The Naira yesterday depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar exceeding the parallel market rate by N45.15.Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, ...

There are indications that prices of goods and services may not come down soon despite the speedy appreciation of Naira against major foreign currencies in recent weeks. On Thursday, US Dollars traded for N1,060, about N840 gain against N1,900 to US Dollar peak in February this year. But Vanguard ...

By Ogaga Ariemu Nigeria’s economy has slipped to fourth place in Africa, behind South Africa, Egypt, and Algeria. This is according to a recent forecast by the International Monetary Fund. Accordingly, the Washington-based bank World Economic Outlook estimates Nigeria’s gross domestic product ...

The  Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso,  said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves. He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation ...

THE $20 billion Dangote Petroleum Refinery has slashed the price of diesel by 16.6 per cent to N1,000 per litre, from N1, 200 per litre in order to assist in impacting Nigeria’s domestic economy. The price of diesel was relatively high for months, due mainly to the importation of the product from ...

The Premium Bread makers Association of Nigeria, PBAN, has said increase in the price of bread was caused by volatility in exchange. Recall that before the ascension to office of the present government, the exhange rate hovered around N465 to the dollar in the official market and N762 in the ...

By Abdul Seye Across major markets, prices of goods are moving away from the lower denomination of the Naira currencies as inflation bites harder. Not too long ago, a sachet of pure water cost N5, while N20 gained popularity as the denomination used to “settle” police officers at checkpoints. ...

Manufacturers have lamented the high cost of automotive gas oil (AGO), also known as diesel, which is used in generating power for their operations, noting that product gulps about 80 percent of their profits. Speaking on the plight of manufacturers against the backdrop of rising prices of their ...

The price of a monthly subscription to Tesla's (kind-of) self-driving software has just been cut in half. Tesla's Full Self Driving (Supervised) subscription now costs $99 per month, a reduction from the previous standard of $199.Tesla instituted the $199 monthly upgrade fee in 2021, back ...

By Ogaga Ariemu Ahead of the release of Nigeria’s inflation rate for March, CAPE Economic Research and Consulting says the country’s consumer price index would increase to 32.65 per cent from 31.70 in February 2024. CAPE Economic Research disclosed this in its recent report analysing inflation ...

Singapore – One of the world’s most open economies is attempting a delicate balancing act.On the one hand, the Southeast Asian city-state wants to lure the world’s best and brightest to bolster its workforce, one of Asia’s most diverse.On the other hand, it has to assure locals ...

By Seun Opejobi Former Kaduna Central Senator, Shehu Sani, has disclosed that foreign airlines are trying to edge out Air Peace from foreign routes. Sani said foreign airlines will continue to crash their fares until they edge out Air Peace from foreign routes. Posting on X, Sani urged Nigerians ...

The Corporate Affairs Commission has announced that it has captured at least 300000 unregistered businesses. The move by the ...https://www.youtube.com/watch?v=v702pZGSYdwsource

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The Naira, yesterday, appreciated to N1,260 per dollar in the parallel market, from N1,270 per dollar on Monday.Similarly, the Naira appreciated in the NAFEM to N1,262.85 per dollar.Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,262.85 per dollar from N1,278.58 ...

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By Ogaga Ariemu The Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to 24.75 per cent from 22.75 per cent in efforts to tackle rising inflation. The CBN Governor, Olayemi Cardoso, disclosed this on Tuesday at the 294th Meeting ...

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By Seun Opejobi The naira on Wednesday exchanged for N1400 against the United States, US, dollars in the parallel market. Parallel market operators sold at N1400/$1 for holders of dollars looking to sell, marking a significant strengthening of the naira. Nairametrics indicated that the exchange ...

Palm oil business in Nigeria is a thriving industry that holds significant economic potential. With its abundant natural resources and favorable climatic conditions, Nigeria has emerged as a major player in the global palm oil market. In this blog post, we will explore the opportunities and ...

By Ogaga AriemuThe Naira continued its depreciation against the US dollar at the close of the official foreign exchange market on Friday, days after Binance’s discontinued Naira-denominated transactions. FMDQ data showed that it dropped to N1627.40 per USD on Friday from N1,602.17 on ...

Amazon’s Drop In feature has become a useful tool for contacting people in your household, finding out what your kids are up to (especially when they’re being too quiet), and checking in on elderly relatives. It allows you to literally “drop in” using an Alexa-capable device, either just via ...

Microsoft has inked several partnerships to drive artificial intelligence (AI) adoption and skillsets in Singapore, particularly among small and midsize businesses (SMBs).The tech giant is working with SkillsFuture Singapore to arm 2,000 SMBs over three years with the knowledge to tap AI ...

Tropic Haze, the popular Yuzu Nintendo Switch emulator developer, appears to have agreed to settle Nintendo’s lawsuit against it. Less than a week after Nintendo filed the legal action, accusing the emulator’s creators of “piracy at a colossal scale,” a joint final judgment and permanent ...

