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Interswitch, a prominent African payments and infrastructure company, is reeling from a massive financial setback after suffering a loss of approximately ₦30 billion due to a chargeback fraud incident.
According to court documents reviewed by TechCabal and insiders familiar with the matter, a...
Crowdyvest Limited, a Nigerian crowdfunding platform, is at a crossroads as it grapples with a ₦7.7 billion debt owed to 3,700 crowdfunding investors. This financial conundrum has persisted since 2021, and the company has now unveiled a daring proposal to convert a significant portion of this...
The Nigerian naira has seen a significant uptick, reaching N1,120 against the US dollar, marking a 4.27% appreciation compared to its previous rate of N1,170. This positive shift comes in response to the Central Bank of Nigeria's (CBN) ongoing efforts to clear its backlog of foreign exchange...
Allen Onyema, the Chairman and CEO of Nigeria's leading airline, Air Peace Nigeria Limited, has revealed that his airline is now qualified to operate flights from Nigeria to the United Kingdom. This announcement follows the acquisition of a Foreign Carrier Operator Permit (FCOP) and a Third...
In a groundbreaking report, JP Morgan Chase & Co has unveiled an ambitious prediction for the Nigerian Naira's exchange rate. The financial giant expects the Naira to appreciate significantly against the US Dollar, reaching N850/$ by the end of the year. This projection has ignited intrigue...
The Central Bank of Nigeria (CBN) has extended the validity of old N200, N500, and N1000 naira notes, defying its earlier announcement that these banknotes would cease to be legal tender by December 31, 2023, in compliance with a Supreme Court verdict. This decision comes after former CBN...
The Central Bank of Nigeria (CBN) has issued a statement to dispel rumors of plans to redenominate the country's legal tender. The CBN's Director of Corporate Communications, Isa AbdulMumin, clarified the bank's position amid growing speculation about a potential redenomination policy.
The...
The Nigerian Naira experienced a significant appreciation in the parallel market on Monday, as it strengthened to N1,150 per US dollar, marking a remarkable 6.5% increase from its previous rate of N1,230 last Friday. This improvement signals a positive shift in Nigeria's foreign exchange...
Aliko Dangote, Africa's richest man and a prominent global business magnate, recently experienced a significant dip in his financial status. After an impressive surge in his net worth between June and September, Dangote's fortunes took a downturn.
Data from the Bloomberg Billionaires Index...
In a dramatic turn of events, the Nigerian Naira experienced a lightning-fast appreciation against the United States Dollar within a matter of hours in the Peer-to-Peer (P2P) market. Traders and economists were left astounded as the Naira's value soared, marking an incredible gain of N166...
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