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Daily Business News Brief | Wednesday, June 15th, 2022

15
Jun

Dollar rises by 21%, FX shortage persists after party primaries – Punch

Dollar exchanged at N603 (average) at Lagos and Abuja parallel markets on Tuesday, indicating a worsening liquidity crisis in the foreign exchange market of Africa’s biggest oil producer.  Between June 2021, and June 2022, dollar-to-naira exchange rate has risen from N500 to N603 at the parallel market, signifying the greenback appreciated by 21 per cent within the period.  The margin between the official and the parallel market rates on Tuesday was N187.28, a situation believed to be fuelling arbitrage and worsening an already bad FX supply situation……………..read more

Nigerians beat CBN restrictions, trade N78bn Bitcoin in three months – Punch

Nigerians traded at least N77.75bn ($185m) worth of Bitcoin in the first three months of the year despite the Central Bank of Nigeria’s restrictions on cryptocurrency transactions in the country.  This is a 5.71 per cent increase from the N73.54bn worth of Bitcoin that was traded in the corresponding period of 2021, according to data made available to our correspondent by Paxful, one of the major peer-to-peer cryptocurrency platforms in the nation.  Trade from Nigeria accounted for 25.87 per cent of the total N300.48bn ($715m) worth of Bitcoin that was traded on the platform in the quarter under review. ……………..read more

Diesel price may hit N1,500/litre, 75% filling stations closed – Marketers – Thisday

The gap between the savings and lending rates in the banking sector widened by 25.33 per cent in March, according to figures obtained from the Central Bank of Nigeria.  Latest figures obtained from the CBN on money market indicators revealed that savings deposit rate was 1.28 per cent in March while the maximum lending rate was 26.61 per cent.  It showed that in February, the savings rate was 1.28 per cent while lending rate was 26.61 per cent.  According to the figures, the savings rate stood at 1.25 per cent in January while lending rate was 30.73 per cent…………..read more

Nigerian traders lament losses as Bitcoin drops 52% value – Thisday

Many Nigerian Bitcoin traders are lamenting their losses because of the continued drop in the market value of Bitcoin.  Since the turn of the year, BTC has lost 52.84 per cent of its market value, wiping off $473.34bn in market capitalisation in the process, and leading to numerous liquidations.  At the start of 2022, BTC was $47,686.81 with a market cap of $902.10bn according to CoinMarketCap. On Tuesday, June 14 BTC was $22,487.39 with a market cap of $428.76bn around 5 pm Nigerian time. This drop follows Monday’s drop where BTC fell below $25k………..read more

Dangote Cement shareholders approve 25% dividend rise – Punch

Shareholders of Dangote Cement Plc on Tuesday approved a 25 per cent rise in dividend payment for the 2021 financial period.  The shareholders approved N20 per share for the year ended December 31, 2021 from N16 paid in the preceding year during the company’s 13th Annual General Meeting in Lagos.  At the meeting, the company disclosed that Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4bn………….read more

MTN Nigeria, 21 Others’ OPEX Reached N1.06trn in Q1 on Inflation, Naira Depreciation

Following double-digit inflation and depreciation of the naira at both official rate/ parallel markets, MTN Nigeria Communication Plc, Access Holdings Plc and 20 other companies in Nigeria recorded a 19 per cent increase in Operating Expenses (OPEX) in the first quarter of 2022……………read more

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