JetBlue and Spirit Airlines are throwing out their $3.8 billion merger agreement. Both airlines agreed to terminate the deal, citing “legal and regulatory approvals” that “were unlikely to be met” by the merger’s July 2024 deadline.In a press release on Spirit’s website, CEO Ted ...

By John Owen Nwachukwu Presidential spokesman, Bayo Onanuga, has said that if not stopped, cryptocurrency trading website, Binance will destroy the Nigerian economy. He said the website would do this by arbitrarily fixing foreign exchange rate. Onanuga said this when he appeared on Channels ...

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Amazon, a company that employs more than 1.54 million people, has claimed that the National Labor Relations Board Relations Board (NLRB), the federal agency responsible for protecting the rights of workers, is unconstitutional. Amazon made the claim in a legal document filed on Thursday as ...

Amazon's Presidents' Day sale is up and running as we head into the holiday weekend, and while there are hundreds of deals available, some of the best offers are on the retailer's own devices. You can save up to 45% on Amazon's Echo smart speaker, Fire tablets, smart TVs, Ring Doorbells, and Blink ...

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Elon Musk has started moving his businesses away from Delaware, following a judge's decision in the state to invalidate his $56 billion Tesla pay package. In a post on X, Musk has announced that SpaceX has moved its corporate home from Delaware to Texas, along with a copy of the certificate ...

Chinese customers accounted for over 25% of ASML's revenue in 2023 and China represents a major market for the world's top maker of lithography tools. Export rules imposed by the governments of the Netherlands and the U.S. already restrict sales of advanced deep ultraviolet ...

Amazon has given people another reason to love the company. After introducing ads on January 29 to Prime Video subscribers who don't pay more, it has now been revealed that those who won't hand over the extra $2.99 per month also lose access to Dolby Vision HDR and Dolby Atmos surround sound ...

It could be a challenge hailing a ride from certain airports on Valentine's Day this year. Thousands of rideshare and delivery drivers for Uber, Lyft and DoorDash are planning to hold a demonstration on February 14 to demand fair pay and better security measures, according to Reuters. The strike ...

Amazon has confirmed it’s not a mistake — your Amazon Prime Video subscription no longer includes Dolby Vision HDR or Dolby Atmos surround sound. That’s on top of the ads that Amazon injected into the service on January 29th. Now, when you pay $2.99 a month to remove those ads, you can get Dolby ...

In the black: The days of Uber burning venture capital in a race for global ride-share supremacy appear to be over, with the first annual profit on the books. Uber now seems set on a path to sustained profitability. Will the company be able to kick off a streak? Ride-sharing giant Uber reached ...

By Ogaga Ariemu After three days of respite, the Naira depreciated on Tuesday against the US dollar at the foreign exchange market despite the Central Bank of Nigeria’s recent interventions. Data from FMDQ showed that the Naira depreciated to N1,433.89 per US dollar on Tuesday from N1,419.86 on ...

By Matthew Atungwu The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso has attributed the recent increase in the dollar exchange rate to the rise in Nigerian students who study abroad, as well foreign medical trips embarked on by Nigerians. Cardoso spoke at the sectoral debate put ...

In today’s world of e-commerce, the right financial tool can gravitate from the more technical accounting software and payroll management tool to the less complicated but secure digital payment platform and Point of Sales (POS) machine.Big on secure digital payments, leading fintech platform ...

•Banks may sell over $5bn, says official, Cardoso faces Senate Tuesday over naira fallAmid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February ...

The naira yesterday depreciated to N1,490 per dollar in the parallel market from N1,470 per dollar on Tuesday, approaching the N1,500 threshold. However, the naira appreciated to N1,455.59 per dollar in the Nigerian Foreign Exchange Market (NAFEM).Data from FMDQ showed that the indicative ...

Amazon's recent decision to add commercials to Prime Video TV shows and movies is no doubt going to rub some the wrong way. Threats to cancel Prime memberships are reportedly growing on social media, but will folks actually follow through?Humans are interesting creatures. By nature, we value ...

By Ogaga Ariemu Amid the free fall of the Naira in the foreign exchange market, the Central Bank of Nigeria has issued fresh guidelines to commercial banks against currency speculation and hoarding. CBN disclosed this on Wednesday in the circular titled, ‘Harmonisation of Reporting Requirements ...

Samsung has failed to recover from the sharp decline in profit it experienced in 2022. In its latest earnings report, the Korean company has reported KRW 258.94 trillion ($194 billion) in annual revenue and KRW 6.57 trillion ($4.9 billion) in operating profit for the fiscal year of 2023. Those are ...

In apparent reflection of the dollar scarcity plaguing the economy, the Naira yesterday recorded its biggest fall in the official Nigerian Foreign Exchange Market (NAFEM) where it depreciated by 24 per cent to 20 N1,348 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM ...

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