Investors King has put together latest news in Nigeria today, August 12, 2023 to ensure you stay atop trending news and happenings in the business world.
Stock Investors Gained N92 Billion Last Week as The Exchange Extends Bullish Run
Investors in the Nigerian Exchange Limited (NGX) gained N92 billion last week as the bullish run continues across key sectors.
During the week, investors exchanged 1.741 billion shares worth N25.087 billion in 30,652 deals, against a total of 2.575 billion shares valued at N29.615 billion that exchanged hands in 37,713 deals in the previous week. Read more here.
Oil Prices Slip Over 1% Amidst China Recovery Worries and Stronger Dollar
Oil prices experienced a decline of over 1% on Monday with concerns centered around China’s struggling economic recovery and a strengthening U.S. dollar.
Despite the recent seven weeks of gains attributed to supply tightening resulting from OPEC+ output cuts, this downward trend was notable. Read more here.
Naira Struggles as Demand-Supply Gap of US Dollars Widens
The disparity between the demand and supply of US dollars within banks and the informal parallel market continues to exert downward pressure on the value of the Nigerian naira.
Within three weeks, the Nigerian Naira lost N100 of its value from N860 per dollar to N960 on the parallel market on Friday. Read more here.
Fidelity Bank Lists 3.037 Billion Additional Shares
Fidelity Bank has listed an additional 3,037,414,308 ordinary shares of 50 kobo on the Nigerian Exchange Limited (NGX).
The additional sales have increased the bank’s total issued and fully paid-up shares from 28,974,797,023 to 32,012,211,331 ordinary shares. Read more here.
Mastercard Makes Strategic Move with Minority Stake in MTN’s Fintech Business, Paving the Way for a Mobile Money Revolution in Africa
MTN Group Ltd., the continent’s leading wireless carrier, has announced that Mastercard Inc. has agreed to acquire a minority stake in its financial technology (fintech) business.
This strategic move comes as MTN values its fintech venture at an impressive $5.2 billion, signifying a significant boost for the company’s ambitions in the digital finance space. Read more here.
President Bola Tinubu’s Administration Set to Clear N187.32bn Debt to Local Contractors
The administration of President Bola Tinubu is poised to settle a substantial debt of approximately N187.32 billion owed to local contractors in the current year.
This was disclosed in a document titled, ‘Schedule of promissory notes issued by category as of September 30, 2022’ by the Debt Management Office. Read more here.
Inside the CBN: Loans to Staff Soar by 133% in 2022
The Central Bank of Nigeria (CBN) has disclosed that it extended a staggering N40.67 billion in loans to its staff members during the year 2022, representing an increase of 133% compared to the previous year’s disbursements.
This revelation has raised eyebrows and sparked discussions about the financial dynamics within the apex bank. Read more here.
Naira’s Slide Sparks Concern: Petrol Price Could Skyrocket to N720/litre
Oil marketers have said the cost of Premium Motor Spirit (PMS), commonly known as petrol, could soar to a range of N680 to N720 per litre in the upcoming weeks if the Nigerian naira continues to depreciate against the US dollar.
Industry insiders have listed the scarcity of foreign exchange as the key challenge, forcing dealers to postpone their plans to import PMS. Read more here.
15,000+ Retirees Withdraw N7.79 Billion from Savings Accounts
Over 15,000 retirees, who had not been receiving monthly stipends of at least N10,000 under the Contributory Pension Scheme (CPA), withdrew N7.79 billion from their Retirement Savings Accounts (RSA) over the course of a year.
These individuals, as revealed in the National Pension Commission’s latest quarterly report on enbloc payments, possessed RSA balances of less than N1.6 million. Read more here.
Nigerian Intra-City Bus Fares Skyrocket by 98% in Just One Month, NBS Reports
The National Bureau of Statistics (NBS) reports a significant increase in the average cost of bus transportation within Nigerian cities.
In May 2023, the average fare was N649.59 but by June 2023 it had surged to N1,285.41. This represents a substantial 98% increase, equivalent to N636, within just one month. Read more here.
Dollar to Naira Black Market Today August 14th, 2023
As of August 14th, 2023, the dollar to naira exchange rate is 1 USD to 945 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦945.
This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates. Read more here.
