Daily Business Headlines – September 28, 2022

September 28, 2022

Business Headlines

VANGUARD

CRR: Banks’ Lending Curtailed as CBN Mops Up Over N6.96trn

The Central Bank of Nigeria, CBN, is expected to mop up not less than N6.96trillion from the banks operating in the country following the increase in Cash Reserve Ratio, CRR, from 22.5 per cent to 32.5 per cent. CRR refers to the percentage or proportion of a bank’s total cash deposit required to be kept as reserves with CBN… Read More

THIS DAY

DMO: 2022 Borrowing Plan Increased by N1trn to Meet Fuel Subsidy Cost

The Debt Management Office (DMO) has explained that the federal government’s borrowing plan increased by N1 trillion this year to meet subsidy on petroleum motor spirit (PMS), otherwise known as fuel. The DMO Director General, Ms. Patience Oniha, who disclosed this in Abuja yesterday, in a presentation at the Executive Course on Budgeting and Fiscal Transparency… Read More

NEW TELEGRAPH

NGX All-Share Index Drops By 0.11%

Equities trading at the Nigerian stock market on Tuesday ended lower, reversing some of the gains in Monday’s session as the Nigerian Exchange Limited benchmark index lost 0.11 per cent to close at 49,163.81 points. Investors’ interest in ZENITHBANK (+1.00 per cent) was offset by selloffs in GTCO (-0.53 per cent), FBNH (-0.99 per cent), ACCESSCORP (-4.55 per cent)… Read More

THE SUN

CBN: eNaira App Downloads Nears 1m –with 282,600 Currently Active

Governor of the Central Bank of Nigeria (CBN) Mr Godwin Emefiele, yesterday hinted that the eNaira application has so far recorded a total of 905,588 downloads. The governor who spoke  after the Monetary Policy Committee meeting at the CBN headquarters in Abuja, said the eNaira in the first one year has almost hit a million mark on downloads, while only 282,600 are active users… Read More

ECONOMY HEADLINES

GUARDIAN

Economy in Rare Credit Squeeze as CBN Continues with 20-Year-high Interest

It was another audacious response from the Monetary Policy Committee (MPC), yesterday, as it increased the benchmarked interest rate by another 150 basis points (bps) in a fell swoop to rein in extreme inflation and manage an uncertain economic outlook. This latest decision came on the back of previous back-to-back 100 bps and 150 bps that brought the Monetary Policy Rate (MPR)… Read More

THIS DAY

Money Supply Rises to N49.36trn Amid Federal Government Borrowing

The Central Bank of Nigeria (CBN) in its money and credit statistics has revealed that money supply (M3) in the economy has increased to N49.36 trillion as of August 2022, a 9.21 per cent increase or N4.16 trillion Year-till-Date (YtD) when compared with the N45.19 trillion reported in January 2022. This is against the backdrop of mounting federal government borrowings to finance… Read More

IMF Prescribes Fiscal, Monetary, Structural Reforms to Tame Food Inflation in Nigeria, Others

The International Monetary Fund (IMF) has prescribed a mix of fiscal, monetary, and structural reforms to help lower soaring food inflation in Nigeria, Ghana and other countries in sub-Saharan Africa. The multilateral lender declared that food prices tend to be higher in countries with weaker fiscal management and elevated public debt, noting that those with stronger monetary policy… Read More

POLITICAL HEADLINES

THE SUN

2023: Buhari Optimistic Nigeria’s Transition Process will Produce New Crop of Political Leaders

President Muhammadu Buhari has expressed confidence that Nigeria’s political transition would produce a new generation of leaders after the 2023 general elections. He also assured that his administration would promote free, fair elections for all contestants and sustain deep political discourse and freedom of speech. He stated this, yesterday, while receiving Letters of Credence… Read More

GUARDIAN

Senate Strips CBN Governor of Board Chair, Boosts A’Court Justices from 90 to 110

Senate has set in motion the removal of Central Bank of Nigeria (CBN) Governor as board chairman of the financial institution. The CBN Act No. 7 of 2007 stipulates that an incumbent governor of the CBN should also serve as chairman of its board. But the Senate, yesterday, gave its nod to a bill, which seeks amendment of the Act and bars the governor from becoming the chairman of the board… Read More

TECHNOLOGY HEADLINES

GUARDIAN

983,174 Telephone Lines Activated in August as NCC Tasks NSSB on Awareness

By the end of August, telecoms operators activated 983, 174 telephone lines, which pushed active subscriptions from 208,969,445 million in July to 209,952,619 one month after. The activation of the lines ensured that the country’s teledensity also leaped by 0.52 per cent, rising from 109.47 per cent in July to 109.99 by August, according to the latest subscription statistics… Read More