Daily Business Headlines – 8th August, 2022

August 8, 2022

Business Headlines


Banks Shun Lending to Real Sector as Deposit With CBN Surge by 12%

Despite the 65 per cent Loan-to-Deposit (LDR) ratio policy of the Central Bank of Nigeria (CBN) which was aimed at forcing the hands of financial institutions to lend to the real sector of the economy, banks’ deposits with the CBN has continued to witness exponential growth hitting 12 per cent Year-on-Year (YoY) as at end July this year. According to Standing Deposit Facility (SDF) data by the apex bank, banks’ deposit since the beginning of the year has witnessed a steady increase… Read More

eNaira: CBN IMPROVING FEATURES for Re-Launch, Inclusive Adoption

The Central Bank Digital Currency (CBDC) otherwise known as the eNaira, is undergoing what may be termed ‘cautious adoption’ by users just like the cases of the previous technology- driven payment platforms (Automated Teller Machines, Debit Cards, and Point of Sale- POS) when they were introduced. Despite the pessimism that heralded the introduction of Debit Cards and POS, in the early stages of its introduction, they have become indispensable means of financial transactions in the daily life of Nigerians… Read More


Three Stocks Contribute 24.6 per cent to Market Turnover

The financial services industry dominated in volume terms at the end of last week’s transactions on the floor of the Nigerian Exchange Limited (NGX). It led the activity chart with 442.525 million shares valued at N4.345 billion traded in 9, 995 deals, thus contributing 62.7 per cent to the total equity turnover and value. The consumer goods industry followed with 82.1 million units of shares worth N2.2 billion in 3,875 deals… Read More


Insecurity, Low Productivity Fuel Nigeria’s High Agro Imports – Operators

The latest report of the National Bureau of Statistics on Foreign Trade in Goods Statistics for the first quarter of this year indicated that the value of agricultural imports in the first quarter of 2022 stood at N443.36bn, while exports was N201.59bn. Data from the report showed that agro imports during the period exceeded exports by N241.77bn, a development that was described as worrisome by farmers and other stakeholders in the business of agriculture in Nigeria…Read More




Naira to Remain Pressured as CBN FX Interventions Fall 7.7% in 3 months

The Central Bank of Nigeria (CBN) sold the sum of $1.50 billion forex in various FX windows in the first three months (Q1 2022), representing a 7.7 per cent decline when compared to the fourth quarter with $1.62 billion sold in 2021. The FX intervention is also significantly lower than the pre-pandemic level – Q1 2020 figure of $3.69 billion. This is according to the recently released data of the Central Bank of Nigeria (CBN) with the decline following stringent FX liquidity concerns, ravaging the Nigerian economy since the COVID-19 pandemic struck in 2020… Read More


Experts Canvass Currency Swap to Stabilise Naira, Control Inflation

With Nigeria battling high inflation, the Chinese Yuan swap deal can be reactivated to fight the menace, experts have advised. The three-year deal was concluded on April 27, 2018, at a ceremony in China between Nigeria and the People’s Republic of China. The swap deal was worth $2.4 billion and aimed at boosting ties and reducing the need to use dollars in bilateral trade….Read More


Nigeria Loses N891bn to Gas Flaring

Nigeria lost N891bn to gas flaring in 18 months, according to data from the Nigerian Oil Spill Monitor, an arm of the Nigerian Oil Spill Detection and Response Agency, NOSDRA, released on Sunday. The data revealed that the country lost a total of N707bn in 2021 and N184bn in the first half of 2022, totaling N891bn. According to the NOSDRA report, oil and gas companies operating in the country flared a total of 126 billion standard cubic feet…Read More



In Last 12 Years, Nigeria’s Electricity Grid Suffered Over 222 Partial, Total Collapses
In the last twelve and a half years, spanning the period from 2010 to the first half of 2022, Nigeria’s power grid suffered at least 222 partial and total collapses, a THISDAY analysis of industry data, mostly from the Nigerian Electricity Regulatory Commission (NERC), has shown. To reduce the rate of grid failures, Minister of Power Abubakar Aliyu said the federal government would fast-track the purchase and installation of a Supervisory Control and Data Acquisition (SCADA) system…Read More


No Going Back on Buhari’s Impeachment –Aggrieved Lawmakers
The opposition lawmakers in the National Assembly have said there is no going back on their resolve to impeach the President, Major-General Muhammadu Buhari (retd.), if he fails to address the insecurity in the country within six weeks. The lawmakers in separate interviews with The PUNCH on Sunday, dismissed a report that they had backed down on the plan to remove the President after the expiration of the six-week ultimatum handed down on July 27… Read More



Federal Government saves N4.5b Through Enterprise Content Management

To accelerate the digitisation and the delivery of content services platforms in Ministries, Departments, and Agencies (MDAs) in achieving a digital Nigeria, the Director General, National Information Technology Development Agency (NITDA), Kashifu Inuwa said the implementation of the service-wide Enterprise Content Management (ECM) solution, organised by the Office of Head of Civil Service of the Federation… Read More