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Daily Business News Brief Tuesday, August 31, 2021.


Stock Market Decline by N82.83bn on Profit-taking in Dangote Cement, 17 others – Thisday

Transactions on the Nigerian equities market yesterday closed the first trading session of the week on a negative note with a decline of N82.83billion as profit-taking dominated all the major sectors.  The overall market capitalisation dropped to N20.490 trillion from N20.57trillion it opened for trading, while Nigerian Exchange Limited (NGX) All-Share Index (ASI) reduced by 158.98 basis points, representing a decline of 0.40 per cent to close at 39,326.67 basis points from 39,485.65 basis points…………………read more

CBN engages British fintech to develop digital currency- Punch

The Central Bank of Nigeria, on Monday, announced the formal engagement of a global fintech company, Bitt Inc., as the technical partner for its digital currency. The CBN said the digital currency, called ‘eNaira’, would be unveiled before the end of this year. According to a statement by the acting Director, Corporate Communication, Osita Nwanisobi, this was disclosed by the CBN Governor, Godwin Emefiele, who said the benefits of the central bank digital currency include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, and easier targeted social interventions…………………..read more

Naira falls to N527 to dollar at parallel market – The Nation

The naira on Monday weakened to new low of N527 to dollar in the parallel market. The local currency position represents N3 depreciation from N524 to dollar it closed last week.  The naira is N5 weaker than N522 to dollar it exchanged on July 28, a day after the Central Bank of Nigeria (CBN) stopped weekly dollar sales to Bureaux De Change (BDCs).
A check on the CBN website showed that the local currency remains stable at the official market where its exchanges at N410.29 to dollar………………..read more

CBN’s N250bn Intervention Boost For Nigeria’s Gas Sector’– Daily Independent

Stakeholders in the cooking gas distribution have expressed optimism that the Central Bank of Nigeria (CBN) N250 billion interventions under the National Gas Expansion Programme (NGEP) would boost Nigeria’s gas sector.  The Central Bank of Nigeria (CBN) recently issued a framework for the Implementation of Intervention Facility for the National Gas Expansion Programme (the Framework) as part of efforts to complement the efforts of the Ministry to improve the viability of the Nigerian gas sector and encourage private investments in the sector…………………read more

At Average of $73pb, NNPC Loses 6m Oil Barrels to Shut-ins in June Worth $438m – Thisday

The Nigerian National Petroleum Corporation (NNPC) lost 6.035 million barrels of crude oil to emergency shutdowns in June, latest data released by the national oil company, has shown. In its August presentation to the Federation Account Allocation Committee (FAAC), which held between the 18th and 19th of this month, the corporation revealed that there were 32 of such incidents throughout its facilities in the country……………….read more

CBN engages Caribbean firm on e-Naira project – Daily Independent

The Central Bank of Nigeria (CBN) has engaged a Barbados-based digital financial technology firm, Bitt Inc, as technical partner for its e-Naira project due for unveiling before the end of the year.  With operations spreading across the Caribbean, Bitt utilises blockchain and distributed ledger technology to facilitate peer-to-peer (P2P) transactions with mobile money across a suite of Bitt’s Software and mobile applications…………………read more

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