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General News

Nigeria PMI’s Under the Radar, Bitcoin Rallies

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By Lukman Otunuga, FXTM Research Analyst,

The major risk event for the Nigerian economy will be the Manufacturing and Non-Manufacturing PMI reports for March that are being released on Wednesday and which should offer fresh insight into the health of the nation’s economy.

Manufacturing PMI is projected to rise to 57.6 in March, while Non-Manufacturing will rise to 59.0 during the same month. A steady expansion in both PMI reports is likely to boost confidence over Nigeria’s economic recovery as the second quarter of 2019 gets underway.

Bitcoin back in the limelight as prices surge above $5000

Bitcoin was one of the main talking points across financial markets today after suddenly climbing to its highest level since November 2018 above $5000.

While sudden and explosive swings are nothing new in the world of cryptocurrency, Bitcoin has certainly struggled for direction in recent months as investors evaluated the possibility of its adoption by the mainstream. Although the reason behind Bitcoin’s aggressive 23% jump remains a mystery, it does suggest that bulls could be back in town. In regards to the technical picture, BTCUSD turned bullish on the daily charts after prices rallied from $4200 to just above $5100. With prices trading above the 200 Simple Moving Average and the MACD trading to the upside, lagging indicators suggest that Bitcoin has the potential to push higher. A solid daily close above $5000 will be needed to seal the deal for bulls. Alternatively, if $5000 proves to be a reliable resistance, Bitcoin has scope to retest $4500.

Currency spotlight – GBPUSD

Sterling remained bruised and depressed on Tuesday after UK lawmakers rejected all alternative Brexit options for a second time.

This unfavorable development has created another element of uncertainty and confusion over Brexit at a time where investors are desperately seeking clarity. The United Kingdom now has until April 12 to either seek a longer extension from the EU, agree on an alternative Brexit plan or leave the EU without a deal in place. Market fears of the UK crashing out of the EU with no deal is likely to weigh heavily on the Pound and this was reflected in the GBPUSD.

Taking a look at the technical picture, the GBPUSD is coming under pressure on the weekly charts. A breakdown below 1.3000 is seen opening a path lower towards the 1.2890 regions.

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USDZAR hovers above 14.14

The Rand entered the second quarter of 2019 on a firm footing after Moody’s delayed its credit rate decision on South Africa. Positive data from the United States and China also supported appetite for emerging market currencies, with the Rand falling into this category.

Although the local currency weakened on Tuesday, this has more to do with an appreciating Dollar rather than a change in overall sentiment. If risk sentiment continues to improve on easing global growth fears and domestic data shows signs of stabilizing, the Rand has the potential appreciate against the Dollar.

In regards to the technical picture, the USDZAR is likely to test 14.00 if the 14.14 level is conquered.

Commodity spotlight – Gold

An appreciating Dollar and improvement in risk sentiment have reduced appetite for safe-haven Gold.

Positive economic data from China and the United States has eased investor concerns over slowing global growth, with equities and riskier assets back in focus. While Gold has the potential to sink further in the near term, the medium to longer term outlook remains in favor of bulls. Geopolitical risks in the form of Brexit, uncertainty over US-China trade talks and a dovish Federal Reserve are likely to continue supporting Gold. Focusing on the technical picture, the precious metal is likely to test $1280 in the near term. For bulls to jump back into the game, prices need to break back above the psychological $1300 level.

 

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General News

FG Halts Controversial FRC Dues amid Industry Outcry

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Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.

FG Halts Controversial FRC Dues amid Industry Outcry

Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.

The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.

The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.

At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.

Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”

She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.

“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.


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General News

SON Pledges to Standardize Made-in-Aba Products

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The Standards Organisation of Nigeria (SON) says it is intensifying efforts to standardise locally manufactured products, including Made-in-Aba brands, in order to enhance both local and international acceptance.

Aharanwa Chuks, Director of Region (South East), SON, communicated this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

Chuks said through the Mandatory Conformity Assessment Programme (MANCAP), SON ensured that all Nigerian-made products conformed to the relevant Nigerian Industrial Standards (NIS).

According to him, MANCAP involves direct engagement with manufacturers to certify that their products meet established quality benchmarks.

“This process includes inspecting production facilities, sampling products and testing them against NIS requirements.

“Successful compliance results in the issuance of the MANCAP certification, signifying adherence to quality standards.

“In Aba, SON has been proactive in educating manufacturers about standardization.’’

The director said SON also conducted stakeholder interactions; gathering manufacturers from various sectors to provide guidance on producing goods that met both local and international standards.

“For instance, leather manufacturers in Aba have been sensitized on standardization practices to enhance the global competitiveness of their products.

“Manufacturers are encouraged to collaborate with SON to obtain MANCAP certification, ensuring their products are not only marketable within Nigeria but also competitive internationally.

“This initiative aims to boost consumer confidence and promote the acceptance of Made-in-Aba products globally,” Chuks said.

 


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General News

EFCC Arrests 133 @ Ponzi Scheme Training Academy

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Operatives of the Economic and Financial Crimes Commission (EFCC), has busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja.

EFCC Arrests 133 @ Ponzi Scheme Training Academy

They were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.

The Academy, named Q University (a.k.a Q-Net) is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns.

The suspects are enrolled into a training codenamed: “Special Training for New Generation Billionaire” and brainwashed to believe that they would graduate into the league of billionaires.

They got into the training by obtaining a form the promoters called “Independent Representative Application Form” with promotional slogans such as: “I’m a Champion” “I’m Unstoppable”, “I’m Infinity”, among others.

The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion, Nigerian Army.

Items recovered from the suspects include phones, computers and other electronic gadgets.

They will be charged to court as soon as investigations are concluded.


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