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Article 'EFCC, INTERPOL Hunt Down CBEX Fraudsters After ₦1.3 Trillion Ponzi Collapse'- Nigeria News
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A technical glitch within MTN Nigeria's system has led to the sudden vanishing act of outstanding debts on the accounts of subscribers who had previously borrowed credit from the telecom giant. The curious incident has stirred a wave of jubilation among subscribers, who are under the impression...
A recent report by the Economist Intelligence Unit (EIU) forecasts a substantial devaluation of Nigeria's official exchange rate to N1,068.3 per US dollar by 2025. The EIU attributes this projection to the widening gap between official and parallel-market rates, coupled with the country's low...
Nigerian Naira experienced a sharp depreciation of 13.95 percent, closing at N996 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official exchange rate window.
FMDQ Securities Exchange data revealed the Naira's tumultuous journey, reaching an intra-day high of N1,100...
Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, asserts that despite public complaints, the cost of data in Nigeria remains one of the cheapest globally. Speaking on a live TV program on Arise, he emphasized the Ministry's commitment to enhancing the quality of...
Image by Gerhard Traschütz from Pixabay
The geopolitical upheaval triggered by the Russia-Ukraine crisis has profoundly impacted global energy dynamics, particularly affecting Nigeria's crude oil exports to its once steadfast Asian market, Business Insider Africa reports. The Nigerian National...
The Nigerian Naira faced a significant challenge in the foreign exchange market as it depreciated to N1,135 per US dollar on Wednesday at the parallel market. This represents a notable N15 or 1.35 percent depreciation compared to the previous day's exchange rate of N1,120. Currency traders...
In response to reports of cash shortages in some major cities across Nigeria, the Central Bank of Nigeria (CBN) has taken a resolute stance to ensure that old and redesigned naira notes continue to be recognized as legal tender nationwide. The CBN reaffirms that every banknote it has issued...
Sanofi-Aventis Nigeria, a prominent multinational pharmaceutical corporation, has announced its intention to cease direct operations in Nigeria starting in February 2024. This development follows GlaxoSmithKline (GSK)'s decision to exit the Nigerian market earlier this year after 51 years of...
In a surprising development for the African fintech giant Flutterwave, its Chief Financial Officer (CFO), Oneal Bhambani, has resigned, leaving the company in a state of uncertainty regarding its plans for an initial public offering (IPO). Bhambani, who joined Flutterwave just 18 months ago...
In a bold move to keep its cocoa industry running smoothly, Ghana is seeking to borrow $400 million from cocoa traders after encountering difficulties in securing its traditional annual loan from international banks. This development comes amid ongoing efforts to restructure the country's debt...
The Nigerian Naira faced a steep fall on Monday, hitting an average of 1,030 Naira against the US Dollar in the parallel market. This marked a significant loss, with an 8.42% decline compared to the N950 exchange rate at the close of the previous week. This alarming devaluation follows a recent...
In a dynamic turn of events, the value of the Nigerian Naira witnessed significant fluctuations over the weekend. On the black market, the Naira surged, trading at N901 per dollar, a marked improvement from N1,050 the previous week. The cause of this surge was the optimistic outlook stemming...
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