Daily Business Headlines – November 14, 2022

November 14, 2022

Business Headlines

THIS DAY

Stock Market Down N164bn on Profit-taking in Guinness, Others

Trading activities in the stock market of the Nigerian Exchange Limited (NGX) took a negative turn last week as the loss recorded on the second trading day proved sufficient in wiping off the cumulative gain when the market closed on Friday. Precisely, the All-Share Index declined by 0.68 per cent week-on-week (WoW) to close at 43,968.75 basis points… Read More

VANGUARD

Banks’ Consumer Loans Decline 17% as CBN Tightens Money Supply

For the first time in three years, banks reduced consumer loans by 17 per cent (N400 billion), in one month, following a decline in money supply triggered by the inflation-fighting measures of the Central Bank of Nigeria, CBN. Consumer loans are lendings by banks  to one or more individuals for household, family, or other personal expenditures… Read More

GUARDIAN

Experts on how Naira is Reacting to Proposed Redesigning

Experts have attributed the sudden appreciation of the naira in the foreign exchange market last week to the interplay of different factors. A former General Secretary of the Nigeria Labour Congress (NLC), Dr. Peter Ozo-Eson, believes that the pressure on the naira in the unofficial market will be short-term… Read More

PUNCH

Domestic Airlines Ask Court to Terminate FG-Ethiopian Deal

The national carrier project may be stopped by the court as domestic airlines have taken the Federal Government and its foreign technical partner and majority shareholders to court. About eight local airlines and their association took the government to court on Friday, listing Nigerian Air, Ethiopian Airlines, Minister of Aviation, Hadi Sirika… Read More

ECONOMY HEADLINES

THIS DAY

Nigeria’s Eurobonds Yield Tumble Amid Hike in Prices

Following a surge in prices, yields on Nigeria’s Eurobonds tumbled as investors’ demand in the secondary market persisted since the beginning of the month of November 2022, latest data by Debt Management Office (DMO) has revealed. Experts attributed the hike in prices to the Naira redesigning policy of the Central Bank of Nigeria (CBN)… Read More

TRIBUNE

Increased Supply, Less Demand For FX Strengthen Naira In Black Market

The Naira gained massively against the US dollar at the black market after hitting a record low of over N900/$1 in the previous week. Within five days, the Naira gained over N200 to trade at an average of N680/$1 as of the close of trading activities on Friday, 11th November 2022. In a conversation with several black market traders on Friday… Read More

PUNCH

Petrol Imports Gulp N17tn, Refineries Stay Dormant

The regime of Nigeria’s President, Major General Muhammadu Buhari (retd.), has spent over N16.9tn on the importation of not less than 132.24 billion litres of Premium Motor Spirit, popularly called petrol, despite the President’s campaign promises to halt PMS imports. Figures obtained from the National Bureau of Statistics… Read More

POLITICAL HEADLINES

VANGUARD

2023: Tinubu, Atiku, Obi Bicker Over Fake News, Hate Speech

The campaign teams of the presidential candidates of the three leading political parties – All Progressives Congress, Asiwaju Bola Ahmed Tinubu; Peoples Democratic Party, PDP, Alhaji Atiku Abubakr; and Labour Party,  Mr. Peter Obi, were, yesterday, locked in bickerings over fake news and hate speech. Tinubu’s campaign fired the first salvo… Read More

PUNCH

Reps Summon 63 Agencies for Spending N2tn Illegally

The House of Representatives Committee on Public Accounts has summoned 63 institutions of the Federal Government for implementing budgets not presented by the President and passed by the National Assembly, leading to illegal spending totalling over N2 trillion. Chairman of the committee, Oluwole Oke, also had written a letter… Read More

TECHNOLOGY HEADLINES

THIS DAY

Deepening Financial Inclusion with Domestic Payment Scheme

A study carried out in five continents by the Anthemis Group, a London-based digital financial services investment and advisory firm focused on re-inventing financial services for the 21st century that was published in 2020, had revealed that domestic card schemes and infrastructure are beneficial to the local economy despite the globalisation… Read More