Daily Business Headlines – JULY 25 2023


Equities Market Opens Positive, Up By N144bn

The Nigerian equities market opened the week positively as demand for Okomu Oil Plc and 31 others drove the market higher by N144 billion. The All-Share Index rose by 264.89 per cent, representing a gain of 0.41 per cent, to close at 65,268.28 points. Similarly, the overall market capitalisation value gained N144 billion to close at N35.539 trillion… Read More


FCCPC Vows To Prosecute Pos Operators Over Collaborative Price Fixing

The Federal Competition and Consumer Protection Commission (FCCPC), has vowed to prosecute members of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) over collaborative service price fixing. The Executive Vice Chairman of FCCPC, Mr. Babatunde Irukera, in a statement, while reacting to what appeared to… Read More


Government Earns N80.86bn From Electronic Transfer Fee

Electronic transfer levies have generated N80.86bn for the three tiers of government in the first six months of 2023. This is according to data obtained from the Federation Account Allocation Committee communique for January to June 2023. It also followed a surge in electronic transfers that had been recorded in the country, in recent times… Read More


CBN: Forex Reforms Reignites Investors’ Confidence

Nigeria’s economy is set to overcome the twin challenges of  weak growth and declining trend in foreign exchange inflow following the boost in investors’ confidence triggered by the recent measures by the Central Bank of Nigeria, CBN to eliminate multiple exchange rates and enhance transparency in the foreign exchange market.Prior to the… Read More



Tin-Can Customs Records 110.8% Growth In Non Oil Export

The Tin Can Island Port Command of the Nigeria Customs Service, NCS has recorded a 110.8 per cent growth in   non oil export in the first half of the year H1’23, compared to the same period of last year, H1’22. Specifically, the non oil export of the Command rose to     291,436.43 MT in the first half of 2023, HI’23 from 138,246.5 metric tonnes… Read More


CBN: Investors Await MPC Decision, Warn Against Hike In MPR

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is expected to decide on a set of  new tone for monetary policy direction over the next few months amid reforms taken by the new administration. Since the last meeting in May, the Tinubu-led government with a distinctive market-economy agenda has directly and… Read More

15% Growth In Money Supply Pressuring Naira In FX Market –CPPE

The Centre for the Promotion of Private Enterprise (CPPE) has disclosed that broad money which grew by over N9 trillion, from N55.7 trillion to N64.9trillion is pressuring the naira in the foreign exchange market. President of the centre, Dr. Muda Yusuf, who made the remark in his statement titled: “The Naira Exchange Rate Conundrum,” noted that… Read More



10th NASS Will Make Difference In Law-making, Representation, Oversight — Abbas

The Speaker of the House of Representatives Hon. Tajudeen Abbas assured Nigerians that the 10th House under his leadership would justify the confidence that Nigerians reposed in the members. The Speaker noted that the 10th House was prepared to make a great difference in its core functions of lawmaking, representation and oversight… Read More


INEC Denies Receiving Cash From Development Partners

The Independent National Electoral Commission on Monday said it did not receive cash support from international development partners to conduct the 2023 general election. The INEC Chairman, Prof. Mahmood Yakubu, revealed this at a meeting with Civil Society Organisations on the review of the 2023 general election. Yakubu gave the… Read More



Mobile Internet Subscriptions Hit 159 Million In May, Says NCC

Internet usage has grown in Nigeria as mobile Internet subscriptions hit 159.04 million in May 2023, according to data obtained from the Nigerian Communications Commission. This was a 6.18 per cent year-on-year increase in the number of mobile Internet subscriptions from the 149.78 million subscriptions recorded in May 2022. During the… Read More