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Daily Business News Brief- November 16th, 2022

Home   /   Business News Brief   /   Daily Business News Brief- November 16th, 2022
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November 16, 2022
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in Business News Brief
Stock Market Decline on Loses in Lafarge Africa, 12 Others – Thisday
The stock market of the Nigerian Exchange Limited (NGX) yesterday declined by 0.02 per cent; following Investors’ profit taking in Lafarge Africa Plc and 12 others.  The NGX All Share Index (ASI) decreased by 9.87 basis points or 0.02 per cent to close at 43,808.25 basis points. Similarly, the market capitalisation lost N6 billion to close at N23.861 trillion.……….Read More
FX scarcity, fuel hike push inflation to 21.09% – Punch
The increase in the price of fuel, scarcity of foreign exchange, and disruption in food supply chain pushed headline inflation to a new record high of 21.09 per cent in October, according to the National Bureau of Statistics.  This is 0.32 per cent higher than 20.77 per cent reported in September. This means that the cost of living is rising rapidly in Africa’s most populous nation..………..Read More
Black market exchange rate depreciates to N800/$1 on 15th November 2022 – Nairametrics
The exchange rate between the naira and the US dollar fell further for the second day in a row on Tuesday, 15th November 2022, closing at N800/$1. The exchange rate depreciated by 2.56% in contrast to N780/$1 recorded at the close of trading on Monday.  This is according to information from black market traders who spoke to Nairametrics. It is worth noting that the exchange rate varies across various locations and depends on the volume of transactions………..Read More
Nigeria maintains position as Africa’s third largest crude oil producer for October 2022 – Nairametrics
Nigeria has maintained its position as Africa’s third-largest crude oil producer for October 2022.    This is according to data from the monthly oil market report (MOMR) from the Organization of Petroleum Exporting Countries (OPEC) which was released on November 14.  The report further showed that Algeria took the top spot as Africa’s largest crude oil producer for October, followed by Angola…………..Read More
Budget Deficit: FG Borrows N2.94trn from Debt Market in 11 Months  – Punch
The federal government between January and November of 2022 borrowed a sum of N2.94trillion through FGN Bond Market to finance the 2022 budget deficit, bond auction results released by the Debt Management Office (DMO) has revealed.  This is represents an increase of 8.13 per cent over the N2.72trillion borrowed to finance budget deficit between January and November of 2021………..Read More
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