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Daily Business News Brief – July 28th, 2022


Oil Theft, Petrol Subsidy, Push Nigeria’s Currency to N700/$1 in Parallel Market – Thisday
The inability of Nigeria to take advantage of rising international oil prices due to massive oil theft, skyrocketing petrol subsidy which remains a drain on the economy as well foreign exchange (FX) speculation by currency traders, among others have combined to push the naira to a record low of N710/$1 on the parallel market.  The development comes against the backdrop of seemingly unbridled borrowing and rising debt service cost which exceeded the country’s revenues by as much as N310 billion in the first quarter (Q1) of 2022 and still continues to rise….Read More
Senate summons Emefiele as Naira falls 34% to N710 – Punch
Some Bureau de Change operators who spoke to one of our correspondents from Ikeja, Lagos, said a dollar was bought and sold for N700 and N710 respectively.  At Zone 4 in the Federal Capital Territory, Abuja, a dollar hovered between N705 and N710 between 11am and 4pm yesterday.  “Dollar is really very scarce today. You cannot find it anywhere,” said Abu Sani, one of the BDCs operating at the Abuja International Airport…..Read More
‘MPR Hike to Lead to Increase in NPLs’ – Thisday
President of Association of Capital Market Academics of Nigeria (ACMAN), Professor Uche Uwaleke has said that the increase in benchmark rates alongside rising inflation may lead to an increase in non-performing loans in the banking industry. Speaking at the bi-monthly forum of Finance Correspondents Association of Nigeria (FICAN), he noted that a higher Monetary Policy Rate (MPR) will translate to higher interest and the higher the inability of customers to pay back their loans……Read More
NIMC must include NIN to national ID – Punch
The House of Representatives has called on the National Identity Management Commission to redesign the national identity card such that the National Identity Number of the bearer is written on it.  The call followed the unanimous adoption of a motion of urgent public importance moved by a member of the House, Fredrick Agbedi, at the plenary on Wednesday.  Moving the motion titled ‘Need to Have National Identity Number Displayed on the National Identity Card,’ Agbedi noted that the NIN is used by the government of many countries as a means of tracking their citizens’ permanent and temporary residency for work and other purposes…..Read More
Presco Shareholders Gets N7.5bn Dividend for 2021 Financial Year – Thisday
The monetary value of goods produced by Nigerian manufacturers has nosedived by 27 per cent between 2017 and 2021.  According to a five-year data obtained from the Manufacturers Association of Nigeria and analysed by THE Punch, N9.43 trillion worth of goods were manufactured in 2017, but this took a downward plunge to N7.39 trillion by the end of 2021.  The decline is deemed significant considering a 19 per cent naira devaluation over the period and the Nigerian government’s pledge to bolster the sector to diversify the flagging economy.…..Read More
Alleged Duty of Care Breach: Appeal Court Sets Aside N1.7bn Judgment against Zenith Bank – Daily Independent
The Court of Appeal sitting in Abuja has set aside the judgment of the Federal High Court in Abuja which found Zenith Bank Plc guilty of alleged breach of Duty of Care to one of its customers, Daily Times of Nigeria Plc, and subsequently entered judgment against the bank.  A three-man panel of the appellate court voided the judgment on the grounds that the lower court erred in law when it arrived at the decision that the bank failed in its Duty of Care to The Daily Times..…..Read More
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