Daily Business Headlines – December 29, 2022



Inflation Robs Nigerian Stock Traders Of Real Returns

Investors in the Nigerian equities market saw a roller coaster ride in 2022, with inflation taking the shine off their returns on their holdings. Though the market looks set to close higher this year, considering its return of 16.36 percent as of December 23 compared to 6.7 percent in 2021, the country’s elevated inflationary environment is depriving investors of real returns… Read More

Naira Stable At Parallel Market, Falls At Official

After the Christmas holiday, naira on Wednesday, maintained stability as the dollar was quoted at the rate of N740 since Friday last week, at the parallel market. Traders attributed the naira stability to moderation in demand amid increased supply of dollars from the diasporas. People are bringing dollars and demand is not too much,” said one black market operator on Wednesday… Read More


Old Notes: Extend Deadline To June, Senate Tells CBN

The Senate has urged the Central Bank of Nigeria to urgently extend the withdrawal of old currency notes from circulation from January 31 to June 30, 2023. The senate’s resolution was sequel to a point of order raised by Sen. Mohammed Ndume (APC-Borno) during the plenary on Wednesday. The CBN had on October 26, announced plans to redesign the N200, N500, and N1,000 notes… Read More

Reps Halt Proposed Auction Of $1bn Oil Assets

The House of Representatives has asked the Federal Government, through the Nigerian Petroleum Development Company, to suspend the planned auction of Oil Mining Licence 11 for $250m when it has been bid for $1bn. At the plenary on Wednesday, the House particularly “urge the Federal Government, particularly the NPDC, to suspend the planned auction and sale of the… Read More



Banks’ Total Assets Rise 19% To N63trn In 9 Months

The total assets of the deposit money banks in Nigeria rose Year-on-Year (Y-o-Y) to N63.2 trillion in the first nine months of this year, up 19.04 percent from N53.1 trillion in the corresponding period of 2021. The leading banks contributing to this rise include Zenith Bank Plc, Access Bank, United Bank for Africa (UBA) Plc, GTBank Plc and First Bank… Read More

Nigeria Loses $700m To Export Rejection

The President and Chairman, the Board of Trustees, African Export–Import Bank, Afrixembank, Prof. Benedict Oramah, has said that Nigeria has suffered a loss estimated at $700 million over rejected agro-produce. Speaking at the official commissioning of the Africa Quality Assurance Centre (AQAC) in Sagamu, Ogun State, Oramah said Afrixembank is now working to address the problem… Read More

Banks’ Loans To Federal Government, Private Sector Hit N15.5trn In 11 Months

Despite Nigeria’s economic frailties, available data from the Central Bank of Nigeria (CBN) has revealed that total credit to the Nigerian economy including the Federal Government and the private sector, rose to a whopping N15.48 trillion between January and November 2022. According to the apex bank’s “Money and Credit” statistics, credit to the private sector economy surged to unprecedented… Read More



2022 Budget: NASS Extends Implementation Of N18.12trillion To March 31, 2023 

Sequel to President Muhammadu Buhari request to National Assembly on Wednesday to extend the implementation period for the N18.12trillion 2022 budget to March 31, 2023, the Red Chamber gave its approval. The budget  in line with provisions of clause 12 of the Appropriation Act and section  318 of the 1999 constitution which stipulate 12 calendar months for implementation of budget… Read More


2022: Uncommon Year For Political Players

Although Nigeria returned to civilian rule in 1999 and had practised democracy for 23 uninterrupted years, the longest period in the country’s 62 years independence, the country had not witnessed the kind of developments experienced in 2022 in its entire democratic practice. In fact, if Nigeria harnesses and improves on the political achievements recorded during the year, the country… Read More



Relief As NCAA Upgrades AOC Validity Period For Airlines

The Nigerian Civil Aviation Authority (NCAA) has concluded plans to review upward the validity period of Air Operator’s Certificate (AOC) renewal for scheduled and unscheduled operators as from the first quarter of 2023. Hinting this at a virtual interactive session with aviation journalists in Lagos, the Director-General of NCAA, Captain Musa Nuhu, said that the two years’ validity period when AOCs… Read More