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Daily Business News Brief – September 20th, 2022


Weak Sentiment Persist as Stock Market Deprecates by 0.07% – Thisday
The stock market of the Nigerian Exchange Limited (NGX) opened the yesterday negative, dropping by 0.07 per cent as investors weak sentiment persist for the fourth consecutive day active trading.  The NGX All-Share Index  dropped by 35.21 basis points or 0.07 per cent to close at 49,440.21 basis points. Similarly, the overall market capitalisation size shed N19 billion to close at N26.667 trillion. ………..Read More
Nigeria’s debt hits N42.84tn amid revenue crisis – Punch
Domestic debt has pushed Nigeria’s total public debt stock from N41.60tn as of March 2022 to N42.84tn as of June of the same year, showing an increase of N1.24tn in three months, according to the Debt Management Office.  This was contained in a press statement published on the DMO’s website on Monday………….Read More
NESG, marketers fear crisis as fuel subsidy gulps N2.04tn – Punch
The Nigerian Economic Summit Group and oil marketers, under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria, are worried of an impending fiscal crisis in Nigeria following the continued rise in subsidy on Premium Motor Spirit, popularly called petrol.  NESG expressed its concern in the group’s September 2022 report titled, “The State of Nigeria’s Economy,” obtained in Abuja on Monday, as figures from the Nigerian National Petroleum Company Limited indicated that petrol subsidy gulped N2.04tn between January and July this year…………Read More
MPR Hike: 13 Banks Generate N2.04trn Interest from Customers’ Loans, Investments – Thisday
A total of 13 banks generated N2.04trillion interest from customers loans, Securities investments, among others in first half year ended June 30, 2022 on the back of Central Bank of Nigeria (CBN) hike in the Monetary Policy Rate (MPR) to 13 per cent as at June from 11.5 per cent in January 2022. This represents an increase of 23 per cent from N1.66trillion generated by these 13 banks in the corresponding half year ended June 30, 2021…………Read More
Customs sell impounded vehicles as scraps, auctioneers kick – Daily Independent
The Nigeria Customs Services has allegedly sold about 6,000 impounded vehicles and other items to selected firms and individuals, The PUNCH has learnt.  The auction of the vehicles, it was gathered, was done without open competitive bidding, contrary to the Bureau of Public Procurement Act, 2007.  The vehicles were allegedly branded as scraps and sold at giveaway prices through direct auction allocation……….…..Read More
Experts predict interest rate hike as inflation surges – Punch
In the wake of Nigeria’s rising inflation, economists have said that interest rates may hit an all-time high.  Earlier reports showed Nigeria’s inflation rate rose by 20.52 per cent in the month of August 2022, the highest since September 2005. There are speculations that the new figure might trigger an increased interest rate.  Interest rates and inflation often follow the same direction, according to economists……..…..Read More
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