile advertising services are the most result-oriented strategy your business should engage in so you can have the same opportunities your competitors may have.
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Zuckerberg’s Mar-a-Lago Meeting with Trump: What It Means for Tech
Billionaire Facebook founder, Mark Zuckerberg met Wednesday with incoming US president Donald Trump at his Mar-a-Lago resort in Palm Beach, Florida, the latest sign of the Meta chief’s warming up to the president-elect ahead of his second term.
“It’s an important time for the future of American Innovation. Mark was grateful for the invitation to join President Trump for dinner and the opportunity to meet with members of his team about the incoming Administration,” a Meta spokesperson told CNN.
Politico was first to report Zuckerberg was spotted at Mar-a-Lago. It was not immediately known what the two discussed.
Zuckerberg was in touch with Trump in the months leading up to the election, according to a New York Times report. After the assassination attempt on Trump’s life in July, Zuckerberg told Bloomberg that Trump standing back up and pumping his fist in the air was “one of the most badass things I’ve ever seen in my life.”
In a book released this summer, Trump accused the Meta chief of “plotting” against him and threatened Zuckerberg with “life in prison” if he did “anything illegal” during the election.
“We are watching him closely,” Trump wrote, “and if he does anything illegal this time he will spend the rest of his life in prison — as will others who cheat in the 2024 Presidential Election.”
In an interview on Wednesday night on Fox News, Trump adviser Stephen Miller confirmed the meeting and said Zuckerberg “has been very clear about this desire to be a supporter of and a participant in this change that we’re seeing all around America all around the world, this reform movement Donald Trump is leading“
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