Daily Business Headlines – November 9, 2022

November 9, 2022

Business Headlines


CBN Commits $16.9bn to Forex Market, Other Obligations in H1’22

The Central Bank of Nigeria, CBN, disbursed about $16.9 billion in its foreign exchange market interventions and statutory obligations in the first half of 2022, H1’22, about 4.0 percent drop against $17.6 billion sold in the corresponding period of 2021, H1’21. Details of the transactions show the amount covers the inter-bank window sales… Read More


Investors Lose N440 billion Amid Sell-Off in Equities

Bearish sentiment persisted on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as investors’ wealth depreciated further by N440 billion. The All Share Index (ASI) decreased by 807.83 absolute points, representing a dip of 1.82 per cent to close at 43,461.60 points. Similarly, the market capitalisation lost N440 billion… Read More


MPR Hike: Bonds, NTBs Peak at 14.51%, 11.12% in Secondary Market

Following the Monetary Policy Rate (MPR) hike trading on Nigerian Treasury Bills (NTBs) and Federal Government Bonds (FGN Bonds) at the secondary market have continued to peak with analysts expecting a sustained upward trend. NTBs maintained its run as the average yield grew by 8 basis points (bps) to close at 11.12 per cent from 11.04 per cent… Read More


Liquidation Dividends: NDIC Renews Call To Depositors Of 20 Closed Banks

The Nigeria Deposit Insurance Corporation (NDIC) has repeated its call to depositors of twenty closed banks in which it declared full (i.e. 100%) liquidation dividends to come forward for verification and payment of their deposits that are in excess of the guaranteed sums, otherwise called “liquidation dividends.” Managing Director of NDIC… Read More



Nigeria Faces Energy Mix, Transition Challenges

Nigeria is torn between the devil and the deep blue sea when it comes to energy options. It is faced with the option of accepting the energy mix or embracing the energy transition. Even after the Organization of the Petroleum Exporting Countries, to which Nigeria belongs and pledges allegiance to, has clearly stated that it would rather welcome… Read More


Diesel, Gas Prices Compound FX Woes, Inflation Outlook

After weeks of relief, diesel prices appear to be on the rise again, partly in response to the volatility in the energy market over concerns about supply from Europe and unstable foreign exchange rates. For many businesses, sustaining production for the Yuletide season might not be business as usual, especially at a time when inflation has eroded consumers… Read More


Reassessing Financial Inclusion As Catalyst To Improve Nigeria’s Economy

In line with its moves to attain 94 per cent financial inclusion by 2024, the Central Bank of Nigeria (CBN) outlined financial inclusion measures the formal financial sector operators should take to provide convenient products for the informal sector Financial Inclusion is increasingly becoming an area of priority in the globe and among policymakers… Read More



UK No Longer against Travel to FCT, Insists Risks Remain

The United Kingdom, has said it no longer advised against all but essential travel to the Federal Capital Territory (FCT) and the city centre Abuja, but insisted that the risks were still present. The UK had recently warned its citizens against travelling to the nation’s capital, Abuja, in the wake of increased terror alert in the seat of power… Read More


ASUU seeks Nigerians’ Cooperation, Legal Solutions on Stand-Off with Federal Government

The Academic Staff Union of Universities (ASUU) has appealed for the understanding of students, parents and concerned Nigerians as it continued to explore legal options to resolve ongoing industrial dispute with the Federal Government without compromising the interests and welfare of the country’s intellectuals… Read More



NCC Issues Warning over Apps Stealing Personal Data

The Nigerian Communications Commission has warned Nigerians to stay away from mobile applications from the ‘Mobile Apps Group’. According to the commission, the group had been discovered to release apps containing trojans and adware that were harmful to users and their privacy. The NCC-CSIRT stated this in an advisory on Tuesday… Read More