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Daily Business News Brief – June 16th, 2023

16
Jun

Profit-taking slows rally, capitalisation loses N430 billion – Guardian
After recording close to 12 per cent gain in the last two weeks, profit-taking by investors on the Nigerian Exchange Limited (NGX) dragged market capitalisation by N430 billion.
The All Share Index (ASI) was down by 789.89 points, representing a loss of 1.32 per cent to close at 59,195.21 points. Also, market capitalisation declined by N430 billion to close at N32.232 trillion………… ….. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Nigeria’s Debt Profile To Hit N81 Trillion Following Fx Rates Unification – Dailytrust
The devaluation saw the dollar, which exchanged at N430 as at the end of the first quarter when the Debt Management Office last published our national debt profile, shot to N664/$ at the close of trading at the import and export window yesterday.
The devaluation automatically increased the Naira component for debt service by N9 trillion. .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Market sentiment rises on CBN forex guidelines rollout – punch
Economic analysts have for a long time been calling for the unification of the multiple foreign exchange rates in the country, claiming that it has given room for arbitrage. So, President Bola Tinubu’s announcement of plans to unify the country’s forex rates during his inaugural speech sent the financial market into a frenzy. OLUWAKEMI ABIMBOLA writes on how the market received the eventual devaluation of the naira on Wednesday by Central Bank of Nigeria…… .. . … .. ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

Headline inflation hits 22.41 per cent amid fresh jitters – Guardian
The persistent rise in prices is not easing soon, experts have warned, as headline inflation inched up last month to 22.41 per cent.
Experts said the price crisis would continue for a while despite measures already taken by the new administration to boost confidence and increase supply.
This was the position of some economists who spoke in separate interviews with The Guardian in reaction to consume price index (CPI) data released by the National Bureau of Statistics (NBS) yesterday………  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Popoola:  NGX to Sustain Drive Towards Attracting Capital Around Sustainability – Thisday
The Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr. Temi Popoola yesterday said it will continue its drive towards attracting capital around sustainability and will continue to partner with market stakeholders.
He stated this during a physical closing gong ceremony for Guinness Nigeria on the trading floor of the NGX in Lagos……  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

NCDF Applies For Listing On Nigerian Exchange – Dailytrust
Determined to minimise the scourge of poverty and deepen financial inclusion, the Nigerian Capital Development Fund (NCDF) has applied for listing on the Nigerian Exchange.
This move, according to a statement, is designed to mobilise capital for investment in projects, businesses and social enterprises with the intention to catalyse profitable financial returns and positive social impact on Nigerians, especially those below the poverty line…….  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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