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Daily Business News Brief | Wednesday, June 22nd, 2022

22
Jun

Stock Market Rebounds after Days of Profit-taking – Thisday

Breaking from five-day consecutive sessions of losses, the stock market  of the Nigerian Exchange Limited (NGX) yesterday  appreciated by N181 billion following investors bargain hunting in Dangote Cement Plc and 13 other stocks on the bourse. ……………..read more

Access Holdings, ETI, Others Sees 52% Increase in Interest Expense as Customers’ Deposit Soar – Thisday

Access Holdings, ETI, Others See 52% Increase in Interest Expense as Customers’ Deposit Soar.   Nigeria’s tier 1 & tier 2 Deposit Money Bank (DMBs) saw a combined 52 per cent increase in interest expense on customers’ deposits to N372.45 billion in first quarter (Q1) ended March 31, 2022 from N245.53 billion reported in Q1 2021. …………….read more

GTCO, Zenith Bank, Others Refund N36.12bn to Customers in 2 Years – Thisday

Following the Central Bank of Nigeria (CBN) guidelines on the resolution of customers’ complaints, a total of nine banks refunded N36.12 billion to their customers between 2020 and 2021, THISDAY findings has revealed.   The nine banks are; Zenith bank Plc, Access Holdings Plc, United Bank for Africa (UBA) Plc, Guaranty Trust Holding Plc (GTCO), and Fidelity Bank Plc. …………..read more

NBS: Retail Price of Diesel Rose by 181% as Gas Soar in May- Thisday

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 181 per cent from N238.82 in May 2021 to N671.08 in May 2022, the National Bureau of Statistics (NBS) has said. …………read more

Fuel scarcity worsens, black market booms at N300/litre – Punch

Fuel scarcity worsened in Lagos, the Federal Capital Territory and other parts of the country on Tuesday, resulting in motorists spending hours at filling stations.  For oil marketers, the solution to the worsening fuel queues across the country is for the Federal Government to approve an increase in the pump price of the commodity.  Although some marketers had already raised the price of fuel in their outlets, they admitted that the move had not been approved by the government, noting that dealers could be sanctioned for selling above the regulated rate…………..read more

Banks record N1.21tn non-performing loans – Punch

The total non-performing loans in the banking sector hit N1.21tn as of the end of February 2022, figures obtained from the Central Bank of Nigeria have revealed.  The CBN stated in reports obtained from the Monetary Policy Committee that the total credit in the sector rose to N25.25tn as of the end of February 2022 from N21.13tn as of the end of February 2021.  It stated that the non-performing loans reflected the case-by-case review of regulatory forbearance, effects of the Global Standing Instruction policy, and sound industry risk management practices…………..read more

100% capital budget released to MDAs in 2020, 2021 – Punch

The Federal Government says that 100 per cent of capital budgets was released to Ministries, Departments and Agencies, MDAs, in 2020 and 2021.  This was disclosed by the Director-General of the Budget Office of the Federation, Mr Ben Akabueze, while reeling out Nigeria’s achievements in budget transparency in Abuja on Tuesday.  Speaking during the unveiling of Nigeria’s scorecard on the 2021 Open Budget Survey, Akabueze said Nigeria posted its best performance in the open budget survey, improving by 24 points for transparency in the latest survey…………….read more

Nigerians defy CBN’s ban, double Bitcoin transactions in May – Punch

Paxful, a cryptocurrency trading platform, has reported a surge in weekly transactions on its Lightning Network.  This is despite the Central Bank of Nigeria’s restrictions on cryptocurrency transactions in the country and the crashing prices of cryptocurrencies globally.  According to the trading platform, the volume of money sent by Nigerians via the network doubled from October 2021 to May 2022.  The statement from Paxful read in part, “Paxful, the leading global peer-to-peer (P2P) fintech platform announced that weekly transactions on the Lightning Network have increased tremendously.”………………read more

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