Listed below are the seven high enterprise information you’ll want to observe this week — December 26 to December 30.
CBN’S INCREASE OF WEEKLY CASH WITHDRAWAL LIMIT
The Central Financial institution of Nigeria (CBN) just lately elevated the utmost weekly restrict for money withdrawals throughout all channels by people and company organisations to N500,000 and N5 million, respectively.
The event got here greater than two weeks after the CBN lowered the weekly over-the-counter money withdrawal restrict for people to N100,000 and that of company organisations to N500,000.
The CBN new upward changes adopted intense criticism of the coverage from aggrieved Nigerians in a number of quarters.
The financial institution additionally lowered withdrawals at automated teller machines (ATMs) and point-of-sale terminals to N20,000 per day.
INCREASE ON PREMIUM RATES FOR VEHICLE INSURANCE
The Nationwide Insurance coverage Fee (NAICOM) has elevated the premium charges for car insurance coverage within the nation.
In a round dated December 22, 2022, and addressed to insurance coverage corporations, the fee stated the brand new charges will take impact from January 1, 2023.
Beneath the brand new template, personal autos that had been paying N5,000 premium for N1 million third social gathering property harm (TPPD) restrict at the moment are to pay N15,000 premium for N3 million restrict; N5 million restrict for personal items with a premium of N20,000; and workers buses are to pay N20,000 premium for N3 million restrict.
NBS REPORTS ON TELECOMMUNICATIONS
The Nationwide Bureau of Statistics (NBS) says it can launch a report on telecoms information: energetic voice and web per state, porting and tariff info, for the third quarter of 2022 (Q3 2022).
NBS stated the report might be on Tuesday, December 27, 2022.
NIGERIA’S OIL OUTPUT RECORDS SHORTFALL
Nigeria recorded a shortfall in crude oil manufacturing totalling 6.9 million barrels per day (bpd) between January and November, 2022.
This was contained in experiences obtained from the Organisation of Petroleum Exporting International locations (OPEC) and the Nigerian Upstream Petroleum Regulatory Fee (NUPRC).
Whereas its newest manufacturing share is 1.8 million bpd for Nigeria, the nation fell brief in its quota within the months underneath evaluation, as a consequence of a myriad of sectoral challenges.
As a result of Nigeria’s failure to optimally produce crude oil, it misplaced its place as Africa’s high crude oil producer for 2 consecutive months, regaining it when manufacturing improved in November, 2022.
Though the federal government plans to boost manufacturing, analysts imagine that Nigeria should still not get one of the best from oil income even when it will increase output as costs are anticipated to crash.
OIL PRICES NEAR $85 PER BARREL
Oil worth rose on Friday on hopes that Russian crude oil provides will drop.
Brent crude was up by 2.63 % to $83.71 a barrel whereas US West Texas Intermediate (WTI) crude rose 2.09 % to $79.11 a barrel.
In accordance with merchants and Reuters calculations, Russia’s Baltic oil exports might fall by 20 % in December from the earlier month after the European Union and group of seven (G7) nations imposed sanctions and a worth cap on Russian crude from December 5.
Russia might lower oil output by 5 % to 7 % in early 2023 because it responds to cost caps on its crude and oil merchandise by halting gross sales to the international locations which help them.
FG TARGETS 3M BPD OIL OUTPUT, SEEKS COMPANIES’ RETURN TO FULL PRODUCTION CAPACITY
Timipre Sylva, minister of state for petroleum sources, says the federal authorities is dedicated to making sure that every one native and worldwide oil corporations return to full home oil manufacturing.
The minister stated oil majors have slashed crude oil manufacturing as a consequence of large vandalisation of pipelines and theft of crude oil within the Niger Delta area by “legal parts”.
He assured oil corporations that the federal authorities will proceed to work to deliver stability and construct confidence for everybody to return to the sector to supply their most capability.
CBN HIGHLIGHTS SECURITY FEATURES OF REDESIGNED NAIRA NOTES
The Central Financial institution of Nigeria (CBN) has disclosed the place of safety features on the brand new sequence of N200, N500 and N1,000 notes.
On December 15, business banks started shelling out the redesigned naira notes to clients throughout the nation.
The CBN stated the brand new notes had been protected by numerous safety features to facilitate simple recognition of real ones in case of counterfeiting.
The distinguishing options which could be recognised by contact and visibility, are the raised print, the safety thread, and the watermark.
In accordance with the CBN, different areas such because the portrait, lettering and the denominational numerals on the obverse and reverse of the notes, are embossed.
