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Daily Business News Brief  Wednesday November 17th, 2021.

17
Nov

Investors on NGX Gain N111.6bn to Erase Previous Day Loss – Thisday

Investors on stock market of the Nigerian Exchange Limited (NGX) yesterday gained N116.1 billion as the market reversed from losing position amid bargain hunting on shares of Airtel Africa and 17 others. In summary, the overall market capitalisation value gained N112 billion to close at N22.672 trillion from N22.560 trillion the market opened for trading yesterday. Consequently, the NGX All-Share Index (ASI) rise by 213.86 basis points, representing a increase of 0.49 per cent, to close at 43,444.20 points from 43,230.34 basis points………………read more

Crypto firms practise high-level illegality, alleges Emefiele- Punch

The Governor of the Central Bank of Nigeira, Godwin Emefiele, has again expressed the apex bank’s disapproval for cryptocurrency transactions in Nigeria, saying the space and its operators are “embedded in illegality.” Emefiele spoke barely two weeks after the regulator directed banks to close the accounts of cruptocurrency dealers. Commercial banks also closed the bank account of some illegal foreign exchange dealers. The CBN had in February ordered banks not to support payment transactions of crypto firms. Speaking on Tuesday during an interview with Arise TV, the CBN governor said that Nigeria’s banking space had no room for cryptocurrency………………….read more

eNaira may reduce deposits in commercial banks, IMF warns CBN – Thisday

The International Monetary Fund has said the eNaira wallet may function as a deposit at the Central Bank of Nigeria and consequently reduce demand for deposits in commercial banks.  The comment came barely four weeks after the President, Major General Muhammadu Buhari, and top officials of the central bank launched the eNaira at the State House, Abuja.  As a result, the Washington-based fund on Tuesday warned the CBN to manage the various risks associated with the digital currency especially the threats it pose to monetary policy implementation, cyber security, among others.  IMF disclosed this in its ‘Country Focus; Five Observations on Nigeria’s Central Bank Digital Currency…………..read more

Fuel queues hit Abuja, Nasarawa, Niger over NUPENG’s strike threat- Daily Independent

Queues by motorists for Premium Motor Spirit, popularly called petrol, surfaced in parts of Federal Capital Territory, Abuja, Nasarawa and Niger states on Tuesday, less than 24 hours after the Nigerian Union of Petroleum and Natural Gas workers threatened to embark on strike.

NUPENG had given the Federal Government a two-week strike notice, raising the possibility of fuel scarcity across the country in the coming weeks.  NUPENG members basically control the downstream arm of the oil sector and an industrial action by the union would ground the supply and distribution of petrol nationwide.  Citing the need to attend to oil workers’ welfare, NUPENG said it would begin the proposed strike at the expiration of the notice……………..read more

Marginal Increase in Prices Drive Cement Manufacturing Companies Profit by 43% -Punch

A total of three major cement manufacturing companies in Nigeria jointly reported N523.7 billion as profit before tax in the nine-month period of 2021, an increase of 43 per cent from N365.46 billion recorded in the corresponding period of 2020. The listed cement manufacturing companies on the Nigerian Exchange Limited (NGX) recorded a stronger earnings marked with significant increase in revenue, a recovery from the 2020 Covid-19 pandemic…………….read more

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