Daily Business Headlines – March 16, 2023


Market Drops By 0.42% As Investors Sell United Capital, GSK, Others

For the third time this week, equities trading on the Nigerian bourse closed in red zone as investors sold mostly the shares of United Capital, GSK, University Press, Neimeth and Oando. Increased activities on the sell-side of the Bourse pushed further south the market’s benchmark performance index by 0.42percent. Investors also lost… Read More

Cash Still Scarce As Banks Await CBN Supply

Nigerians who believed that cash crunch had ended following the directive from the Central Bank of Nigeria (CBN) were disappointed on Tuesday as commercial banks rationed banknotes, waiting for more supply from the apex bank. The CBN had on Monday said the old naira notes remain legal tender until December 31, 2023… Read More


Petrol Ex-Depot Price Rises To N237/Ltr – Report

Despite several government interventions to stabilise the price of petrol price in the country, findings have shown that the ex-depot price of the commodity has risen to N237 from N148 per litre in the third quarter of last year. Data obtained by The PUNCH from a market update report, ‘Industry Data Sheet’ prepared by the Major Oil Marketers Association… Read More

Telcos Not Responsible For Failed Bank Transactions — NCC

In the wake of failing electronic transactions, the Nigerian Communications Commission has stated that the country’s telecommunication networks can absorb the surge in the demand for cashless transactions that have been recorded since late 2022. The Executive Vice Chairman, NCC, Prof. Umar Danbatta, disclosed this during an event to… Read More



Cash Crunch Pushes Down Inflation Month-On-Month

Against the backdrop of sustained cash crises in the economy, Nigeria’s February 2023 inflation rate recorded a decline on Month-on-Month, MoM, while showing a marginal rise to 21.91 percent Year-on-Year, YoY. Analysts said the inflationary pressure was still much higher during the period, but was tempered by the acute scarcity of cash in… Read More


Naira Loses 3.8% Value Against Dollar In One Month

Naira, Nigeria’s legal tender, lost 3.8 percent of its value against the dollar in last month. It fell from N737/$ at the beginning of the year to close February at N755/$, at the parallel market, also known as black market. This was fueled by heightened uncertainty as naira cash crunch worsened, according to Bismarck Rewane, managing… Read More


Ahmed: FG To Abolish Petrol Subsidy Before May 29, Attributes Delay To 2023 Elections, Census

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the federal government would remove the controversial petrol subsidy before the end of President Muhammadu Buhari’s tenure on May 29, 2023. Ahmed attributed the delay in removal of the subsidy, as provided for in the Petroleum Industry Act (PIA) 2021, to the… Read More



Cash Crunch: Sack Malami, Others, APC Chieftain Tells Buhari

A chieftain of the All Progressives Congress (APC), Prince John Mayaki, has asked President Muhammadu Buhari to redeem his image over alleged contempt to Supreme Court verdict on old naira notes by sacking the attorney general of the federation and minister of Justice, Abubakar Malami (SAN) and governor of the… Read More


CSO: INEC Must Obey Law, Electoral Guidelines In Guber Elections To Avoid Anarchy

Youth Alive Foundation (YAF), a civil society organisation (CSO), says the Independent National Electoral Commission (INEC) must adhere to the electoral law and its guidelines in the governorship and the house of assembly elections across the country. Nigerians will go to the polls on March 18 to elect governors and members of state houses… Read More



Impact Of Tech Hubs On Nigeria’s Tech Ecosystem

Nosa Alekhuogie writes on the growth of indigenous technology hubs across Nigeria and their impact on the economy. Nigeria has been experiencing a significant increase in the development of local tech hubs in recent years. These tech hubs are aimed at creating an enabling environment for startups to thrive and contribute to the growth of… Read More