Daily Business Headlines – December 09, 2022

December 9, 2022

Business Headlines


Nestle, 11 Stocks Lift Index Further by 0.1 per cent

Gains recorded by many blue-chip stocks, especially Nestle and 11 stocks lifted the all-share index of the Nigerian Exchange Limited (NGX) further by 0.1 per cent. Specifically, at the close of transactions yesterday, the All-Share Index (ASI), which measures the performance of quoted companies rose by 59.80 absolute points, representing a gain of 0.12 per cent to close at 48,426.49 points… Read More


Emefiele: Cash Withdrawal Limits Subject to Review, Deadline Remains Sacrosanct

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday clarified that the new cash withdrawal limits expected to be implemented from next month was not politically motivated, insisting that it was for the overall benefit of the economy. He insisted that cash withdrawal limits is subject to review, the deadline of January 31st to deposit all old notes remains sacrosanct… Read More


Banks, Depositors Clash Over N20,000 Cash Withdrawal Limit

The apex bank in a memo earlier in the week, directed that over-the-counter cash withdrawals by individuals and corporate entities must not exceed N100, 000 and N500, 000, respectively, per week. It also directed that only N200 and lower denominations should be loaded into banks’ Automated Teller Machines (ATMs). According to the memo, the maximum cash withdrawal per week… Read More


Cashless Transactions Record N318.66tn in 11 Months

Cashless transactions in Nigeria rose by 41.75 per cent to N318.66tn in the first 11 months of 2022 according to new industry statistics from the Nigeria Inter-Bank Settlement System. The N318.66tn amounted to the total amount processed on the Nigeria Instant Payment System and Point of Sales terminals, which is how cashless transactions are monitored on the NIBSS… Read More



Fuel Scarcity: DSS Issues NNPC, Oil Marketers 48-hour Ultimatum to Resolve Supply Issues

The Department of State Service (DSS) yesterday issued a 48-hour ultimatum to the Nigerian National Petroleum Corporation Limited (NNPC), the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other stakeholders in the oil sector to resolve the ongoing fuel crisis. Hinting at economic sabotage, it threatened to go after those impeding the supply of the petroleum products… Read More

Federal Government will Review N500bn Development Banks’ Loan Disbursement Criteria, Says Finance Minister

The Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed has said the federal government would review the criteria currently being used by development banks in the country to disburse loans to medium and small-scale enterprises (MSMEs) in the country in order to ensure geographical spread. The Minister stated this yesterday when she appeared before… Read More


AfCTA to Grow Trade Value of Nigeria to $12bn by 2027 – Stakeholders

The African Continental Free Trade Area (AfCFTA) is said to have the potential to grow trade value in Nigeria to the tune of $12bn between 2023 and 2027. Speaking in Lagos at implementation strategy, Stakeholders emphasized that the agreement could also reduce trade costs by 20 per cent by facilitating the enactment of an omnibus bill on the AfCFTA. The former Secretary of NAC-AfCFTA… Read More



We won’t Compromise 2023 Despite Pressure, says Irabor

Amid repeated assurances from President Muhammadu Buhari and the Independent National Electoral Commission (INEC) towards a credible and hitch-free 2023 general elections, the Chief of Defence Staff (CDS), General Lucky Irabor, yesterday, in a startling revelation, disclosed that security agencies are under intense pressure from all corners to compromise the elections… Read More


Again, Federal Government Postpones Ajaokuta Steel Completion Date

The Minister of Mines and Steel Development, Olamilekan Adegbite, has said that the completion of the Ajaokuta Steel Company will not be feasible anymore before the end of 2022 due to the outbreak of the COVID-19 pandemic. Adegbite made this known on Thursday in Abuja at the presentation of the achievement of his ministry during at the ninth edition of the President… Read More



How the New CBN Policy on Over-the-Counter Withdrawals Affects PoS Transactions Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has announced a new policy that limits weekly cash withdrawals by individuals and corporate bodies to ₦‎100,000 and ₦‎500,000 respectively. This was contained in a circular to Deposit Money Banks (DMBs) and financial institutions and will take effect nationwide on January 9, 2023… Read More

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