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    Nigeria loses three million oil barrels monthly – FG

    Reps invite ministers, firms over $2.4bn oil sale

    Global banking stocks dip over Silicon Valley Bank collapse

    Stock market capitalisation declines by N622bn

    Stock investors record N13bn loss in one week

    Airfares soar as foreign airlines hike exchange rate

    Airfares soar as foreign airlines hike exchange rate

    Currency in circulation drops to N1.38tn – CBN

    Banks confirm receiving more cash, load ATMs

    Petrol may hit N800/litre on subsidy removal – Marketers

    Fossil fuels and role of technology in energy transition

    Workers draw battle line over lingering naira scarcity

    Workers draw battle line over lingering naira scarcity

    ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

    ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

    Banks not receiving new Naira notes

    Banks not receiving new Naira notes

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      Nigeria loses three million oil barrels monthly – FG

      Reps invite ministers, firms over $2.4bn oil sale

      Global banking stocks dip over Silicon Valley Bank collapse

      Stock market capitalisation declines by N622bn

      Stock investors record N13bn loss in one week

      Airfares soar as foreign airlines hike exchange rate

      Airfares soar as foreign airlines hike exchange rate

      Currency in circulation drops to N1.38tn – CBN

      Banks confirm receiving more cash, load ATMs

      Petrol may hit N800/litre on subsidy removal – Marketers

      Fossil fuels and role of technology in energy transition

      Workers draw battle line over lingering naira scarcity

      Workers draw battle line over lingering naira scarcity

      ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

      ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

      Banks not receiving new Naira notes

      Banks not receiving new Naira notes

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        Nigeria loses three million oil barrels monthly – FG

        Reps invite ministers, firms over $2.4bn oil sale

        Global banking stocks dip over Silicon Valley Bank collapse

        Stock market capitalisation declines by N622bn

        Stock investors record N13bn loss in one week

        Airfares soar as foreign airlines hike exchange rate

        Airfares soar as foreign airlines hike exchange rate

        Currency in circulation drops to N1.38tn – CBN

        Banks confirm receiving more cash, load ATMs

        Petrol may hit N800/litre on subsidy removal – Marketers

        Fossil fuels and role of technology in energy transition

        Workers draw battle line over lingering naira scarcity

        Workers draw battle line over lingering naira scarcity

        ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

        ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

        Banks not receiving new Naira notes

        Banks not receiving new Naira notes

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          Nigeria loses three million oil barrels monthly – FG

          Reps invite ministers, firms over $2.4bn oil sale

          Global banking stocks dip over Silicon Valley Bank collapse

          Stock market capitalisation declines by N622bn

          Stock investors record N13bn loss in one week

          Airfares soar as foreign airlines hike exchange rate

          Airfares soar as foreign airlines hike exchange rate

          Currency in circulation drops to N1.38tn – CBN

          Banks confirm receiving more cash, load ATMs

          Petrol may hit N800/litre on subsidy removal – Marketers

          Fossil fuels and role of technology in energy transition

          Workers draw battle line over lingering naira scarcity

          Workers draw battle line over lingering naira scarcity

          ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

          ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

          Banks not receiving new Naira notes

          Banks not receiving new Naira notes

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            Nigeria loses three million oil barrels monthly – FG

            Reps invite ministers, firms over $2.4bn oil sale

            Global banking stocks dip over Silicon Valley Bank collapse

            Stock market capitalisation declines by N622bn

            Stock investors record N13bn loss in one week

            Airfares soar as foreign airlines hike exchange rate

            Airfares soar as foreign airlines hike exchange rate

            Currency in circulation drops to N1.38tn – CBN

            Banks confirm receiving more cash, load ATMs

            Petrol may hit N800/litre on subsidy removal – Marketers

            Fossil fuels and role of technology in energy transition

            Workers draw battle line over lingering naira scarcity

            Workers draw battle line over lingering naira scarcity

            ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

            ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

            Banks not receiving new Naira notes

            Banks not receiving new Naira notes

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              Nigeria loses three million oil barrels monthly – FG

              Reps invite ministers, firms over $2.4bn oil sale

              Global banking stocks dip over Silicon Valley Bank collapse

              Stock market capitalisation declines by N622bn

              Stock investors record N13bn loss in one week

              Airfares soar as foreign airlines hike exchange rate

              Airfares soar as foreign airlines hike exchange rate

              Currency in circulation drops to N1.38tn – CBN

              Banks confirm receiving more cash, load ATMs

              Petrol may hit N800/litre on subsidy removal – Marketers

              Fossil fuels and role of technology in energy transition

              Workers draw battle line over lingering naira scarcity

              Workers draw battle line over lingering naira scarcity

              ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

              ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

              Banks not receiving new Naira notes

              Banks not receiving new Naira notes

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                Nigeria loses three million oil barrels monthly – FG

