Daily Business Headlines – March 3, 2023


NGX Closes Positive As Investors Gain N88bn

Investors gained N88bn at the close of trading on the Nigerian Exchange Limited on Thursday. The market capitalisation rose to N30.326tn from N30.238tn recorded on Wednesday. The All-Share Index also moved 161.63 points to 55,670.24 at the close of trading on Thursday. The ASI on Wednesday was 55,508.61… Read More   


Banks Resume Receiving Old N500, N1000 Notes

Investigations have revealed that Deposit Money Banks (DMBs) have started receiving old N500 and N1000 notes again. Vanguard investigations have indicated that the banks have been receiving the old N500 and N1000 notes since the beginning of this week. A bank official told Vanguard, in Abuja, yesterday, that customers could deposit… Read More

Cash Shortages Lead To Sharp Decline In Business Activities — Stanbic IBTC Report

Stanbic IBTC Bank has stated that the February PMI data indicated that cash shortages across the Nigerian economy had negative impact on the private sector midway through the first quarter of the year. The report released yesterday revealed that substantial declines were seen in both output and new orders, while firms scaled back… Read More


AFDB To Accelerate Private Capital Mobilisation In 2023

African Development Bank (AfDB) Group has announced plans to accelerate private capital mobilisation to the African continent in line with its 2023 lending programme. The bank in a statement on its website said that its Co-Financing, Syndications and Client Solutions department held an investor relationship event on Feb. 28 to achieve this… Read More



Consumer Loans Reverse Decline, Rise 3.4% To N2.52trn

For the first time in four months, banks increased loans to consumers by 3.4 percent to N2.34 trillion in November last year, driven by yuletide preparation spending. Consumer loans are money lent by banks to one or more individuals for household, family, or other personal expenditures. According to the Central Bank of Nigeria’s… Read More  


Domestic Airfares Soar By 95% In 12 Months – NBS

The average domestic airfare paid by passengers has increased by 94.78 per cent in the past 12 months, the National Bureau of Statistics data have shown. The development came amid reports of various challenges facing the local aviation industry. In a new report titled, “Transport Fare Watch (January 2023),” the NBS said airfares recorded… Read More


Inflation: Govt Revenue Must Complement Monetary Policy –MPC 

To effectively rein in inflation, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has said government revenue must improve to complement monetary policy. This was even as the MPC noted that fiscal pressure will be reduced if government follows through with its plan to remove fuel subsidy towards the second half… Read More



2023 Elections: What International Observers said about the presidential elections

Nigera Independent National Electoral Commission (INEC) declared the candidate of the All Progressives Congress (APC), Bola Tinubu, as the winner of the February 25 presidential election. Tinubu won a total 8.794,726 votes to defeat his major rivals; Atiku Abubakar of the People Democratic Party (PDP) who garnered 6,984.520 votes… Read More   


Nigeria’s Badly Flawed Election

What Nigeria needed above all was a clean election to reiterate the basic message of democracy: that a sovereign people can choose its leaders. Sadly, it did not happen. The election — which appears to have delivered the presidency to Bola Tinubu, a wealthy political fixer running for the incumbent All Progressives… Read More



Cash Crisis: Stakeholders Task Govt To Strengthen Fintech

Following the lingering cash crisis caused by the redesign of N1000, N500 and N200 notes, stakeholders have called on the government and other concerned regulatory bodies to strengthen the financial technology (FinTech) ecosystem to boost financial inclusion. According to them, fintech is the best banking instrument to implement the… Read More