The dollar to naira exchange rate reached N1,615 at Nigeria’s foreign exchange black market. Ashiru Dayyabu, a Bureau De Change operator in Wuse Zone 4, said that the dollar was sold at the rate of N1,600 to N1,615 on Wednesday. “We buy the dollar at N1590 and sell between N1600 and N1615,” he told DAILY…
Flutterwave has been named among the top 250 fintech companies in the world by CNBC in partnership with market research firm Statista. The World’s Top Fintech Companies 2024 report by the American business news channel includes companies across a variety of different market categories. Seven African firms made the list: Flutterwave (Nigeria/US) – Payments; Kuda…
The Central Bank of Nigeria has issued a notice of a Monetary Policy Meeting to decide on measures to tackle the country’s rising inflation and economic hardship. The apex bank in a notice released on its website on Tuesday said that July’s meeting is scheduled for Monday to Tuesday next week. This would be the…
Dangote Refinery has revealed plans to be listed on the Nigerian Exchange Limited before the end of March 2025. Aliko Dangote, the Chairman of Dangote Group disclosed this to journalists on Sunday. This comes as the company further delayed the commencement of fuel supply to August 2024 from its earlier July date. According to him,…
The Naira depreciated massively against the dollar in the foreign exchange market. FMDQ data showed that the Naira weakened significantly to N1561.98 against the dollar on Wednesday from N1532.58 traded on Tuesday. This represents an N29.4 against the dollar compared to the N1532.58 traded on Tuesday. Similarly, at the parallel foreign exchange market, the Naira…
The Minister of Agriculture and Food Security, Abubakar Kyari, has assured that food prices would crash in 180 days. This is coming after several Nigerians had hit the streets to protest hunger in the nation. Kyari made this known in a post on his official X handle on Wednesday, unveiling measures that will be implemented…
The Federal Government on Monday announced plans to suspend duties, tariffs and taxes for the importation of some food items through land and sea borders. The foods include maize, husked brown rice, wheat and cowpeas. Abubakar Kyari, the Minister of Agriculture and Food Security, disclosed this while announcing a proposed 150-day Duty-Free Import Window for…
The Group Managing Director/Chief Executive Officer, United Bank for Africa Plc, Oliver Alawuba, has been appointed as the Chairman of the Chartered Institute of Bankers of Nigeria Body of Banks’ CEOs. The CIBN announced this appointment on its website on Monday, July 8, 2024. This prestigious appointment underscores Alawuba’s extensive experience and visionary leadership in…
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri has said that Nigeria has been selected to host the Headquarters of the African Energy Bank. The minister made this known in a statement on Thursday through his official X handle. According to him, the choice of Nigeria is a testament to the country’s leadership and…
At the backdrop of exchange rate instability and Naira depreciation, Closed Pension Fund Administrators, CPFAs, affiliated to international oil companies are investing more of their pension fund assets on foreign money market instruments, apparently for safety. The National Pension Commission, PenCom, in its unaudited report on pension funds industry portfolio for the period ended May…
