BUSINESS DAY

Stock Market Sees First Dip Since Rate Hike

Nigeria’s equities market on Monday recorded its first negative close since the Monetary Policy Rate (MPR) hike to 16.50 percent. The market decreased by 0.25 percent, no thanks to stocks like Beta Glass, SCOA, Jaiz Bank and other major laggards. The negative close pushed down equities market’s positive return year-to-date… Read More

PUNCH

CBN Interest Rate Hike Choking MSMEs, Say Operators

The new 16.5 per cent interest rate is stifling the growth of micro-, small- and medium-sized enterprises in Nigeria. The MSMEs owners said the sector was hard hit by the recent increase in interest rate by the Central Bank of Nigeria’s Monetary Policy Committee. The MPC had increased the benchmark interest rate by 100 basis points… Read More

Construction Firms Borrow N1.2tn From Banks

The loans obtained from banks by operators in the nation’s construction sector rose from N1.025tn in January 2022 to N1.157tn in October 2022. This is according to the Central Bank of Nigeria Sectoral Analysis of Deposit Money Banks’ Credit. Data from CBN also showed that the firms borrowed the sum of N132bn between January 2022… Read More

NAIRAMETRICS

Federal Government Says NIN Compulsory For Business Registration

The federal government has disclosed that without the National Identification Number (NIN), Nigerians would no longer be able to register businesses. This was disclosed by the registrar of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, on Monday in Abuja during the monthly reform seminar organised by the Bureau of Public… Read More

ECONOMY HEADLINES

THE GUARDIAN

Federal Government Unveils Trade Information Portal

The Federal Ministry of Industry, Trade and Investment, yesterday, launched the Nigeria Trade Information Portal (NTIP) in fulfilment of the World Trade Organisation’s (WTO) Trade Facilitation Agreement. In his remark at the unveiling, Minister of Industry, Trade and Investment, Adeniyi Adebayo said the NTIP was an outcome of collaboration… Read More

NAIRAMETRICS

Black Market Exchange Rate Depreciates To N773/$1 On 28th November 2022

The exchange rate between the naira and the US dollar closed at an average of N773/$1 on Monday, 28th November 2022 at the black market, representing a 0.64% appreciation as against N778/$1 recorded last week Friday. This is according to information from black market traders who spoke to Nairametrics. Also, naira improved against the US dollar on Monday at the cryptocurrency peer-to-peer market, closing at a minimum… Read More

NEW TELEGRAPH

Excitement Over First Oil Drilling In North

Nigeria’s capacity to increase its oil production and ramp up the much needed revenue for the country was enhanced on November 22, 2022, as President Muhammadu Buhari performed the ground-breaking ceremony of the commencement of Integrated Project Development activities of the Kolmani Oil Prospecting Lease (OPL)… Read More

POLITICAL HEADLIINES

THE CABLE

Attacks On Our Offices Won’t Stop 2023 Elections, Says INEC

The Independent National Electoral Commission (INEC) says the recent attacks on its facilities will not stop the conduct of 2023 general election. Mahmood Yakubu, INEC chairman, said this on Monday when he received a delegation from the African Union special pre-electoral political mission in Abuja. In recent weeks, INEC offices in Osun… Read More

‘Beware Of Passport, Money Theft In US, UK’ — Federal Government Warns Nigerian Travellers

The federal government has asked Nigerians travelling to the United States and Europe to “take extra precaution” with their belongings. The government said many Nigerians have been victims of theft of money and passports in the US and the United Kingdom. Lai Mohammed, minister of information and culture, issued the travel advisory… Read More

TECHNOLOGY HEADLINES

THE GUARDIAN

Cybercrimes Raise Concerns For N30.2tr Monthly E-Payments

Disturbing trends in financial fraud and cybercrimes have put at risk electronic payment or e-payment transactions, now estimated to be worth an average of N30.2 trillion monthly. Findings show that as more Nigerians are embracing e-transactions daily, so is the surge in cybercrimes, as cybercriminals are getting adept in the clean sweep of bank… Read More