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Daily Business News Brief – August 17th, 2022

Home   /   Business News Brief   /   Daily Business News Brief – August 17th, 2022
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August 17, 2022
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CBN Raises Interest Rate on Naira Savings Deposits to 30% of MPR – Punch
The Central Bank of Nigeria (CBN) has announced an upward adjustment of the negotiable minimum interest rate payable on local currency savings deposits to 30 per cent of the Monetary Policy Rate (MPR).  In September 2020, the central bank, as part of efforts to mitigate the impact of the COVID-19 pandemic, had slashed the minimum interest rate payable on Naira savings deposits from 30 per cent of MPR to 10 per cent of MPR……….Read More

Dangote Cement, MTN, Others Incur N2.25trn Operational Costs amid Soaring Inflation, FX Shortage – Punch
On the back of rising inflation rate and shortage of foreign exchange (FX) in Nigeria, Dangote Cement Plc, MTN Nigeria Plc and 12 other companies incurred a whopping sum of N2.25 trillion as operational costs in half year (H1) ended June 30, 2022, representing an increase of 27.3 per cent from N1.77 trillion reported in half year of 2021.  Inflation rate in Nigeria hit 18.6 per cent as at H1 2022 from 15.6 per cent the National Bureau of Statistics (NBS) reported in January………..Read More

FMDQ Deepens Derivatives Market With “Q-Estimator” – Thisday
The FMDQ Securities Exchange Limited said it has added a new offering to its universe of innovation with the launch of an automated hedging calculator – “Q-Estimator”.  Q-Estimator, according to a statement obtained from the Exchange is to equip market participants with a tool that aids strategic and informed investment decision-making in the Nigerian financial markets, particularly the derivatives market…………Read More

Nigerian Breweries Records N274.03bn Revenue, Declares N19.08bn Profit – Punch
The Nigerian Breweries Plc has announced a total sum of N274.03 billion as revenue for the first half (H1) of the 2022 financial year ended June 30, 2022. The company also recorded a Profit After Tax (PAT) of N19.08 billion during the period.  According to the unaudited report and provisional results filed with The Nigerian Exchange Limited, the company experienced a 31per cent growth in revenue compared to the N209.22 billion recorded in the corresponding period in 2021………….Read More

Oil firms spill N711bn crude oil, degrade environment – Daily Independent
Environmental right activists have raised the alarm over the continuous environment degradation as estimation puts total value of oil spilled by operators in the Niger Delta at N711bn.  Data obtained by The PUNCH from the Nigerian Oil Spill Monitor, an arm of the National Oil Spill Detection And Response Agency, NOSDRA, revealed that a total of 23, 896 barrels crude oil was spilled by 18 firms last year………..Read More
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