Victor EzejaHere are the top 10 business stories from Nigerian daily newspapers for today, 12th December 2023
1. CBN Suspends Processing Fee On Large Cash Deposits
Join our WhatsApp ChannelThe Central Bank of Nigeria has directed all commercial banks and non-bank financial institutions to immediately suspend processing fees on large cash deposits and other transactions.
The CBN’s directive was contained in a circular released on Monday and signed by the acting Director, Banking Supervision, Adetona Adedeji.
The directive seems a relief on depositors though it is temporal as the suspension will only be effective until the 30th of April, 2024.
2. Naira Scarcity: CBN Assures Nigerians of Sufficient Stock
The Central Bank of Nigeria (CBN) has assured Nigerians of a sufficient supply of cash. The apex bank gave the assurance against the backdrop of complaints by some bank customers on the scarcity of Naira notes at the counters, Automated Teller Machines (ATMs) Points of Sale (PoS), and Bureaux de Change (BDCs).
3. TCN to Deploy Drones for Tracking Power Station Vandals
In its quest to tackle the rising challenges of vandalism of power infrastructure and theft, the Transmission Company of Nigeria (TCN) has finalized plans to enhance surveillance of its transmission lines and substations nationwide by deploying surveillance drones, cameras and other advanced equipment.
TCN General Manager, Kaduna Region, Engineer Ganiyu Aliyu, who made this known at Mando Station in Kaduna, said the company was partnering with a tech firm to provide Optical Ground Wire (OPGW) for tracking power towers and installing surveillance equipment.
4. NGX All Share Index Grows by 34% in 6 Months
The All-Share Index, which tracks the movement of all equities listed on the Nigerian Exchange Limited, rose by 34.11 per cent in the first six months under the administration of President Bola Tinubu.
This is a positive trend compared to the first six months under his predecessor, Muhammadu Buhari, when the ASI recorded a dip of 19.51 per cent, according to data from Statisense.
5. Naira Appreciates By 27.16%, Trades 864/$ at Official Market
The naira on Monday appreciated by 27.16 per cent to close at N864.29/$ on the official Investors and Exporter window.
The naira’s rise signifies an N234.76 gain from the all-time low of N1099.05/$ it closed trading last Friday.
This is as the daily turnover of the dollar surged by 86.83 per cent to $132.46 million at the closing of trading from $70.90 million last Friday..
On Monday, trading opened at N867/$, before hitting a high of N1185.10/$, then a low of N720/$. It eventually settled at N864.29/$ as the daily turnover of the dollar hit $132.46 million.
6. Nigeria’s used car market to see a surge in demand for sedans in 2024
A report published by Cars45 predicts that there will likely be an increase in demand for used sedan automobiles in Nigeria’s used car market in 2024.
Due to their more reasonable prices, sedans are now preferred by customers over MPVs and SUVs, according to Maxim Makarchuk, COO of Cars45, who provided a prognosis for the Nigerian auto industry in the upcoming year.
7. Nigerian Govt Hints On Increasing 2024 Budget If Revenue Improves Next Year
The Nigerian government has disclosed that it might return to the National Assembly to seek approval for a supplementary budget in 2024 if the government surpasses its revenue projections.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made this known while addressing a joint sitting of the National Assembly Committee on Finance.
President Bola Ahmed Tinubu recently presented a budget of N27.5 trillion for the 2024 fiscal year which is currently being considered by the National Assembly.
8. Port Harcourt Refinery To Begin Operations This Month, NNPC Insists
The Nigerian National Petroleum Company Limited (NNPC) has reassured that the Port Harcourt Refinery will commence operations this month as earlier promised.
The national oil company in a short video message, gave an update on the level of progress made in the refinery’s rehabilitation project.
READ ALSO: Old Port Harcourt Refinery Reconstruction Not Good Decision – Ex-MD
It disclosed that “substation 1” of its PH Refinery has now been activated, explaining that this will help energise 14 others.
9. NPA Moves To Disable Trucks Involved in Call-up Ticket Racketeering
The leadership of the Nigerian Ports Authority (NPA), has begun moves to penalize truck drivers involved in malpractices in the electronic call-up system.
A memo dated December 7th 2023 and signed by the Apapa Port Manager, Mr. Charles Okagha, said that a total of nine trucks were identified to have been in the re-sale of the tickets adding that the management of the Truck Transit Parks Limited, TTP, would disable the trucks culpable in matter in the system.
10. PFAs Pay N1.63trn to Retirees as Pension Benefits in 15 Years
Pension Fund Administrators (PFAs), in the country, said they have paid a total sum of N1.63 trillion to retirees in both public and private sectors under both programme withdrawal and life annuity in the past 15 years.
The PFAs said the above figure was paid to 442,000 Nigerians who retired from services in various employments in the country during the period.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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