Daily Business Headlines – February 09, 2023



Nigerian Stock Market Closes Positive With Market Capitalization Up By N69 Billion

The Nigerian Exchange (NGX) closed positive amidst buy-interests and sell-offs as bulls dominated proceedings, driving up the broad market. The All-share Index (ASI) appreciated by 0.23% to close at 54,427.05 points. In the same vein, Market Capitalization grew by N69 billion to close at N29.644 trillion while the Year-to-Date (YtD) returns settled… Read More

Nigeria’s Capital Importation Decreases To $4.89 Billion Between January And November 2022

Nigeria attracted a sum of $4.89 billion as capital importation between January and November 2022, representing a 12.3% decline when compared to $5.89 billion recorded in the corresponding period of 2021. According to the Central Bank of Nigeria (CBN), capital inflows into the Nigerian economy have been slow in recent years following… Read More


Dissecting FIRS’ Record N10.1trn Tax Collection

The Federal Inland Revenue Service (FIRS) seems to have found a way around Nigeria’s revenue shortfall, and it’s deploying (rightly) the new found tools to mitigate a hitherto poor revenue allocation situation to the three tiers of government, oil producing states and the North East Development Commission. That, it has done effectively at least, since the… Read More


AFC, SMDF Partner On Nigeria’s $700b Mining Sector

Africa Finance Corporation (AFC) and Solid Minerals Development Fund (SMDF) are partnering to offer technical advice on mining projects worth $700 billion in Nigeria. This is coming on the heels of AFC’s flagship investment in the first commercial scale gold mining project in Segilola Gold Mine in Osun State… Read More



Naira gains 0.07% at investors, exporters window

The naira on Thursday exchanged at 461.17 to the dollar at the Investors and Exporters window. The figure represented an appreciation by 0.07 per cent compared to the 461.50 it exchanged for on Wednesday. The open market indicative rate closed at N461.50 to the dollar on Thursday. An exchange rate of N462 to the US dollar was the highest… Read More


Bank Customers Ask CBN To Circulate Old, New Notes

Bank Customers Association of Nigeria (BCAN) has asked the Central Bank of Nigeria (CBN) to release old and new notes to the economy, following the Supreme Court order. Its president, Dr. Uju Ogubunka, said the Supreme Court ruling made a lot of sense, and releasing both old and new notes will bring stability to the polity and economy… Read More


Ways And Means: IMF Urges CBN To Stop Full Financing Of FG’s Fiscal Deficits

The International Monetary Fund (IMF) has urged the Central Bank of Nigeria (CBN) to go beyond recent increases in the policy rate to implement additional actions, including fully sterilising the apex bank’s financing of fiscal deficits under its Ways and Means window as well as phasing out other credit intervention programmes. The multilateral lender also… Read More



BVAS Would Be Deactivated When Snatched, Says INEC

Less than 16 days to the general elections, the Independent National Electoral Commission has given assurance that the Bimodal Voter Registration System cannot be manipulated. The Deputy Director of Information and Communications Technology, INEC, Lawrence Bayode, spoke on Channels Television’s special election programme, The 2023 Verdict… Read More  


AGF: FG Studying Supreme Court Ruling Halting Enforcement Of Cash Swap Deadline

The federal government, yesterday, said it was studying Wednesday’s ruling by the Supreme Court that halted temporarily the move by the federal government and Central Bank of Nigeria (CBN) to phase out the old N200, N500 and N1, 000 notes from February 10. In a response to enquiries from THISDAY, Dr. Jibrin Umar Gwandu, who is… Read More



NCC Recommits To Bridging Digital Gap With Indigenous Solutions

The executive vice chairman (EVC), Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has stated that the commission will not relent in bridging the obvious digital gap, and also use all possible ways including competitions to unearth talents that will bring about indigenous solutions that will solve the challenges the country is faced with… Read More