Category: Business
After hitting two consecutive days of low, on Wednesday, the naira crept to a gain at the Investor and Exporter window. Data from the FMDQ Security Exchange where forex is officially traded showed that Naira gained N0.87 or 0.21 per cent to close at N411.13 from N412.00 it closed on Tuesday. Although at the parallel […]
Republic of Benin and the Nigerian government have entered into a pact to stop the West Africam country from importing rice, as the government of Benin request for Nigerian farmers’ tutelage to enable the country replicate Nigeria’s rice production. Members of Rice Farmers Association of Nigeria (RIFAN) have already visited Cotonou, where they signed a memorandum of […]
Data war had no winner in January 2021, as all network providers lost in the first battle of the year. The clash cost the telecoms industry 2.97 million subscribers, with neither MTN Nigeria, Airtel, Globacom and 9mobile securing additional data subscriber. In an analysis of the industry data obtained from the Nigeria Communications Commission (NCC) […]
The last 24hours have been one hell of a battle between cryptocurrency Bitcoin and Gold, as both assets struggled to be the most valuable asset amongst investors. Bitcoin had thrown the first punch after overtaking Gold, with a price valuation of $54,260, at the time, a kilogram-size gold cost $54,763. This made Bitcoin the most valuable […]
January was a disappointing period for Nigerian telecommunications companies in the consumer market, especially for MTN Nigeria and Airtel. Both networks lost the highest subscribers, with over three million subscribers dumping Airtel and MTN. The network providers recorded a massive dump with the industry’s telephone base declining to 199.86 million subscribers in January, against the […]
Justice Oluremi Oguntoyinbo of Federal High Court, Lagos, on Tuesday refused to vacate her interim Mareva injunction made on January 25, 2021 directing 20 banks to block accounts of Shell Petroleum Development Company of Nigeria (SPDC) and its subsidiaries. The judge made the order in her ruling on three applications in a suit marked FHC/L/CS/52/2021, […]
As feared, the Naira is inching closer to N500 mark this week, as Nigeria’s currency fell by another N2 or 0.42 percent to close at N484 against the dollar on Tuesday at the parallel market, according to data from Aboki FX. Naira had closed on Monday N482 against the dollar. The depreciation of Naira was also witnessed […]
The COVID-19 pandemic seems to have forced the prices of used cars to soar high. As the outbreak of Covid-19 spread globally and gained pandemic status on March 11, 2020 governments across countries applied the total lockdown measure to curb the spread—one which completely restricted movement and brought world economies to a grinding halt. On March 19, […]
The Standards Organisation of Nigeria (SON) Governing Council has approved 96 new Nigerian Industrial Standards for national use. The standards cut across chemical technology, electrical/electronics, food/agriculture, textile/leather and services. The approval, which was given at the first meeting of the Council following the appointment of Mallam Farouk Salim as the Director-General, increased the total number […]
United Bank for Africa Plc is changing the face of digital banking services with its new mobile banking app aimed at delivering first-rate services to customers. The new UBA has benefits and features designed to give its customers increased control and accessibility to carry out transactions with ease. UBA’s Group Head, Digital Banking, Kayode Ishola, […]
Niger’s President Mahamadou Issoufou, who is stepping down as president next month after two terms in office, has been awarded the 2020 Ibrahim Prize for Achievement in African Leadership. Issoufou, 68, was announced winner of the $5 million prize by the Mo Ibrahim Foundation on Monday following a meeting of its independent Prize Committee. The […]
First Bank of Nigeria Limited has announced the launch of First Global Transfer (FGT) to promote international transfer of funds across its subsidiaries in sub-Saharan Africa. The bank, in a statement, said: “First Global Transfer (FGT) initiative is specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the […]
The Federal Airports Authority of Nigeria has listed its contribution to revenue generation, accumulated debts, rising operating and maintenance cost as part of the challenges militating against the agency. FAAN MD, Capt. Rabiu Yadudu, asked the Senate Committee on Aviation to discontinue the 25 per cent revenue contribution it makes to the federation account during […]
Investors in the Nigerian stock market lost N240bn in the first trading week of March as the market capitalisation declined further. The Nigerian Stock Exchange All-Share Index and the market capitalisation dropped by 1.18 per cent to close last week at 39,331.61 and N20.58tn respectively. All other indices finished lower with the exception of NSE […]
The newly inaugurated President of the Nigeria Gas Association, Ed Ubong, has said there is abundant gas resources in Nigeria to meet the energy demand of over 350 million people and the industrial needs in the West African sub-region. “Nigeria, which ranks as the 9th largest gas reserve in the world and clearly the largest […]
