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![Today's Naira Rate[16-11-2024]: Nigerian Naira Faces Steep Decline, Parallel Market Hits N1,750/$](/data/attachments/210/210283-5e995ef978efd380c57591c54b3dddf2.jpg?hash=FHqxQvjPSE)
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Everything You Need to Know About the NDDC Youth Internship SchemeI want to apply
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In a significant development, the Special Investigation Panel on the Central Bank of Nigeria (CBN) has issued a summons to Babatunde Lemo, the Chairman of Titan Trust Bank (TTB), regarding the acquisition of Union Bank of Nigeria.
Lemo, a former CBN deputy governor, has been summoned alongside...
In response to recent unverified reports circulating about the stability of Nigerian banks, the Central Bank of Nigeria (CBN) has issued a robust assurance, affirming the security of funds in the country's banking sector.
The apex bank, through its acting Director of Corporate Communications...
The naira experienced a decline, exchanging at 1,233/$ at the parallel market, as reported by Bureau de Change (BDC) operators.
Conversations with BDC operators revealed that the local currency, traded at 1,228/$ and 1,233/$, maintained the same rate from Friday. Figures from Abokifx indicated...
Nigeria
Google's Massive Shake-Up: 30K Jobs on the Line as AI Takes Center Stage in Ad Sales Overhaul
In a strategic response to its recent leaps in artificial intelligence, Google is poised to undergo a substantial restructuring of its extensive ad sales unit, consisting of a massive 30,000 employees. This move follows the company's noteworthy job cut earlier this year, impacting around 12,000...
Titan Trust Bank has debunked media reports alleging illegalities in the acquisition of Union Bank of Nigeria Plc.
In a statement by the management of the bank made available to the media on Sunday, the lender insisted that the transaction followed due process and met all regulatory...
The Nigerian naira faced a significant setback, depreciating by 2.71% against the dollar to close at N885.88/$1 on December 22nd, 2023. This decline, coupled with a 22% drop in forex turnover to $92.16 million, is causing growing concerns about its potential impact on Christmas spending.
Data...
In a surprising turn of events, the Central Bank of Nigeria (CBN) has reversed its stance on cryptocurrency transactions, urging banks to disregard the earlier ban. A circular dated December 22, 2023, signed by the Director of Financial Policy and Regulation, Haruna Mustafa, revealed the shift...
Nigeria
Central Bank's Ultimatum: Desist from Naira Hoarding or Risk Penalties, Cautions Banks and POS Services
As the cash scarcity stemming from the redesign of three naira notes lingers, Nigerians find themselves grappling with the aftermath of a policy implemented nearly a year ago. In response to the ongoing challenges, the Central Bank of Nigeria (CBN) has sounded the alarm on collusion between...
In exciting news, the Port Harcourt Refining Company (PHRC) in Rivers State, Nigeria, is back in action after being offline for quite some time. The revival is part of the government's plan to have the facility producing refined products again by December 2023.
The four refineries in Nigeria...
Nigeria
Dangote Refinery Receives Additional 1 Million Barrels of Crude Oil from Shell, Bolstering Production Prospects
Dangote Refinery in Nigeria has received an additional 1 million barrels of crude oil from Shell, marking the second shipment within two weeks. This recent delivery, which follows the initial cargo of one million barrels from NNPCL, brings the total to approximately two million barrels.
The...
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