THE CABLE
Here are the seven top business stories you need to track this week — February 5 to February 10.
BAKERS LAMENT HIGH COST OF BREAD PRODUCTION, ANNOUNCE PRICE HIKE
The Association of Master Bakers and Caterers of Nigeria (AMBCN), Abuja chapter, says they will increase the price of bread.
The AMBCN said the upward review was due to the rising cost of all baking materials in the country.
In a statement on Friday, Adeyemi Richard, secretary of the association, said the survival of the industry cannot be guaranteed as all associated baking materials have continued to be on the high side.
According to Richard, the rising cost experienced towards the last quarter of 2023 forced many of their members out of business, noting that others who managed to survive are yet to stabilise.
Also, a group of protesters under the umbrella of the Association of Women Gurasa Bakers staged a protest in Kano over the high cost of read production.
CBN STOPS DAILY CRR DEBITS, REMOVES ALLOWABLE LIMIT FOR IMTOs
The Central Bank of Nigeria (CBN) says it will stop daily cash reserve requirement (CRR) debits of deposits in commercial banks.
CRR mandates banks to reserve or hold a fraction (or a combination) of their customers’ deposits in the vault. The banks are restricted from using the reserved funds to conduct their daily operations, such as investments and loan disbursements.
In the last monetary policy committee (MPC) meeting of the CBN in July 2023, the CRR was retained at 32.5 percent.
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