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Daily Business News Brief- October 18th, 2022


Inflation hits 20.77%, food supply, FX crises worsen – Punch
Nigeria’s Inflation hit a new high of 20.77 per cent in September as food supply, foreign exchange crisis, and increases in import costs worsened, according to the National Bureau of Statistics. In August, the nation’s inflation rose to 17 year high of 20.52 per cent which has now been broken by September’s figure.………….Read More
Nigeria Now Fourth Highest Crude Producer in Africa as Oil Rigs Count Declines by 35.5% – Punch
The active oil rigs in Nigeria declined in September, amid a record low production of 938,000 barrels per day (bpd) for the month, about 35,000 bpd lower than the 972,000 bpd in August.  With the country still struggling with crude oil production challenges, a THISDAY analysis of the latest data from the Organisation of Petroleum Exporting Countries (OPEC) showed that the total rigs count fell from 10 in August to seven in September, about 35.5 per cent overall reduction………..Read More
Naira depreciates to N742/$1 on the black market – Nairametrics
The exchange rate between the naira and the US dollar has fallen to a record low on the black market, trading at a minimum of N742/$1 on Monday morning. This is according to information from black market operatives interviewed by Nairametrics………..Read More
Flooding: FG to send delegation to Cameroon as affected Nigerians rise to 2.5 million – Thisday
The Nigerian Government said over 2.5 million people have now been affected by the devastating flooding across Benue, Kogi, Anambra and other states, caused by rainfall and the release of water from the Lagdo Dam in Cameroon…………..Read More
Peter Obi says flooding of farmlands is contributing to soaring food inflation – Thisday
Central banks globally faced with high inflation are tightening monetary policy rapidly to damp demand and bring it into alignment with supply. Owing to this, many central banks around the world have pivoted monetary policy in order to maintain anchored expectations as Russia’s invasion of Ukraine early this year heightens risks across the world …….…..Read More
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