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Nigeria
Naira Plummets by 11.40% to N927.19/$ at Official Exchange Market Despite CBN's Stabilization Efforts
The Nigerian Naira experienced a significant 11.40% depreciation, landing at N927.19 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official exchange rate window.
This marks a notable drop from the previous day's rate of N832.32. FMDQ Securities Exchange data...
The Central Bank of Nigeria (CBN) has issued a circular outlining its plans to freeze accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN) starting April 2024. The announcement, detailed in a Friday circular, revealed that a BVN or NIN verification process...
The Nigerian naira faced further depreciation, reaching N1,165 per dollar in the parallel foreign exchange market on Thursday. This marks a 0.43 percent decrease compared to the N1,160 rate just two days earlier.
Currency traders, or Bureau De Change operators, quoted buying rates at N1,155 and...
The Organisation of the Petroleum Exporting Countries (OPEC) has announced that Nigeria has the potential to reach a significant oil production quota of 1.5 million barrels per day (bpd) in 2024. This disclosure came during the 36th OPEC and non-OPEC ministerial meeting held on Thursday.
As...
Nigeria
Africa's Aviation Revolution: Morocco, Nigeria, and South Africa Propel Continent to New Heights in Manufacturing, Forbes Reports
In the bustling landscape of Africa's aviation resurgence, Morocco emerges as a pivotal player, strategically positioned at the crossroads of continents. Fueled by Airbus' optimistic projection of a 3.6% annual growth in passenger traffic, Morocco's allure extends beyond its geographic...
Norwegian energy company Equinor has announced the sale of its Nigerian business, including its 53.85% stake in oil and gas lease OML 128, which encompasses the significant Agbami oil field.
The buyer is Chappal Energies, a Nigerian-owned energy firm committed to further developing the assets...
Image Credit: Nick
Charlie Munger, the influential figure alongside Warren Buffett in shaping Berkshire Hathaway into a financial powerhouse, has died at a California hospital at the age of 99, just over a month before his 100th birthday.
Berkshire Hathaway confirmed Munger's passing and...
Nigeria
Unveiling Africa's Hidden Pain: The Stolen Wealth, Unheard Cries, and Urgent Need for Change
In a groundbreaking report, various campaign groups reveal that sub-Saharan Africa is, in fact, a net creditor to the rest of the world, with over $41 billion leaving the continent. Despite $161 billion flowing in through loans, remittances, and aid, an alarming $203 billion exits Africa.
This...
The Central Bank of Nigeria (CBN) has announced its intention to conduct a comprehensive review of its licensing framework for payment services. CBN Governor, Olayemi Cardoso, highlighted concerns about recent developments in the payment services sector, emphasizing the need for a regulatory and...
Nigeria
Nigerians Check Personal Contacts List As President Tinubu Approves New Board and Management for NNPC
President Bola Tinubu has reappointed Mallam Mele Kolo Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL). This decision is part of a broader reshuffle that unveils a new board and management team, effective December 1, 2023.
Kyari's unexpected...
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