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The Federal Government has assured Nigerians that the Abuja-Kaduna-Kano dual carriageway will be ready within 14 months. The project includes reinforced concrete roads, solar lighting, and improved drainage. Divided into three segments, it underscores President Tinubu’s commitment to...
The World Bank projects Nigeria's economy to grow by 3.6% annually in 2025-2026, driven by federal reforms like subsidy removal and exchange rate unification. The services sector and increasing oil production will play key roles, while inflation is expected to ease, enhancing consumption and...
OPEC reports that the Dangote Refinery's fuel production, particularly gasoline, is impacting the European market. The refinery's operational ramp-up has reduced Nigeria's reliance on imports, leading to shifts in international fuel trade. The refinery is expected to continue affecting global...
![Today's Naira Rate [16-01-2025]: Naira Depreciates Across Markets as Parallel Rate Hits N1,670/$](/data/attachments/212/212467-7ad061fd1f2730f2dc92b5294d057d7b.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate [16-01-2025]: Naira Depreciates Across Markets as Parallel Rate Hits N1,670/$
The Naira has depreciated to N1,670 per dollar in the parallel market, while its official rate stands at N1,550 per dollar. This shift reflects the widening gap between the parallel and official exchange markets, as reported by the Central Bank of Nigeria.
The Naira experienced further...
LemFi, a remittance-focused fintech, has raised $53 million in Series B funding to expand its operations into Europe. The investment will help strengthen its global payment network, introduce localized services, and support talent acquisition. LemFi processes $1 billion monthly and serves...
Nigeria’s Minister of Communications, Bosun Tijani, announced that telecommunications tariff increases will be limited to 60%, rejecting telcos' demand for a 100% hike. He emphasized sustainability, local content development, and tax reforms to support the telecom sector while protecting...
The NBS website is back online after a cyberattack that lasted 29 days, raising concerns about data security. The hack followed the release of a controversial crime report. The attack has caused delays in policy meetings and sparked fears about the integrity of critical economic data.
The...
Nigeria's inflation rate reached 34.8% in December 2024, marking its fourth consecutive rise. The increase, driven by festive demand and food price hikes, reflects a 5.87% year-on-year rise. Food inflation surged to 39.8%, with regional disparities. Despite a slight slowdown in month-on-month...
The Nigerian Communications Commission (NCC) has ordered telcos to disconnect USSD codes of nine banks due to overdue debts. These banks have until January 27, 2025, to settle outstanding payments, or their codes will be reassigned. The total debt owed by these banks exceeds N200 billion.
The...
The U.S. Supreme Court is set to decide whether TikTok will be banned on January 19, 2025, due to national security concerns over its Chinese parent company, ByteDance. If enforced, users may face limited app access, while Project Liberty seeks to buy TikTok's U.S. assets.
The U.S. Supreme...
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