Daily Business Headlines – February 08, 2023



Equities Benchmark Index Hits 14-Year High

The bullish momentum in the Nigerian equities market has defied analysts’ expectations as the benchmark index breaks another strong psychological resistance point, surpassing 54,000 mark, reaching a 14-year high of 54,213.09 points last weekend. The market had recorded a breakthrough against the psychological resistance point… Read More


Fed Govt Earns N3.63b From Postal Services

The National Bureau of Statistics (NBS) said the Nigerian Postal Service raked in N3.63 billion in 2021. The collection, however, dipped by 22.79 per cent compared to the revenue that it earned the previous year, according to the document titled: ” Nigerian Domestic and amp; Foreign Debt Q3 2022.” The report stated the revenue of 2021, was lower… Read More


Black Market Exchange Rate Trades At N745/$1 On 7th February 2023

The exchange rate between the naira and the US dollar depreciated at the black market on Tuesday, 7th February 2023, trading at an average of N745/$1, compared to N744/$1 recorded on Monday, 6th February 2023. This is according to information from black market FX traders who spoke to Nairametrics. Similarly, the exchange rate at the… Read More

Can FG Rely On Taxes As A Major Source Of Revenue?

In Nigeria, revenue generation has continued to be a source of concern as the country’s debt increases. The country has consistently failed to meet its yearly revenue target for the past seven years. Earlier, Nairametrics reported that only N6.1 trillion was generated out of the N8.1 trillion targeted revenue in 2021. As of September 2022, Nigeria’s total public… Read More



Fuel Price To Skyrocket As Marketers Threaten Shutdown

The queues for Premium Motor Spirit, popularly called petrol, grew worse on Tuesday following an earlier directive to shut down filling stations by the Independent Petroleum Marketers Association of Nigeria. Although the directive was later withdrawn, it was observed that the order triggered fuel queues in many parts of Abuja and… Read More

Global Unemployment To Hit 208 Million, Says ILO

The International Labour Organisation has projected that global unemployment would rise slightly by around 3 million to 208 million in 2023. The United Nations agency also said this would mark a reversal of the decline in global unemployment witnessed between 2020 and 2022. The ILO, which stated this in a new report, said the current slowdown… Read More


Federal Government: New Minimum Wage Possible Before May 2024

The federal government has assured Nigerian workers that it would set in motion the process that would lead to the approval a new minimum wage to be implemented on or before May 2024. The Vice President, Prof. Yemi Osinbajo, who was the special guest of honour at the 13th quadrennial delegates conference of the Nigeria Labour Congress… Read More



CBN, INEC and cash scarcity

Nigeria is enveloped in total confusion. The naira scarcity is taking its toll on the country. Riots broke out in some parts of the country yesterday over the cash crunch. Analysts have cautioned that the demonstration should not be allowed to escalate. To the Independent National Electoral Commission (INEC), the February 25 and March 11 elections… Read More


2023 Polls: INEC To Engage 1,265,227 Officials

The Independent National Electoral Commission (INEC) will engage a total of 1,265,227 officials for the 2023 general election. Giving a breakdown of expected electoral. personnel, National Commissioner and Chairman Information and Voters Education Committee, Barrister Festus Okoye said 707, 384 Presiding Officers and Assistant Presiding… Read More



NGX Appoints Advisory Panel On Digital Technology Products

As it advances on its digital transformation agenda, Nigerian Exchange Limited (NGX) yesterday said it had set up the NGX Digital and Technology Products Advisory Panel. The Panel would provide a forum for the Exchange to interact with the capital market community and the fintech ecosystem to enhance and increase NGX’s digital product offerings… Read More