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Daily Business News Brief – August 4th, 2022


NNPC sells N147bn petrol, diesel in one month – Punch
The Nigerian National Petroleum Company Limited on Wednesday said it made N147.36bn from the sale of petrol and diesel in October 2021. It announced this in a tweet via its official Twitter handle, adding that the white products comprised 1,098.17 million of Premium Motor Spirit, popularly called petrol, and 2.84 million litres of Automotive Gas Oil, also called diesel……..Read More
Oil price falls, OPEC raises Nigeria’s production quota – Thisday
The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day.  Data obtained from OPEC showed that the 13-member organisation increased Nigeria’s oil production quota marginally from 1.826mbpd in August to 1.83mbpd in September. This came as industry figures seen in Abuja indicated a drop in the cost of crude oil, as Brent fell by 2.36 per cent, shedding $2.37 to close at $98.17/barrel as at 5.10pm Nigerian time……...Read More
CBN Urges Private Sector Operators to Repatriate FX Earning to Ease Pressure – Thisday
As uncertainty continued to mount over general elections and global economic unrest, foreign investment outflow on the Nigerian Exchange Limited (NGX) increased to N122.97billion in first half (H1) of 2022, representing an increase of 5.4 per cent from N116.72billion reported in the first half of 2021.  According to capital market analysts, foreign portfolio investors have largely exited Nigeria due to issues with foreign exchange liquidity, which has led to a backlog of delayed external payments………Read More
Bank borrowing from CBN rises 27% to N4.5tn – Punch
Amid a rising liquidity crunch, banks operating in Nigeria borrowed a whopping sum of N4.5tn from the Central Bank of Nigeria in July, an increase of 27 per cent Month-on-Month from N3.6tn borrowed in June 2022.  Banks use Standing Lending Facility and Repo lending to access short-term lending from the apex bank.  While the CBN lends money to banks through the SLF at an interest rate of 100 basis points above the Monetary Policy Rate currently at 14 per cent, it also lends money to banks through Repurchase Arrangement (Repo)…….Read More
H1 2022: 8 Banks Report N176.11bn Profit Despite Macroeconomic Challenges – Daily Independent
Amid global and domestic macroeconomic challenges, eight Nigerian banks generated a whopping sum of N176.11billion as profit in the half-year ended June 30, 2022, an increase of 34.66 per cent over N130.78 billion profit earned in the corresponding period of 2021.  The banks are: FCMB Group Plc, Union Bank of Nigeria Plc, Jaiz Bank Plc, Wema Bank Plc, FBN Holdings Plc, Sterling Bank Plc, Ecobank Transnational Incorporated (ETI), and Unity Bank Plc……..Read More
fake richard mille
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