Daily Business Headlines – JULY 18 2023


NGX Index Rises 0.60% As Traders Spice Up Portfolios With Banking Stocks

The Nigerian Exchange (NGX) Limited rebounded by 0.60 per cent on Monday after investors spiced up their portfolios with some banking stocks. The growth posted by the bourse yesterday pushed the year-to-date return, at 22.81 per cent, slightly above inflation, which the National Bureau of Statistics (NBS) said accelerated in June… Read More


Long Term Financing: CBN Okays 10% CRR For Merchant Banks By August 1

To boost long term financing, the Central Bank of Nigeria (CBN) has announced a reduction in the Cash Reserve Requirement (CRR) of merchant banks to 10 per cent from the current 32.5 per cent. The apex bank in a circular dated July 14, 2023, and signed by CBN Director, Banking Supervision Department, Haruna Mustafa, also stated that the… Read More


Poultry Farms Shutting Down Over High Maize Price – PAN

Poultry farms across the country are currently shutting down operations due to the persistent hike in the price of maize – a major feed for birds in the subsector, the Poultry Association of Nigeria said on Monday. Based on this, PAN stated that the poultry subsector in Nigeria was heading for a crash if the government failed to salvage the industry… Read More


Farmers Reject CBN Role In Tinubu’s Food Security Plan

For Nigeria to attain food security, maximise its agricultural value chain opportunities and create jobs for its teeming youth population, it must first address lingering problems limiting productivity and eliminate corruption in its intervention programmes, farmers say. The farmers, who reacted to the recent declaration of President Bola Tinubu’s… Read More



Capital Importation To Hit $6.2bn At Year End

Despite a lacklustre interest by foreign investors towards the Nigerian economy, analysts have projected that capital importation is expected to hit $6.2 billion. According to them, the projection is hinged on the unification of FX rates and pivot to a managed float system that keeps rates close to its fundamental value and less aggressive capital… Read More

AFCFTA Offers Nigeria Opportunity To Enhance Cassava Products For Forex –NQC Boss

Chairman of the National Quality Council (NQC), Osita Aboloma, has said Nigeria could take advantage of the implementation of the African Continental Free Trade Area Agreement (AfCFTA), to boost export potential in cassava products to earn more foreign exchange. Chief of Staff to Aboloma,  Bola Fashina, who made this known recently… Read More


Naira Depreciation, Subsidy Removal Push Inflation To 22.79%

Nigeria’s inflation rate rose further to 22.79 per cent Year-on-Year (YoY)   in June 2023 from 22.41 per cent previous month of May. But analysts appear surprised that the increase was moderate, beating their projections at the backdrop of the reforms in the petroleum and foreign exchange sectors which pushed up prices in June. However, the… Read More


Following the Debt Management Office (DMO) FGN auction conducted yesterday, Monday 17th 2023. The DMO successfully sold a total of N656.74 billion, surpassing the N360 billion initially offered. Non-competitive bids on the 2029s received an allocation of N1.1 billion. During the auction, a bid cover ratio of 1.43% was observed. As a result, the stop rates on the 2029, 2033, 2038, and 2053 maturities decreased by 140 bps, 110 bps, 135 bps, and 140 bps respectively.



Kyari Takes Charge As APC Boss, NWC Postpones National Caucus, NEC Meetings Indefinitely

Following the resignation of Abdullahi Adamu as national chairman of the All Progressives Congress (APC), Deputy Chairman (North), Abubakar Kyari, yesterday, officially assumed the position in acting capacity. Kyari, who confirmed Adamu’s resignation after a marathon  National Working Committee (NWC) meeting at the party’s national… Read More


African Leaders Reaffirm Commitment To Integration, Development, Cooperation

African Heads of State and Government have declared their commitment to advancing integration, development and cooperation within the continent. The leaders, representing the Bureau of the Assembly of the African Union (AU) and Chairpersons of the eight Regional Economic Communities (RECs) as well as Regional Mechanisms (RMs)… Read More



Nigeria’s TELECOM Industry Loses 30% Revenue To Call Masking

The Nigerian telecom sector may be losing about 30 per cent of its revenue to call masking, refilling and SIM boxing issues. This was disclosed yesterday, in Lagos by Ikenna Ikeme, General Manager, Regulatory Affairs, MTN Nigeria Communications, during his  lecture at the MTN Nigeria Media Innovation Programme (MTN-MIP2) currently… Read More