                Reps invite ministers, firms over $2.4bn oil sale

                Global banking stocks dip over Silicon Valley Bank collapse

                Stock market capitalisation declines by N622bn

                Stock investors record N13bn loss in one week

                Airfares soar as foreign airlines hike exchange rate

                Airfares soar as foreign airlines hike exchange rate

                Currency in circulation drops to N1.38tn – CBN

                Banks confirm receiving more cash, load ATMs

                Petrol may hit N800/litre on subsidy removal – Marketers

                Fossil fuels and role of technology in energy transition

                Workers draw battle line over lingering naira scarcity

                Workers draw battle line over lingering naira scarcity

                ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                Banks not receiving new Naira notes

                Banks not receiving new Naira notes

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                  Nigeria loses three million oil barrels monthly – FG

                  Reps invite ministers, firms over $2.4bn oil sale

                  Global banking stocks dip over Silicon Valley Bank collapse

                  Stock market capitalisation declines by N622bn

                  Stock investors record N13bn loss in one week

                  Airfares soar as foreign airlines hike exchange rate

                  Airfares soar as foreign airlines hike exchange rate

                  Currency in circulation drops to N1.38tn – CBN

                  Banks confirm receiving more cash, load ATMs

                  Petrol may hit N800/litre on subsidy removal – Marketers

                  Fossil fuels and role of technology in energy transition

                  Workers draw battle line over lingering naira scarcity

                  Workers draw battle line over lingering naira scarcity

                  ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                  ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                  Banks not receiving new Naira notes

                  Banks not receiving new Naira notes

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                  Global banking stocks dip over Silicon Valley Bank collapse

                  Punch | March 15, 2023
                  Global banking stocks dip over Silicon Valley Bank collapse
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                  The sudden collapse of Silicon Valley Bank on Friday and Signature Bank two days after has continued to rattle the global banking sector and impacted the equities markets in the negative.

                  According to AFP, the heavy market losses worldwide on fears of a domino effect about the collapsed banks could heighten recession risks.

                  The Asian equities tanked Tuesday after Wall Street suffered another punishing selloff, particularly for midsized banks First Republic, KeyCorp and Zions Bancorp.

                  Europe’s markets flickered between losses and gains as Tuesday morning progressed, with gloomy news from banking giant Credit Suisse grabbing traders’ attention.

                  “There was a sense some calm had been restored to markets after a bruising few sessions. While the immediate fallout from the SVB collapse may have been contained for now, the edginess around the banking sector is not helped by the latest revelations from Credit Suisse as it identified material weaknesses in reporting controls,” said AJ Bell investment director Russ Mould.

                  Shares in the scandal-hit Swiss bank dived another five per cent in Zurich, having struck a record low the previous day.

                  Credit Suisse announced on Tuesday that it had uncovered “material weaknesses” in its internal controls over financial reporting for 2021 and 2022.

                  The lender revealed the news in its annual report, which was delayed following queries from US regulators regarding its books.

                  “Credit Suisse is always in the emergency room when it comes to any market crisis, and today’s news really intensifies the worries,” said IG analyst Chris Beauchamp.

                  “It’s a bank that can never seem to get its house in order.”

                  Meanwhile, the rest of Europe’s banking sector continued to languish in the red.

                  Shares in French lender Credit Agricole dived 1.2 per cent and rival Societe Generale lost 1.1 per cent. German banks;  Commerzbank dropped 0.4 per cent and Deutsche Bank shed 0.6 per cent.

                  In London, HSBC fell 1.3 per cent one day after it bought SVB’s UK division for a nominal £1 ($1.2).

                  “Bank shares globally continued to feel the reverberations from the fallout from the Silicon Valley Bank issue, with general sentiment weakening as a result,” said Richard Hunter, head of markets at Interactive Investor.

                  The fast-moving crisis has forced US authorities to pledge support for other lenders and depositors.

                  Bloomberg News reported that about $465 billion had been wiped off the market value of global financial stocks in just three days.

                  The collapse of SVB, which specialised in venture-capital financing mainly in the tech sector, was largely the result of the Fed’s sharp interest rate hikes aimed at quelling inflation, which hit securities hard.

                  As of 11:15 a.m. on Tuesday, these are how the markets were doing; London – FTSE 100: DOWN 0.3 per cent at 7,522.66 points. Frankfurt – DAX: UP 0.5 per cent at 15,027.77, Paris – CAC 40: UP 0.1 per cent at 7,015.07, Zurich – SMI: DOWN 0.2 per cent at 10,613.29. EURO STOXX 50: UP 0.2 per cent at 4,104.90, Tokyo – Nikkei 225: DOWN 2.2 per cent at 27,222.04 (close). Hong Kong – Hang Seng Index: DOWN 2.3 per cent at 19,247.96 (close), Shanghai – Composite: DOWN 0.7 per cent at 3,245.31 (close), New York – Dow: DOWN 0.3 per cent at 31,819.14 (close).

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