Daily Business Headlines – OCTOBER 9, 2023


Bears Take Back Customs Street As Stock Investors Give Up N17bn

The Nigerian Exchange (NGX) Limited depreciated by 0.17 per cent on Friday as profit-taking activity crept back into Customs Street as a result of weak investor sentiment. The bourse came under selling pressure yesterday as traders cut down their exposure to equities amid an unstable macroeconomic environment caused by fuel subsidy… Read More


Federal Government To Open Petrol Stations Along Borders To Ease Hardship For Residents

Adewale Adeniyi, Acting Comptroller General of Nigeria Customs Service (NCS) has said that the Federal Government would open petrol stations along the international border areas to ease the hardship being faced by the residents of border areas. Recall that the Federal Government has banned sale of petroleum products within 20-kilemetre… Read More


SMEDAN Compiling Names Of Eligible Businesses For Palliative – Director General

The Federal Government through the Small and Medium Enterprises Development Agency says it is currently collating accurate data on businesses eligible to access the N200bn palliative earmarked by the Tinubu-led government for small and medium-scale businesses. According to the agency, efforts have been made to update current data to… Read More

Developers Seek Reduction In Prices Of Other Building Materials

Sequel to the reduction in the cement price of BUA Cement Plc, stakeholders in the built industry have canvassed for a reduction in the prices of other building materials to bridge the affordability gap in the sector. Other construction materials include iron, steel, and roofing sheets, amongst others. The Chief Executive Officer, Land Republic Limited… Read More



CBN Reduces Cash Mop By 82% To N150bn

In a bid to stimulate economic growth worsened by unprecedented rise in prices of goods and services, the Central Bank of Nigeria, CBN, reduced its cash mop up operation by 82 per cent to N150 billion in the nine months ending September 30th, 2023 from N830 billion in the corresponding period in 2022. As a result, the banking industry enjoyed a… Read More


Oil Prices Jump By Over $4 As Israel-Hamas War Intensifies

Oil prices surged by more than $4 per barrel during early Asian trading on Monday, driven by escalating military clashes between Israeli and Hamas forces, causing heightened political uncertainty in the Middle East. Brent crude rose by 4.94 percent, reaching $88.76 per barrel, while U.S. West Texas Intermediate crude increased by 5.11 percent… Read More


External Reserves Fall By $841m In Three Months

Nigeria’s external reserves fell by $841.75m between July and September, figures obtained from the Central Bank of Nigeria revealed. The CBN revealed in its report on the movement of external reserves that the reserves, which stood at $34.07bn as of July 7, 2023, fell to $33.23bn as of October 5, 2023. External reserves fell by $2.85bn in the first… Read More



Tinubu’s Certificate: 107 Senators Urge Caution, Rule Of Law As Keyamo, Atiku Disagree

Disturbed by the tension trailing President Bola Tinubu’s Chicago State University, CSU, certificate controversy, 107 non-serving senators have called for caution, respect for the rule of law and principles of justice in handling the issue. The 107 former senators of the ruling All Progressives Congress, APC, spoke as APC Non-Serving Senators Group… Read More


SERAP Sues Akpabio, Oshiomole, Others Over Pension Collection

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Senate President, Mr Godswill Akpabio, and nine other former governors who are currently lawmakers in the 10th Senate over their collection of both salaries and pensions. This was disclosed in a statement on Sunday by SERAP Deputy Director, Mr… Read More



NIA Tasks Insurers On Technology Investment

The Nigerian Insurers Association (NIA) has called on underwriting firms in the country to invest more in technology tools to accelerate insurance acceptance among Nigerians. Speaking at the Insurance Meets Tech (IMT 2.0) conference with the theme: ‘Unlocking Policy and Tech Bottleneck Hindering Disruptive Insurance Penetration,’ the… Read More