Business
The rhythm of Nigeria's business world
Retail lender, Unity Bank Plc has recorded gross earnings of N38 billion for the nine-month period ended September 30, 2023, with customer deposits appreciating by 5% to N344.4 billion within the period, an indication of business growth and customer confidence in the Bank.
A review of the...
Nigeria
Nigerian Naira Experiences Remarkable Appreciation, Surges to N1,040 Against the Dollar in Parallel Market
In a surprising turn of events, the Nigerian naira witnessed a remarkable appreciation against the U.S. dollar in the parallel section of the foreign exchange market. On Friday, the local currency soared by N145, marking a substantial increase of 12.24 percent, reaching the impressive exchange...
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...
Americas
Crypto King' Sam Bankman-Fried Found Guilty of Fraud and Money Laundering in High-Profile New York Trial
Image Credit: Cointelegraph
Sam Bankman-Fried, the former luminary of the cryptocurrency industry and the man hailed as the "King of Crypto," has been declared guilty of fraud and money laundering after a month-long trial in New York. The verdict, delivered after a...
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...
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