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Daily Business News Brief |  Monday, February 14th,  2022.


Market Cap Down N42bn WoW on Investors’ Profit-taking – Thisday

The positive activities in the stock market of the Nigerian Exchange Limited (NGX) witnessed a halt as investors profiting emerged in trading last week.  In line with the bearish trend, the NGX All-Share Index moderated Week-on-Week (WoW) by 0.16 per cent to close at 47,202.30 basis points, while the market capitalization shed N42 billion W-o-W to close at N25.436 trillion……………. read more

Banks’ forex ban: Dollar scarcity, inflation, firms’ closure imminent, experts warn – Punch

Financial analysts and economic experts have expressed worry over the plan by the Central Bank of Nigeria to stop the sale of foreign exchange to Deposit Money Banks by December this year.  The economists, who spoke to The PUNCH in separate interviews on Sunday, raised concerns over the ramifications of the decision on the economy, stating that the decision might worsen dollar scarcity, increase inflationary pressures and fuel exchange rate shocks……………… read more

Fuel sells for N400/litre in Abuja, others, scarcity persists in Lagos – Daily Independent.

Residents of Abuja and neighbouring states of Niger and Nasarawa are still facing tough times sourcing for Premium Motor Spirit, popularly called petrol, with the commodity selling for as high as N400/litre by black marketers. The development came almost one week after the import of millions of dirty PMS from Europe into Nigeria disrupted the fuel supply system of the country, leading to long queues nationwide……………..read more

Insurance Sector’s Total Premium Reached N508bn in 2021 as Claims on Endsars Protest Hits N11bn – Punch

Chairman of the Nigeria Insurers Association (NIA), the umbrella body of insurance underwriters in the country, Mr Ganiyu Musa has said that the insurance sector in 2021 raked in N508 billion Gross Premium.  He also disclosed that operators have so far paid a total of N11 billion claims to victims of the 2020 #Endsars protest.  Musa who stated this while addressing newsmen in Lagos on the activities of insurers said the sector in 2018 recorded N400 billion premium and 413 billion in 2019………………. read more

CBN Sell N687.8bn TBs in First 6 Weeks of 2022 on improved Liquidity, Demand -Vanguard

Following improved system liquidity supporting demand, the Central Bank of Nigeria (CBN) within the first six weeks of 2022, sold N687.8 billion Treasury Bills at its primary market auctions, and repaid a total of N227.35billion during the period.  THISDAY checks revealed that the CBN conducted three primary market auctions in January 2022 and once so far in first two weeks of February……………….. read more

Private sector raises fresh N100bn to support FG amid rising insecurity – Punch

The Coalition Against COVID-19 has disclosed plans to provide N100bn to the Federal Government to assist security agencies tackle the current spate of insecurity in the country.  The Chairman of the United Bank for Africa, Tony Elumelu disclosed this at a dinner organised for top executives of the bank, held during the weekend. According to Elumelu, the task force is tasked with pooling resources across industries to provide technical and operational support while providing funding and building advocacy through aggressive awareness drives………………… read more

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