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Daily Business News Brief – January 19th, 2023

19
Jan


Stock market sheds N47bn as trading closes bearish – Punch
The Nigerian stock market on Wednesday closed bearish with a loss of N47bn, driven by profit-taking activities in Dangote Cement Plc and 20 others. The All-Share Index depreciated by 85.80 absolute points, representing a decrease of 0.16 per cent to close at 52,615.51 points……….……..Read More

Economic crisis: FG records N14.28tn revenue shortfall – Punch
The Federal Government has recorded a revenue shortfall of N14.28tn under the regime of the President, Major-General Muhammadu Buhari, (retd), according to data from the Budget Office of the Federation. The data was obtained from the budget implementation reports for 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (January to November)……..……..Read More

CBN enlightens traders on new naira notes – Punch
The Central Bank of Nigeria has expressed assurance that the new naira notes will be distributed to every part of the country before the January 31, 2023 deadline.  Stakeholders have asked the CBN to extend its deadline for the phasing out of the old N1,000, N500 and N200 notes from January 31 to June 30, 2023……….……..Read More

FG plans to cut borrowing – Punch
The Minister of Finance, Budget and National Planning, Zainab Ahmed has said the country is planning
to reduce its debt service revenue ratio and the government is not planning to explore the bonds market in 2023. She stated this in an interview with Bloomberg TV at the ongoing World Economic Forum in Davos, Switzerland. According to her, the Federal Government is working to reduce its debt servicing to revenue ratio to from 80 per cent in 2022 to 60 per cent in 2023……………..Read More
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