Daily Business Headlines – November 22, 2022

NIGERIAN TRIBUNE

Equities Market Opens Week Bullish As Investors Earn N124bn

Equities trading at the Nigerian Exchange Limited (NGX) kick-started the new trading week positively as the benchmark index gained 0.47 per cent to conclude at 44,701.84 basis points, amid sustained bargain-hunting activity. The market’s performance was primarily driven by demand in Zenith Bank, Guaranty Trust Holding Company, and FBN Holdings… Read More

NAIRAMETRICS

Brent Crude Oil Price Recovers After Falling To 10 Months Low

Brent Crude oil prices dropped to as low as $82 per barrel for the first time since January 2022, after reports suggest that OPEC could be considering an increase in output. An increase in crude oil output is often considered a signal that prices could drop in the near terms. A Wallstreet journal report had indicated that there were ongoing talks between Saudi Arabia… Read More

PUNCH

Bitcoin Investment In Nigeria Rises By 5%

Nigerians’ investment in Bitcoin grew by over five per cent in 2022 despite the cryptocurrency losing $562.93bn of its market value in the same year. This year, 2022, has been a bad year for BTC and other cryptocurrencies, with the general market capitalisation of the crypto economy losing over $1tn in 2022, and crypto exchanges such as FTX going under… Read More

THE SUN

7 Banks Rake In N700bn Profit In 9 Months Amid Inflation, Rate Hike

Despite the high-interest rate environment, some Nigerian banks recorded rapid growth as their profits grew to N700 billion in nine months (9M) of 2022, Daily Sun analysis revealed. It was expected that financial institutions, especially banks, would struggle to post decent results for the period under review, but a combination of investments… Read More

ECONOMY HEADLINES

THEGUARDIAN

‘FG Committed To $200b Earnings From Non-Oil Exports In Five Years’

As part of efforts to fully diversify the nation’s economy, the Federal Government said it is committed to taking bold steps to increase its non-oil revenues to as much as $200 billion in the next five years to meet its foreign exchange demands. Steps like granting incentives to exporters, sensitisation, provision of boarder laboratories… Read More

LEADERSHIP

Auto Finance Scheme: NADDC Commences Talks With CBN, BoI, Others

The National Automotive Design and Development Council (NADDC) has commenced discussions with the Central Bank of Nigeria (CBN), the Bank of Industry (BoI) and other private banks to design workable solutions for automotive financing to make auto purchase affordable for Nigerians at single-digit rate. Jelani Aliyu, the Director-General of NADDC has disclosed… Read More

NAIRAMETRICS

Black Market Exchange Rate Closes Flat At N780/$1 On 21st November 2022

The exchange rate between the naira and the US dollar remained stable at the black market on Monday, 21st November 2022 to close at N780/$1, the same rate recorded last week Friday. This is according to information from black market traders who spoke to Nairametrics. On the other hand, the naira depreciated against the US dollar on Monday… Read More

POLITICAL HEADLIINES

THIS DAY

2023: Lawmakers, NILDS Blame High Turnover of Lawmakers on Executive ‘Rascality’

The House of Representatives and the National Institute for Legislative and Democratic Studies (NILDS) yesterday blamed the high turnover of lawmakers in each election cycle on what they described as executive ‘rascality of state governors.’ Speaker of the House, Hon. Femi Gbajabiamila and Director General of NILDS, Prof. Abubakar Sulaiman… Read More

NIGERIAN TRIBUNE

Discrimination Against Children Impacts Their Education, Health, Others – UNICEF

A new report published ahead of the 2023 World Children’s Day by the United Nations Children Fun (UNICEF) has revealed that discrimination against children based on ethnicity, language, and religion is rife in countries worldwide. The Rights denied which is an impact of discrimination on children shows the extent to which racism and discrimination… Read More

TECHNOLOGY HEADLINES

BUSINESS DAY

5G Bid Sets Stage For Telecoms’ Future

Nigeria is on track to auction more 5G licences, setting the scene for the future of its telecommunications industry amid the push by a growing number of countries to phase out older networks. In its first-ever 5G auction in 2021, the Nigerian Communications Commission (NCC) raked in over $500 million as MTN Nigeria and Mafab Communications… Read More