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Everything You Need to Know About the NDDC Youth Internship SchemeI want to apply
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MTN Group reported its first loss in eight years, totaling 7.39 billion rand ($414.7 million) for H1 2024, compared to a profit of 4.14 billion rand in 2023. The decline is attributed to the devaluation of the naira, significantly impacting income from Nigeria.
MTN Group has reported a...
NNPC Ltd. denies owing $6.8 billion to international oil traders and refutes claims of non-remittance to the Federation Account. The company reaffirms its commitment to transparency, highlighting its regular tax contributions and adherence to payment obligations. NNPC Ltd. maintains no...
Elon Musk’s Starlink is expanding in Nigeria by setting up new ground stations in Lagos, Ogun, and Rivers states. This development aims to enhance internet connectivity, reduce latency, and bypass international data centers. Partnering with Equinix, Starlink’s project will cover 29,000 acres...
![Today's Naira Rate[16-08-2024]: Black Market Dollar to Naira Rate Climbs to ₦1,600 Amid Inflation Decrease](/data/attachments/207/207292-9bb9b64b1602cfa4be828e7b4b5a0479.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[16-08-2024]: Black Market Dollar to Naira Rate Climbs to ₦1,600 Amid Inflation Decrease
As of August 16, 2024, the black market exchange rate for the U.S. dollar to the Nigerian naira stands at ₦1,596 for buying and ₦1,600 for selling. Meanwhile, Nigeria’s inflation rate dropped to 33.4% in July 2024, marking the first decrease in 19 months, indicating economic shifts.
As of...
Minister of Aviation, Festus Keyamo, reassures aviation workers that their concerns over the 50% revenue deduction policy will be addressed. Responding to the workers' strike threats, Keyamo emphasizes the government's commitment to ensuring the sector's sustainability while balancing fiscal...
A Lagos Federal High Court has ordered the interim forfeiture of $2.04 million and seven properties linked to former CBN Governor Godwin Emefiele. The EFCC alleges the assets were acquired through fraudulent activities. The ruling aims to prevent asset dissipation as Emefiele faces multiple...
Nigeria has lost its sovereign immunity claim in a US court, which upheld a $70 million arbitration award in favor of Chinese firm Zhongshan Fucheng. The court ruled the award enforceable under the New York Convention, despite Nigeria's arguments of state immunity. This follows similar outcomes...
Petrol prices in Nigeria have surged towards N1,000 per litre due to persistent supply disruptions. In Abuja, Lagos, Kano, and Maiduguri, many stations are either closed or selling at inflated rates, causing long queues and significant public distress. The crisis is linked to inadequate supply...
Ogun State disputes a Paris court's decision to seize Nigerian presidential jets, claiming they were not notified. The state government argues that Zhongshan Fucheng misled the court and asserts the jets are protected under international law. Legal resistance continues in various jurisdictions...
![Today's Naira Rate[15-08-2024]: Naira Gains 1.38% to ₦1,564.48/$ Amid Surge in Dollar Supply](/data/attachments/207/207258-f03ffe954e3016d0e0568883b0dfca20.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[15-08-2024]: Naira Gains 1.38% to ₦1,564.48/$ Amid Surge in Dollar Supply
The Nigerian Naira appreciated to ₦1,564.48 per dollar on Thursday, a 1.38% gain driven by increased dollar supply. Trading volumes surged by 61.54%, reflecting heightened market activity. The Central Bank of Nigeria's recent measures, including the Retail Dutch Auction System, aim to stabilize...
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