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Mele Kyari, GCEO of NNPC, has announced that the Warri Refinery is now operational, producing 125,000 barrels daily despite ongoing rehabilitation. While work remains, this marks significant progress in Nigeria’s refinery revitalization efforts, with stakeholders optimistic about the refinery's...
Nigeria receives a $1.5 billion loan from the World Bank to support fuel subsidy removal and tax reforms. The loan, disbursed in two tranches, strengthens the government's economic stabilization efforts. It follows a series of reforms, including deregulating the fuel market and submitting a tax...
Starlink is raising its Nigerian subscription fees to ₦75,000 monthly, effective January 27, 2025. The price increase comes ahead of an expected telecom tariff hike by the Nigerian Communications Commission (NCC). The move has faced criticism, as the new rates exceed Nigeria's minimum wage...
The Nigerian naira is projected to reach N1,804/$ in 2025, reflecting continued volatility despite rising foreign reserves. Afrinvest predicts modest depreciation due to market demand challenges. The 2025 budget assumes an exchange rate of N1,400/$, but the naira may stabilize with increased oil...
The Nigerian Communications Commission (NCC) has authorized MTN Nigeria to disconnect Exchange Telecommunications over unpaid interconnect charges. Despite being notified and given a chance to respond, Exchange failed to settle its debt. MTN will now use alternative channels for interconnection...
Multichoice Nigeria offers 72-hour free access to all DStv channels from December 27-29, 2024, aiming to attract and retain subscribers amid rising inflation and recent price hikes. The offer includes premium content for all DStv users, including disconnected accounts, but excludes GOtv...
The National Bureau of Statistics (NBS) has allocated N35 million in its 2025 budget for cybersecurity following a cyber attack on its website. The NBS also outlined other budget allocations for various surveys and initiatives, totaling N9.85 billion, to support national data collection and...
Access Bank raises $228 million through a rights offer to boost its capital and fund expansion into new markets. The move aligns with regulatory requirements and supports the bank's goal to double assets outside Nigeria by 2027. The bank is also acquiring Bidvest Bank in South Africa.
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![Today's Naira Rate [25-12-2024]: Naira’s Depreciation Continues as Parallel Market Hits N1,650/$](/data/attachments/211/211746-fc88bc2cf08b62eccef5f97dcdd14191.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate [25-12-2024]: Naira’s Depreciation Continues as Parallel Market Hits N1,650/$
The Naira has depreciated to N1,650 per US dollar in the parallel market, continuing its downward trend. While the official market shows a slight improvement to N1,537 per dollar, the gap between the two markets widens, posing challenges for Nigeria's currency stability as analysts forecast...
The Nigerian Communications Commission (NCC) has approved a telecom tariff hike set to take effect in January 2025, with increases of up to 40%. The price for calls, SMS, and data bundles will rise, addressing operational costs that telecom companies like MTN and Airtel face due to inflation...
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