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The rhythm of Nigeria's business world
Nigeria
Businesses Brace for Impact as Nigerian Customs Raises Import Duty Exchange Rate to N1,441/$
Nigerian Customs recently upped the import duty exchange rate to N1,441/$1, marking a significant hike from the previous rate. This shift has sent shockwaves through businesses, prompting concerns about increased costs and potential economic repercussions.
The Nigerian Customs Service has...
Nigeria
Shell Nigeria Gas and Oyo State Government Forge Partnership for Gas Infrastructure Development
Shell partners with Oyo State to construct gas pipelines, bolstering industrial development. The agreement entails a 20-year plan for Shell Nigeria Gas to build and operate a distribution network spanning Oyo State, enhancing energy supply and fostering regional socio-economic progress.
Shell...
In compliance with a directive from the Federal Inland Revenue Service (FIRS), Deposit Money Banks (DMBs) have been instructed to initiate the deduction of a 0.375 percent stamp duty charge on all mortgage-backed loans and bonds.
This directive, communicated to customers through electronic...
![Today's Naira Rate [02-05-2024]: Economic Concerns Heighten as Naira Weakens Further Against Dollar at ₦1402/$1](/data/attachments/203/203550-8457c57119a478bc5717b11aa4a694ef.jpg)
Nigeria
Today's Naira Rate [02-05-2024]: Economic Concerns Heighten as Naira Weakens Further Against Dollar at ₦1402/$1
As of today, the exchange rates for the Nigerian Naira (NGN) are as follows:
💵 1 USD ⇛ ₦1,402
💷 1 GBP ⇛ ₦1,660
💶 1 EUR ⇛ ₦1,445
💶 1 CAD ⇛ ₦970
The performance of the Naira in the foreign exchange market remains a point of concern for many Nigerians. With fluctuations in the exchange rates...
Nigeria
NDIC Boosts Deposit Insurance: Raises Coverage to N5 Million for Banks, N2 Million for MFBs"
The Nigeria Deposit Insurance Corporation (NDIC) has made a groundbreaking move by significantly raising the maximum deposit insurance coverage for bank depositors. This adjustment, announced on Thursday, marks a substantial increase of 900 percent, raising the coverage from N500,000 to N5...
In a bid to enhance transparency and regulatory compliance, commercial banks in Nigeria took decisive action in the first quarter of 2024, closing a staggering 2.021 million bank accounts. This move was aimed at purging their books of questionable accounts and aligning with regulatory directives...
Patricia CEO, Hanu Fejiro Agbodje, addressed rumors surrounding the platform's alleged shutdown and accusations of mismanagement with a candid thread on a social media platform. Hanu began by emphasizing Patricia's pioneering role as Nigeria's first local cryptocurrency exchange, highlighting...
Nigeria
Umahi Calls Out Landmark CEO Over Lagos-Calabar Road: Accusations Fly Amid Coastal Development
Amidst the contentious developments surrounding the Lagos-Calabar coastal road project, Governor Dave Umahi, also serving as Nigeria's Minister of Works, has accused Paul Onwuanibe, CEO of Landmark Africa Group, of politicizing issues concerning the initiative.
Umahi's remarks, made during the...
Nigeria
Nigerians Speculate on Political Consequences of Aliko Dangote's Naira Devaluation Statement
Aliko Dangote's statement on the naira devaluation has sparked varied reactions among Nigerians. While some attribute the economic challenges to the previous administration, others speculate about Dangote's interests in the matter, citing alleged benefits he may have received during the period...
During the Annual General Meeting of Dangote Sugar Refinery Plc, Aliko Dangote vehemently criticized the decision to float the naira, branding it as the most detrimental event of 2023.
The abrupt devaluation of the naira, plummeting from N460 to N1,400 against the US dollar, wreaked havoc...
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