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Daily Business News Brief | Wednesday, July 20th, 2022


Outcry as CBN raises interest rate again – Punch

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday again raised the Monetary Policy Rate from 13 per cent to 14 per cent. This came barely two months after the MPC, during its bi-monthly meeting in May, raised the benchmark interest rate from 11.5 per cent to 13 per cent.  The interest rate hike came barely one week after the National Bureau of Statistics put its June inflation figure for the economy at 18.6 per cent, the highest in five years.  Inflation had hit 17.71 per cent in May, 2022…………..read more

AMCON Levy Reduce Zenith Bank, 10 Others PBT to N3.15trn in 3 Years – Punch

If it wasn’t for the Asset Management Corporation of Nigeria (AMCON) banking sector resolution expenses, a total of 11 banks operating in Nigeria could have reported N3.77 trillion profit before tax (PBT) between 2019 and 2021, THISDAY investigation has revealed.  The 11 banks, according to THISDAY investigation in three years reported a whopping sum of N3.15 trillion actual PBT, a difference of N617.55billion from supposed N3.71trn PBT in three years…………..read more

Exporters got N20bn rebate from RT200FX – Emefiele – Punch

The Governor, Central Bank of Nigeria, Godwin Emefiele, has said that the bank paid eligible exporters over N20bn rebates in the second quarter of implementing the RT200 FX programme for exports worth $600m.  He disclosed this during a press briefing after the Monetary Policy Committee meeting in Lagos on Tuesday………..read more

DMO Raises N8.8bn from Savings Bond – Thisday

The Debt Management Office (DMO) has stated that it raised N1.367 billion from the Federal Government Savings Bond auction held this month bringing the total value of the amount raised in the year to N8.824 billion. Investors had put in N451.037 million in the two-year Savings Bond which was raised at 8.075 per cent and N915.865 million in the three year paper raised at an interest rate of 9.075 per cent per annum…………read more

Access Holdings Leads Tier-1 Banks with Largest Customer Base – Daily Independent

Following its expansion to over 14 African countries, Access Holdings Plc as at December 31, 2021, leads other Tier-1 banks in customer base with over 45 million customers. The acquisition of Diamond Bank Plc with a customer base at 19 million, including 10 million mobile users in 2019, helped Access Holdings expand its customer base, improve branch network and staff strength.  …………read more

Dangote Industries Successfully Completes N187bn Bond Issuance- Thisday

Dangote Industries Limited (DIL), one of the leading, diversified and fully integrated conglomerates in Nigeria and Africa, yesterday announced the successful completion of its N187.6 billion Series 1 Bond Issuance. The debt instrument which was the largest corporate bond ever issued in the history of the Nigerian capital market, represented the first issuance by DIL at Group level………………read more

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