Daily Business Headlines – JULY 03 2023


Nigerian Stocks Gain N961 Billion In Last Trading Week Of June

The Nigerian Exchange (NGX) closed bullish as the All-Share Index appreciated by 2.98% to close at 60,968.27 in the week ended 30th June 2023. The market opened for three trading days this week as the Federal Government of Nigeria declared Wednesday, June 28, and Thursday, June 29, 2023, as Public Holidays to commemorate the Eid-el… Read More


Federal Government Targets N12bn From New Vehicle Tax

The Federal Government is set to make about N12bn a year from the N1,000 Proof of Ownership Certificate verification fee motorists are to pay. Last week, the Permanent Secretary, Lagos Ministry of Transportation, Abdulhafiz Toriola, disclosed this. He stated that this certificate would help vehicle owners and the government assure the… Read More


Stakeholders Decry CBN’s Directive On Bank Customers’ Social Media Presence

The directive contained in a recent Customer Due Diligence Regulations, 2023 signed by the Director, Financial Policy and Regulations Department of the CBN, Chibuzo Efobi was tagged as a breach of customers’ fundamental right. The apex bank had directed all DMBs to obtain comprehensive information about their customers, including their… Read More


Banking Sector Gross Credit To Nigerian Economy Rises To N30.64trn

As the total banking sector gross credit to the Nigerian economy rises to N30.64 trillion, members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have highlighted key drivers of the growth in credit. According to them, this was due to the increase in the industry funding base, the CBN’s directive on Loan-to-Deposit… Read More



Introduce Tax Incentives, Reduce Import Duty, Economists Urge Federal Government

The Centre for the Promotion of Private Enterprise has urged the Federal Government to deploy measures such as the introduction of tax incentives for low-income employees and small businesses and the reduction in import duty on certain products to mitigate the effect of the current reforms on Nigerians. According to the economic and private… Read More

NNPCL, Marketers Fuel Vessels Arrive Next Week – IPMAN

Large consignments of Premium Motor Spirit, popularly called petrol, being imported by major oil marketers, are to hit Nigeria from next week and may force down the price of the commodity, both major and independent dealers stated on Sunday. It was also gathered that crude oil refiners were currently releasing refined petroleum products on… Read More


CPPE Seeks End To Highly Volatile FX Market As Dollar Trades Between N461.5, N841 At I&E

The Chief Executive Officer of the Centre for Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf, has charged the Central Bank of Nigeria (CBN) to put measures in place to check high market volatility that has trailed official foreign exchange (FX) trading since June 14, when the current model was adopted. The caution comes as extremely… Read More



Presidency Rejects EU Report On 2023 Poll

The Presidency has reacted to European Union (EU) Election Observation Mission over its final conclusions on the February 25 presidential election, accusing it of relying on rumours. The EU released its final report on the election as witnessed by its 50 observers last week, declaring the election lacked transparency and was fraudulent. In a statement… Read More


Battle For Leadership Of Committee’s, Ministerial List’s Screening Top Agenda As Senate Resumes Tomorrow

AFTER 29 days of break to allow for allocation of offices and the Sallah celebration, senators are expected to resume tomorrow to face the challenges of legislating for the country and ensuring good governance for Nigerians. Recall that soon after Senator Akpabio emerged President  of  the  Senate  on Tuesday, June 13, he set up a15… Read More



Nigeria, South Africa, Others Lose $3.5b Yearly To Rising Cyberattacks The African cybersecurity market was valued at $2.5 billion in 2020 and is projected to increase in value to $3.7 billion by 2025, which encompasses the amount organisations are investing in their cybersecurity capabilities. However, it is estimated that Nigeria, South Africa, Kenya, Egypt and other parts of the region lose more than $3.5 billion… Read More