Daily Business Headlines – JUNE 26 2023


Stock Market Rises By 0.34% In Week Ended June 23

In the trading week ended Friday June 23, the Nigerian Exchange Limited (NGX) All-Share Index and Market Capitalisation increased by 0.34percent to 59,206.63 points and N32.237 trillion respectively. In the review week, all other indices finished higher with the exception of NGX Lotus II which depreciated by 1.26 percent while the NGX ASeM… Read More


N15tr Pension Assets, Proof Of CPS’ Effectiveness –PENCOM

The National Pension Commission (PenCom) has described the Contributory Pensions Scheme (CPS) introduced in 2004 as a very successful initiative, having consistently grown the nation’s pension assets from N2 trillion at inception, to N15 trillion today. The Director General of the Commission, Mrs. Aisha Dahiru-Umar, passed a vote of… Read More

Parallel Market Dealers Groan As Exchange Rate Unification Narrows Profit Margins

It is certainly a tough time for parallel market dealers now groaning over the Central Bank of Nigeria (CBN)’s decision to abolish segments of the official FX market to the Investors and Exporters’ (I&E) window, where the “willing buyer and willing seller” was re-introduced. The development, according to parallel market dealers who spoke to Daily… Read More


CBN Directs Banks To Obtain Social Media Handles Of Customers

The Central Bank of Nigeria CBN has directed banks to obtain the social media handles of customers as part of enhanced Customer Due Diligence, CDD, regulations. The directive was contained in the CBN, Customer Due Diligence Regulation 2023 issued over the weekend via a circular signed by the Director, Financial Policy and… Read More



Discos Failed To Remit N208bn In 2022, Says Federal Government

Power distribution companies failed to remit a total of N208.8bn to the Nigeria Electricity Supply Industry in 2022, the Federal Government has said. Figures obtained on Sunday from the latest Fourth Quarter 2022 Report of the Nigerian Electricity Regulatory Commission, a Federal Government agency, as well as those from… Read More


Subsidy: Lack Of License, Foreign Exchange, Others Hinder Fuel Importation

Barely a month after deregulation, operators in the downstream sector have not been able to import petrol into Nigeria, due mainly to a lack of license and foreign exchange. Checks by Vanguard, weekend, indicated that many oil marketers that applied for license are still waiting for the Nigerian Midstream and Downstream Petroleum… Read More


Naira: Importers Groan As Customs Raise Exchange Rate To N589.45/$1

From today, June 26, 2023, importers will pay more import duty for the clearance of their cargoes at the nation’s seaports as the Central Bank of Nigeria (CBN) has increased the official exchange rate used by the Nigeria Customs Service (NCS) to calculate import duties and levies from N422.30/$1 to N589/$1. The increment recorded was as… Read More



Dogara To Tinubu: Fight Subsidy Cabals, Bring Them To Book

Former Speaker of the Federal House of Representatives, Rt. Hon. Yakubu Dogara has urged President Bola Ahmed Tinubu to muster enough courage, fight subsidy cabals and bring them to book. He said the removal of the fuel subsidy by the President was fantastic and a departure from the past, but the President must do all within… Read More


10th NASS: Akpabio Camp Dismisses Planned Upset In Senate

Aggrieved senators in the ruling All Progressives Congress (APC) are planning for an upset if their president, Godswill Akpabio, fail to pacify them. However, Akpabio’s camp has disclosed that the distribution of the principal offices and committees will address every grievance. It was learnt that the aggrieved senators in the APC are recruiting… Read More



Danbatta Restates Commitment To Affordable Telecom Services The Executive Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta has said NCC will remain committed to its regulatory policies that will ensure Nigerians get affordable telecommunications services with enhanced internet connectivity. Danbatta gave the assurrance during the 2023 Academy… Read More