Business
The rhythm of Nigeria's business world
Nigeria
Job Loss Looms: Microsoft Eyed to Shut Down Lagos Development Center, 200 Employees Affected
Reports indicate Microsoft's potential closure of its Lagos Development Center, jeopardizing 200 jobs. The move spells uncertainty for Nigeria's tech landscape and innovation prospects. While the company remains tight-lipped, economic challenges are speculated to drive the decision. The shutdown...
![Today's Naira Rate [07-05-2024]: Naira Slips to N1,415/$ in Parallel Market Amid Economic Uncertainties](/data/attachments/203/203712-147ab142f8cf48479284e57b3d23fc38.jpg)
Nigeria
Today's Naira Rate [07-05-2024]: Naira Slips to N1,415/$ in Parallel Market Amid Economic Uncertainties
Amid economic uncertainties, the Nigerian Naira has depreciated to N1,415 per dollar in the parallel market, while in the Nigerian Foreign Exchange Market (NAFEM), it stands at N1,416.57. This decline reflects ongoing challenges in the economy, impacting exchange rate stability and financial...
Binance CEO Richard Teng lays out five conditions for Nigerian government engagement. Terms include transparency and regulatory reform. The demand highlights tensions between cryptocurrency firms and Nigerian authorities.
Binance CEO Richard Teng has presented a set of prerequisites that must...
In a move to enhance financial transparency, the Central Bank of Nigeria (CBN) has mandated Point-of-Sale (PoS) operators to register their businesses with the Corporate Affairs Commission (CAC) within two months. This measure aims to reduce fraud and promote a more regulated financial sector in...
In recent years, the global financial landscape has witnessed a remarkable revolution. Nigeria, Africa's most populous nation, has witnessed one of the most remarkable transformations in forex trading. This shift can be attributed in large part to the increased penetration of mobile technology...
Nigeria
Cybersecurity Levy: Statisense Report Reveals Current Costs of Electronic Transfers in Nigeria
Explore Statisense's insightful analysis uncovering the impact of Nigeria's post-cybersecurity levy electronic transaction costs. This comprehensive report delves into the financial implications for individuals and businesses, shedding light on regulatory changes by the Central Bank of Nigeria...
Learn about the Central Bank of Nigeria's new 0.5% cybersecurity levy on electronic transactions. Discover the exempted banking transactions from the levy, including loan disbursements, salary payments, and more.
The Central Bank of Nigeria has instituted a new cybersecurity levy of 0.5% on...
Learn about the CBN's directive mandating a 0.5% cybersecurity levy on all banking transactions in Nigeria. Discover key details, including implementation timelines, exemptions, and penalties for non-compliance.
The Central Bank of Nigeria (CBN) has recently mandated banks and financial...
SEC announces plans to delist Naira from peer-to-peer (P2P) platforms amidst concerns over cryptocurrency manipulation in Nigeria. This move aims to safeguard investors and regulate the digital asset space effectively.
In a move to address rising concerns over cryptocurrency manipulation...
Nigeria mandates 1.9 million Point of Sale (PoS) agents to register with the Corporate Affairs Commission (CAC) to curb rising fraud incidents, which accounted for 26.37% of cases in 2023. This directive aims to enhance transparency in financial transactions and improve regulatory oversight in...
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