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Daily Business News Brief |  Friday, February 25th,  2022.


Renewed Interest in Seplat, 14 Others Lifts Stock Market by N35bn – Thisday

The stock market of the Nigerian Exchange Limited (NGX) yesterday rebounded from the previous training session’s loss as the benchmark index rose by 0.14 per cent, attributable to Investors’ interest in Seplat Energy and 24 others.  The NGX All-Share Index (ASI) increased by 64.77 basis points or 0.14 per cent to close at 47,272.04 basis points. Similarly, the overall market capitalisation size gained renewed N35 billion to close at N25.477 trillion………………… read more

Bitcoin loses $33.19bn, slips to $35k as Russia invades Ukraine – Punch

Bitcoin, the world’s largest cryptocurrency, has lost $33.19bn in market capitalisation as its trading price slipped to $35k in the wake of Russia’s invasion of Ukraine. News of Russia’s ‘special military operation’ in Ukraine has sent the crypto market spiralling down, tumbling along with traditional markets. On Wednesday, BTC had a market cap of $707.39bn, and closed trading at $37,296.57. However, as at 3:04pm on Thursday, BTC’s market cap had fallen to $674.19bn,and was trading at $35,549.04………………… read more

Naira loses 10.6% of its value annually, says IMF – Vanguard

The International Monetary Fund says the long-term rate of the depreciation of the naira equates to a loss of 10.6 per cent of its value annually since 1973.  According to the IMF, this rate is 1.5 times higher than the long-term rate of the currencies of other emerging market and developing economies at 7.2 per cent, and Sub-Saharan Africa at seven per cent over the same time period.  The Washington-based lender disclosed this in its ‘Nigeria: Selected Issues Paper’ report. According to the report, this is one of the reasons why Nigeria’s inflation rate is higher than that of its peers…………….. read more

CBN e-valuation: Lagos car dealers join protesting clearing agents, close marts today – Punch

our days after the withdrawal of services by clearing agents operating in the nation’s maritime sector, car dealers under the aegis of the Lagos State Motor Dealers Association says it will join the maritime sector operators by shutting down all car lots in Lagos State for some hours on Friday (today).  The freight forwarders operating at the Ports & Terminal Multipurpose Limited and the Tin-Can Island ports had on Monday embarked on an indefinite strike over what they described as an improper implementation of the electronic valuation and e-invoicing policy of the Federal Government via the Central Bank of Nigeria…………… read more

Digital identity sector may add 7% to GDP by 2030 – Punch

The digital identity sector is set to add about seven per cent to the nation’s real Gross Domestic Product by 2030, according to a report by VerifyMe Nigeria.  The report titled, ‘Digital ID in Nigeria: State of the Industry,’ said the digital economy (information technology sector) contributed about 18 per cent to the GDP in the second quarter of 2021.This, according to the report, is a testament to the government’s drive to promote a digital transformation agenda aimed at facilitating social and financial inclusion, economic development, and transaction transparency……………….. read more

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