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Daily Business News Brief – March 17th, 2023

17
Mar


Investors lose N313 billion as negative sentiments persist on NGX – Guardian
 
Negative sentiments persisted on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as more blue-chip stocks joined the league of losers, causing investors’ fortune to dip further by N313 billion.The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN),………… ……………..……..Read More

Finance Minister Urges Incoming Administration To Raise VAT To 10% – Dailytrust 
 
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has urged the incoming administration to increase the Value Added Tax (VAT) from the current 7.5 per cent to 10 per cent, saying this would stimulate the country’s economic growth.
The minister made the call during a courtesy visit to the headquarters of VON in Abuja… .. ….. …….. …………….……..Read More

Cash circulation improves, as new bank notes dry up – Vanguard
 
Though normalcy seems to be gradual in coming, currency circulation has improved in major cities across Nigeria following the third day full implementation of the Supreme Court ruling on the legal tender status of old Naira banknote.Vanguard findings reveal that banks have started simultaneous dispensing of the old banknotes over-counters and through the Automated Teller Machines, ATMs.. ….. ,…. ………………..……..Read More

Naira, fuel scarcity will push 24.8m Nigerians into crisis – Report – Punch
 
No fewer than 28.4 million Nigerians in 26 states and the Federal Capital Territory, including 18,000 Internally Displaced Persons, are projected to face severe crises between June and August this year due to the scarcity of fuel and naira, the latest report by Cadre Harmonise, stated.
In the March 2023 Cadre Harmonise analysis, which covered 26 states, and released in Abuja on Thursday, it was also stated that about 17.7 million people including 14,000 IDPs in 26 states and the FCT were in crisis or worse through May 2023. . ….. . … …………….……..Read More

FCMB Group Plc Announces The Issuance of N20,686,000,000 Series I Perpectual 16.00% Fixed Rate Ressetable NC5.25 Additional Tier 1 Surbodinated Bonds Under its N300,000,000,000 Debt Issuance Programme – Nairametrics
 
FCMB Group Plc (“FCMB Group” or “the Group”) has succesfully completed the issuance of aN20,686,000,000 Series I Perpectual 16.00% Fixed Rate Ressetable NC5.25 Additional Tier 1 Surbodinated Bonds(“the series IBond” or the AT1″ or “the Instrument”) under its N300,000,000,000 Debt Issuance Programme…. ’…. … …………….……..Read More
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