Daily Business Headlines – January 09, 2023

DAILY BUSINESS HEADLINES

PUNCH

Bank Stocks Drop By N141bn

Despite the Nigerian capital market closing the year on a bullish trend, banking sector performance ended the year out of the loop as five banks saw their value downed by 5.5 per cent from N2.57tn in 2021 to N2.43tn at the close of trading in 2022. According to data available on the Nigerian Exchange Limited, all five banks commonly… Read More

THIS DAY

Old Naira Notes: No Extension January 31st Deadlines Stands – CBN

The Central Bank of Nigeria (CBN) has reiterated that the deadline for exchange of the oil Niara notes for new ones remains January 31, 2023. In its official twittwe handle @cebank, on Friday, the apex bank wrote, “the current series of N200, N500 and N1,000 notes remains legal tender until the deadline of January 31, 2023… Read More

BUSINESS DAY

10 Biggest Stockbrokers By Value In 2022

Cardinalstone Securities Limited, Stanbic IBTC Stockbrokers Limited, APT Securities and Funds, and seven other firms have emerged as the top-performing stockbroking firms in Nigeria, having traded shares worth 66.02 percent of the value of transactions on the trading floor of the Nigerian Exchange Limited (NGX) in 2022. According to… Read More

DAILY TIMES

Black Market Dollar To Naira Exchange Rate

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 7th January, below. You can swap your dollar for Naira at these rates. Dollar to naira exchange rate today black market (Aboki dollar rate): The exchange rate for a dollar to naira at… Read More

ECONOMIC HEADLINES

PUNCH

Rising Inflation, Unemployment Will Persist – Report

A report by Money Africa has said that Nigerians need to get out of bad debts to survive the financial challenges in 2023. It noted that the residual effect of the pandemic, Russian Ukraine war and high inflation had affected the finances of Nigerians and led to loaning from every means possible to survive. In the report titled ‘2023 optimism: Making the best… Read More

THIS DAY

LCCI Cautions Federal Government Against Hasty Removal of N6trn Waivers in Oil and Gas Sector

The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to tread cautiously with its plan to save over N6 trillion by removing tax waivers and exemptions granted to some large enterprises in the oil and gas sector. The LCCI also told the government that the oil and gas sector required sensitive regulatory environment… Read More

BUSINESS DAY

Nigeria’s Yawning Deficit Signals Further Breach Of CBN Act

Nigeria is unlikely to hit the brakes on its recourse to the central bank for loans to fund the federal budget in 2023, with the government set to battle another year of a higher-than-planned fiscal deficit. Africa’s most populous nation plans to spend N21.8 trillion against revenue of N10.5 trillion, according to the budget signed on Jan. 3 by… Read More

POLITICAL HEADLINES

VANGAURD

Federal Government Shortlists 20 Candidates For AGF’s Replacement

The federal government has shortlisted 20 candidates for the position of a new and substantive accountant-general of the federation, AGF, according to an online platform, TheCable. The 20 candidates, according to a circular issued by the government, were drawn from ministries, departments and agencies, MDAs… Read More

BUSINESS DAY

Violence: Still Big Threat To 2023

Barely 50 days to the Presidential Election, which is the first round of the 2023 general election, the political atmosphere seems to be unnecessarily charged because of the increasing violence trailing electioneering campaign across the country. A few days ago, the Kano State Police Command said that it arrested about 61 suspected political… Read More

TECHNOLOGY HEADLINES

VANGURARD

Innovation In The Digital Payments Space Will Continue — Ecobank CEO

Speaking to what he sees as key driver in the economy especially in the financial sector in 2023 Managing Director of Ecobank said the year will be a very exciting for Nigeria.  He stated: “Specifically, innovation in the digital payments space will continue to be very visible. “This will lead to growth in the volumes in the digital payment space… Read More