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

25
Mar

Capital importation suffers 30% decline, records $6.7bn – Thisday

The value of capital importation into Nigeria fell by 30.78 per cent from $9.68bn in 2020 to $6.7bn in 2021 according to data from the National Bureau of Statistics.  In its ‘Nigerian Capital Importation’ report for the four quarters of 2020 and 2021, the NBS disclosed that total capital importation into the nation was $9.68bn in 2020 and $6.7bn in 2021.  For the first and second quarter of 2021, the NBS said, “The total value of capital importation into Nigeria declined to $875.62m in the second quarter of 2021 from $1.91bn in Q1, 2021…………………read more

Customs, CBN disagree over e-valuation of imports, exports – Vanguard

THE Nigerian Customs Service has refuted media reports which claimed that the service has adopted the e-evaluator and e-invoicing for importers and exporters introduced by the Central Bank of Nigeria. In a statement released on Thursday via the service’s official Twitter handle, the NCS stated that it stood by its early stance as communicated to the House of Representatives Joint Committee on Customs and Excise, Banking and Currencies on March 3.  The CBN had in February introduced the e-evaluator to cut foreign exchange spending for fraudulent or inflated transactions……………… read more

SEC workers protest unpaid allowances, others – Punch

Aggrieved staff members of the Securities and Exchange Commission on Thursday held hours-long protest at the headquarters of the commission to communicate their demands which they said the management of the agency has refused to address over time. During the protest, the staff of the commission expressed dismay over issues such as unpaid allowances, delay in the conduct of promotion exercise as well as the appointment of directors in the commission……………. read more

7 Members of CBN’s Monetary Policy Committee Confirmed by Senate – Punch

The Senate has confirmed the nominations of seven members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN). The confirmation of the nominees followed the consideration of a report by the Committee on Banking, Insurance and Other Financial Institutions ……………..read more

Inflation data fail to indicate poor purchasing power – Daily Independent

ECONOMIC experts at the Centre for the Promotion of Private Enterprise, an economic think tank, have said the inflation data presented by the National Bureau of Statistics is not reflecting the level of poverty and the decline in purchasing power of Nigerians.  The Chief Executive Officer of the CPPE, Dr Muda Yusuf, disclosed this in a statement. According to him, companies have been similarly impacted by the prevailing economic hardship in the country, with many businesses recording slumps in sales, turnover, and profits margins……………………read more

NGX Boss Highlights Value of Corporate Governance in Capital Market – Thisday

Nigerian Exchange Limited (NGX), has highlighted the value of sound corporate governance as the foundation that creates transparency and establishes the trust required to keep the global financial system running. The Chief Executive Officer of the NGX, Mr Temi Popoola stated this during the launch of the Corporate Governance Triangle, an initiative of the Nigerian Bar Association Section on Business Law (NBA-SBL), NGX and the Institute of Directors, Nigeria (IoD) in Lagos……………………..read more

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