US interest rate, UK banknotes swap… 7 top business news to track this week

Here are the seven top business news you need to track this week — September 19 to September 23.

UK’S OLD BANKNOTES

The Bank of England has notified banks to expect long queues as people move to swap £20 and £50 paper notes.

Customers are to exchange their old paper banknotes for new plastic versions before they cease to be legal tender at the end of September.

DMO REOPENS FG BONDS

Today, the Debt Management Office (DMO) will reopen federal government of Nigeria (FGN) bonds valued at between N70 billion to N80 billion. 

The agency is expected to raise about N720 billion in borrowing plans.

WORLD LEADERS GATHER FOR UN GENERAL ASSEMBLY 

World leaders are in New York for the United Nations General Assembly. 

They will discuss some of the biggest global challenges — from public health to climate change to human rights — and drive progress toward achieving the Sustainable Development Goals for a more equitable global future.

ALIKO DANGOTE, BILL GATES TO SPEAK AT NIEPF SEPT 22

Aliko Dangote, president, Dangote Group, Bill Gates, co-founder of Bill and Melinda Gates Foundation, will speak at the second edition of the Nigeria International Economic Partnership Forum (NIEPF).

The federal government and Africa Business Roundtable organised the event.

The forum will hold in New York, United States, on September 22, 2022.

NBS TO RELEASE REPORTS ON FOOD PRICES, FAAC DISBURSEMENT

The National Bureau of Statistics (NBS) will release a report on the automotive gas oil (diesel) price watch for August 2022 and Liquefied Petroleum Gas (cooking gas) price watch for August 2022.

The Bureau will also release a report on the federation account allocation committee (FAAC) for the August 2022 disbursement.

US FED GEARS UP FOR INTEREST RATE POLICY DECISION

Investors are on edge as the US central bank gears up for its policy decision this week.

On Friday, oil prices rose amid fears that sharp US interest rate hikes would affect global growth and fuel demand.

Brent crude futures went up above $90 a barrel as of 10.21 GMT+1, while US West Texas Intermediate (WTI) crude futures were above $85 a barrel. 

NNPC SIGNS GAS PIPELINE AGREEMENT WITH MOROCCO

The Nigerian National Petroleum Company (NNPC) Limited has signed the Nigeria-Morocco Gas Pipeline (NMGP) project to create wealth and improve the standard of living.

The NNPC, National Office of Hydrocarbons and Mines of Morocco (ONHYM) and Economic Community of West African States (ECOWAS) signed the agreement. 

Other agreements were between NNPC, ONHYM and Mauritanian Hydrocarbons Company (SMH) of Mauritania, as well as NNPC, ONHYM and Petrosen of Senegal.