Daily Business Headlines – FEBRUARY 08, 2024


NGX Closes Flat Amid Declining Investors Interest

Trading on the floor of the Nigerian Exchange Limited (NGX) on Wednesday closed flat on the back of waning investor enthusiasm. Yesterday’s performance reflects a cautious market sentiment recording a 31 per cent decline in volume, a 16 per cent decrease in turnover, and an 18 per cent reduction in deals from the previous trading session… Read More

FX: House Of Representatives To Probe Banks Flouting CBN Directives

House of Representatives has resolved to investigate alleged non-compliance by banks and other financial in stitutions with the directives of the Central Bank of Nigeria (CBN) on the Net Open Position limits on foreign ex- change. The House mandated its Committees on Banking Regulations and Legislative Compliance to undertake the probe… Read More


Cashless Transactions Rise To N611tn – NIBSS

The Nigeria Inter-Bank Settlement System disclosed on Wednesday that cashless transactions in the country rose to N611.06tn in 2023. It said the payments grew by 54.55 per cent year-on-year from N395.38tn in 2022. NIBSS Instant Payments is an account-number-based, online real-time Inter-Bank payment solution developed in the… Read More

Federal Government Promises To Raise Electricity Supply

The Minister of Power, Bayi Adelabu, has assured Nigerians there would be incremental power supply. Adelabu, who spoke through his media aide, Bolaji Tunji, in an exclusive interview with The PUNCH on Wednesday, appealed for calm, saying the power sector would soon receive a boost. The minister‘s assurance comes on the heels of… Read More



Exchange Rate Hike: Importers Dump Nigerian Ports For Cotonou, Lome, Others

Following the incessant increase in Customs exchange rate for clearance of imported items at the seaports and airports, Nigerian importers are now shunning Nigerian seaports for sea teminals in Tema, Ghana; Port of Lome, Togo and Port of Cotonou, Benin Republic. The decision to dump Nigerian seaports was as a result of the incessant increase… Read More


Senate Gives Edun Seven-Day Ultimatum On N100bn Gas Project

Senate Committee on Gas has given the Finance Minister, Wale Edun, a-seven-day ultimatum to provide details of the award and disbursement of over N100bn to companies engaged in the handling of the Presidential Compressed Natural Gas projects allegedly done in breach of the Public Procurement Act 2017. The lawmakers noted that the… Read More

US To Explore African Minerals For Energy Transition

The United States has concluded plans to invest in mining Africa’s mineral resources needed for energy transition. Energy transition refers to the shift from traditional energy sources like fossil fuels to cleaner forms of energy like solar and wind power. The US Under Secretary of Under Secretary for Economic Growth, Energy, and the… Read More



Insecurity: FCT Under Threat –Akpabio

President of the Senate, Godswill Akpabio, has bemoaned the worsening insecurity in the country, which he noted has put the nation’s capital territory under threat. He made the statement yesterday during the proposed security briefing of the Senate by security chiefs where the National Security Adviser (NSA) Nuhu Ribadu and Chief of Defence… Read More


Court Orders Federal Government To Fix Prices Of Fuel, Goods Within Seven Days

The Federal High Court in Lagos has ordered the federal government to fix the prices of goods and petroleum products within seven days. Justice Ambose Lewis-Allagoa granted the order sequel to an originating motion filed and argued by the applicant and human rights activist, Femi Falana SAN. He said, “I have had the applicant Femi Falana… Read More



Vandalism, Economic Crunch Reasons For Poor Broadband Connectivity In Nigeria –NCC

The Nigeria Communications Commission (NCC), has said that vandalism of telecommunications infrastructure and poor investment in the sector due to economic problems, were some of the major obstacles inhibiting it from achieving its broadband penetration target. NCC Executive Commissioner, Technical Services… Read More