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Daily Business News Brief- November 2nd, 2022


Dollar crisis: EFCC plans massive raid on forex dealers- Punch
The Economic and Financial Crimes Commission on Tuesday carried out simultaneous operations against Bureau de Change operators in Abuja and Kano, as the Naira slumped to N857 to a dollar at the parallel market.The PUNCH gathered that the raids in the two cities, which netted a good number of illegal BDC operators and individuals suspected to be customers, would also be extended to Lagos, Onitsha, Ibadan, Port Harcourt and other major cities across the country.…………Read More

World Bank: Elevated Energy, Commodity Prices, Currency Devaluation Responsible for Skyrocketing Food Prices – Punch
The World Bank has stated that the shrinking value of the currencies of most developing economies is deepening the food and energy crises that many of them are already facing.    The multilateral institution stated this in the latest edition of its Commodity Markets Outlook, adding that in the first three quarters of 2022, food-price inflation in South Asia averaged more than 20 per cent while food price inflation in other regions, including Latin America and the Caribbean, the Middle East and North Africa, Sub-Saharan Africa, and Eastern Europe and Central Asia, averaged between 12 and 15 per cent during the first three quarters of 2022…………..Read More

Flour Mills records 38% revenue growth – Thisday
Flour Mills of Nigeria Plc has said its unaudited financial statement for half-year 2023 shows strong revenue growth across business segments, despite the challenging macroeconomic environment.  A statement by the company said compared to H1’22, overall revenue increased by 38 per cent to N721b, propelled by a favourable mix and some exchange related pricing……….Read More

Marketers protest N185/litre fuel, threaten strike – Thisday
The Independent Petroleum Marketers Association of Nigeria, on Monday, threatened to withdraw its service over incessant increment on the price of the premium motor spirit in the Eastern part of the country. The marketers, in a statement, blamed private depots for the hike in price.  According to them, they were buying from depots at N185 per liter, noting that after adding other expenses, the price would increase to N200 per litre………….Read More

Julius Berger reports N960 million profit for Q3 2022 – Nairametrics
Julius Berger Nigeria Plc has released its unaudited financial statement of comprehensive income for Q3 ended September 30th, 2022, which shows a profit of N960 million, an 18% dip from the amount in Q3 last year.  The Q3 result is on the back of an inflationary year, where businesses and their consumers have had to deal with the rising cost of goods and services as well as continuously depreciating currency…………Read More
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