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Daily Business News Brief | Thursday, May 26th, 2022.

26
May

Naira devaluation, insecurity drive Nigeria’s wheat imports to N1.3tn – Thisday

Importation of durum or pasta wheat into Nigeria has continued to skyrocket, rising from N730.9 billion in 2020 to N1.295 trillion in 2021.  The Punch’s calculations from the National Bureau of Statistics Foreign Trade Statistics showed that wheat importation into Africa’s most populous nation rose 77.23 per cent from 2020 to 2021.  Wheat is an important commodity which serves as flour in the production of pasta, bread, noodles, among others…………….read more

Food prices record 42% surge in 12 months – Punch

Demand for Liquefied Natural Gas (LPG) popularly known as cooking has dropped to a record low across the country, The PUNCH findings have shown.

Market report gathered on Tuesday showed that consumers had lately either reduced consumption or ditched the commodity for cheaper alternatives such as coal and firewood……………read more

Cash-strapped banks borrow N338.4bn from CBN in one month – Punch

Cash-strapped banks borrowed N338.5bn from the Central Bank of Nigeria in January to bridge their funding gap, according to the banking data.  Figures from the CBN’s monthly report for January on ‘Standing facilities window operation’ showed that the banks continued to utilise the Standing Lending Facility and Deposit Lending Facility in the sector.  It stated that, “Activities at the standing facility window during the period reflected improved banking system liquidity……………read more

CBN denies Emefiele’s sacking – Daily Independent

The Central Bank of Nigeria has denied the sack of its Governor, Mr Godwin Emefiele, describing the report as an unfounded rumour. It was rumoured on Wednesday morning that Emefiele had been sacked by Nigeria’s President, Major General Muhammadu Buhari (retd), purportedly for his presidential ambition.  The PUNCH had earlier sought clarification from the CBN’s spokesman, Mr Osita Nwanisiobi, but got no response from him………………. read more

Again, Nigeria’s Active Domain Name Slide from 178,739 in March to 177,453 in April – Punch

In the last one year, Nigeria has continued to experience a slide in its active .ng domain name, which is Nigeria’s identity in cyberspace.   The recent statistics on .ng domain name, released by the Nigeria Internet Registration Association (NiRA), the body in charge of managing Nigeria’s country code Top Level Domain (ccTLD), showed a further slide in .ng domain name registration, renewal and restoration in the second quarter of 2022. ………………read more
 

Nigeria Still on JP Morgan’s Bond Index, Reclassification Not Due to CBN Lapses- Thursday

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has clarified that Nigeria is still on the JP Morgan Bond Index contrary to recent reports that the country had been delisted from the rating agency’s platform. Earlier reports had insinuated that JPMorgan had delisted the country from the market following the Nigerian National Petroleum Corporation (NNPC)’s inability to transfer earned funds from January to March to the government due to petrol subsidies and low oil production… ………………read more

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