Daily Business Headlines – November 1, 2022

November 1, 2022

Business Headlines


Dollar Scarcity Worsens as Banks Ration Withdrawals, BDCs Stretched

For domiciliary account operators, transactions are now one-way – they can deposit but can hardly withdraw from their accounts, except through card usage. Even deposits are scanty as customers are increasingly wary of keeping faith in banks. According to a banker, the sharp fall in inflow is a major reason banks are not able to pay those in need. And the old trick of paying in small denominations… Read More

OPEC sees Higher Oil Demand Until 2045, Warns of Supply Uncertainty

The Organisation of the Petroleum Exporting Countries (OPEC) has projected that the global oil demand is set to jump by 13 million barrels per day between 2021 and 2045, revising its previous projection upward, the organisation revealed in its World Oil Outlook(WOO) report yesterday. The cartel, however, warned of significant uncertainty surrounding the longer-term supply picture… Read More


Nigerian Equities Market: Investors Lose N2.57trn Amid Rising Global Risks in October

Investors in the stock market of the Nigerian Exchange Limited (NGX) lost an average of N2.57 trillion in October 2022 as escalated global energy and commodity crises triggered massive portfolio realignments. The market capitalisation opened trading at N26.451 trillion, dropping N2.57trillion or 9.7per cent to close at N23.878 trillion yesterday, while the NGX All-Share Index depreciated by 10.6 per cent… Read More


Dollar Shortages Persist, Now N786/$1 as Experts Forecast N1000/$1 by Year End

Amidst the scarcity of foreign exchange, investigations done by Daily Sun revealed that the dollar in the parallel market now goes by N786/$1. This was even as experts revealed that if nothing is done urgently to stem the scarcity of FX, the dollar might hit almost N1000/$1 before the end of the year. An increase in oil theft and a lack of offshore investors means that Nigeria has been unable to earn… Read More



Credit to the Economy Rises 34 % to N63.3trn

Banks’ credit to the economy rose year-on-year (YoY) by 34 percent to N63.3 trillion in the third quarter, of 2022, from N46.9 trillion in the corresponding period of 2021. Data from the Central Bank of Nigeria, CBN, Money and Credit Statistics show that the total credit comprises government borrowing of N22.8 trillion and private sector borrowing of N40.5 trillion. Further details show that growth… Read More


Naira Depreciation will Worsen Nigeria’s Food, Energy Crisis — World Bank

The shrinking value of the Nigerian naira and currencies of most developing economies are driving up food and fuel prices in ways that could deepen the food and energy crises that many of them already face, according to the World Bank’s latest Commodity Markets Outlook report. In US dollar terms, the prices of most commodities have declined from their recent peaks amid concerns… Read More


Naira Redesign: Finance Ministry, CBN Faceoff Portends Danger for Economy –Experts

Financial experts have said the brewing crisis between the Ministry of Finance and Monetary authorities over the redesigning of the Naira could reduce the country’s currency value and pose significant dangers to the economy. This is coming after the Central Bank of Nigeria (CBN) refuted claims by the Ministry of Finance that it was not consulted on plans to redesign the Naira… Read More



NSA: Nigeria Not Under Any Heightened Sense of Insecurity

In the wake of the controversy surrounding a recent travel advisory issued by the United States government and some other countries asking their citizens to steer clear of Abuja, the Nigerian government has again allayed fears over the safety of people living in the Federal Capital Territory (FCT). The FCT Executive Committee (EXCO) also reassured Abuja residents of their safety… Read More


Save Nigeria from Global Scandal, Probe Oil Theft, Ex-Diplomats tell Buhari

The Academy of International Affairs, a body of eminent and retired professionals and scholars in diplomacy and international affairs, has frowned on what it called the disturbing trend of ‘horrible’ oil thefts with severe consequences and has called for a judicial inquiry into the incidence of oil bunkering. In a statement, yesterday, by the President of the Academy … Read More



Stakeholders Sets Agenda as Federal Government Implements Startup Act

Nigeria is in the eye of the technology world after it signed its Startup Bill into law. The nation is no stranger to attention on the global tech scene since it reportedly has the highest number of tech startups and receives the largest amount of tech funding on the continent. Also, occurrences like a Twitter ban are not so far from the government. Regulation in the country is a tale of bans, sanctions… Read More