Daily Business Headlines – JULY 20 2023

NAIRAMETRICS

Slight Dip In Nigerian Stocks As Equity Value Contracts By N6 Billion

The Nigerian equities market breadth closed negative as the market capitalization lost N6 billion on Wednesday, 19th July 2023.  The market experienced a minor downturn of 1.31% on Wednesday, ending the session at N34,716 trillion in value. This was a marginal drop of N6 billion compared to the previous day’s closing value of N34,722 trillion… Read More

SUN

FCCPC To Address Anti Competitive Conduct By Market Associations

The Federal Competition and Consumer Protection Commission (FCCPC) on Wednesday, harped on the need to address the anti-competitive conduct by market associations now having negative impacts on food prices. The Executive Vice-President, FCCPC, Mr Babatunde Irukera, said this at a stakeholders workshop  tagged: Fair Food… Read More

FX Volatility: Petrol Import Cost Up By N100/Litre-Oil Marketers

Major Oil Marketers Association of Nigeria (MOMAN) yesterday, said that the fluctuations in foreign exchange rate has triggered increase of N100 per liter for imported Premium Motor Spirit (PMS), popularly called petrol. Chairman of MOMAN, Mr. Olumide Adeosun, stated this during a webinar interactive session with the media yesterday. Adesoun… Read More

PUNCH

Federal Government Promises Single-Digit Loans For New Solid Mineral Miners

The Federal Government, through the Solid Minerals Development, has said it will support the private sector with low-risk, single-digit loans for greenfield exploration in the country. Greenfield exploration refers to uncharted territory where mineral deposits are not already known to exist. The Executive Secretary and Chief Executive Officer of the… Read More

ECONOMY HEADLINES

SUN

Non-Oil Export: MANEG To Collaborate With Private, Public Sectors

The Manufacturers Association of Nigeria Export Promotion Group (MANEG), has said it will partner key stakeholders in public and private sectors to promote and protect the interest of non-oil exporters. AG. Chairman of the group, Mrs Odiri Erewa-Meggison, made the remark at the opening session of a two-day capacity building training for members… Read More

PUNCH

Strong Dollar Decreases Economic Output In Nigeria, Others — IMF

The International Monetary Fund has said a 10 per cent appreciation in the dollar, linked to global financial market forces, decreased economic output in emerging market economies including Nigeria by 1.9 per cent. It noted that this decline persisted for two and a half years. The IMF announced that the US dollar strengthened to a 20-year high in… Read More

BUSINESSDAY

Money Supply Up 16% On FX Reforms

Money supply in Nigeria rose by 16.53 percent last month on the back of the implementation of foreign exchange reforms by the Central Bank of Nigeria (CBN), new data showed. Data from the CBN revealed that money supply (M3) increased to N64.90 trillion in June from N55.69 trillion in the previous month. M3 is a money supply measurement… Read More

POLITICAL HEADLIINES

SUN

PEPC: I Had No Phone Conversation With Tinubu –CJN

The Supreme Court has clarified that the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, had no telephone conversation with anybody including President Bola Tinubu on the on-going Presidetial Election Petition on the 2023 election. The apex court said Justice Ariwoola neither spoke with Tinubu nor the Director General of the… Read More

BUSINESSDAY

FAAC Windfall: Eyes On Squander mania Governors

With higher allocations from the Federal Account Allocation Committee (FAAC) following the floating of the naira, Nigerians are calling on state governors to do away with opulent lifestyles and focus on providing essential services to ease the economic realities of the recent removal of petrol subsidies. The three tiers of government in Africa’s… Read More

TECHNOLOGY HEADLINES

GUARDIAN

Body Tasks Presidency On Appointment Of Technocrat For FMOCDE

Journalists in the Information and Communications Technology sector, under the aegis of the Nigeria Information Technology Reporters Association (NITRA), comprising reporters and editors in broadcast, print and online media have called for the nomination and appointment of a competent Minister of Communications and Digital… Read More