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Daily Business News Brief | Wednesday December 15, 2021.



Stock Market Down 0.22%on Profit-taking in GTCO, 17 Others – Thisday

Investors’ profit-taking in Guaranty Trust Holding Company (GTCO), Stanbic IBTC Holdings, UPDC Real Estate Investment Trust, Zenith Bank, Ecobank Transnational Incorporated (ETI), and 13 other stocks on the Nigerian Exchange Limited (NGX) depreciated the stock market by 0.22 per cent.  In summary, the NGX All-Share Index (ASI) dropped by 93.60 basis points, representing a decrease of 0.22 per cent, to close at 42,317.52 basis points. Similarly, the overall market capitalisation value declined by N49 billion to close at N22.081 trillion………….. read more

Naira slides ahead of Yuletide, exchange for 570/dollar – Punch

The naira continued its downward trend as the dollar was sold for N570 in the parallel market on Tuesday.

Operators, who spoke to our correspondent, said the dollar was bought and sold for N567 and N570 respectively on Tuesday, compared to N550 and N555 three weeks earlier.  Some Bureau de Change Operators attributed the further fall in the value of the naira to an increase in the demand for the greenback.  The British pound sterling was also bought and sold for N740 and N745.  The CBN had in July this year stopped foreign exchange sales to the licensed BDCs, leaving the operators to source for their forex on their own…………….read more

Nigeria’s debt rises by N2.54tn in three months, hits N38tn, says DMO – Daily Independent

The Debt Management Office on Tuesday disclosed that Nigeria’s public debt was N38.005tn as of the end of the third quarter of 2021.  In a press statement titled, ‘DMO publishes total public debt for Q3 2021’, and published on the DMO’s website, the debt agency said the total debt figure comprised total external and domestic debts of the Federal Government , the 36 states and the Federal Capita Territory.  The statement read in part, “In line with its practice, the Debt Management Office has published Nigeria’s total public debt as at September 30, 2021. The data which includes the total external and domestic debts of the Federal Government of Nigeria, 36 state governments and the Federal Capital Territory, shows that Nigeria’s public debt was N38.005tn or $92.626bn at the end of Q3 2021…………………read more

Nigeria’s oil production increases by 2.55 million barrels – OPEC- Thisday

The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, on Monday announced that NNPC was currently increasing the supply of Liquefied Petroleum Gas, popularly called cooking gas, in a bid to force down its price.  Kyari, who announced this at the inauguration of a 120-metric tonnes LPG storage and bottling plant by Emadeb Energy Services Limited in Abuja, however, explained that the hike in cooking gas price was an international issue…………..read more

CBN disburses 92.4% of N400bn targeted credit facility- Punch

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the bank has disbursed N370bn out of the N400bn provided under its Targeted Credit Facility.  Emefiele said this on Tuesday during the 2021 annual Bankers’ Committee retreat in Lagos, with the theme, ‘Building resilience for economic growth’.  He said to contain the downturn and drive the recovery of Nigeria’s economy, the monetary and fiscal authorities deployed series of policy measures that had aided the rebound in Nigeria’s growth, beginning in the fourth quarter of 2020………………….read more

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