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Daily Business News Brief | Thursday, June 16th, 2022

16
Jun

Nigeria’s FX reserves to fall, CBN plans $1.7bn arrears payment – Punch

Nigeria’s forex exchange reserve will fall in 2022 as the Central Bank of Nigeria plans to clear about $1.7bn in FX backlog to foreigners and FX forward contracts, the World Bank has said.  The global bank stated that the nation’s reserves rose to $41.3bn at the end of 2021, which offered it an opportunity for exchange rate adjustment……………..read more

Inflation surges again, hits 17.71% amid rising prices – Punch

Nigeria’s inflation rate has again surged to 17.71 per cent, according to latest figures by the National Bureau of Statistics.  In May 2022, the inflation rate increased to 17.71 per cent on a year-on-year basis, the NBS said on Wednesday.  It stated in its ‘CPI and Inflation Report May 2022’ that the latest figure is a 0.22 per cent points lower than the rate recorded in May 2021, which is (17.93) per cent…………….read more

NIN Enrolments Reached 82.74m in May Lagos State Tops List with 9.48m  – Thisday

The cumulative enrolment figures for the National Identification Number (NIN), recorded by the National Identity Management Commission (NIMC) as at May 2022, reached a high peak of 82,738,152, up from 78 million recorded in March 2022. …………..read more

Shipping company partners firm to recycle used tyres – Thisday

APM Terminals Apapa has signed a Memorandum of Understanding with an indigenous firm, FREEE Recycle Limited, to recycle its used tyres.  This was contained in a statement on Wednesday by the terminal.  Speaking during the MoU signing ceremony in Lagos, the Terminal Manager, APM Terminals Apapa, Steen Knudsen, said the MoU was in furtherance of the company’s contribution to reducing the harmful effects of industrial wastes on the environment…………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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