Business

The rhythm of Nigeria's business world
Wakanda
1 min read
The Nigeria Customs Service (NCS) has implemented a substantial exchange rate adjustment for cargo clearance, increasing it from N783/$ to N952/$, marking a significant 22.8% rise. This adjustment, visible on the federal government's trade portal, impacts duties imposed on imported cargoes...
Wakanda
1 min read
The Nigerian naira faced a sharp depreciation in the parallel market, tumbling from ₦1,172 to ₦1,200 against the dollar. Simultaneously, the Nigerian Foreign Exchange Market (NAFEM) witnessed a surprising turnaround as the naira appreciated significantly, soaring by 11% or ₦108.15 to reach...
Wakanda
1 min read
In the lead-up to Christmas, certain areas of the Federal Capital Territory (FCT), particularly in the AYA region of Abuja, are facing a shortage of Naira. Seven commercial banks in the area have reported difficulties in dispensing cash, with ATMs proving unresponsive for about a week. A DAILY...
Wakanda
1 min read
In a testament to their global influence and groundbreaking contributions, Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, and media mogul Mo Abudu have secured positions on Forbes' prestigious list of the "100 Most Powerful Women." Released on Tuesday, the 20th annual...
Wakanda
1 min read
In a significant move aimed at curbing fraud and addressing lapses in customer verification processes, the Nigeria Inter-Bank Settlement System (NIBSS) has issued a warning against unlicensed financial services companies masquerading as deposit-taking institutions. In a memo to banks, fintechs...
Wakanda
2 min read
In a strategic shift announced at the Morgan Stanley Global Consumer & Retail Conference, consumer goods giant Procter & Gamble (P&G) is set to dissolve its on-ground operations in Nigeria, opting for an import-only business model. The company's Chief Financial Officer, Andre Schulten, cited the...
Wakanda
1 min read
Pivo Africa, the Nigerian fintech startup that secured over $2.6 million from investors, including Y Combinator and Ventures Platform, is officially shutting down. The company, founded in July 2021 by Nkiru Amadi-Emina and Ijeoma Akwiwu, aimed to provide banking services to small logistics and...
Wakanda
1 min read
Amidst the COP28 Climate Summit in Dubai, Nigerian Foreign Affairs Minister Yusuf Tuggar has revealed a transformative plan for Nigeria to boast the largest electric mass transit fleet in Africa. The Federal Government, under Tuggar's leadership, aims to escalate the number of electric buses...
Wakanda
1 min read
In a historic moment, Taylor Swift secures the fifth spot in Forbes' 20th Annual Ranking of The World’s 100 Most Powerful Women, becoming the first entertainer to land in the top five. European Commission President Ursula von der Leyen maintains her position at the pinnacle for the second...
Wakanda
1 min read
Bitmama Inc., a prominent blockchain payments platform, has officially acquired Payday, a virtual card service provider. The acquisition, facilitated through Bitmama's cross-border payments product, Changera, signifies a transformative shift in the industry. Despite initial speculations of a...
Back
Top