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Nigeria in 1min: Economic, Business and Financial Headlines - 170323

Mar 17, 2023   •   by   •   Source: Proshare   •   eye-icon 355 views


Investors Loss N313.02bn as NGXASI Dips by 1.04%; Overnight Rate Closes Flat at 11.01%; BDC Rate Closes Flat at N750 - The NGX All-Share Index declined by 1.04% to close at 54915.61 basis points as against 0.42% loss recorded previously to close at 55490.20 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N126.76bn loss. YTD, the NGXASI Stands at +7.15%. Source Proshare Research Read More

Currency Slump Sees Surge in Demand for Dollars Assets in West Africa Despite Greenback’s Ongoing Strength - The Russian-Ukraine war and the lingering impact of the COVID-19 pandemic have severely weakened West African economies and currencies - but businesses and investors are looking to dollar assets to mitigate the damage. Source Rand Merchant Bank Read More

Credit Suisse Crisis Wipes £75b British Pounds from The FTSE - One of the leading investment banks in the world, Credit Suisse from Switzerland has indicated financial material weakness which is raising huge concerns about financial stability in Europe. Source Proshare News Read More



Nigeria’s February 2023 Inflation Rate Defies Analysts’ Expectations, Rises by 21.91% Y-o-Y - According to Nigeria’s National Bureau of Statistics (NBS) Inflation report for February 2023, the country’s Consumer Price Index (CPI) rose by 21.91% year-on-year (Y-o-Y). The Inflation rate defied analysts' earlier forecasts which put the likely rate to be between 20.9% and 21.2%. Source Proshare Research Read More

Headline Inflation Creeps up by 0.09% Despite Cash Crunch - Nigeria’s headline inflation came in almost flat at 21.91% in February. The major commodities that drove the rise in the price level were bread, cereal, potatoes, yam, and other tubers. The marginal increase in inflation was against the trend that would have seen an estimated increase of 22.41% all things being equal. Source FDC Ltd Read More

Address Fuel Scarcity to Tame Rising Inflation, ACCI Advises FG - In a statement on Thursday, Al-Mujtaba Abubakar, ACCI president, expressed concern that despite government efforts, the country’s inflation rate was on the increase. Source TheCable Read More



Improve Supervision to Prevent Banking Crisis, Emefiele Tells African Central Bank Governors - Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has urged African central bank governors and other financial sector regulators to strengthen their regulatory and supervisory roles to forestall any sudden run on banks in their respective jurisdictions. Source TheCable Read More



IWD: AXA Mansard Empowers 100 Female Entrepreneurs with Digital Marketing Skills - As part of its continued effort to increase opportunities for women, accelerate their participation in economic activities and encourage digital equity, AXA Mansard, a member of AXA, a global leader in insurance and asset management, has empowered over 100 young female entrepreneurs with digital marketing skills in Lagos. Source AXA Mansard Read More

NNPCL Seeks $32.61 Billion to Overhaul Refineries, Pipeline Infrastructure - The Nigerian National Petroleum Company Limited (NNPCL), yesterday, said about $32.6 billion investment is required to overhaul refineries, pipelines and critical downstream infrastructure. Source Guardian Read More

Major US Banks Inject $30 Billion to Rescue First Republic Bank - Large U.S. banks injected $30 billion in deposits into First Republic Bank (FRC.N) on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size U.S. lenders over the past week. Source Reuters Read More



NCC Approves Harmonized Short Codes, Directs Implementation - In line with its consumer-centric approach to telecom regulation the Nigerian Communications Commission (NCC) has directed mobile network operators (MNOs) to commence implementation of approved harmonised short codes (HSC) for providing certain services to telecom consumers in Nigeria. Source NCC Read More

Microsoft Unveils AI Office Copilot in Fast-Moving Race with Google - Microsoft Corp (MSFT.O) on Thursday trumpeted its latest plans to put artificial intelligence into the hands of more users, answering a spate of unveilings this week by its rival Google (GOOGL.O) with upgrades to its own widely used office software. Source Reuters Read More

TikTok Says US Threatens Ban if Chinese Owners Don't Sell Stakes - The Biden administration has demanded that TikTok's Chinese owners divest their stakes in the popular video app or face a possible U.S. ban, the company told Reuters on Wednesday. Source Reuters Read More



FairMoney Takes a Step Further in Closing the Financial Inclusion Gap in Nigeria with Payforce Acquisition - FairMoney has completed the acquisition of PayForce, unveiled with the brand name, Payforce by FairMoney. Payforce is Nigeria’s leading one-stop merchants' payment and financial services distribution platform, helping small businesses receive payments seamlessly while earning extra income. Source FairMoney Read More

Manufacturers Allege 25% Sales Drop Over Cash Crunch - Manufacturers have revealed that the protracted scarcity of naira notes has led to a 25 per cent drop in sales of manufactured goods. This was disclosed in a statement signed by the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir. Source Punch Read More



NBCC Calls for Gender Inclusivity Across all Sectors of the Economy - The Nigerian British Chamber of Commerce, the foremost bilateral chamber on Thursday March 16th, 2023, hosted a forum to celebrate the 2023 International Women’s Day as part of its contributions to closing gender gaps across all sectors. Source WebTV Read More

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