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Daily Business News Brief – January 26th, 2023

26
Jan


NGX launches USSD integrated payment system – Punch
The Nigerian Exchange Limited said it will launch an unstructured supplementary service data to unlock Africa’s capital markets payment system through collaboration with telecommunication companies and banks. Speaking during the virtual event on ‘2022 market recap and 2023 outlook’, the Chief Executive Officer, NGX, Temi popoola, said the adoption of USSD would further simplify the continent’s capital markets through integration with Afreximbank’s Pan African payment settlement system………….……..Read More

FCMB to raise N30bn loan – Punch
First City Monument Bank Plc has unveiled a plan to raise N30bn from the local debt capital market, the group said in a regulatory filing. In a public disclosure submitted to the Nigerian Exchange Limited and obtained by The PUNCH on Wednesday, the bank said the book building for the issuance had commenced………….……..Read More

CBN 17.5% interest rate hike could boomerang on the economy – experts – Nairametrics
Contrary to analysts’ expectations, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) yesterday increased the primary lending rate by 100 basis points (1%), from 16.5 to 17.5%. ……….……..Read More

FG budgets N1.2tn to service CBN loans   – Punch
The Federal Government plans to spend N1.2tn on servicing the loans it got from the Central Bank of Nigeria through the Ways and Means Advances, findings by The PUNCH have shown. The 2023 fiscal framework document obtained by our correspondent showed that the Federal Government allocated N6.31tn to service its total debts………..……..Read More

Insurance Industry Profitability Grows By 54.5%  – Independent
Insurance industry had in 2022 shown a sterling performance, growing an average profitability by 54.5per cent compared to 46.7per cent recorded in the corresponding year, according to the National Insurance Commission (NAICOM)………..……..Read More
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