Business

The rhythm of Nigeria's business world
The Nigeria Customs Service (NCS) has implemented a substantial exchange rate adjustment for cargo clearance, increasing it from N783/$ to N952/$, marking a significant 22.8% rise. This adjustment, visible on the federal government's trade portal, impacts duties imposed on imported cargoes...
The Nigerian naira faced a sharp depreciation in the parallel market, tumbling from ₦1,172 to ₦1,200 against the dollar. Simultaneously, the Nigerian Foreign Exchange Market (NAFEM) witnessed a surprising turnaround as the naira appreciated significantly, soaring by 11% or ₦108.15 to reach...
In the lead-up to Christmas, certain areas of the Federal Capital Territory (FCT), particularly in the AYA region of Abuja, are facing a shortage of Naira. Seven commercial banks in the area have reported difficulties in dispensing cash, with ATMs proving unresponsive for about a week. A DAILY...
In a testament to their global influence and groundbreaking contributions, Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, and media mogul Mo Abudu have secured positions on Forbes' prestigious list of the "100 Most Powerful Women." Released on Tuesday, the 20th annual...
In a significant move aimed at curbing fraud and addressing lapses in customer verification processes, the Nigeria Inter-Bank Settlement System (NIBSS) has issued a warning against unlicensed financial services companies masquerading as deposit-taking institutions. In a memo to banks, fintechs...
In a strategic shift announced at the Morgan Stanley Global Consumer & Retail Conference, consumer goods giant Procter & Gamble (P&G) is set to dissolve its on-ground operations in Nigeria, opting for an import-only business model. The company's Chief Financial Officer, Andre Schulten, cited the...
Pivo Africa, the Nigerian fintech startup that secured over $2.6 million from investors, including Y Combinator and Ventures Platform, is officially shutting down. The company, founded in July 2021 by Nkiru Amadi-Emina and Ijeoma Akwiwu, aimed to provide banking services to small logistics and...
Amidst the COP28 Climate Summit in Dubai, Nigerian Foreign Affairs Minister Yusuf Tuggar has revealed a transformative plan for Nigeria to boast the largest electric mass transit fleet in Africa. The Federal Government, under Tuggar's leadership, aims to escalate the number of electric buses...
Bitmama Inc., a prominent blockchain payments platform, has officially acquired Payday, a virtual card service provider. The acquisition, facilitated through Bitmama's cross-border payments product, Changera, signifies a transformative shift in the industry. Despite initial speculations of a...
A groundbreaking report by SB Morgen Intelligence, titled "Paying the Price on Health," has unearthed a concerning reality within Nigeria's healthcare landscape. Against the backdrop of economic challenges, the report forewarns that over-the-counter medications may become financially out of...
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