Daily Business Headlines – March 14, 2023


Equities Market Opens Week On A Slightly Negative Note

Nigeria’s equities market opened this new week on a slightly negative note, decreasing by 0.01percent or N3billion as investors in a wait-and-see mood consider taking profit from counters that have rallied recently. The Nigerian equities market year-to-date (YtD) return stood lower at 8.86percent. The Nigerian Exchange Limited (NGX) All-Share… Read More


E-Payment Falls To N37tn As Failed Transaction Mount

An increase in failed payment transactions in February caused a 4.83 per cent decrease in the value of cashless transactions to N37.67tn from the N39.58tn that was recorded in January 2023. This came  as the usage of epayment gateways recorded a 41.29 per cent month-on-month increase according to new data from Nigeria Inter-Bank… Read More

Nigeria’s Raw Material Imports Soar To N2.4tn – NBS

Nigeria spent at least N2.4tn to import raw materials from other countries in 2022, according to data collated from Foreign Trade Statistics of the National Bureau of Statistics. The data also showed that Nigeria exported raw materials to the tune of N1tn, leaving a deficit of N1.4tn during the period under review. According to Investopdeia, raw… Read More


CBN Bars Agents From Using POS Terminals For Transactions

The Central Bank of Nigeria (CBN) has barred agents from using Point of Sale (PoS) terminals meant for merchants to carry out cash-in and cash-out transactions. The apex bank disclosed this in a circular announcing the Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria. According to the CBN, the agent… Read More   



CBN Directs Commercial Banks To Accept, Pay Out Old N500, N1,000 Notes

The Central Bank of Nigeria (CBN), yesterday, directed commercial banks and other financial institutions in the country to continue to accept and pay out the old N200, N500, and N1,000 notes till December 31, 2023, in line with a recent Supreme Court ruling. In a statement signed by CBN’s Acting Director, Corporate Communications… Read More  


CBN Orders Banks To Accept Old N200, N500, N1,000 Bank Notes

The apex bank in a statement by the Ag Director of Communications, Isa AbdulMumin, said: ”In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria, CBN… Read More


High Energy Cost Affecting Manufacturing, Says MAN

Energy challenges manifesting in inadequate and high cost of diesel, gas and Premium Motor Spirit (PMS), otherwise known as petrol, are responsible for the poor competitiveness of the manufacturing sector and by extension, the economy, the Manufacturers Association of Nigeria (MAN) has said. MAN said for instance, that despite Nigeria’s… Read More



Presidency: Feb 25 Presidential Poll Better Than Past Elections In Nigeria

The Presidency, yesterday, rated the February 25 presidential election, which produced the candidate of the ruling All Progressives Congress (APC), Bola Tinubu, as president-elect, as the best the country had seen in recent times despite all the controversies that have trailed the exercise. Many foreign and local observers have reported that the… Read More


INEC’s Budget For BVAS Surpasses Market Cost By 30%

The Independent National Electoral Commission’s (INEC’s) N105.25 billion budget for acquiring the Bimodal Voter Accreditation System (BVAS) surpasses the estimated market cost by 30.4 percent. The BVAS devices, which were used during the controversial February 25 elections, EMP2920 Biometric tablets, were manufactured and supplied… Read More



Global Process and Pipeline Services Limited Delivers First AOGV Technology Deployment For LNG Plants In Nigeria The Global Process and Pipeline Services Limited (GPPSL) in partnership with IK-Group of Norway has delivered for the first time in Nigeria and Africa, a 36-inch cryogenic pipeline add on gate valve (AOGV) for Liquefied Natural Gas (LNG) plants. The project, executed in June 2022, was the first and largest AOGV ever deployed on the African continent… Read More