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Nigeria in 1min: Economic, Business and Financial Headlines - 190123

Jan 19, 2023   •   by   •   Source: Proshare   •   eye-icon 335 views


Nigerian Banking Sector 2023 Outlook - Foraging for Value - Given the heightened volatility across financial markets, driven by geopolitical developments and monetary policy responses to inflation and currency pressures, we believe FY’23 presents a new opportunity for Nigerian banks to reimagine or consolidate go-to-market strategies. Source CardinalStone Research Read More

The Federation Account Allocation Committee (FAAC) has accused the Nigerian National Petroleum Company (NNPC) of using an exchange rate lower than the Central Bank of Nigeria (CBN) official rate for the sale of domestic crude oil between 2015 and 2022. Source TheCableIndex Read More

New Naira Will Curb Corruption, Inflation, CBN Insists - The Central Bank of Nigeria has expressed assurance that the new naira notes will circulate to every nook and cranny of the country before the January 31, 2023 deadline. Source Punch Read More



Investors Lose N46.74bn as NGXASI Declines by 0.16%; Overnight Rate Closes Flat at 9.83%; BDC Rate Depreciates to N746 - The NGX All-Share Index declined by -0.16% to close at 52,615.51 basis points as against a 0.67% loss recorded previously to close at 52,701.31 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N46.74bn loss. YTD, the NGXASI Stands at +2.83%. Source Proshare Research Read More



Naira Redesign: The scarcity of the New Naira Notes - With less than two weeks to the 31 January deadline fixed by the CBN for the phasing out of the old Naira banknotes, there appears to be a scarcity of new notes as many banks, Automated Teller Machines (ATMs), and Point of Sale (PoS) outlets are still dispensing the old Naira notes. Source CSL Research Read More



MTN Ghana Share Prices Drops Following US$761m Tax Claims - MTN Ghana recently disclosed that its shares plunged at the news that they are facing a US$761 million tax claim from the Ghana Revenue Authority. Source Broadcast Media Africa Read More

OPEC’s Market Outlook Unchanged as Nigeria Boosts Output - The Organisation of the Petroleum Exporting Countries (OPEC), yesterday, left its key forecasts for 2023 oil supply and demand unchanged for the second month running, even as it increased output, according to its latest monthly production data. Source Guardian Read More

FEC approves N2bn for local aircraft assembly in Zaria - The federal executive council (FEC) has approved the sum of N2.29 billion for the assembling of Hungarian Magnus light aircraft at the Nigerian College of Aviation Technology (NCAT), Zaria, Kaduna State. Source TheCable Read More



Google Restates Commitment to Safer Ad, Releases Latest Data - Google has restated its commitments to protect and support people about their privacy online. At the Africa Ads and Privacy immersion for Africa press in Nigeria, South Africa and Kenya, which held online on Tuesday. Source ThisDay Read More

U.S. to Announce International Cryptocurrency Action -Statement - The U.S. Justice Department will "announce a major, international cryptocurrency enforcement action" on Wednesday, it said in a statement, adding the U.S. Treasury Department will also make an announcement. Source ThisDay Read More

ANALYSIS: Nigeria Caught In Wave of Global Cyberattacks - At the ongoing World Economic Summit meeting in Davos, business leaders expressed concern that geopolitical instability is exacerbating the risk of catastrophic cyberattacks. Source BusinessDay Read More


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