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Daily Business News Brief | Tuesday, May 31st, 2022.

31
May

Banks tighten forex access as reserves hit seven-month low  – Thisday

he country’s external reserves hit a seven-month low after falling to $38.57bn as of May 25, 2022, figures obtained from the Central Bank of Nigeria have revealed.  Findings have shown that the continuous decline in the country’s external reserves used to defend the naira value is making the banks tighten access to foreign exchange to travellers and other legitimate users as scarcity bites harder.  According to figures obtained from the CBN on movement in external reserves, the reserves which had been fluctuating for weeks now, experienced its lowest of $39.01bn and $38.39bn on October 10 and 8, 2021 respectively……………read more

Airfares surge by 52% over forex, jet-A1 crisis – Punch

The average airfare paid by passengers on specified routes for a single journey has increased by 52 per cent in the past 12 months, the National Bureau of Statistics data have shown. In a new report titled, “Transport Fare Watch (April 2022),” the NBS said airfares recorded a 19 per cent increase when gauged on a month-on-month basis.  On state profile analysis, Taraba recorded the highest air transport charges (for specified routes single journey) in April 2022 with N65,000.00, followed by Kogi with N64,258.91, while Kano recorded the least with N50,000.00…………..read more

Consumer goods imports rise by 109.25% amid dollar shortage – Punch

Nigeria spent N1.22tn on consumer goods imports in 2021, according to the Foreign Trade Statistics of the National Bureau of Statistics.  This was a 109.25 per cent increase from the N584.41bn spent on importing consumer goods in 2018.  The consumer goods imported into the country are categorised into durable, semi-durable and non-durable…………..read more

Honeywell Flour Mills Announces N983.8m Loss in 2022 – Daily Independent

With growing cost of sales, Honeywell Flour mills in its financial year for the period ended March 31, 2022 has announced N983.8million loss, representing a 188per cent decline from N1.13billion profit reported in the full year ended March 31, 2021. ………………. read more

Nigeria’s Internet population grows by 108.39%, now 80.68 million- Thursday

Nigerians with access to fast Internet have grown by 108.39 per cent in four years, according to data from the Nigerian Communications Commission.  The commission’s portal revealed that broadband penetration increased from 38.72 million (20.28 per cent) in March 2018 to 80.68 million (42.27 per cent) in March 2022.  According to the ‘Nigerian National Broadband Plan (2020 – 2025),’ broadband commonly refers to high-speed Internet connection……………….read more

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