Daily Business Headlines – March 17, 2023

THIS DAY  

Stock Market Maintains Negative Trend, Decline By N313bn

Investors on the stock market of the Nigerian Exchange Limited (NGX) yesterday lost N313 billion in market capitalisation as the market continued its negative performance for the successive session active trading. As the NGX All Share Index (ASI) fell by 574.59 basis points, representing a decrease of 1.04 per cent to close at 54,915.61 basis… Read More

BUSINESS DAY

Cash Crunch, Inflation Seen Driving MPC Decision Next Week

The Monetary Policy Committee (MPC) will be meeting in Abuja on Monday and Tuesday for the second time in the year to decide the direction of the economy, with expectations high that it will leave the benchmark interest rate unchanged. The MPC, which is chaired by Godwin Emefiele, governor of the CBN, meets bi-monthly and has the… Read More

THE NATION

AFDP, Partners Earmark $618m For Nigeria’s Creative Enterprises

The African Development Bank (AfDB) and some partners have officially launched a new Investment in Digital and Creative Enterprises (iDICE) programme, with investments worth a total of $618 million. The initiative, launched on March 14, is expected to attract direct investments in more than 200 technology and creative start-ups, and… Read More

PUNCH

Manufacturers allege 25% sales drop over cash crunch

Manufacturers have revealed that the protracted scarcity of naira notes has led to a 25 per cent drop in sales of manufactured goods. This was disclosed in a statement signed by the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir. The statement, which urged the government to permanently resolve the… Read More

ECONOMY HEADLINES

THIS DAY  

FG Cautioned Against Additional Borrowing From Central Bank

The Chief Executive Officer, CFG Advisory, Mr. Tilewa Adebajo has cautioned the federal government against borrowing from the Central Bank of Nigeria (CBN). Following the proposed steps, which the federal government wants to take in refinancing the N23.7 trillion of the nation’s total debt, he proposed a resolution trust special purpose… Read More

PUNCH

Naira, Fuel Scarcity Will Push 24.8m Nigerians Into Crisis – Report

No fewer than 28.4 million Nigerians in 26 states and the Federal Capital Territory, including 18,000 Internally Displaced Persons, are projected to face severe crises between June and August this year due to the scarcity of fuel and naira, the latest report by Cadre Harmonise, stated. In the March 2023 Cadre Harmonise analysis, which covered 26… Read More  

VANGUARD

Cash Circulation Improves, As New Bank Notes Dry Up

Though normalcy seems to be gradual in coming, currency circulation has improved in major cities across Nigeria following the third day full implementation of the Supreme Court ruling on the legal tender status of old Naira banknote. Vanguard findings reveal that banks have started simultaneous dispensing of the old banknotes over-counters… Read More

POLITICAL HEADLIINES

THE NATION

Supplementary Election To Hold In 15 States

The National Assembly elections will tomorrow be repeated in eight senatorial districts and 33 federal Constituencies spread across 15 states. According to the Independent National Electoral Commission (INEC), the supplementary poll to the 41 National Assembly seats, will be conducted alongside the governorship and House or Assembly elections… Read More

DAILY TRUST

Ahead Of Tomorrow’s Polls: Security Operatives On Red Alert In States

Ahead of tomorrow’s governorship and state assembly elections, security operatives deployed to states are on red alert to abort any threat to the polls, Daily Trust reports. The governorship elections, according to the timetable released by the Independent National Electoral Commission (INEC), will be conducted in 28 of the 36 states of the… Read More

TECHNOLOGY HEADLINES

THIS DAY  

Aero Introduces Mobile Scanners To Eliminate Long Queues During Boarding

Nigeria’s foremost carrier, Aero Contractors, has scored another first by introducing the latest technology for quick boarding process, known as Pro-Ranger Boarding Pass Mobile Scanners. The airline in a statement explained that mobile scanners would expedite the boarding procedures, “thereby enhancing On Time Departure (OTP) and the… Read More