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Daily Business News Brief  Thursday November 4th, 2021.

4
Nov

Stock Market Down by N19bn on Profit-taking in Zenith Bank, Lafarge Africa, GTCO- Thisday

The stock market of the Nigerian Exchange Limited (NGX) yesterday closed on a bearish note as investors profit-taking in Zenith Bank Plc, Lafarge Africa Plc and Guaranty Trust Holding Company Plc (GTCO), among others down the market capitalisation by N19billion  The stock price of Zenith bank dropped by two per cent while Lafarge Africa and GTCO yesterday recorded 2.6per cent and 1.1 per cent decline in stock prices respectively…………………..read more

Nigerian banks to stop accepting old £20, £50 notes Dec 31- Punch

Deposit Money Banks in Nigeria have issued a deadline of December 31, 2021 for the acceptance of old £20 and £50 notes to enable proper conclusion of cash evacuation.  One of the banks, Fidelity Bank Plc, disclosed this in an email to its customers on Wednesday titled ‘Withdrawal of old 20 and 50 GBP notes from circulation’.  It said, “The Bank of England has announced the withdrawal of paper £20 and £50 notes after September 30, 2022. A year’s notice has been provided to customers and the global banking community.  “In view of this, Fidelity Bank, alongside other Deposit Money Banks in Nigeria, has issued a deadline of December 31, 2021 for acceptance of the stated denominations from the public to enable proper conclusion of cash evacuation…………………..read more

NNPC admits hitches in depots, dismisses price hike rumour –Thisday

The Nigerian National Petroleum Corporation has admitted that there are pricing issues at some petrol depots in the country but ruled out any hike in the pump price of the product. The PUNCH had reported on Tuesday that fuel queues resurfaces on Monday in the Federal Capital Territory, and some parts of Nasarawa and Niger states. Retailers had claimed that the ex-depot price of the product had been increased by private tank farm owners from the recommended N148-N149.5/litre to between N153 and N155/litre. The Group Managing Director, NNPC, Mele Kyari, while delivering a presentation at a conference organised by energy correspondents in Lagos on Tuesday, said the corporation had adequate stock of Premium Motor Spirit (petrol)……………………read more

Subsidy payment costs N864.07bn in nine months –NNPC report- Punch

The Nigerian National Petroleum Corporation spent a total of N864.07bn between January and September subsidising Premium Motor Spirit, popularly known as petrol. This amount represents 31 per cent of the total revenue of N2.7tn generated by the corporation between January and September. An analysis of a report submitted by the corporation to the Federation Account Allocation Committee at its last meeting showed that the NNPC did not incur petrol subsidy cost in January, but spent N25.37bn on subsidising the product in February. The subsidy cost ballooned to N60.39bn and N61.96bn and N126.29bn in March, April, and May respectively. The NNPC spent N164.33bn, N103.28bn, N173.13bn and N149.28bn on PMS subsidy in June, July, August and September……………..read more

eNaira more reliable than cryptocurrency, says CBN -Daily Independent

Following the improvement in business activity in the country, commercial and merchant banks’ borrowing from the Central Bank of Nigeria (CBN) dropped by 33.2 per cent to N505.3billion in October as against N756.37billion in September 2021. Commercial and merchant banks often depend on the central bank bank for short-term liquidity needs to support their lending to the real sector in the event of scarcity of liquidity in the interbank money market……………..read more

External reserves gained $5bn in October, says CBN- Thisday

Nigeria’s external reserves rose by $5.05bn in October, the latest data from the Central Bank of Nigeria showed on Wednesday.  The reserves increased from $36.78bn on September 30 to $41.83bn as of October 29.  The Deputy Governor, Financial Systems Stability Directorate, CBN, Aishah Ahmad, at the last Monetary Policy Committee meeting in Abuja, said the external sector trends improved as reflected in the balance of trade position, which narrowed by 52.56 per cent to a deficit of N1.87tn in the second quarter of 2021 from N3.94tn in Q1.  She said this was driven by a 74.72 per cent rise in exports, which outstripped the increase in imports of 1.45 per cent………………..read more

Stockbrokers’ Institute Appoints Akerewusi as Registrar – Daily Independent

There is a change of baton at the Chartered Institute of Stockbrokers (CIS) with the appointment of Mr Josiah Akerewusi as the substantive Registrar and Chief Executive, following the retirement of Mr Adedeji Ajadi after his meritorious service, spanning over one decade as the Institute’s Registrar and Chief Executive.  The Institute’s President, Mr Olatunde Amolegbe in a statement described him as an accomplished professional with robust industry experience.  “Prior to his appointment, the multiple award winning finance expert, was the Institute’s Assistant Director and Chief Finance Officer. Akerewusi, a Chartered Stockbroker, Chartered Accountant, and Mobil Producing Unlimited’s Scholar, brought into his new position, over three decades of industry experience in banking, insurance Auditing, Accounting, Taxation, Information Management Systems, Management and Financial Advisory Services as well as Stockbroking………………..read more

fake richard mille
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