Daily Business Headlines – October 21, 2022

October 21, 2022

Business Headlines


CBN, NIBSS, Banks on Partnership to Roll Out New Domestic Payment Card

The Central bank of Nigeria (CBN) is working with the Nigeria Inter-Bank Settlement System Plc (NIBSS), as well as the Bankers Committee to roll out a new card scheme to scale up the electronic payment system across the country and increase efficiency in the ecosystem. While details of its functionality are still sketchy… Read More

Stanbic IBTC, 16 Stocks Lift Market Capitalisation by N8b

Following gains in Stanbic IBTC and 17 stocks, the Nigerian Exchange Limited (NGX) reversed previous session losses to close in an upbeat, yesterday, as market capitalisation increased by N8 billion. The all-share index (ASI) rose by 14.06 absolute points, representing a gain of 0.03 per cent to close at 44,332.21 points. Investors gained N8 billion in value… Read More


ABCON: BDCs Central to CBN’s Exchange Rate Policies

The Association of Bureaux De Change of Nigeria (ABCON) has stated that Bureaux De Change (BDCs) are at the centre of Central Bank of Nigeria (CBN’s) exchange rate policies. The ABCON President, Aminu Gwadabe, who disclosed this in Lagos, said the CBN suspension of forex sales to the BDCs will not lead to revocation of licenses as the operators… Read More


CBN Pays Exporters N42bn for Repatriating $1.3bn

The Central Bank of Nigeria paid exporters N42bn for repatriating $1.28bn through its official window. The Managing Director/Chief Executive Officer, Citibank Nigeria, Ireti Samuel-Ogbu, during the Post Bankers’ Committee Meeting Press Briefing that was held on Thursday. According to the MD, the exporters through the CBN’s RT 200… Read More



Investors Shun Nigeria’s Domestic Bonds Over Rising Inflation, Aggressive Rate Hikes

The Debt Management Office (DMO) says the country’s October bond issuance valued at N225 billion ended with a subscription level of N119.17 billion as inflation and monetary policy’s aggressive moves pushed back investors. This is an under-subscription of 52.89 percent or N105 billion. The debt office disclosed this in the recently-released… Read More


Budget Deficit: Government may Sell TBS, NIPPs, 25 Key Assets

Amid Nigeria’s fiscal crisis, the Federal Government is compiling the list of assets that will be either sold or ‘concessioned’ to fund the 2023 budget deficit of N10.7tn. Sources at the Ministry of Finance, Budget and National Planning told The PUNCH that the government was considering selling or concessioning the Tafawa Balewa Square in Lagos… Read More

Inflation: Nigeria, Others Risk Political Instability, says IMF

The International Monetary Fund has said Nigeria and other countries in the Sub-Saharan African region risk social and political instability and worsening food insecurity because of rising inflation. According to the IMF, inflation has nearly doubled pre-pandemic levels in the region, adding that while there is a significant difference between countries… Read More



Lessons of #EndSARS not Learnt Two Years on, Citizens tell government

The lessons of the 2020 #EndSARS protest have not been learnt. This was the verdict, yesterday, from stakeholders and citizens, as youths trooped out across the country to mark two years of that defining moment in the country’s history. Police brutality reared its ugly head again, yesterday, during the #EndSARS memorial procession… Read More


NEC to Review CBN’s Deduction of Budget Support Facility from States’ Allocations

The National Economic Council (NEC) yesterday resolved to review the Central Bank of Nigeria’s (CBN) plan to commence deductions from state governments’ share of the monthly federal allocations. The move was aimed at exploring further financial succor for states regarding repayment of the federal government’s budget support facility… Read More



Federal Government Seeks States’ Collaboration to Expand Internet Access

The Federal Government has solicitated the cooperation of state governments to achieve it’s goal of providing  Broadband Penetration for majority of Nigerians by 2025. The Minister of Communications and Digital Economy,  Isa Pantami, who spoke at the Broadband Technical Awareness Forum for Governors (BTAF), on Thursday in Abuja… Read More