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Reckitt Benckiser commits to expanding its investments in Nigeria, reaffirming its 60-year presence. President Bola Tinubu praised their continued dedication, emphasizing economic reforms aimed at enhancing business conditions. CEO Kris Licht and Chairman Chief Olu Falomo expressed strong...
Brass, a Nigerian digital bank for small businesses, was acquired by an investment group led by Paystack. The acquisition sees co-founders exiting the company amid a previous withdrawal suspension due to funding issues.
Brass, a Nigerian digital bank catering to small businesses, has been...
![Today's Naira Rate [27-05-2024]: Nigerian Naira Rises, Hits ₦1,339.33/$ Against US Dollar](/data/attachments/204/204365-bd899ca0c24b3b3c73ca8044710ce26b.jpg?hash=vYmcoMJLOz)
The Nigerian Naira strengthens against the US dollar, surging by 9.68% to ₦1,339.33/$ in the official forex market. However, facing a slight dip in the parallel market, the Naira trades at ₦1,520 to the dollar. Central Bank attributes volatility to seasonal fluctuations, while forex turnover...
Nigeria Customs has reduced the forex rate for import duties to N1,480 per US dollar, down 3.28% from N1,530. The new rate, effective Monday, aims to manage import costs but raises inflation concerns. Experts debate pros and cons amid Nigeria's currency challenges.
The Nigeria Customs Service...
Minister Festus Keyamo denounced Nigeria Air as a fraudulent venture, and suspended it indefinitely. Allegations of foreign influence and lack of transparency cast shadows over the ambitious project. Despite setbacks, Keyamo highlights efforts to boost the aviation sector, including cargo flight...
![Today's Naira Rate [27-05-2024]: Naira Depreciates to N1,520 Amid Supply Shortage](/data/attachments/204/204327-bd899ca0c24b3b3c73ca8044710ce26b.jpg?hash=vYmcoMJLOz)
The naira depreciates by 1.32% against the dollar on the black market, opening at N1,520, attributed to increased demand and supply shortages. Meanwhile, the official exchange rate remains stable. Data shows slight fluctuations in the official market, with the naira appreciating by 0.19%, while...
Nigeria's top breweries, including Nigerian Breweries Plc and Guinness Nigeria Plc, suffer a combined loss of N169.7 billion in Q1 2024 due to rising interest rates and naira devaluation. BusinessDay's analysis reveals the sector's financial strain amid foreign exchange losses and economic...
TotalEnergies diverts $600 million investment to Congo for oil exploration, bypassing Nigeria again. The move follows the company's $6 billion investment in Angola due to policy inconsistencies in Nigeria.
French oil giant TotalEnergies has opted to invest $600 million in the Republic of Congo...
Minister Tunji-Ojo announces the launch of passport home delivery in June, revolutionizing Nigerian immigration services. With initial rollout in key cities and provisions for diaspora services, citizens can expect convenience and efficiency. Additionally, a state-of-the-art data center ensures...
![Today's Naira Rate [23-05-2024]: Naira Depreciates to N1,510 Against Dollar in Parallel Market Amidst Forex Volatility](/data/attachments/204/204266-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria
Today's Naira Rate [23-05-2024]: Naira Depreciates to N1,510 Against Dollar in Parallel Market Amidst Forex Volatility
The Naira depreciated to N1,510/$ in the parallel market but appreciated to N1,482.81/$ at the official window. Central Bank Governor Olayemi Cardoso emphasized ongoing reforms and the need for stakeholder cooperation to address economic challenges and inflation, aiming to improve the livelihood...
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