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![Today's Naira Rate[16-11-2024]: Nigerian Naira Faces Steep Decline, Parallel Market Hits N1,750/$](/data/attachments/210/210283-5e995ef978efd380c57591c54b3dddf2.jpg?hash=FHqxQvjPSE)
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Nigeria
Naira Scarcity Deepens Despite CBN Measures, Banking Halls Ration Cash Amidst Growing Economic Concerns
In a worrying development, the scarcity of Naira notes in Nigeria has persisted and intensified, presenting a significant challenge despite the Central Bank's efforts to ease the cash crunch.
According to recent investigations by Financial Vanguard, banks across the country are still grappling...
Aliko Dangote, Chairman of the Dangote Group, has responded to the recent visit by the Economic and Financial Crimes Commission (EFCC) to the company's headquarters in Lagos. The EFCC officials sought details of foreign exchange allocations from the Central Bank of Nigeria spanning 2014 to the...
Nigeria
Nigeria's Central Bank Approves February Launch of cNGN 'Stablecoin' for Digital Economy Boost
A groundbreaking move is set to reshape Nigeria's financial landscape as the Africa Stablecoin Consortium (ASC) announces the launch of the compliant Nigeria Naira (cNGN) stablecoin on February 27, 2024. Fueled by the recently released Regulatory Sandbox by the Central Bank of Nigeria (CBN), the...
Nigeria
Mortgaged Future: Why Nigeria's $3.3 Billion Oil-Backed Loan, Costing $12.8 Billion, Could Spell Trouble for Its Future
Nigeria's recent decision to secure a $3.3 billion loan from Afrexim Bank, collateralized by a massive 164.25 million barrels of crude oil, has sparked concerns about the long-term implications for the country's economy.
This high-interest loan, bearing an 11.85% per annum rate, starkly...
South African tycoon Johann Rupert has claimed the throne as Africa's wealthiest individual, surpassing long-reigning champion Aliko Dangote, according to Forbes Magazine's latest ranking. Rupert, with a staggering net worth of $10.3 billion, leads the pack, signaling a shift in the continent's...
Nigeria's Q1 2023 Foreign Direct Investment hits a 9-year low at $48 million, reveals financial analyst Kalu Aja. Concerns rise over economic implications.
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In 2023, Nigeria's naira faced a significant setback, ranking as the world's third-worst performing currency, according to a Bloomberg report. Closing at N1,043 per $1 just days before the year-end, the naira showcased its weakest performance since the return to democracy in 1999.
The...
Nigeria
Federal Mandate: Ministries Instructed to Remit 100% Internally Generated Revenue to New Treasury Account for Fiscal Transparency
In a bid to bolster revenue generation and instill financial discipline, the Federal Ministry of Finance has directed all Ministries, Departments, and Agencies (MDAs) to remit their entire internally generated revenue (IGR) to the newly established Treasury Single Account (TSA). The circular...
In a concerning economic development, the Naira witnessed a significant depreciation to N1,250 per dollar in the parallel market, marking a notable drop from N1,240 per dollar over the weekend.
Concurrently, the Nigerian Foreign Exchange Market (NAFEM) recorded a similar trend as the naira...
Airtel Africa has disclosed the retirement of its CEO, Segun Ogunsanya, and the appointment of Sunil Taldar as his successor. The transition is set to take effect on July 1, 2024.
Taldar, who joined Airtel Africa in October 2023 as the Director of Transformation, brings a wealth of experience...
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