Daily Business Headlines – JANUARY 08, 2024

NAIRAMETRICS

Nigerian Stocks Surge 6.54% In First Week Of 2024

The Nigerian Exchange Limited (NGX) finished the first week of 2024 on a positive note, buoyed by sustained investor confidence in listed companies. This momentum has instilled optimism for a potentially bullish market in 2024, bringing the All-Share index up by 6.54% to close at 79,664.66 points. Similarly, all other indices finished higher except… Read More

SUN

Naira Scarcity Persists, Nigerians Groan Over Skyrocketing Prices Of Food, Medicines, Others

Amid soothing promises by the Federal Government to make the economy better, Nigerians seem to experience the opposite. For starters, the naira scarcity horror that dampened yuletide fun has continued in the new year, making 2024 take off on a sluggish and nightmarish note. Banks’ ATMs and PoS agents in many cities across Nigeria… Read More

VANGUARD

MAN To CBN: Develop Framework For Credit Interventions In Manufacturing Sector

To fast-track the actualisation of the $1 trillion dollar economy plan of the Federal Government, the Manufacturers Association of Nigeria, MAN, has urged the Central Bank of Nigeria, CBN, to develop a sustainable framework to channel credit interventions into the manufacturing sector, outside direct intervention. MAN added, the CBN… Read More

BUSINESSDAY

3m Bank Accounts Face Sanctions As BVN/NIN Deadline Nears

Millions of bank accounts risk being blocked as the deadline for all accounts and wallets to have a Bank Verification Number (BVN) or National Identity Number (NIN) draws near. On December 1, 2023, the Central Bank of Nigeria (CBN) issued a circular to all commercial, merchant, non-interest, payment service banks, other financial institutions… Read More

ECONOMY HEADLINES

PUNCH

Airlines Get $62m As CBN Repays Banks $2bn Debt

The Central Bank of Nigeria has paid $2bn to clear a part of its backlog of matured foreign exchange obligations to the Deposit Money Banks. Reports have put CBN’s forward contract obligations to banks at $7bn. The delay in the payment of the debt has been said to be responsible for the current volatility in the forex market, a situation that has… Read More

THENATION

Nigeria Gains As OPEC Pumps 28.05m Barrels

Nigeria gained from the oil production output cut by the United Arab Emirates (UAE) and Angola last December, offsetting the shortfall in the Organisation of Petroleum Exporting Countries (OPEC) quota for the market. This is just as OPEC announced it pumped 28.05 million barrels per day (mbpd) last month, as it persevered with supply… Read More

BLUEPRINT

High Inflation, Forex Challenges To Slow Manufacturing Sector Till Mid-2024 – MAN

Manufacturer Association of Nigeria (MAN) has said that high inflation and foreign exchange challenges are likely to continue to affect the performance of the manufacturing sector in the country till the mid -year 2024. The Association in its manufacturing sector Outlook for 2024 said “Average capacity utilization will still hover around the 50 percent… Read More

POLITICAL HEADLIINES

SUN

Keep Eagle Eye On Poverty Alleviation Funds, APC Chieftain Urges Tinubu

A chieftain of the All Progressives Congress (APC) in Osun, Mr. Olatunbosun Oyintiloye, has appealed to President Bola Tunubu to keep an eagle-eye on  how the funds allocated to different poverty alleviation programmes in the country is being spent. He said the passion of the president to alleviate poverty among the masses must not be allowed … Read More

PUNCH

Lawmakers Budget Fresh N30bn For National Assembly Renovation

Lawmakers have budgeted an additional N30bn for the renovation of the National Assembly Complex in the 2024 Appropriation Bill. The N30bn earmarked for the renovation of the building was part of the N344.85bn budgeted for the National Assembly after they raised their allocations from N197.93bn. The N344.85bn, signed by President Bola… Read More

TECHNOLOGY HEADLINE

PUNCH

Premium Smartphone Market To Grow By 6% — Report

The global premium smartphone (with wholesale price >$600) market’s sales have been projected to grow by six percent in 2023 to hit a new record, according to Counterpoint Research’s Market Pulse Service. The firm stated that this would contrast with the decline projected for the overall global smartphone market last year. The premium… Read More