BUSINESS ROUNDUP: Banks run out of new naira notes; Nigeria’s inflation jumps to 21.47% in November

Hello, and welcome to the Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

· Banks run out of redesigned naira notes, as phase out date nears

· Nigerian banks still dispensing old notes from ATMs

· Nigeria’s inflation jumps to 21.47% in November

· Foreign investors withdrew N171bn from Nigeria’s capital market in 10 months – Report

Summary:

As the new naira notes went into circulation on Thursday, Nigerian banks are struggling to provide it in abundance as demands overshoot supply in banking halls.

Ripples Nigeria had reported that the Central Bank of Nigeria (CBN) directed banks to start releasing the newly redesigned naira notes on December 15, 2022, to commence the phase out of the old currency.

The central bank had redesigned the N200, N500 and N1000 notes, which will replace the old naira notes expected to be phased out by January 31, 2022.

Nigerian banks are still dispensing old notes to their customers using their Automatic Teller Machine, checks by Ripples Nigeria has revealed.

On Thursday, December 15, the newly designed denomination of N200, N500, and N1,000 officially went into circulation.

The Governor of Central Bank of Nigeria (CBN) Godwin Emefiele, on October 26, 2022, announced that new Naira notes would be introduced to replace the current 200, 500, and 1,000 Naira notes.

Read also:BUSINESS ROUNDUP: Nigeria’s debt rises to N44.06trn; Emefiele laments effects of forex scarcity; and other stories

Inflation in Nigeria accelerated for the 10th straight month to 21.47% in November.

The figure means that in the month of November 2022, the general price level was a 6.07% higher inflation figure in November 2021.

On a month-on-month basis, the Headline inflation rate in November 2022 was 1.39%, this was 0.15% higher than the rate recorded in October 2022 (1.24%).

The Nigerian Exchange Group (NGX) has revealed that foreign investors withdrew a total sum of N171 billion from the capital market between January and October this year.

The NGX disclosed this in its monthly foreign portfolio investment report published on its website and obtained by Ripples Nigeria on Tuesday.

The investors also invested N171.3 billion during the period.

On NSE ROUNDUP: Stock market closes with N45.35bn gain, as rush for UPDC, PZ shares raises market cap

The bulls maintained their grip on the Nigerian stock market on Friday, as demands for stocks like UPDC, PZ and others pushed the market capitalisation up by 0.16 per cent.

Ripples Nigeria gathered from the trading data obtained from Nigerian Exchange Limited (NGX) that the growth added N45.35 billion to the market capitalisation, raising total investment value in the bourse from N26.81 trillion to N26.86 trillion.

This was as a result of the 83.27 basis points gained by the All-Share Index which closed at 49,316.29 ASI, rising from 49,233.02 ASI.

On tech, Sun King, ElectriFI, Twitter, Suplyd, Visa, YouTube, Meta Platforms, Bondaval, Elon Musk, Partly, Taeillo were some of the names that made the headlines in the tech ecosystem this week.

A Lagos-based startup, Taeillo, during the week, secured $2.5 million in funding from Aruwa Capital to scale its online furniture e-commerce platform.

Also, Global Tech giant, Visa, announced plans to invest $1 billion in over the next five years in Africa to boost digital transformation.

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