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Daily Business News Brief |  Thursday, February 24th,  2022.

24
Feb

Stock Market Down N22bnon Profit-taking in GTCO, Lafarge Africa – Thisday

The stock market of the Nigerian Exchange Limited (NGX) depreciated by N22billion, attributable to investors’ sell-off in Guaranty Trust Holdings plc(GTCO), Lafarge Africa plc and 14 other stocks listed on the bourse.  In summary, the overall market capitalisation dropped by N22billion or 0.086 per cent to close at N25.442trillion yesterday from N25.464trillion the market opened for trading, while the NGX All-Share Index depreciated by 0.08 per cent to 47,207.27 basis points from 47,246.90 basis points………………… read more

Fuel scarcity persists as NNPC releases 387.6 million litres – Punch

The over two weeks long scarcity caused by the withdrawal of the methanol-blended Premium Motor Spirit, popularly called petrol, imported into Nigeria in January, persisted on Wednesday in Abuja and other states.  Amidst the scarcity, the Nigerian National Petroleum Company Limited on Wednesday released the details of how it distributed a total of 387.59 million litres of PMS in one week to bridge the petrol supply gap.  According to the NNPC in a statement, the petrol distributed to Nigerians through retail filling stations from February 14 to 20, 2022, represented an average daily distribution of 55.4 million litres………………… read more

Nigeria to Begin Export of Cocoa Derivatives – Vanguard

The Minister of Agriculture and Rural Development, Dr.Mohammad Abubakar has said it’s high time the country exported cocoa powder and other derivatives in order to boost the value chain, enhance the income of farmers as well as earn foreign exchange for the country. He also said the federal government is working towards ensuring that Nigeria becomes the largest cocoa producer and exporter in the world……………… read more

$1.04bn spent on fuel imports in 2021, says CBN – Punch

The quantity of foreign exchange used for the importation of petroleum products into Nigeria fell to $1.04bn last year from $1.32bn in 2020, according to data obtained from the Central Bank of Nigeria. As the country’s refineries continue to sit idle, fuel imports remain a major user of foreign exchange, even as many businesses still lament the inability to access forex at the official rate.  The nation’s forex reserves have been on a downward trend in recent months, falling to a low of $39.77bn on February 15, 2022 from $40.54bn at the end of last year…………… read more

CSCS Boss Elected AMEDA Vice President – Punch

In strengthening its governance and execution of strategic objectives, the regional association of global Central Securities Depositories (CSDs), Africa and Middle East Depositories Association (AMEDA), elected Mr. Haruna Jalo-Waziri, the Managing Director/Chief Executive Officer of Central Securities Clearing System (CSCS) Plc as its Vice President. ………………. read more

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