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Daily Business News Brief- December 2nd, 2022


Stock Market closes negative with market cap down N2 billion – Nairametrics
The Nigerian Exchange Limited (NGX) closed today’s trading session with a loss of N2 billion in market capitalization, as bears regain dominance on the local bourse.  The All Share Index (ASI) declined by 0.01% to close at 47,656.64 points. In the same vein, market capitalization depreciated by N2 billion.  As of the close of the market on Thursday, the stock market value stood at N25.9 trillion. Since the start of the year, the stock market has advanced by 4904.2 basis points or 11.56%……..……..Read More

Nigeria’s central bank sells $9.4 billion in forex in 6 months – Nairametrics
The Central Bank of Nigeria sold a total of $9.4 billion in forex in the foreign exchange market first 6 months of 2022. This compares to $5.8 billion sold in the first half of 2021.  This is according to data released by the apex bank in its half-yearly economic report..……….Read More

CBN defends naira with $11.24bn in seven months – Punch
The Central Bank of Nigeria injected $11.24bn into the economy to stabilise the value of the naira from January 2022 to July.  This was obtained in the banking regulator’s monthly economic reports on foreign exchange market developments.  The report showed that $7.6bn was used to stabilise the naira in the first five months of the year………..Read More

Black Market Operators Make Brisk Business as Petrol Scarcity Lingers in Lagos, Others – Punch
The current nation-wide scarcity of petrol which has been on for over month has put black marketers in a profitable mode as they are now making brisk business by cashing in on the lapses created in the product’s distribution and supply system.  The petrol scarcity appears to have defied all measures put forward by the Nigerian National Petroleum Company Limited (NNPC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the marketing companies………….Read More

Oil-producing states borrow N1.3tn amid N6.4tn windfall – Punch
The total debts of 10 oil-producing states rose from N2.04tn in December 2015 to N3.35tn as of June 2022, according to sub-national debt reports of the Debt Management Office.   This means that a total of N1.31tn was borrowed within a period of about seven years by the states.The 10 states are: Rivers, Akwa Ibom, Delta, Edo, Abia, Ondo, Imo, Cross River, Bayelsa and Lagos.  This came as findings by The PUNCH show that the oil-producing states received the sum of N6.4tn in federal allocation and 13 per cent derivation fund………….Read More
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