Newspapers Summary of News 23rd November: CBN raises interest rate, new naira notes, and others

Newspapers Summary of News 23rd November: CBN raises interest rate, new naira notes, and others

Newspapers Summary ofNews 23rd November: CBN raises interest rate, new naira notes, and others

CBN raises interest rate to 16.5%

The Monetary Policy Committee of the Central Bank of Nigeria voted Tuesday to increase the benchmark interest rate by 100 basis points to 16.5 per cent, the highest since 2001.

The CBN Governor, Godwin Emefiele, disclosed this while reading the communique of the last MPC meeting of the year on Tuesday, November 22, 2022. The MPC said the tightening would curb a higher rate of inflation and restore investors’ confidence (PUNCH).

 

New naira notes for circulation before Dec 15

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that the President, Major General Muhammadu Buhari, will unveil the new naira notes during the weekly Federal Executive Council at the Presidential Villa on Wednesday.

He also said the new notes would go into circulation before the December 15, 2022 date earlier stated by the central bank. He made the announcement during a press briefing held after the Monetary Police Committee meeting in Abuja (PUNCH)

 

Oil theft: Nigeria loses $2bn in eight months

The ad-hoc committee set up by the Senate to investigate oil theft and consequent damage on the nation’s economy said on Tuesday that Nigeria lost   $2 billion, equivalent to N1.3trillion, to oil theft between January and August this year.

The Senate on April 14, 2022, constituted a 13- member Ad – Hoc Committee on Oil Lifting, Theft, and the impact on Petroleum Production and Oil Revenues under the chairmanship of Senator Akpan Bassey, who is also the chairman, of the Senate Committee on Petroleum ( Upstream) (PUNCH).

 

Oil drilling begins in Gombe, Bauchi with 1b barrels oil, 500bscf gas

Sixty-six years after crude oil discovery in Nigeria, President Muhammadu Buhari, yesterday, officially flagged off the anticipated drilling of crude oil at the Kolmani field, which is lapping on the border of Bauchi and Gombe states.

The first phase of the exploration will entail an in-situ oil refinery of up to 120,000 barrels per day capacity, a gas processing plant of about 500 million standard cubic feet per day, a power plant of up to 300-megawatt capacity and a fertiliser plant of 2,500 tons per day, according to the Nigerian National Petroleum Company (NNPC) Limited (GUARDIAN).

 

Currency Outside Banks Increased by N108.67bn to N2.84trn in October

As the Central Bank of Nigeria (CBN) steps up effort to redesign N200, N500, and N1,000 notes currently in circulation, currency outside the banks added N108.67billion to N2.84 trillion in October 2022 from N2.73 trillion in September, the CBN money and credit statistics has revealed.

 According to the CBN data, currency outside the banks appreciated by 11.07 per cent Year-on-Year (YoY) from N2.54 trillion reported in corresponding period of 2021 (THIS DAY).

 

Asia shares gain despite rising China COVID cases

Asian share markets mostly rose on Wednesday but oil and the dollar slipped as rising COVID-19 cases in China raised fears of fresh lockdowns that could slow the reopening of the world's second-largest economy.

European equities looked set to follow Asia higher, with the pan-region Euro Stoxx 50 futures up 0.33%, Germany's DAX futures up 0.27% and FTSE futures up 0.16%. U.S. stock futures, the S&P 500 e-minis , slipped 0.07% (REUTERS).

 

Dollar holds firm but on edge ahead of Fed minutes, kiwi rises

The U.S. dollar held firm on Wednesday, with investors on tenterhooks before the release of minutes of the Federal Reserve's latest policy meeting which could offer clues on the outlook for inflation and the pace of interest rate hikes.

The dollar index , which measures the currency against a basket of six counterparts including the yen, the euro and sterling, was last trading at 107.110, having slipped 0.65% overnight (REUTERS).

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