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Daily Business News Brief | Wednesday, April  20th, 2022.


Guinness Nigeria, Stanbic IBTC, 19 Others Lift Stock Market by N19bn

Investors renewed interest in some medium and large capitalised stocks lifted the Nigerian Exchange Limited (NGX) market capitalisation by N19billion as the market sustained bullish activity.
The overall market capitalisation value gained by N19bllion to close at N25.632trillion, while the NGX  All Share Index (ASI) rose by 35.48 basis points or 0.07 per cent to close at 47,545.86 basis points…………………read more

Nigeria’s economy to grow by 3.4% in 2022 – Punch

The International Monetary Fund has said Nigeria’s economy would grow by 3.4 per cent in 2022 in its latest world economic outlook projections. It revealed a 3.1 per cent growth projection for the nation in 2023, down from 3.4 per cent in 2022 and 3.6 per cent in 2021.  Nigeria’s economic projection is lower than that of the Sub-Saharan African region, which is expected to grow by 4.5 per cent in 2021, 3.8 percent in 2021, and 4.0 per cent………………read more

CBN Debits 10 Banks N7.02trn Over CRR Violation – Thisday

The Central Bank of Nigeria (CBN) in 2021 debited 10 banks a whooping N7.02 trillion over failure to meet the 27.5 per cent Cash Reserve Requirement (CRR) threshold.  According to audited financial statements of these banks, the apex bank had debited them a sum of N6.71trillion in 2020 for not meeting its monetary requirement. The CRR is the minimum amount banks and merchant banks are expected to retain with the CBN from customer deposits and it carries no interest and is not available for use by the banks in their day-to-day operations…………………read more

Despite CBN’s clampdown, Nigerians traded N316.9bn bitcoin in 2021 – Thisday

NIGERIANS traded at least N316.9bn in bitcoin in 2021 despite the Central Bank of Nigeria’s restrictions on cryptocurrency transactions in the nation’s banking system.  Last February, the CBN directed banks in the nation to desist from transacting in and with entities dealing in cryptocurrencies.  It also mandated banks to close the accounts of persons or entities involved in cryptocurrency transactions……………….. read more

Vandalism, others push oil firms’ bank borrowing to N5.68tn – Vanguard

The combined bank borrowing of oil firms operating in the downstream and upstream subsectors of the Nigerian oil and gas industry rose from N5.19tn in January 2021 to N5.68tn in December 2021, showing an increase of N490bn. Operators in the downstream, natural gas and crude oil refining subsectors had borrowed N290bn from Nigerian banks in 2021 amid the significant rise in global crude oil prices.  The debt owed by the oil and gas companies rose to N4.21tn in December from N3.92tn in January 2021, according to the data obtained from the Central Bank of Nigeria……………read more

Imported vehicles: Dealers threaten shutdown over 15% levy – Punch

As controversy continues to surround the introduction of 15 per cent National Automobile Commission levy imposed on imported used vehicles by the Nigeria Customs Service, car dealers have threatened to close their stores this week.  The NCS had recently introduced a 15 per cent National Automobile Commission levy on used imported vehicles, a decision which didn’t go down well with clearing agents in the country’s maritime sector.  The agents argued that the NAC levy is mostly meant for new vehicles, questioning the rationale behind the introduction of the duty on used
vehicles………………………..read more

NGX Unveils West Africa’s First Exchange Traded Derivatives Market

Nigerian Exchange Limited (NGX), the sustainable Exchange championing Africa’s growth has unveiled West Africa’s first Exchange Traded Derivatives (ETD) Market with Equity Index Futures Contracts.   This is consistent with the Exchange’s commitment to develop the Nigerian capital market by providing a market that thrives on innovation and responds to the needs of stakeholders in accessing and using capital.  The launch of NGX ETD Market saw the listing of two Equity Index Futures Contracts, NGX 30 Index Futures and NGX Pension Index Futures, with more securities to be added in the future…………………………..read more

fake richard mille
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