Business

The rhythm of Nigeria's business world
In a recent announcement, Elon Musk, CEO of X, confirmed a significant change in the platform's policy. Henceforth, all new users will be required to pay a "small fee" before gaining access to basic features such as posting, liking, or bookmarking content. This decision marks a notable shift...
Nigeria's currency, the Naira, is poised on the brink of a significant milestone, edging closer to the 1,000 Naira to 1 US dollar mark on the black market, as it surged to N1,115 on Monday, with some traders quoting rates as high as N1,118 and N1,120. This surge follows a four-month high of...
Nigeria's headline inflation rate surged to an all-time high of 33.2% in March, marking the 15th consecutive monthly increase, despite recent improvements in the value of the national currency, the naira. T The latest Consumer Price Index report by the National Bureau of Statistics revealed...
Nigerians are applauding Dangote Petroleum Refinery in Lekki for its diesel rollout, a significant milestone achieved through land transport. This development marks a crucial step forward in the refinery's operations, promising increased efficiency and accessibility of diesel fuel to meet the...
As the Nigerian Naira reached a staggering N1,070 to $1, many citizens took to social media to express their concerns about the increasing exchange rate and its impact on the cost of living. Despite the significant devaluation of the currency, there has been no noticeable decrease in the prices...
Nigerian Breweries Plc, one of Nigeria's leading beverage companies, has unveiled plans for a company-wide reorganization, which will involve the temporary closure of two out of its nine breweries across the country. The decision comes as part of the company's business recovery plan aimed at...
Amidst a three-day holiday break, the Nigerian naira maintained stability, with the dollar trading at N1,125 on Friday, consistent with Thursday's rate of N1,120. However, due to reduced trading activity during the festive period, irregularities in market rates were observed. Transactions were...
Starlink, the internet service company backed by Elon Musk, has announced a significant reduction in the price of its hardware in Nigeria. The Starlink internet router, previously priced at N800,000, has now been slashed to N440,000, marking a 45% decrease. This price adjustment comes amidst...
The Nigerian Naira has surged to an eight-month high of 1,120 per dollar on the black market, propelled by recent foreign exchange reforms implemented by the Central Bank of Nigeria (CBN). This marks a significant gain of 62.95 percent over the dollar compared to February 2024 levels. Traders...
The Central Bank of Nigeria (CBN) continues its wave of dismissals as 50 more staff members are terminated from their positions under the leadership of CBN governor Mr. Olayemi Cardoso. The recent round of layoffs spans across 29 departments, bringing the total number of casualties to 117 in the...
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