Daily Business Headlines – March 30, 2023


Equity Market Rebounds, Gains N261bn

Domestic Equity market on Wednesday rebounded gaining N261 billion following gain recorded by some highly capitalised and medium stocks. Market capitalisation of listed equities appreciated by 0.90 per cent to N29.201 trillion from N28.940 trillion it closed on Tuesday. The NGX All Share Index also increased by 479.17 basis… Read More


Federal Government saved N3.9trn from port concession — Haastrup

The Chairman, Seaports Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup, said the Federal Government’s port concession programme has saved the country about US$8.5 billion (N3.91 trillion) which was hitherto paid to foreign shipping lines as congestion surcharge. The STOAN chairman also said that members of… Read More

Banks To Set Up $20m Capital To Boost Innovative Market

The President, Chartered Institute of Bankers of Nigeria, CIBN, Mr. Ken Opara, said the banking industry is setting up a $20 million human capital fund to groom and nurture financial innovation in the industry. Meanwhile the CIBN and the Africa Export Import (Afrexim) Academy have executed a Memorandum of Understanding, MoU… Read More


Farmers Lose N30bn To Naira Crisis, Says AFARN

Many farmers, particularly those in remote villages, switched to trade by barter in order to feed, following the cash crunch caused by the naira redesign policy of the Central Bank of Nigeria, the All-Farmers Association of Nigeria stated on Tuesday. AFAN also stated that the latest findings by the association indicated that farmers lost about N30bn… Read More



Hope Rises For 2023 Budget As Bonny Light Price Rebounds

Barely a week after an unprecedented drop, the price of Nigeria’s Bonny Light, yesterday, rebounded to $78.10 per cent, about 5.7 percent up from $73.87 per barrel recorded last week, thus raising hope for the execution of the 2023 budget. The current price is over $3 per barrel in excess of the $75 per barrel budget benchmark, just as last… Read More


Foreign Investors’ Inflow Into Stock Market Drop To N13.52bn Over Political Tension

Foreign investors inflow in stock market of the Nigerian Exchange Limited (NGX) dropped to N13.52billion between January and February 2023, attributable to political tension and high inflationary pressure. This is against N38.96billion foreign investors inflow in the stock market in the same period of 2022. The NGX in its monthly report titled… Read More  


Naira Gains As External Reserves Rise By 2.9%

Naira on Wednesday gained marginally against the dollar at the official market following an accretion in external reserves. Nigeria’s external reserves increased by 2.9 percent in one day to $36.67 billion as of March 28, 2023, compared to $35.64 billion recorded on March 27, 2023. The accretion of external reserves was attributed to a reported… Read More



2023 Elections: Nigeria On The Brink Again?

Results from the recently held governorship and state houses of assembly elections have shown the new political terrain we find ourselves. Some people find it difficult to accept the outcome of the contests, while others emerged victorious. Some of those who lost are already in the court filling petitions at the tribunal… Read More


2023 Voter Turnout Hits 44-Year-Low, Drops To 27%

With a consistent awareness campaign and the rush for permanent voter card last year, the 2023 elections were expected to experience a massive turnout of electorate. Instead, the reverse was the case. ADEBAYO FOLORUNSHO-FRANCIS writes on the issue and chronicles the statistics of polling in Nigeria since 1979… Read More



Mobile Wallet, Crypto, CBDC Threaten Cash Dominance In Nigeria, Others A report on the changing trends in the payment system identified cryptocurrency adoption, the introduction of central bank digital currencies (CBDCs) and the popularity of mobile wallets as major threats to the dominance of cash in African business transactions. The report by Cellulant said the dominance of cash is being challenged by several… Read More